Apple, Amazon, Micron: Tech Stock Midday Movers

Apple, Amazon and others led overall gains in the S&P 500 on Tuesday.
Publish date:

Here were the biggest movers among tech stocks in the S&P 500 on Tuesday, June 23:

Apple  (AAPL) - Get Report was rising 2.6% to $368.30 following its annual WWDC keynote on Monday. At the keynote, Apple announced a slew of new software updates across its operating systems, including iOS14, and also revealed plans to move away from Intel  (INTC) - Get Report chips and towards its own Apple silicon architecture starting later this year. Analysts issued varying reactions to the big announcement.

Amazon  (AMZN) - Get Report shares rose 2.1% to $2,771.58 owing to a smattering of news related to its core e-commerce business, which is likely poised for a huge second quarter. Amazon launched a summer fashion sale, signaling its plans to expand aggressively into areas like apparel, and also created a $2 billion climate fund. Analysts believe that Amazon's heavy investments in e-commerce, which it announced on its last earnings call, could bear fruit in the second half of the year. 

Shares of Micron  (MU) - Get Report were down 2.2% to $50.05 on Tuesday after it received a downgrade from BMO Capital Markets. In a note, a BMO analyst wrote that consensus estimates are "not reflective of the weaker pricing environment" in data center memory chips, and re-rated the stock Market Perform with a $55 price target, down from $60 per share.

Shares of video game giant Electronic Arts  (EA) - Get Report rose 2.3% to $132.70. At an investor meeting on Monday, EA's COO and CFO Blake Jorgensen told investors that the company's second quarter financial results, which are due out at the end of July, "exceeded [EA's] expectations" across its businesses. 

PayPal  (PYPL) - Get Report continued its gains on Tuesday, rising 2.6% to $174.65. On Monday, Credit Suisse raised the fintech firm's price target to an analyst high of $190 per share on the belief that the market is undervaluing the stock. 

Apple and Amazon are holdings in Jim Cramer’s Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells these stocks? Learn more now.