Here are some of the top mid-day tech movers for Monday, July 6, 2020. Stocks rose overall, with the tech-heavy Nasdaq index trading at intraday highs on Monday.
Shares of Amazon (AMZN) - Get Report rose 4.8% to $3029.07, marking a new high, on continued bullish sentiment for the e-commerce and cloud giant. A number of Wall Street analysts have upgraded the stock in recent weeks amid rising adoption of e-commerce. In a recent note, Deutsche Bank identified Amazon as the "clear winner" from COVID-related disruptions, and wrote that consumers are likely to continue shopping on Amazon at high levels even after lockdowns ease. Amazon shares have gained 59% year to date.
Streaming giant Netflix (NFLX) - Get Report rose 4.3% to $497.35, nearing the $500 mark for the first time, amid the continued spread of COVID-19 infections in the U.S. and elsewhere. Imperial Capital analyst David Miller cut his rating on the stock from outperform to neutral, affirming a price target of $489, citing the stock's 50% rise this year mostly owing to COVID-19. But he also noted the company's strong positioning in streaming media, and lack of exposure to "any assets in the media sector under secular threat, such as cable networks, nor assets directly affected by COVID-19, such as theme parks or movie theaters."
Chipmaker Xilinx (XLNX) - Get Report rose 7.17% to $101.12 on Monday. Goldman Sachs analysts reiterated a Buy rating on shares and a price target of $113, noting the company's diversified end-market mix. Last week, the company raised its revenue forecast for its quarter ending June 27 to between $720 million to $734 million, up from prior guidance of between $660 million to $720 million.
Shares eBay (EBAY) - Get Report rose 3.64% to $56.34 on Monday. The e-commerce firm got a boost last week on reports that it may sell its classified division. CNBC reported last week that eBay has received at least three bids for the business, and that a deal could go through this month.
Shares of Twitter (TWTR) - Get Report rose 5.25% to $32.49 as of mid-day Monday. Shares of Twitter are roughly flat year to date, with the company reporting higher engagement amid COVID-19 lockdowns, but with the moves having an uncertain impact on the company's advertising business.