Here are some of the top tech stock movers for Thursday, July 9:
Chipmaker AMD (AMD) - Get Report was up 5.1% to $56.15 in mid-day trading. Shares of AMD haven't risen as much as those of Nvidia (NVDA) - Get Report and other lockdown plays lately, so traders may be moving into AMD as a result. On Tuesday, Bank of America reiterated its buy rating and $65 price target on AMD, citing the healthy gaming market.
Shares of travel e-commerce company Expedia (EXPE) - Get Report were falling 4.4% on Thursday afternoon, continuing their slide amid ongoing concerns about the impact of rising COVID-19 infection rates on consumer and corporate travel demand. Expedia shares have fallen close to 8% since Tuesday.
Xerox (XRX) - Get Report shares were down 5.4% to $14.60. While there were few immediately identifiable catalysts for Xerox’s move downward, the company’s core business remains printing, and the coronavirus lockdown has accelerated the longstanding trend toward the use of digital documents in the enterprise. At the same time, however, widespread remote working has increased the need for employees to purchase machines to print and scan documents at home, but consumer devices are not as profitable for Xerox as corporate hardware and consumables.
Security firm F5 Network (FFIV) - Get Report was rising sharply after Morgan Stanley upgraded the company from equal weight to overweight and hiked its price target from $135 to an analyst high of $175. Morgan Stanley praised the “uncaptured value” in its software business, reduced hardware challenges and growing confidence in F5’s earnings ability. Shares of F5 were rising 7.3% to $143.96 on Thursday afternoon.