Stocks were rising on Tuesday amid continuing discussions of another economic stimulus package in Washington. Here are some of the top tech movers for Tuesday, August 4:
AMD (AMD) - Get Report stock surged 8.3% to $84.09 on Tuesday amid continuing bullish sentiment for the chipmaker. In a note, Jefferies analyst Mark Lipacis hiked his price target for AMD to $95 from $86 per share, writing that the company's market share gains over rival Intel (INTC) - Get Report appear "systemic." AMD could capture 30% market share from Intel over the next two to three years in Jeffries' most bullish scenario, giving it 50% of the overall market in four to five years.
Shares of Take-Two Interactive (TTWO) - Get Report were up 4.5% to $75.23 after the game maker topped revenue estimates for its fiscal first quarter. Take-Two reported a 54% increase in revenue to $831.3 million and a 52% increase in add-on content and in-game revenue, which accounted for 58% of its total revenue. The company said the growth was driven by the outperformance of NBA 2K20, Grand Theft Auto V and Grand Theft Auto Online, Red Dead Redemption 2 and Red Dead Online, as well as Social Point’s mobile games.
Shares of EA (EA) - Get Report rose 2.6% to $146.06 on Tuesday alongside Take-Two's gains. Last week, EA well exceeded Wall Street's estimates for the June quarter. The game maker reported revenue of $1.46 billion, above consensus estimates of $1.05 billon, and earnings of $1.25 per share versus a $1.02 consensus.
Shares of Roku (ROKU) - Get Report, which reports earnings on Wednesday after the close, rose 3.1% to $166.90 following an upgrade from Rosenblatt. The analysts raised their price target for Roku shares to $190 from $145, writing that Roku will benefit from a shift in ad dollars away from linear TV to connected devices, with COVID-19 bringing a permanent shift in some of those dollars away from traditional television.
Shares of Microsoft (MSFT) - Get Report fell 2.4% to $211.34 on Tuesday as investors digested recent news that the tech giant is in discussions to buy the U.S. arm of ByteDance's hit social app TikTok. Despite views that Microsoft could benefit from a popular social app, shares of the tech giant slipped Tuesday amid reports of other potential buyers, and President Trump meddling in the deal. Trump ordered TikTok's U.S. business to be sold, but wrote on Twitter that the government should get a "substantial" cut of any deal.