Here are some of the top midday movers in tech on Monday, June 29, 2020:
Apple (AAPL) - Get Report stock continued its gains into Monday, with shares up 1.9% to $360.49. The iPhone giant has received positive analyst commentary over the past few days, with Wedbush analyst Dan Ives writing last week that Apple could achieve the first $2 trillion valuation next year thanks to tailwinds from 5G and a wave of iPhone upgrades.
Shares of Booking Holdings (BKNG) - Get Report rose 2.8% to $1,584.99, rebounding after a selloff last week caused by news about COVID-19 outbreaks in several U.S. states and a possible ban on American travelers to Europe. Shares of TripAdvisor (TRIP) - Get Report also rebounded, rising 5% to $18.94 as of mid-day Monday.
Shares of Alphabet (GOOGL) - Get Report rose alongside the broader tech-heavy Nasdaq index, gaining 1.9% to $1,387.98. Last week, eMarketer estimated that Google's ad revenue will suffer a 5.3% slump this year, dragged down by the struggling travel industry. Alphabet has lagged other FAANG stocks this year, gaining just 3.5% year to date.
Payments giant PayPal (PYPL) - Get Report fell 1.5% to $168.39 on Monday. With PayPal's shares up 51% year to date, Wall Street analysts are mixed as to what extent that growth can continue. Last week, analysts at investment bank BTIG downgraded PayPal's shares to Neutral, writing that gains from the stay-at-home environment, which have fueled growth in digital payments, are already reflected in PayPal's valuation. Investors appear mixed on whether PayPal or Square (SQ) - Get Report is a better buy given that the pandemic shows no signs of slowing yet in the U.S. Both stocks have notched considerable gains this year.