Stocks overall were rising largely on positive developments on a coronavirus vaccine. Here are some of the top mid-day tech stock movers for Wednesday, July 15:
Shares of travel-related Internet stocks surged on Wednesday following the news that a coronavirus vaccine candidate developed by Moderna (MRNA) - Get Report and the U.S. National Institutes of Health produced the desired immune response.
Likewise, TripAdvisor (TRIP ) - Get Reportrose 7.8% to $20.31 on Wednesday. TripAdvisor, which runs a travel review platform, told investors last month that it expects June revenue to fall by 80%. Both TripAdvisor and Expedia have made significant layoffs to offset the impact of the pandemic.
Cognizant Technology Group (CTSH) - Get Report, which sells IT consulting and outsourcing services, rose 6.2% to $59.95. On Tuesday, Cognizant received an upgrade from analysts at HSBC, who raised its stock from Hold to Buy with a $68 price target. The analysts cited its "defensive" revenue profile and the fact that its relatively modest valuation does not factor in the company's ongoing restructuring.
Fleetcor Technologies (FLT) - Get Report, which provides payment services aimed at commercial fleets, oil companies, governments and other businesses primarily in Europe, rose 5.1% to $261.86 on Wednesday. In a note this week, Goldman Sachs analysts initiated coverage of Fleetcor with a Buy rating, projecting 21% upside potential for its shares.
Shares of Fiserv (FISV) - Get Report, which sells financial services technology, also rose 3.8% to $101.25. In the same Goldman Sachs note cited above, analysts cited Fiserv as the firm's top pick among digital payment processors. The analysts praised its "defensive business model" and assigned a price target of $125 to Fiserv shares.