Facebook, Google, EBay: Tech Stock Midday Movers

Facebook shares were active on one analyst's expectations that an advertiser boycott could last through the third quarter.
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Here are some of the top mid-day tech stock movers for Thursday, July 2: 

Shares of Facebook  (FB) - Get Report fell 1.4% to $234.23 amid a growing boycott of its advertising platforms, with hundreds of brands pledging to halt Facebook advertising at least through July. Writing in a note on Friday, Needham analyst Laura Martin wrote that advertisers will return to Facebook eventually, but that the boycott is likely to last through the November election. Brands are "happy to weaken FB’s iron grip on their ad budgets," she wrote. 

Shares of Alphabet  (GOOGL) - Get Report rose 1.7% to $1466.95. Analysts speculate that Google's ad platforms may benefit from the Facebook ad boycott, particularly YouTube, which is viewed as an important growth driver for Google's overall revenue. 

E-commerce giant eBay  (EBAY) - Get Report rose 2.8% to $54.43 on Friday, following a report that it may sell its classifieds division. The company has been considering a sale for some time and is currently fielding bids for the division, according to CNBC. Last week, Wall Street analysts raised their targets for eBay on expectations for a sustained demand surge this year due to stay-at-home orders.

Shares of Qualcomm  (QCOM) - Get Report rose 2.7% to $54.43 on Friday. Chip stocks got a boost this week on bullish reports from Xilinx  (XLNX) - Get Report and Micron  (MU) - Get Report. The PHLX Semiconductor Index  (SOXX) - Get Report, which tracks chip stocks, is up 3% since Tuesday, June 30. 

Xilinx  (XLNX) - Get Report shares also rose 2% to $95.15. Analysts are mixed on the outlook for the chip stock, partly in light of U.S.-China tensions and the company's business relationship with Huawei. In a note on Friday, CFRA analyst Angelo Zino wrote that while the outlook for the current quarter is in line with expectations, he "fear(s) that XLNX is partially benefiting from Covid-19 order pull-ins and China inventory build as the U.S. government increases restrictions," and that consensus estimates may prove too aggressive. 

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