Microsoft, Zoom, Upwork: Midday Tech Stock Movers

Economic stimulus talks lifted stock indexes overall, while tech outperformers led the Nasdaq higher.
Author:
Publish date:

Stocks were up on Monday with economic-stimulus talks scheduled to resume and tech stocks leading indexes higher. Here are some of the top tech stock movers in the S&P 500 for Monday, August 3.

Microsoft

Microsoft  (MSFT) - Get Report shares were up 4.2% to $213.60 following a weekend of reports that it is planning to buy the U.S. business of the popular social app TikTok, which is owned by Chinese tech firm ByteDance. In a blog post on Sunday, Microsoft said that it is moving forward with negotiations for TikTok's U.S. arm, and will wrap those negotiations up no later than Sept. 15.

Qualcomm

Shares of Qualcomm  (QCOM) - Get Report were up 4.7% to $110.57 on Monday after it received an upgrade from Bernstein. Citing a recent settlement with Huawei over licensing of 5G technology, and improving execution by Qualcomm, Bernstein analyst Stacy Rasgon upgraded the stock to outperform from market perform and raised his price target to $135 from $105. Qualcomm recently topped earnings and revenue estimates for its fiscal third quarter. 

Zoom

Zoom  (ZM) - Get Report stock rose 6% to $269.02 on Monday. Earlier in the day, the tech firm said it will halt direct sales of new or upgraded products and services in mainland China, and will instead sell only through local third-party partners. Users in China will still be able to join meetings as participants. Zoom had faced scrutiny from lawmakers for its footprint in China. It earns only a nominal amount of revenue from China, according to FactSet, but much of its development team is based in the country. 

Upwork

Shares of Upwork  (UPWK) - Get Report, the global gig work platform, rose 10% on Monday to $16.53 ahead of its second quarter earnings release scheduled for tomorrow, August 3. RBC Capital Markets analyst Mark Mahaney wrote in a report on Monday that Upwork could emerge a "structural winner" from the COVID-19 crisis, and may be poised to capture a large market opportunity. Mahaney has a price target of $14 on shares. 

Shopify

Shares of Shopify  (SHOP) - Get Report rose 5.7% on Monday to $1,082.00, continuing an upward trend since its second quarter earnings report on July 28. The commerce platform reported $714.34 million in revenue, up 97% year-over-year, gross merchandise volume of $30.1 billion and earnings of $1.05 per share, topping Wall Street's estimates on all counts. Shares of Shopify are up 165% year to date amid increasing demand for e-commerce.