Here are some of the top midday movers in tech for Wednesday, July 1:
Social media giant Facebook (FB) - Get Report recovered some of the losses associated with a growing advertiser boycott, rising 3.9% to $235.88 on Wednesday. Facebook shares dropped about 10% between late last week and Monday amid reports of large advertisers such as Unilever (UN) - Get Report and Coca-Cola (KO) - Get Report pledging to pull ad dollars from Facebook's platforms over its treatment of hate speech. So far, however, analysts do not expect a long-term impact on Facebook's advertising revenue from the boycott.
Shares of Netflix (NFLX) - Get Report surged 5.2% to $478.78, also reaching a new 52-week high, amid optimism around its prospects in the continuing COVID-19 pandemic that's forced so many people to stay at home. On Wednesday, Canaccord Genuity raised its price target for Netflix from $500 to $550 per share, and affirmed a Buy rating. This week, Netflix appointed Bozoma Saint John, a high-powered marketing leader formerly with Apple (AAPL) - Get Report and Uber (UBER) - Get Report, as its new chief marketing officer.
Chip stocks erased some of their recent gains on Wednesday. Micron (MU) - Get Report shares fell 3.2% to $49.89 on Wednesday. The stock surged on Tuesday following upbeat commentary from the chipmaker as it reported earnings, though it did note that automotive memory demand is weak and that it expects PC unit shipments to be down this year due to lower desktop sales.
Shares of Western Digital (WDC) - Get Report fell 4.4% to $42.21 on Wednesday after getting a boost on Tuesday from promising reports from other chip stocks. In a note on Tuesday, Benchmark wrote that Micron's positive results "bode well" for Western Digital.