Netflix, HP, PayPal: Tech Stock Midday Movers

Netflix received a hefty price target boost from Goldman Sachs, while reports showing strong PC growth in the second quarter likely benefited HP.
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Here are some of the top tech stock movers for Friday, July 10:

Netflix  (NFLX) - Get Report was rising 5.9% to $537.84 after Goldman Sachs analysts raised their price target on shares from $540 to a Wall Street high of $670 and affirmed their buy rating. The analysts expect that the streaming giant will report that it added at least 12.5 million subscriber in the second quarter, versus consensus estimates for 8.2 million subscribers added. They also noted that consensus estimates for the second half and beyond remain too low.

HP Inc.  (HPQ) - Get Report was up 2.3% to $9.23, likely due to the release of new data on PC shipments for the second quarter that showed strong growth in the sector. Market research group Garner said that global PC shipments rose 28% year-over-year to 64.8 million units, while IDC said shipments rose 11.2% to 72.3 million units in the quarter (the two companies define the PC market in slightly different ways). 

PayPal  (PYPL) - Get Report was down 3.0% to $177.82. PayPal shares have spiked more than 70% in the last three months on a surge in online transactions driven by the coronavirus lockdowns, so there may be some profit-taking by investors at work. The payments giant’s forward price-to-earnings ratio stands at a lofty 53.

Twitter  (TWTR) - Get Report was trading down 1.6% to $35.17. Shares of the microblogging service jumped more than 7% on Wednesday after some indications surfaced that Twitter was looking at offering some kind of subscription service, so Friday’s move may just be a normal pullback.