PayPal, Apple, Microsoft: Tech Stock Midday Movers

Apple, Microsoft and PayPal were notching the biggest gains on Monday afternoon as stocks wavered on new coronavirus cases.
Publish date:

Stocks were fluctuating on Monday, but overall modestly higher, amid unease over a growing number of coronavirus cases in the U.S.,which reported 30,000 new cases on Friday and Saturday.

In tech, one of the biggest mid-day movers was PayPal  (PYPL) - Get Report, which rose 2.94% on Monday to $169.20 after Credit Suisse raised the fintech giant's price target to an analyst high of $190 per share on the belief that the market is undervaluing the stock. 

Shares of TripAdvisor  (TRIP) - Get Report fell 3.7% to $17.50 after the company estimated that its June revenue will drop 80%. It also reported sharp declines in its user base, with monthly unique users in May down 45% compared to last year. Travel-related firms have been hit hard in the pandemic. 

Netflix  (NFLX) - Get Report shares rose 2% on Monday to $462.80, continuing its rally since June 12. Netflix stock has received positive analyst commentary in recent days, who note the potential of international markets to boost Netflix's valuation and its steadfast appeal for many users in the coronavirus pandemic. 

Apple  (AAPL) - Get Report shares rose 2.5% on Monday to $356.97 heading into its much-anticipated virtual WWDC event, where it is expected to preview a slew of new software and services features and offerings. TF International Securities analyst Ming-Chi Kuo wrote over the weekend that Apple will be starting using its own chips in Macbooks, rather than Intel  (INTC) - Get Report chips, by 2021. 

Shares of Microsoft  (MSFT) - Get Report also led the Dow Jones index modestly higher on Monday, with shares climbing 2.3% to $199.74 as of Monday mid-day. Investors are positive on Microsoft's potential to expand its substantial footprint in enterprise tech and cloud infrastructure, particularly given the current work-from-home environment.