Stocks were mixed on Monday with tech leading losses in the Nasdaq index. Here are some of the top tech stock movers in the S&P 500 for Monday, August 10:
Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report shares fell 2.45% to $207.27 amid continuing scrutiny of its bid for TikTok. Last week, President Trump signed an executive order ordering that TikTok's U.S. business be sold, or face a ban in the country along with Tencent-owned WeChat. Microsoft is reportedly not the only suitor in the mix. Fox Business reported on Sunday that private equity giant Blackstone is interested in joining the TikTok deal, and that Twitter is also involved in merger discussions with the hot social app.
Twitter (TWTR) - Get Twitter, Inc. Report stock rose 2.3% to $37.98 on Monday. Over the weekend, the WSJ reported that Twitter and TikTok were in talks for a potential merger. TikTok's market cap, which is estimated as high as $50 billion for the U.S. business, exceeds that of Twitter. Twitter's market cap sits at about $30 billion. According to the report, the deal would be facilitated in part by private equity investors such as Silver Lake.
AMD (AMD) - Get Advanced Micro Devices, Inc. Report stock tumbled 4.2% to $81.31 on Tuesday following a weeks-long rally. AMD shares have gained more than 35% since late July, when Intel (INTC) - Get Intel Corporation (INTC) Report warned of delays in a competing chip product and AMD raised its outlook, forecasting 32% growth for the full year versus a prior estimate of 25%.
Shares of Pinterest PINS rose 2.9% to $35.98 on Monday following an upgrade from Morgan Stanley. Analyst Brian Nowak upgraded the stock to overweight from equal weight, and raised his price target to $44 from $34. Nowak wrote that Pinterest is "driving/benefitting from accelerating e-commerce and social shopping," and likened it to a "social online mall" along with Facebook.
Shares of Apple (AAPL) - Get Apple Inc. (AAPL) Report rose 1.5% to $451.28 after the iPhone giant received an upgrade from Wedbush.Analyst Dan Ives, who raised his target price for Apple shares to analyst high of $515 from $475, citing an uptick in forecasts for the upcoming iPhone 12 and a looming "supercycle" of iPhone upgrades.