NEW YORK (TheStreet) -- In the day of the big rebound, tech stocks big and small were among the biggest rebounders.  

Shares of search giant Google (GOOG) - Get Alphabet Inc. Class C Report gained 8% to $628.62 while Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report jumped 5.5% to $42.71. 

Violin Memory (VMEM) rose nearly 15% to $2.18 a day before the provider of cloud storage products reported earnings. Zacks upgraded the company earlier this month.

These firms may also have benefited from a surprising 2% increase in durable goods orders in July. Orders for core capital goods, which signal business investment, rose 2.2%, when economists were projecting a decline. 

Google shares had declined nearly 12% and Microsoft shares had fallen more than 14% over the past week amidst global, economic uncertainty that clipped most industries, and continued speculation about an interest rate hike by the Federal Reserve. 

Rackspace Director Graham M. Weston purchased 85,000 shares of stock in a transaction dated Aug. 25.

According to an SEC disclosure

, he bought the stock at an average price of $29.24 a share.

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The cloud computing provider has been hurt by intense compeition and cash-flow problems. Amazon (AMZN) - Get Amazon.com, Inc. Report is the clear leader in the public cloud storage space. It has lowered the price of its services a reported 30 times since launching the unit in 2006. Those cuts have made it difficult for competitors, particularly smaller companies such as Backspace, to keep pace.

Tech giants IBM (IBM) - Get International Business Machines (IBM) Report, Hewlett-Packard (HPQ) - Get HP Inc. (HPQ) Report and Microsoft have all entered this market and are intent on growing their presence. 

Rackspace is projecting 2%-3.5% revenue growth in its third quarter.


Violin Memory shares have fallen 84% over the past year from a high of 5.32. Earlier this year, the Santa Clara, Calif.-based company reported a sequential 41% drop in earnings and missed its first-quarter earnings guidance. Violin Memory attributed the losses partly to a transition to a new flash storage platform.  

But it said during a first-quarter earnings call that it had seen "the strongest quarterly start to date with recognizable revenue already approaching 90% of our first quarter total."

The company projected second-quarter revenue of $16-$20 million.

On Aug. 4, Zacks upgraded the stock from sell to buy. In June, Maxim Group lowered its price target from $8 to $7 a share, but issued a buy rating. 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.