Tech stocks got off to a poor start again Monday morning. The Nasdaq Composite was down about 2.6% in the first half-hour of trading after opening slightly higher. The situation around Ukraine has markets rattled, as both Russia and NATO are making visible and unsettling moves in Eastern Europe.
On top of that, Wednesday’s Federal Open Market Committee (FOMC) meeting announcement is expected to reinforce the sentiment that the Federal Reserve will begin raising the federal funds rate in March. That could push bond prices higher, further devaluing stocks.
As earnings season gets further revved up, we will hear from Amazon, Apple, Microsoft and Tesla later this week. One or more of these giants can move the major indexes up or down, depending on what their results are and what their outlook portends.
Here are the five tech stocks that made the biggest moves Monday morning.
Airbnb Inc. (NASDAQ: ABNB) traded down more than 9%, at $142.36 in a 52-week range of $129.71 to $219.94. Implied volatility based on options trading has risen to around 83%. The company had no specific news.
Netflix Inc. (NASDAQ: NFLX) traded down about 8.5% to around $363.73, after posting a new 52-week low of $362.53. The 12-month high is $700.99. Last week’s disappointing earnings report continues to plague the share price. Jefferies downgraded the stock from Buy to Hold Monday morning and cut the price target from $737 to $415.
Xilinx Inc. (NASDAQ: XLNX) traded down about 8.0% to $173.10, in a 52-week range of $110.84 to $239.79. The company’s acquisition by AMD has been postponed from the end of 2021 to the end of the first quarter of 2022. Chinese regulators have not given their approval yet, however.
Tesla Inc. (NASDAQ: TSLA) traded down about 7.6%, at $872.49 in a 52-week range of $539.49 to $1,243.49. Selling pressure continues, likely due to the valuation concerns riding on the Fed’s interest rate decision.
Peloton Interactive Inc. (NASDAQ: PTON) led the few stocks that are putting up increases Monday morning. It traded up by more than 8%, before pulling back to a gain of around 2.2% to trade at $27.80, in a 52-week range of $23.25 to $166.57. Blackwells Capital, which owns a stake of less than 5% in the company, has sent the company’s board a letter recommending that Peloton fire its CEO and explore a sale of the business.
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