Tech stocks got off to a good start Wednesday morning. The Nasdaq was up about 2.3% in the first few minutes of trading. The much-anticipated results of the Federal Reserve’s FOMC meeting are due Wednesday afternoon. What analysts and economists will be looking for are some additional hints on how hawkish or dovish the Fed will be on interest rates.
Tech stocks led all sectors with a gain of about 2.5% early Wednesday, after dropping by 2.3% on Tuesday. Microsoft’s stellar earnings report, along with a strong showing by Texas Instruments, has instilled hope that Intel, Tesla and Apple will follow suit.
After markets close, Intel and Tesla will report quarterly results. Apple is on deck Thursday afternoon.
Here are the five tech stocks that made the biggest moves Tuesday morning.
Corning Inc. (NYSE: GLW) traded up nearly 15% to $50.50, in a 52-week range of $33.93 to $46.82. The company beat estimates morning when it reported quarterly results. Even better, Corning issued upside earnings and revenue guidance for the current quarter and fiscal 2022.
SolarEdge Technologies (NASDAQ: SEDG) traded up 5.9% to $225.18, in a 52-week range of $199.33 to $389.71. On Monday, Truist reiterated its Buy rating on the stock and lowered the price target from $395 to $340.
Microsoft Corp. (NASDAQ: MSFT) traded up 5.1%, at $303.30 in a 52-week range of $224.26 to $349.67. The company’s earnings report the previous evening was driving the share price Wednesday morning.
Teradyne Inc. (NASDAQ: TER) traded up 5.3% to $145.61, in a 52-week range of $104.05 to $168.91. KeyBanc Capital Markets initiated coverage on the stock with a Buy rating and price target of $180, implying upside of more than 23%. The company also reported better-than-expected profits and revenues for its fiscal third quarter before markets opened.
F5 Inc. (NASDAQ: FFIV) was down more than 10% Wednesday morning, one of only seven stocks trading in the red. The stock traded at $196.04, in a 52-week range of $174.34 to $249.00. Six analysts’ ratings issued in the morning included three Buy-equivalent ratings and three at Hold. But all six lowered price targets by $2 to $20 per share.
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