Tech stocks got off to a mixed start Monday morning. The Nasdaq was up more than 1%, while the Dow Jones industrials were down 0.3% and the S&P 500 was 0.1% higher. Later this week, Alphabet and Google, two of the four U.S. firms currently valued at more than $1 trillion, will report earnings. Meta Platforms is also on deck this week, along with AMD, Qualcomm, Ford and a host of others. We will have previews of these throughout the week.
On Friday, the Bureau of Labor Statistics will release its report on nonfarm payrolls for the month of January. Economists currently expect the U.S. economy to have added 180,000 jobs in January, about 5% lower than the December total of 199,000. The dip in private payrolls is expected to be even sharper, though the unemployment rate is expected to remain flat at 3.9%.
Tech stocks trailed consumer cyclicals (up 1%) with the second-best gain of about 0.5% in early trading Monday. Just four of 11 market sectors were trading in the green after the first few minutes of trading.
Here are the five tech stocks that were making the biggest moves Monday morning.
Netflix Inc. (NASDAQ: NFLX) reported December-quarter results that beat estimates but raised questions about future growth. The shares dropped more than 20% but were staging a rally in early trading following a Citigroup upgrade from Neutral to Buy, though the firm lowered the price target from $595 to $450. Shares traded up around 4% to $399.75, in a 52-week range of $351.46 to $700.99.
Tesla Inc. (NASDAQ: TSLA) also traded up by around 4%, at $880.04 in a 52-week range of $539.49 to $1,243.49. Credit Suisse analysts raised their rating on the stock from Neutral to Outperform and maintained their $1,025 price target. Tesla is categorized as an automaker (consumer cyclicals) but there are plenty of good reasons to think of it as a tech stock.
Seagen Inc. (NASDAQ: SGEN) traded up by about 4.3% to $133.10, in a 52-week range of $120.99 to $199.00. Morgan Stanley lifted its rating on the biotech stock from Equal Weight to Overweight while reducing the price target from $178 to $175.
Microchip Technology Inc. (NASDAQ: MCHP) traded up about 3.8%, at $74.94 in a 52-week range of $64.53 to $90.00. The embedded chip maker’s stock was raised from Neutral to Buy at UBS, and its price target was raised from $82 to $92.
Align Technology Inc. (NASDAQ: ALGN) traded up more than 5.5%, at $489.52 in a 52-week range of $432.09 to $737.45. Morgan Stanley initiated coverage on the stock Monday morning with an Overweight rating and a price target of $575. That implies upside of more than 17% to the current trading price of the shares.
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