Tech stocks got off to a mixed start Friday morning, indicating a not-very-enthusiastic effort to take advantage of Thursday’s sharp drop in share prices. Later in the morning, the monthly report on existing home sales from the National Association of Realtors is expected to show a month-over-month decline in January from 6.18 million to 6.08 million.
At last look, the Nasdaq traded down by about 0.13%, the S&P 500 traded up by around 0.12% and the Dow Jones industrials were up by 0.16%. All three major indexes closed lower on Thursday.
Five of 11 market sectors traded higher in the early going. Materials (up 0.5%) and financials (up 0.2%) were the leaders, while energy (down 1.3%) and consumer cyclicals (down 0.50%) lagged.
Here are 14 tech stocks that were making the biggest moves early Friday.
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Intel Corp. (NASDAQ: INTC | INTC Price Prediction) traded down about 4.1%, at $45.61 in a 52-week range of $46.30 to $68.49. The chipmaker issued upside guidance at its investor meeting on Thursday. At the same time, CEO Pat Gelsinger noted that margins will fall this year, remain steady for a few years and begin to increase in 2025. Gross margin dropped from nearly 58% last year to around 52% in the prior year. That could drop into a range of 51% to 53% before climbing to a range of 54% to 58% in 2025.
Keysight Technologies Inc. (NYSE: KEYS) traded down about 4.6%, at $157.96 in a 52-week range of $129.09 to $209.08. The company reported quarterly results after markets closed Thursday that were better than expected. Keysight also issued guidance that was in line with expectations. Not good enough, apparently.
Okta Inc. (NASDAQ: OKTA) traded down 2.3% to $169.54, a new 52-week low. The 52-week high is $290.60. The company had no specific news. Since Monday, the stock has dropped by about 11.6%.
Nvidia Corp. (NASDAQ: NVDA) traded down by 2.2%, at $239.72 in a 52-week range of $115.67 to $346.47. The company’s earnings report failed to live up to expectations. Nvidia only managed to beat estimates, not crush them.
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Adobe Inc. (NASDAQ: ADBE) traded down about 2.1%, at $448.35 in a 52-week range of $420.78 to $699.54. The company had no specific news.
Palo Alto Networks Inc. (NASDAQ: PANW) traded down about 1.8%, at $490.19 in a 52-week range of $311.56 to $572.67. The company had no specific news.
Applied Materials Inc. (NASDAQ: AMAT) traded down about 1.2%, at $134.86 in a 52-week range of $105.50 to $167.06. The company reported quarterly results on Thursday but continues to be constrained by supply chain issues at a time when demand for its chipmaking equipment is strong.
SolarEdge Technologies Inc. (NASDAQ: SEDG) traded down about 1.1%, at $260.80 in a 52-week range of $199.33 to $389.71. The company had no specific news.
Enphase Energy Inc. (NASDAQ: ENPH) traded down by about 1.9%, at $145.57 in a 52-week range of $108.88 to $286.44. The company had no specific news.
Seagate Technology Holdings Inc. (NASDAQ: STX) traded down about 1.3%, at $109.72 in a 52-week range of $70.36 to $117.67. The company had no specific news.
Vontier Corp. (NYSE: VNT) traded up about 1.3% at $25.00 in a 52-week range of $24.12 to $37.08. The maker of electronic components and instruments reported beats on both the top and bottom lines last night and issued upside guidance for the current quarter and for the 2022 fiscal year.
VeriSign Inc. (NASDAQ: VRSN) traded up about 1.1%, at $210.68 in a 52-week range of $184.60 to $257.03. The company had no specific news.
Hewlett Packard Enterprise Co. (NYSE: HPE) traded up about 1.0%, at $17.42 in a 52-week range of $12.99 to $17.76. The company had no specific news.
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Cisco Systems Inc. (NASDAQ: CSCO) traded up by around 0.7%, at $56.20 in a 52-week range of $44.15 to $64.28. On Wednesday evening, Cisco beat estimates on both the top and bottom lines, raised its quarterly dividend to $0.38 and increased its share buyback program by $15 billion. The halo is still glowing.
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