Tech Stocks Lose With Mixed Results
A couple of tech stocks slid back this week as the US markets slipped due to investors’ increasing worries of the recent conflict in Iraq and as investors’ fervor for latest economic data fell.
The S&P 500, where most tech companies trade, dipped by 0.4 percent on Tuesday afternoon, Reuters said in a report. The same is true for the NASDAQ Composite Index, which declined by 0.42 percent to 4350.36, according to Market Watch.
Data from Google Finance showed the Dow Jones Industrial Average also dropped to 16,818.13, down by 0.70 percent from its previous close.
Tech stocks that were down this week include Yahoo, Inc. (NASDAQ: YHOO), which was down by 0.48 to $33.48 per share; Google Inc. (NASDAQ: GOOGL), which dropped by 0.09 percent to $572.00; and Yelp Inc. (NYSE: YELP), with a 0.24 percent decrease to $75.65.
Facebook (NASDAQ: FB) remains unchanged, closing at $65.72 after hours.
Pandora Media, Inc. (NYSE: P), meanwhile, as well as similar niche player Amazon.com Inc. (NASDAQ: AMZN), also suffered losses based on latest market data. Pandora’s share prices dipped by 0.53 percent to $28.12 on Tuesday.
Amazon also dropped to $324.00 by 0.05 percent. It started the week on a downward trend at $324.16, down by 0.94 percent from its previous close.
Pandora and Amazon’s competitor on the other side of the Atlantic, Audioboom Group PLC (BOOM.L), a new entrant in the US digital audio streaming space, gained on Tuesday. Audioboom’s stocks were up by 2.48 percent to 5.38p.
Its stocks continued to edge higher since mid-June after closing several partnership deals with major networks like CBS and Sky Sports.
The news also led to several “BUY” ratings from corporate stockbrokers such as Arden Partners and Beaufort Securities for Audioboom, various news sources noted.
It wasn’t all too bad as well for certain tech stocks.
Blackberry (NASDAQ: BBRY) rose by 26 percent in a week, according to Motley Fool.
E-commerce company Groupon Inc. (NASDAQ: GRPN) also enjoyed gains this week, up by 0.59 percent to $6.82. It rose by 4.47 percent to $6.78 on Monday.
Apple Inc. (NASDAQ: AAPL) also recovered on Tuesday by 0.11 percent to $90.38 per stock.
Twitter Inc. (NYSE: TWTR), Facebook’s direct competitor, also edged higher by 0.29 percent on Tuesday, closing at $38.59.
Overall, however, tech stocks are doing better, following a massive selloff from late March to early May. According to a report on USA Today, investors were keen on shedding off technology shares then due to “weaker earnings” reports and “cloudy" industry outlook.
Among the biggest losers during the selloff, were Twitter, AOL and Groupon, USA Today reported.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.