Market Overview

Tuesday Tech Highlights: Apple Event, Amazon's New Tablet & The Netflix Tumble


Julie Hyman spoke on Bloomberg Markets as markets rallied broadly. She highlighted the fact that tech stocks were helping drive the surge, and thus looked into some of the most relevant events in the space.

Shares of Apple Inc. (NASDAQ: AAPL), which had been falling recently, were up roughly 1.6 percent on Tuesday, ahead of the company’s product presentation event scheduled for Wednesday.

However, Hyman noted, “we sometimes see the shares rallying into the event and then falling once we get some of the details.”, Inc. (NASDAQ: AMZN) was also on the rise, up more than 3.3 percent on Tuesday. The company said it would release a new, cheaper tablet for the holidays: a six-inch screen, $50 device, that will be “perhaps competing with some of the other tablets that are out there on the market,” Hyman added.

“Incidentally," she continued, "the company is also rolling out a new pilot program (…) a food delivery service in its native Seattle. So, that’s an interesting tidbit, though not likely driving the stock.”

Finally, there’s Netflix, Inc. (NASDAQ: NFLX), which was down more than 4 percent. Hyman noted, “we have seen Netflix falling pretty consistently over the past week or so. And that means that the shares are now below a technical milestone [a two-month low], even though Netflix is still the best performing stock in the S&P 500 for the year-to-date.”

As of Tuesday afternoon, the stock has moved below its 100-day moving average.

Posted-In: Amazon Fire Bloomberg Bloomberg Markets CNBC Julie HymanTech Media


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