Tech stocks got off to a mixed start Monday morning. The Nasdaq and the S&P 500 traded slightly higher, while the Dow Jones industrials traded slightly lower. The Nasdaq index closed up about 1.6% on Friday on a strong showing from Amazon.
Consumer cyclical stocks came out of the chute up about 1.2%, while energy stocks traded down by around 0.6%. Seven of 11 market sectors traded lower in the first few minutes of trading on Friday.
Here are the five tech stocks that made the biggest moves Friday morning.
Peloton Interactive Inc. (NASDAQ: PTON) traded up by more than 25%, at $30.88 in a 52-week range of $22.81 to $155.52. Peloton has struggled with supply chain issues and a decline in sales since last May, and EBITDA has slipped for two consecutive quarters, with a third expected when the company reports quarterly results after markets close on Tuesday. The shares traded higher on speculation that several deep-pocketed companies may be interested in acquiring Peloton: Amazon, Apple, Disney and Nike. (Peloton stock is categorized as a consumer cyclical.)
Snowflake Inc. (NYSE: SNOW) traded up about 7.5% to $296.33, in a 52-week range of $184.71 to $405.00. Morgan Stanley upgraded the stock from Equal Weight to Overweight and raised the price target from $344 to $390.
Datadog Inc. (NASDAQ: DDOG) traded up by about 6.5%, at $159.97 in a 52-week range of $69.73 to $199.68. The company had no specific news but could be riding Snowflake’s coattails. Datadog is scheduled to report earnings later this week.
Align Technology Inc. (NASDAQ: ALGN) traded up 3.6% in early action Monday, at $507.45 in a 52-week range of $432.09 to $737.45. The company reported record financial results last week but left analysts and investors unimpressed. Align had no specific news Monday morning, but it was trading at about the level it fell from on Friday.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) traded up about 2.5% to $123.99, in a 52-week range of $107.58 to $145.00. Morgan Stanley also raised its rating on the stock from Equal Weight to Overweight.
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