5 Major Tech Stocks Winning Even in a Weak Market – 24/7 Wall St.

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The week of May 20 seemed as though it was starting off on the right foot, rising to over 17,700 on the Dow Jones Industrial Average. A series of mixed economic reports and sudden reversal of the Fed’s dovish bias heading back toward tightening interest rates put the Dow barley in the red at 17,500.94.

Overall in the land of technology, things looked marginally better with the NASDAQ rising 1.1% to 4,769.56 this last week. All in all, it wasn’t enough of a weekly move to count for very much — but there were several big stock wins in the tech sector.

24/7 Wall St. covered many earnings reports and tracked other post-news trading developments and there were 5 big technology winners from news this last week.

These companies have been covered with the news, and links back to the reports for more investigative or inquisitive readers and investors. Trading history and a portion of the key analyst coverage has been included as well.

As you will see, each of these rose by 5% or high (some much higher).

APPLE

Apple Inc. (NASDAQ: AAPL) had an interesting week for once. It was one thing that Warren Buffett’s team added it to the full Berkshire Hathaway holdings, but that made for 11 strong considerations in Apple stock. Apple was also reiterated as Outperform with a $150 price target (versus a prior $93.49 close) at Credit Suisse, noting that mix shifts will drive upside – new memory options will be in the iPhone 7 and they retain the average sale prices and gross margin estimates for 2016 and 2017.

Apple’s consensus analyst price target has drifted since the start of the year, and is now at $126.25 versus a 52-week range of $89.47 to $132.97. Apple rose 3.7% to $93.88 after the Buffett stake news, up from $90.52 before the stake was disclosed.

Apple shares generally drifted higher the rest of the week, and a 1.1% gain to $95.22 on Friday gave Apple a gain of 5.2% for the whole week. Too bad that Warren Buffett has a very limited and mixed history with tech stocks.

APPLIED MATERIALS

Applied Materials, Inc. (NASDAQ: AMAT) surged after reporting its earnings, and Friday’s gain of 13.8% to $22.66 ended up giving it a weekly gain of 15.5%. The chip-equipment giant had originally seen only a 7.4% gain to $21.38 after the report, but the reception to earnings just kept getting better. B. Riley raised Applied Materials to Buy from Neutral with a $27 price target. Several analysts issued price target hikes, and here are just a few:

  • Credit Suisse raised its target price to $25 from $23;
  • Morgan Stanley raised its price target to $25 from $23;
  • Deutsche Bank raised its price target to $26 from $24;
  • JPMorgan raised its price target to $27 from $24.