Twitter Jumps a Technical Level Midday; Apple Slips to 3rd in Market Cap
Investing.com - Twitter was sharply higher midday as the stock moved above a key technical level.
Shares of Twitter (NYSE:TWTR) rose about 5.5% at 11:15 AM ET (16:15 GMT).
The stock moved above its 200-day moving average, entering territory it last held at the end of August.
Shares also rose above the psychological $35 level. Closing above that would be a significant bullish signal, according to traders.
Meanwhile, Apple (NASDAQ:AAPL) was down about 0.5%, falling into third place in the most valuable U.S. company race behind Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN). Apple’s market cap was just around $800 billion.
The company is now down about 2% year on year and down more than 25% from its peak on Oct. 3, when its market cap was more than $1 trillion.
The recent decline is largely due to concerns over slowing iPhone sales and worry over production as the U.S. and China trade war has sent jitters throughout the technology sector.
The S&P 500 Information Technology index was up about 0.8%.
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