70.32 0.00 (0.00%)
After hours: 4:33PM EDT
|Bid||70.10 x 29200|
|Ask||70.43 x 1000|
|Day's Range||68.42 - 70.69|
|52 Week Range||60.25 - 76.27|
|PE Ratio (TTM)||23.55|
|Beta (3Y Monthly)||0.99|
|Expense Ratio (net)||0.14%|
Top strategist Jonathan Golub, Credit Suisse, is extremely bullish on tech stocks and says buy the dip. With CNBC's Melissa Lee and the Fast Money traders, Dan Nathan, Brian Kelly, Karen Finerman and Guy Adami.
Early Facebook investor Roger McNamee, Elevation Partners, breaks down his take on the sell-off hitting the tech sector and high-growth names like Facebook and Google.
The tech stocks get slammed. Is the market losing momentum? With CNBC's Bob Pisani and Melissa Lee, and the Fast Money traders, Dan Nathan, Brian Kelly, Karen Finerman and Guy Adami.
Shares of Apple Inc. rallied 1.3% in premarket trade Friday, after Wedbush Securities started covering the technology giant with a bullish stance, citing the company's services "gold mine" and positive iPhone cycle. Analyst Daniel Ives initiated Apple at outperform and added Apple to Wedbush's "best ideas list." He set a stock price target of $310, which is 44% above Thursday's closing price of $216.02 and 34% above the Oct. 3 record close of $232.07. "With positively trending ASPs and gross margins heading into this 2019 product cycle showing no signs of abating and could translate into upside for the upcoming quarter, we believe many of the growth fears on the Street have been alleviated, however this upcoming product cycle remains a linchpin for Cupertino," Ives wrote in a note to clients. Apple's stock has rallied 12.6% over the past three months, while the SPDR Technology Select Sector ETF has lost 3.4% and the Dow Jones Industrial Average has gained 1.3%.
Stocks were whipped in late trading on Thursday, as we head towards another big market close. PayPal is also reporting earnings after the bell, and we’ll be live with the results.
In October, fund managers rotated to energy and material stocks while divesting growth and cyclical stocks. The overweight position in technology stocks declined significantly. As we highlighted in As Tech Leads the Market Decline, What are Investors Eyeing, tech stocks were the frontrunners in the sell-off as they are the same companies that have seen huge upward runs in 2018.
Shares of Google parent Alphabet Inc. rose 0.2% in premarket trade Thursday, bucking the broad selloff in the technology sector, after Wedbush Securities started coverage of the internet and search giant with a bullish rating a week before the company reports results, citing "compelling" valuation and an "unrivaled collection" of products and platforms. The SPDR Technology Select Sector ETF dropped 0.9% ahead of the open. Analyst Michael Pachter initiated the stock at outperform and a stock price target of $1,350, which is 20% above Wednesday's closing price of $1,127.59. "Google remains the global leader in the digital advertising market," Pachter wrote in a note to clients. "Google's dominant presence in search should help it maintain positive ad momentum for the foreseeable future." He said Alphabet's Android phone also positions Google to be a "key player in the expanding mobile ad market." Alphabet is scheduled to report third-quarter results after the Oct. 25 close. The stock has shed 7.0% over the past three months, while the technology ETF has slipped 1.9% and the S&P 500 has eased 0.2%.