The market has seen strong moves in technology stocks lately. As revenues begin to flow, products prepare to launch and companies go to court, there are many driving forces behind the winners and losers. Let’s take a look.
Click (NYSE:CLICK) stocks continue their bullish year as they seek to push beyond their current capabilities. The owner of the Snapchat messaging app reportedly aims to enter the e-commerce world. While Snap has yet to confirm the rumors, it has acquired e-commerce startup Screenshop and is looking for ways to better link online shopping with Snapchat.
In addition, the company is looking into its physical product line, hoping to more successfully update the failed Snap Spectacles of yesteryear.
SNAP shares are up roughly 20% over the past week. This is, of course, a continuation of the successes of the past year. Over the past 52 weeks, the stock is up more than 400%.
Another tech stock winner today – Apple (NASDAQ:AAPL). The company is doing well even in the face of chip shortages as Apple faces component delays for its MacBook and iPad. Plus, there is one more thorn in the side of the company. Ongoing litigation conflicts with Apple Fortnite developer Epic games… Epic’s antitrust lawsuit claims that the 30% fee Apple charges app developers is against competition.
AAPL shares are currently up roughly 2% and investors should watch out for this litigation.
Technology Shares: Okta Expands Cybersecurity Reach
Octa (NASDAQ:OKTA) the stock rallied today after the company announced its expansion into other corners of the cybersecurity market. The two new products announced by the company explain its intention to expand to Identity Governance and Privileged Access Management. These two divisions of the industry are already leading SailPoint (NYSE:Float) and CyberArk (NASDAQ:CYBR), respectively. The announcement of the competition has worried investors, and as a result, share prices are rising, adding more than 7%.
Completion of today’s movement of major technology stocks Box (NYSE:BOX), which is suffering losses today. The company announced a $ 500 million investment from a private equity firm. KKR (NYSE:KKR). The announcement disappointed investors who were betting to sell and BOX shares therefore fell more than 10%.
As of the date of publication, Brenden Roerick did not have (directly or indirectly) any positions in the securities referred to in this article.