Start the conversation
Or to contact Money Morning Customer Service, click here.
The big winner in our tech stock* movers of the week was driven by Apple Inc. (Nasdaq: AAPL) and Ethereum. Advanced Micro Devices Inc. (Nasdaq: AMD) shot up almost 13% over the week after Apple unveiled its new iMacs and the iMac Pro, both featuring Radeon graphics cards supplied by AMD.
AMD also got a boost from the rise of cryptocurrencies. Bitcoin made news when it hit a new all-time high last week. And while mining bitcoins is a process too intensive for most individuals, Bitcoin's little brother Ethereum can still be mined using graphics cards such as those made by AMD. Ethereum also hit an all-time high and is now up more than 3,000% on the year. That explains AMD's big rise. AMD ended the week trading around $12.28. NVIDIA Corp. (Nasdaq: NVDA), another graphics card manufacturer, didn't quite crack the top five but was up 4.1% for the week.
Yahoo! Inc. (Nasdaq: YHOO) shot up 6.8% to just over $54 as shareholders approved the $4.5 billion sale of its key businesses to Verizon Communications Inc. (NYSE: VZ). Verizon plans on combining Yahoo and AOL to take on Google and Facebook in the digital advertising game.
Coupa Software Inc. (Nasdaq: COUP) was the biggest loser, dropping 15.2%. The California-based company, which aims to help businesses control their spending, was up on Monday after a better-than-expected earnings report. But those gains disappeared almost immediately as the bottom dropped out from under the share price, sending the stock down to $31.
Snap Inc. (NYSE: SNAP) continued its post-IPO plunge, losing 14.3% on the week. The stock shot up as high as $27 immediately following its public offering in March, but has since struggled. Shares are now a little less than a dollar higher than the initial offering price of $17.
*Stocks have a primary listing on a U.S. exchange, a market cap greater than $1 billion, and are in either the Technology Services or Electronic Technology sector. Data and analytics provided by FactSet.
Turn a Small Stake into a Fortune: A new earth-shattering government announcement could completely change the legalization of marijuana - forever. In fact, thanks to this historic legislation, tiny pot stocks trading for under $5 are getting set to double, triple, or quadruple. In an exclusive interview with Money Morning, pot stock expert Michael Robinson shares all the good news - including details on five tiny weed stocks that could potentially turn a small stake into $100,000. Click here to continue.
Follow Money Morning on Facebook and Twitter.
About the Author
Stephen Mack has been writing about economics and finance since 2011. He contributed material for the best-selling books Aftershock and The Aftershock Investor. He lives in Baltimore, Maryland.