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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.
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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.
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