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Seattle-based Impinj Inc. (Nasdaq: PI) was the big winner among our tech stock* movers of the week. The maker of RFID tags for retail inventory soared on the announcement of Amazon.com Inc.'s (Nasdaq: AMZN) acquisition of Whole Foods Market Inc. (Nasdaq: WFM). With Amazon already on board with RFID technology, investors speculated that Impinj would be a beneficiary of the merger. Impinj also announced on Wednesday the addition of Jeff Dossett as senior vice president of marketing and business development. The stock is up 54% on the year.
Asia Equity Exchange Group Inc. (OTCMKTS: AEEX) made the winners list for the second week in a row, following up the previous week's 9.5% gain with a 13% gain last week. The company provides equity assistance to enterprises in Asia, especially China.
Infinera Corp. (Nasdaq: INFN) has been on a roller-coaster ride over the last six months, though it's not entirely clear why. The telecommunications equipment company was already as high as $11.47 the week before, but a tumble on June 9 set it up for a 9.5% rise last week to $11.52. Infinera announced a strategic partnership with FONEX Data Systems Inc. on June 7. The stock is now up 35% on the year, but is still trading at about half its price from two years ago.
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Amid two major deal announcements, Pandora Media Inc. (NYSE: P) got hammered. The Internet radio service dropped 18% after SiriusXM Holdings Inc. (Nasdaq: SIRI) announced it would become the largest stakeholder at 19%. Pandora had been under pressure from stockholders to find a buyer for some time, and the size of the deal was less than had been rumored. Pandora also announced it would sell ticket service Ticketfly to Eventbrite Inc. for $200 million - about $250 million less than Pandora paid for it less than two years ago. Despite drawing over 75 million active listeners in the first quarter, Pandora remains highly unprofitable, returning -$0.24 per share in the most recent quarter.
Cloudera Inc. (NYSE: CLDR) had another rough week, dropping 10.4% right on the heels its 15.1% drop the week before. The plunge comes in spite of beating earnings expectations by eight cents in its June 8 report. The data management company still has earnings per share of -$0.27, with expectations of negative earnings continuing through 2018. The company was also named a winner by the SD Times 100 in the Big Data & Analytics category on June 13. But that wasn't enough to stop the stock's free fall.
*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.
