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Advanced Micro Devices Inc. (Nasdaq: AMD) returns to the winners list of our tech stock* movers of the week, rising 23.9% to $14.17. A couple weeks ago, AMD benefited from Apple Inc.'s (Nasdaq: AAPL) inclusion of its new graphics cards in the new iMac and iMac Pro models. Now, this past Wednesday, June 21, AMD announced its EPYC 7000 series server processors. The stock's surge – along with Intel Corp.'s (Nasdaq: INTC) 2.9% drop over the week – suggests that investors see the new processors as a serious competitor in the market. It's worth noting that AMD shares soared even though Ethereum – which is sometimes mined with AMD graphics cards – suffered a flash crash on Wednesday and dropped 8% over the week.
Asia Equity Exchange Group Inc. (OTCMKTS: AEEX) makes its third consecutive appearance on the winners list. And it appears to be picking up steam, rising 9.5%, 13%, and 20% respectively. In spite of a $1.8 billion market cap, the company's operations are limited, and it's not immediately apparent what's causing the rise.
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Pandora Media Inc. (NYSE: P) and Synaptics Inc. (Nasdaq: SYNA) both made the jump from the losers list to the winners list, both making up for losses from last week. Pandora CEO Tim Westergren announced this week that he'd be stepping down after SiriusXM Holdings Inc. (Nasdaq: SIRI) became the company's biggest shareholder. Synaptics on Wednesday announced it would be issuing $500 million in new debt, about $94 million of which would be used to purchase its own common stock.
Jerusalem-based Identa Corp. (OTCMKTS: IDTAD) fell 21.3% to $1.26. The drop immediately followed the announcement of a reverse share split, combining every 4,000 outstanding shares into one. Identa manufactures drug and bullet-hole identification kits, and other forensic products.
Life keeps getting worse for shareholders of Cloudera Inc. (NYSE: CLDR), which appears on the losers list for the third straight week. Cloudera closed at $16.35 on Friday, compared to $22.99 on June 8. Once again the drop comes in spite of positive news. On Wednesday, Cloudera received an Ovum IoT Futures Award for its work on a product that predicts sepsis. In spite of this honor, investors continue to keep their distance.
*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.