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It was an abbreviated trading week thanks to Independence Day, but we still have a couple of 20% swings on our list of tech stock* movers of the week.
We said last week that Asia Equity Exchange Group Inc. (OTCMKTS: AEEX) was a volatile stock right now. And sure enough, the stock jumped from the top loser to the top winner, gaining 21.1% after losing 21.2% the previous week. That's now five straight weeks among the top tech movers. There's still no news coming from the Hong Kong-based company, so there doesn't appear to be a pattern to find.
Shares of Xperi Corp. (Nasdaq: XPER) shot up 18% at the beginning of the week. It slipped a little from there but still closed the week up 12.3%. Xperi's subsidiary, Tessera Technologies, received a favorable notice of initial determination in a patent infringement case on June 30. The rise is apparently based on anticipation of a litigation payment, rather than on any real growth prospects.
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On Wednesday, Diebold Nixdorf Inc. (NYSE: DBD) cut its earnings per share estimates for 2017 from $1.59 to between $0.95 and $1.15. That sent shares plunging 25% for the week, putting the Ohio-based company at the top of our losers list. Diebold is the largest provider of ATM machines in the United States and controls an estimated 35% of the global ATM market.
Fang Holdings Ltd. (NYSE: SFUN) makes the movers list for the third straight week, yo-yoing back and forth each time. The Chinese company missed earnings estimates by $0.01 per share on June 20 and fell 8.6% that week. The stock then rose 16.3% the following week before falling 14.8% last week. Investors are apparently having a difficult time deciding how to value Fang in the wake of its earnings report.
*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.
