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It's mostly new faces on our list of tech stock* movers of the week, with the exception of tech's most volatile stock right now.
Applied Optoelectronics Inc. (Nasdaq: AAOI) surged 25.1% for the week and closed on Friday up 34.5% since July 5. On Thursday, the optical devices manufacturer announced that it expected second-quarter results to exceed earlier guidance. Earnings for 2017 are currently projected to increase 265% from last year. Zacks Investment Research upgraded the stock from a "Buy" to a "Strong Buy" on Friday, and analysts at both D.A. Davidson & Co. and Needham & Co. increased their price targets to $100. AAOI closed the week at $84.20.
Yandex NV (Nasdaq: YNDX) shot up 15.9% in one day last week when it announced a major deal with Uber. The two companies will combine their ridesharing businesses in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus, and Georgia. The new company will be called, conveniently, NewCo. Yandex will own 59.3% of the $3.7 billion venture. After the one-day surge, Yandex closed the week up 20.1%.
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The volatility of Hong Kong-based Asia Equity Exchange Group Inc. (OTCMKTS: AEEX) continues. The stock dropped 22.2% after gaining 21.1% last week. This is the sixth week in a row among the top movers for AEEX, and it has jumped back and forth between winners and losers for each of the last four weeks. The company announced a minor shakeup in its board of directors on Friday, but there's no clear reason for the swings week after week.
CyberArk Software Ltd. (Nasdaq: CYBR) plunged 16.3% on Friday after the Israel-based software company announced preliminary financial results for the second quarter. Guidance for revenue was lowered from between $61 and $62 billion to between $57 and $57.5 billion. CEO Udi Mokady said he was "disappointed" after several anticipated deals did not go through. JPMorgan downgraded the stock from "Overweight" to "Neutral," and Deutsche Bank downgraded it from a "Buy" to a "Hold." Morgan Stanley lowered its price target for CYBR from $55 to $48. Shares closed the week at $42.68, a 13.4% drop for the week.
*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.