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It's another week and another swing for Asia Equity Exchange Group Inc. (OCTMKTS: AEEX) on our list of tech stock* movers of the week.
Last week we called AEEX "tech's most volatile stock right now," and it's living up to the name. After a 22.2% drop, the Hong Kong-based company shot up 27.6% last week. That's the seventh consecutive week on the movers list and the fifth straight week of flip-flopping between the winners and the losers. Last week the company approved a reverse stock split, which will go into effect July 31. It remains to be seen when the volatility will cool down.
Syntel Inc. (Nasdaq: SYNT) jumped 16% for the week after beating earnings per share estimates by $0.04 for the second quarter. Earnings were still down more than 35% from a year earlier, and revenue declined 7.7%. But after months of Wall Street negativity, the earnings beat was enough to give the stock some new life. On Thursday, the Michigan-based IT company announced a plan to repurchase $60 million in its own shares, indicating that the board likely considers its stock undervalued.
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NIC Inc. (Nasdaq: EGOV) fell 12.8% for the week. As its "EGOV" ticker symbol hints at, the Kansas company provides Internet solutions to governments to improve efficiency. Its operations have been consistently profitable thanks to long-term contracts with state and local governments. It's not immediately apparent what drove losses last week, but the stock is now down 32% in 2017.
Web.com Group Inc. (Nasdaq: WEB) fell 10.9% for the week after rumors circulated that a sale wouldn't go through. The website builder and domain registration service had been in talks with private-equity groups about a sale since at least May. But DealReporter has been cited as claiming such a sale is now off the table. The Florida company has not confirmed the story, but the rumor was enough to send the stock plunging. Analyst ratings on Web.com have been mixed.
*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.