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3 Tech Stocks That Soared This Week
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3 Tech Stocks That Soared This Week

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The tech sector as a whole easily beat the S&P 500 between June 9 and June 13. Here's a handful of the most interesting tech winners, and what drove them higher this week.

The tech sector as a whole easily beat the S&P 500 between June 9 and June 13. Here's a handful of the most interesting tech winners, and what drove them higher this week.

Published in: Business, Economy & Finance

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  • 1. 3 Tech Stocks That Soared This Week
  • 2. These 3 tech tickers beat the market, June 9 – June 13
  • 3. First, the big Kahuna: Intel Gained 7%.
  • 4. Intel’s catalyst: Intel raised Q2 guidance in the middle of the quarter, an event as rare as a good-looking goatee.
  • 5. How rare, exactly? • This was Intel’s first mid-quarter update since 2012. • It was also the first mid-quarter guidance increase since 2009. • These events always move Intel shares. Friday’s 6.8% jump was no exception.
  • 6. Intel’s boost, by the numbers • Intel said that corporate PC systems are selling well again. • Q2 revenue guidance got a 5% boost, along with raised gross margin targets. • Full-year targets increased across the board, too.
  • 7. Data analysis expert Splunk gained 7.4%
  • 8. Splunk’s catalyst: • Splunk didn’t have one central rocket booster. • Instead, the stock enjoyed a series of upgrades by several Wall Street firms. • Asia-based firm CLSA got the party started, naming Splunk as a favorite play on cybercrime prevention. CLSA has an $80 price target on Splunk. The stock currently trades near $47 per share. • Swiss investment bank UBS kept the ball rolling. After meeting with Splunk executives, UBS analyst Brent Thill noted that new sales director Doug Merritt was a big upgrade. UBS has a $56 price target on the stock.
  • 9. Intel set 10-year highs this week. Splunk bounced back from a long fall; Shares are still down 31% in 2014.
  • 10. Finally, GT Advanced Technologies raced 12.5% higher.
  • 11. GT’s catalyst: • Like Splunk, GT Advanced Technologies saw several catalysts this week. • First, the company signed a supply deal with Qatar Solar Energy, providing furnaces for the Arab energy company’s solar cell production lines. • Second, the company is reportedly ready to deliver 200 million sapphire screen covers per year to largest customer Apple. • GT is said to have everything in order to cover Apple’s sapphire needs in 2014, including the rumored iWatch and multiple new models in the iPhone line.
  • 12. Apple hopes to sell millions of iWatches… but not without this small-cap components supplier.