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.

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3 Tech Stocks That Soared This Week

  1. 1. 3 Tech Stocks That Soared This Week
  2. 2. These 3 tech tickers beat the market, June 9 – June 13
  3. 3. First, the big Kahuna: Intel Gained 7%.
  4. 4. Intel’s catalyst: Intel raised Q2 guidance in the middle of the quarter, an event as rare as a good-looking goatee.
  5. 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. 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. 7. Data analysis expert Splunk gained 7.4%
  8. 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. 9. Intel set 10-year highs this week. Splunk bounced back from a long fall; Shares are still down 31% in 2014.
  10. 10. Finally, GT Advanced Technologies raced 12.5% higher.
  11. 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. 12. Apple hopes to sell millions of iWatches… but not without this small-cap components supplier.

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