The PowerShares QQQ ETF (NASDAQ:QQQ) came within a dime, but couldn’t grind out new highs on Tuesday as we saw a decline in the Nasdaq today. However, that didn’t stop everything from rallying, as Roku (NASDAQ:ROKU) stock burst as much as 8%, hitting new all-time highs in the process.
The stock clocked in over $113 at one point and it wouldn’t be surprising to see the stock continue higher into earnings. After two huge post-earnings rallies, the stock is clearly on investors’ radar. The stock was a clear leader on Tuesday and investors will look to see if they can keep squeezing shares higher amid this breakout.
Not everyone was so lucky, though. Micron (NASDAQ:MU) continues to meet sellers, as it ran right into resistance. Shares fell about 3% on Tuesday, while Western Digital (NASDAQ:WDC) also dove on the day, down roughly 6%.
Bitcoin had a rough day too, plunging more than 11% to $9,600 at the time of this writing.
Some New Partnerships
Blue Apron (NYSE:APRN) stock surge more than 60% at one point on Tuesday. The move came on news that it will partner with Beyond Meat (NASDAQ:BYND). The two are starting out with a pair of burger offerings and will look to add other options moving forward. Both should be available by Aug. 26. APRN has had a horrendous journey thus far as a public company and has already resorted to a 1-for-15 reverse stock split. But the partnership could be a win-win for both companies, and at least for one day, has given APRN stock a much-needed shot in the arm.
While we await the likely IPO of DoorDash this year, it was announced that McDonald’s (NYSE:MCD) will partner with the delivery company. The plan is to start with 200 locations in Houston later this month. If successful, it will roll out nationwide.
DoorDash reportedly has contract drivers within driving distance of 80% of U.S. households, prompting MCD to add it to Uber (NYSE:UBER) Eats and choose it over GrubHub (NYSE:GRUB) and Waitr (NASDAQ:WTRH). WTRH hit a new 52-week low in the session, by the way.
It has been a busy month for Big Blue. International Business Machines (NYSE:IBM) will report earnings on Wednesday, and just recently closed on its acquisition of Red Hat. That’s not all though. The tech giant reached a multi-year alliance with AT&T (NYSE:T), to “support each other in networking and the cloud.” Part of that support will come from IBM’s recently acquired Red Hat.
Splits and Analyst Takes
Alibaba (NYSE:BABA) announced plans for an 8-to-1 stock split earlier this year, pending shareholder approval. Well, the company received the green light and BABA stock will split sometime before July 15th, 2020.
There weren’t too many big analyst actions to take note of, but Slack (NYSE:WORK) did receive some initiations. Morgan Stanley analysts slapped an equal-weight rating on Slack, while Goldman Sachs went with a neutral rating an $34 price target, implying about 2% downside.
Click to Enlarge Don’t fret though, bulls. William Blair analysts initiated WORK at an outperform rating, while Canaccord Genuity analysts started it at a buying rating with a $40 price target. Barclays and Keybanc also gave an overweight rating, using price targets of $45 and $44, respectively.
Heard on the Nasdaq Today
Like IBM, Netflix (NASDAQ:NFLX) will also report earnings on Wednesday. However, after tying HBO — now an AT&T property — in Emmy nominations last year, HBO topped NFLX this year 137 to 117. Obviously, Game of Thrones helped tip the scales, pulling in 32 nominations on its own.
Netflix may face a dilemma losing its top two shows in 2020, Friends and The Office, as well as other top content later on. It’s no wonder CEO Reed Hastings has been spending so much on content over the last few years.
Tech companies testifying on Capitol Hill seems to be about one of the most pointless events. It’s clear Congress can’t keep up with technology and they can’t keep up with these companies. Nothing ever seems to come of it — other than headlines.
On Tuesday, Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) were there, with hearings scheduled for tomorrow as well. It could be an important development though, as the government looks to build an antitrust case against several of these companies. Notice who’s not there though? Microsoft (NASDAQ:MSFT).