The market has been seeing a lot of movement in tech stocks recently. As earnings begin to trickle in, products prepare for launch, and companies square off in court, there are a lot of driving forces behind the winners and the losers. Let’s take a look.
Snap (NYSE:SNAP) stock is continuing a bullish year as it looks to expand beyond its current capabilities. The owner of messaging app Snapchat is reportedly looking to expand into the world of e-commerce. While Snap hasn’t confirmed the rumors yet, it has acquired e-commerce startup Screenshop and is looking into ways to better tie in online shopping with Snapchat.
Additionally, the company is looking into a physical product line, hoping to more successfully revamp the failed Snap Spectacles of yesteryear.
SNAP stock is up by roughly 20% in the last week. This of course continues the success of the last year. In the last 52 weeks, shares are up more than 400%.
Another tech stocks winner today is Apple (NASDAQ:AAPL). The company is doing well even in the face of chip shortages, as Apple faces component delays for its MacBooks and iPads. Plus, there is another thorn in the company’s side. An ongoing legal battle puts Apple at odds with Fortnite developer Epic Games. The antitrust suit filed by Epic alleges that the 30% commission Apple charges app developers is anti-competitive.
AAPL stock is currently up by about 2% today, and investors should keep an eye on this legal battle.
Tech Stocks: Okta Broadens Its Cybersecurity Reach
Okta (NASDAQ:OKTA) stock is up today after the company announced its expansion into other corners of the cybersecurity market. The two new products announced by the company explain its intent to expand into Identity Governance and Privileged Access Management. These two subsections of the industry are already lead by SailPoint (NYSE:SAIL) and CyberArk (NASDAQ:CYBR), respectively. The competitive announcement has excited investors, and as a result, share prices are climbing, gaining over 7%.
Rounding out the major tech stocks movement today is Box (NYSE:BOX), which is suffering losses today. The company announced a $500 million investment from private equity company KKR (NYSE:KKR). The announcement disappointed investors who have been betting on a sale, and as such, BOX stock dipped by over 10%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.
