Seeking Alpha

Risk on: Tech momentum stocks rebound

  • Smart bargain hunting or catching a falling knife? After being bludgeoned almost ceaselessly over the last couple of weeks, many high-beta tech stocks are closing the day with sizable gains.
  • The rebound comes on a day when hedge fund Coatue Management announced plans to return over $2B to investors following a 9% March decline caused by tech stock losses.  It also comes as several tech giants, including Apple, Microsoft, H-P, and IBM, finish the day near breakeven, or with modest losses.
  • Leading U.S. Internet gainers: LNKD +6.2%. P +6%. ZU +5%. SALE +7.2%. SSTK +6%. AOL +4.6%.
  • Chinese Internet gainers: EJ +9.1%. WBAI +8.9%. QIHU +7.9%. ATHM +8.1%. YY +6.8%. SFUN +8.7%. GOMO +9.8%. Ctrip and Qunar were among the sector's biggest gainers following M&A rumors.
  • Others: FSLR +7%. NMBL +6.2%. NPTN +5.9%. PANW +5.5%. EGHT +5.4%. RFMD +4.9%. QIWI +4.9%. CRUS +4.3%. RALY +5.5%.
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Comments (4)
  • samuel_liu
    , contributor
    Comments (2799) | Send Message
    Dow Jones 16,256.14 0.06%
    Nasdaq 4,112.99 0.81%
    Technology 1.17%
    MSFT 39.82 +0.02 0.05%
    After Hours: 39.69 -0.13 (-0.32%)
    8 Apr, 04:20 PM Reply Like
  • MJ Pragmatist
    , contributor
    Comments (147) | Send Message
    The herd mentality can be quite strong and overwhelming at times.
    8 Apr, 05:25 PM Reply Like
  • Randal James
    , contributor
    Comments (2798) | Send Message
    The lead dog is the one with the best view.
    8 Apr, 05:36 PM Reply Like
  • Doc's Trading
    , contributor
    Comments (1351) | Send Message
    Tech analysis......This head of a coming Head and shoulders (left shoulder hi in January.).. Head just completed... second point on coming neckline should be 175-178 S&P...,. Right shoulder will be on light volume and may reach broken trend line made by NASDAQ recently... Sell in MAY and go away was never truer...
    more later.....
    9 Apr, 12:46 AM Reply Like
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