Two Tech Stocks Surging Even as Microsoft Falls
The Dow Jones Industrial Average had gained a miniscule three points as of 11:30 a.m. ET. Dow Jones component Microsoft was one of the index's worst performers, falling 2% in early trading. Meanwhile, tech stocks First Solar and GrubHub were surging early in the session.
Jobs report comes in light
The monthly nonfarm payroll report came in worse than expected on Friday, likely limiting the Dow Jones' gain. According to the Bureau of Labor Statistics, the U.S. economy added just 192,000 jobs last month, a bit worse than the 200,000 that economists had anticipated.
While the miss isn't large, it does suggest the U.S. labor market is weaker than figured.
Microsoft caps off strong week with disappointing session
Microsoft fell despite a lack of clear news.
Microsoft shares had been on a solid run this week, but Friday's pullback wiped out most of its gains. The tech giant hosted its Build developers' conference this week, and showed off a number of improvements and changes to Windows. Most notably, Windows licenses for smartphones and small tablets will now be free.
First Solar surges on upgrade
First Solar shares gained more than 2% early in the session. The rally appears to have been motivated by a positive note from Citigroup.
Citigroup raised its price target on First Solar from $63 to $87, arguing that the company was poised to beat earnings expectations in future quarters based on its conservative financial guidance.
GrubHub leaps higher on its trading debut
GrubHub shares gained nearly 40% in their trading debut. Investors were obviously excited to get their hands on a piece of the company.
GrubHub is a food delivery service, targeting mostly urban areas. Initially, the company priced its IPO at $26 per share, giving it a market cap just over $2 billion. But with its surge on Friday, it's already become a much a larger company.
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The article Two Tech Stocks Surging Even as Microsoft Falls originally appeared on Fool.com.Sam Mattera has no position in any stocks mentioned. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple, Citigroup, and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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