3 Tech Stocks Surging Even as the Dow Jones Crumbles
The Dow Jones Industrial Average is plunging again, shedding more than 200 points as of 11:30 a.m. EST. Not every stock was in the red, however, with outperformers including tech stocks Microsoft , Angie's List , and Fortinet .
Markets drop on global fears
With little economic news in the U.S., the Dow Jones' second consecutive triple-point drop may have prompted by global concerns.
Emerging market stock indexes have been hit hard, as a number of currencies -- including the Turkish lira, South African rand and Argentine peso -- have tumbled in value. In China, a $500 million investment trust is on the verge of default, prompting legendary investor George Soros to make a comparison to the 2008 credit crisis. And around the world, there's growing chatter that the central bankers who have provided exceptional monetary accommodation could pull back on their stimulative efforts -- in particular, the Bank of England and Bank of Japan have hinted that they could soon rein in such measures.
Microsoft posts strong quarter
Even as the Dow Jones drops, component Microsoft is up more than 1.5% on Friday after the Windows maker turned in a strong quarter.
Microsoft's earnings exceeded analysts' expectations, as revenue for its Surface tablet doubled and Office 365 -- its cloud-based, subscription version of its Office software -- grew by triple-digits. Admittedly, Windows revenue was down about 3%, but that might not have been as bad as some expected.
Angie's List gets upgraded
Angie's List, meanwhile, was up almost 3% after shares of the company were upgraded at B. Riley. The firm raised its rating on Angie's List from neutral to buy and increased its price target from $15 to $25.50.
A 3% move is pretty significant for an analyst upgrade, but Angie's List is a relatively small company and shares have seen a lot of volatility in recent months.
Fortinet added to index
Fortinet shares gained more than 2% early on Friday. The move to the upside may have been prompted by the announcement that the network security specialist is set to enter the S&P MidCap 400.
Stocks added to major indexes tend to see moves to the upside as funds tasked with holding the index must buy shares of the new company. Moreover, getting added to an S&P index suggests a greater level of importance for Fortinet's business.
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