All major tech stocks seem to be down today again. The strong declines in most stocks can be attributed to the announcement this morning that orders for durable goods fell at a much larger than expected rate in February; falling a total of 1.4%. In the past 4 months, this is the third drop we’ve seen in the figure; causing many investors to grow weary of the fast pace we’ve seen lately in economic growth. With that said, here’s what’s going on in tech today.
Apple Stock Giving Up More Than Yesterday’s Gains
Apple Inc. (NASDAQ: AAPL)
While the market as a whole seemed to struggle yesterday, that wasn’t the case for Apple yesterday as an increase in projections for the company’s growth pushed the stock price higher. Unfortunately, the AAPL has given up far more today than it gained yesterday. Currently (12:56), Apple is trading at $124.80 per share after a loss of 1.49% so far today.
Outlook – While the market as a whole may be struggling at the moment, we all know that the struggle won’t last forever. With that said, aside from the bad news reported before the bell this morning that affects the market as a whole, Apple is on pace for growth! While we can expect the fall to continue today, I think we’ll start to see growth no later than Monday as investors shake off the bad news.
Twitter Stocks Are Giving Up Gains As Well
Twitter Inc (NYSE: TWTR)
Twitter had a relatively strong day in the market yesterday as well. We watched as heavy volume caused a nice spike in the value of the stock. However, along with the majority of the tech market, TWTR stocks are down today as well following the bad economic data we saw before the morning bell. Currently (1:05), the stock is trading at $49.77 per share after losing 1.70% so far today.
Outlook – While the market as a whole may be down due to poor economic data today, I’ve got faith in Twitter for long term growth. The company has proven time and time again that they are capable of increasing earnings. I don’t see why they would stop now.
Facebook Stocks Are Falling After Strong Gains This Week
Facebook Inc (NASDAQ: FB)
Facebook stocks have been on the rise lately following quite a bit of positive news. Unfortunately however, FB stocks aren’t immune to the affects of negative economic data; and they’re falling hard today. Currently (1:13), Facebook is trading at $83.41 per share after a loss of 2.23% so far today.
Outlook – I’m expecting Facebook to grow over the long run. With new plans to extend usability of the messenger system, the company is opening the doors to even more profits. Not to mention, the company is already positioned to take a massive chunk of future online ad revenue.
BlackBerry Stocks Continue Declines
BlackBerry Ltd. (NASDAQ: BBRY)
BlackBerry stocks have had a rough time in the market lately. Following big analyst downgrades the stock declined. Now, as we get closer and closer to the next earnings report, we’re seeing more articles about why the company is destined to disappoint. So, today’s drop is likely a combination of more bad press and the poor economic data. Nonetheless, BBRY is currently (1:22) trading at $9.31 per share after a loss of 2.21% so far today.
Outlook – In the short term, there’s one word…DOOMED. There’s no doubt that with all of the bad press, the stock will continue on declines. Also, I’m not expecting as big a loss as analysts project, but I’m still expecting a pretty large loss upon the release of their earnings report. On the other hand, I think that BlackBerry is making several steps in the right direction when it comes to moving their core away from smartphones and into other, new technologies. So, I do expect to see growth in the long run.
Plug Power Stock Continues Declines As Well
Plug Power Inc (NASDAQ: PLUG)
Plug Power stocks have been falling dramatically lately following a wider than expected loss on their most recent earnings report. Those declines are continuing today. Currently, PLUG is trading at $ per share after a loss of % so far today.
Outlook – Abandon ship everyone! OK, let’s be serious, this one is going nowhere fast. No one likes losses, and Plug Power doesn’t seem to be producing gains.
What Are Your Thoughts
Do you have an opinion on any of the stocks mentioned here? We’d love to read it in the comments below!