Mid-Day Wrap: Tech Stocks Dominate Discussion
Consumer spending and income is up and so is the market. But it’s not the macro data that had investors buzzing Friday. Technology stocks dominated discussion, according to StockTwits.com. The investing social network’s heat map showed investors were most interested in BlackBerry, $BBRY, Plug Power, $PLUG, and Facebook, $FB, this morning.
BlackBerry earnings had investors energized. Shares of the smart phone company jumped more than 6% after the earnings release only to pull back to 2% for most of the morning. BlackBerry reported a lower-than-expected quarterly loss of $0.08, excluding some items related to its turnaround plan. Revenues of $976 million, however, also came in less-than-anticipated.
Investors argued that the revenue short-fall was not a big deal as the expense cuts would give the company needed time to reinvigorate the brand and grow sales. BlackBerry has $2.7 billion in cash, cash equivalents, short-term, and long-term investments.
$BBRY they are leaner now so cash burn no longer problem
— Lindsay Welsh (@Stockycat) Mar. 28 at 11:18 AM
Plug Power’s continued roller-coaster ride had investors talking. Shares of the hydrogen fuel cell company vacillated between red and green Friday morning as investors debated whether the company had an auto deal in the pipeline that could be as explosive as the Walmart deal last month. Plug said in February that it would provide Walmart with hydrogen fuel cells to power electric forklifts at the retailers’ North American distribution centers.
$PLUG clock ticking day after day to two week horizon for announcement. Andy can spring it earlier if shorts start gaming the stock.
— matthew stafford (@vanhalenboss) Mar. 28 at 11:21 AM
$PLUG I won’t believe in the auto maker deal until I see it! It was signed? Yeah, but by who? By Plug only?
— Denis Morisette (@Morissette) Mar. 28 at 11:30 AM
Facebook rose as investors continued to debate its virtual reality, Internet-carrying drone vision of the future.
Earlier this week, Facebook acquired virtual reality gaming company Oculus for $2 Billion in a mostly stock deal. Facebook believes virtual reality could replace mobile phones as the primary way people access the Internet. The stock initially sank on the news. But shares edged higher today.
— Amigobulls (@amigobulls) Mar. 28 at 10:57 AM
$FB aqs = self preservation. Zuck building free internet to ensure ppl depend on his network, thus ads won’t be abandoned. war of attrition
— Muzammil Soorma (@muzammilsoorma) Mar. 28 at 10:14 AM
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