The 10-year treasury was trading little changed at around 1.365%, up from 1.1% less than two weeks ago. Higher rates erode the value of future cash flows—especially for growth companies like technology firms, which expect a large share of their profits to come farther out into the future than more mature companies. Business data management provider
(OKTA), for example, fell 4%. Tech stocks have been sliding in the past few days because of higher rates.
Investors will be watching Jerome Powell’s testimony before Congress today to see whether he has anything to say on rising bond yields, or is willing to let them run.
Here were some other notable movers on the day:
(HD) shares fell more than 2% eve after the company said it earned $2.65 per share, beating estimates of $2.62, on revenue of $32.26 billion, better than the expected $30.73 billion. Investors appear concerned that the strong growth won’t continue once the economy reopens.
Palo Alto Networks
(PANW) shares fell almost 3% after the company also posted a strong quarter. The company reported earnings of $1.55 a share, beating expectations of $1.43. The firms said revenue was $1 billion, higher than the forecast $985 million.
(SHOP) stock fell almost 8% after the company said it is issuing more than 1 million shares of new equity.
(CCL) shares were down more than 3% after the company said it would sell $1 billion in new stock.
MGM Resorts International
(MGM) rose 2% after Argus upgraded the stock to Buy from Hold.
Write to Jacob Sonenshine at [email protected]
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- Colleges That Require Virus-Screening Tech Struggle to Say Whether It Works – The New York Times
- Gender Equality in Tech (GET) Cities Expands to DC to Diversify the Tech Ecosystem – Yahoo Finance
- Turkey Widens War Tech Hunt by Tapping Pakistan’s China Ties – Bloomberg
- Tech recruiting lessons in the Covid-19 era – Information Age
- Virtual tech event highlights local STEM professionals during WHAT I CAN BE! Tech Career Showcase – Herald-Mail Media
- Accenture’s Tech Push Makes It World’s Most Acquisitive Company – Bloomberg
- Tech Hosts Duke for Senior Night – Men’s Basketball — Georgia Tech Yellow Jackets – Georgia Tech Official Athletic Site
- No. 22/19 Tech set for final home game, takes on Cards – VT hokiesports.com