Although the NASDAQ index rose by just 1.16% this week, a number of meaningful events have occurred to some of the market’s major tech names in the time period.
In this article, we will take a closer look at some of the most relevant events that involved Yahoo! Inc. (NASDAQ:YHOO), Verizon Communications Inc. (NYSE:VZ), Facebook Inc (NASDAQ:FB), Twitter Inc (NYSE:TWTR), and Apple Inc. (NASDAQ:AAPL). Moreover, we are going to see what the investors from our database think about these five stocks.
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Yahoo! Inc. (NASDAQ:YHOO) found itself under an unwanted spotlight this week after news broke that a likely ‘state-sponsored’ actor stole information that may have included the names, telephone numbers, date of birth, and hashed passwords associated with at least 500 million user accounts in late 2014. Many in the media are calling the Yahoo! Inc. (NASDAQ:YHOO) hack one of the worst in internet history given the scale and scope of the intrusion. So far, Verizon Communications Inc. (NYSE:VZ), the company that agreed to buy Yahoo’s internet and some other assets for $4.8 billion, has not commented on what it will do with the new information, as the company had just been aware of the scope of the hack. Although some analysts don’t think that the hack constitutes a ‘material adverse event’ that could derail the merger, others think that Verizon Communications Inc. (NYSE:VZ) might use the incident to knock the final sale price down a bit. In any case, there is cloud of uncertainty around Yahoo, and that’s not good for shareholders. News of the incident caused Yahoo stock to fall 2% this week when shares of Alibaba Group Holding Ltd (NYSE:BABA) rose 2.9%. Verizon shares inched up 1.3% in the same time frame. Of the around 749 top funds that we track, 81 funds held shares of Yahoo and 52 were long Verizon at the end of June.
After surging last week, Apple Inc. (NASDAQ:AAPL) shares sank by 1.9% this week as some traders took profits. Hurting performance was a rumored GfK iPhone 7 channel check report that might have caused some traders to sell on Friday. Additionally hurting sentiment on the same day was a Reuters report that stated that Japanese regulators are considering filing suit/taking action against Apple for potential antitrust violations concerning Apple’s supply agreements with Japan’s top telecoms. Any meaningful negative action could hurt Apple’s profit margins in Japan, which has been one of the tech giant’s more profitable markets so far. Likely not causing very much movement but still relevant nevertheless is the news that Apple might be interested in McLaren in some form or another. Apple’s interest indicates that the company still has big plans for the car industry. Ken Fisher’s Fisher Asset Management trimmed its stake in Apple Inc. (NASDAQ:AAPL) by 1% to just over 11.3 million shares in the second quarter.
On the next page, we are going to take a closer look at the other two tech stocks that were in spotlight this week, Twitter and Facebook.