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Tech Up After Zoom Video Earnings, But Sector Lags Value Sectors -- Tech Roundup

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06/03/2020 | 04:47pm EDT

Technology stocks rose, but not by as much as the broad market, as momentum shifted from growth stocks to more beaten-down value sectors.

The Nasdaq 100 tested its February peak, briefly trading above its all-time closing high. But indexes and sectors that are far from all-time highs, including the Russell 2000 small-cap index and the industrial sector, saw the bulk of gains Wednesday.

Shares of Zoom Video Communications surged after the company, which has shot to ubiquity during the Covid-19 pandemic as more office professionals connect by video-conference, posted quarterly earnings in excess of Wall Street targets.

Analysts at brokerage D.A. Davidson said Zoom lived up to high expectations, registering the most impressive growth acceleration the broker could recall for a software company.

Shares of Slack Technologies, another "work-from-home" software play, hit an all-time high ahead of its earnings report.

 

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.44% 26075.3 Delayed Quote.-9.92%
NASDAQ 100 0.76% 10836.333146 Delayed Quote.24.08%
NASDAQ COMP. 0.66% 10617.443394 Delayed Quote.18.33%
S&P 500 1.05% 3185.04 Delayed Quote.-1.42%
THE NEW HOME COMPANY INC. 2.16% 3.31 Delayed Quote.-28.97%
ZOOM VIDEO COMMUNICATIONS, INC. 2.36% 275.87 Delayed Quote.305.45%
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Top / Flop NASDAQ 100
TESLA, INC. 1544.65 Delayed Quote.10.78%
UNITED AIRLINES HOLDINGS, INC. 32.67 Delayed Quote.8.29%
NETFLIX, INC. 548.73 Delayed Quote.8.07%
AMERICAN AIRLINES GROUP INC. 11.94 Delayed Quote.6.80%
FOX CORPORATION 25.32 Delayed Quote.3.90%
PAYPAL HOLDINGS, INC. 178.4 Delayed Quote.-2.64%
INCYTE CORPORATION 104.76 Delayed Quote.-2.88%
REGENERON PHARMACEUTICALS 620.86 Delayed Quote.-3.09%
SYNOPSYS INC. 198.01 Delayed Quote.-3.20%
SEATTLE GENETICS, INC. 174.35 Delayed Quote.-3.76%
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