Here Are the Momentum Tech Stocks That Defied Market’s Sell-Off
(Bloomberg) -- Not everyone got punished in the latest market sell-off. In fact, technology companies staged a strong comeback.
FAANG stalwarts Netflix Inc. and Amazon.com Inc. helped lead the way with gains of 2.7 percent and 1.9 percent respectively. And several software and cybersecurity companies rallied after strong earnings reports, setting up the biggest reversal for the Nasdaq 100 Index since April.
Zscaler Inc. added more than 15 percent and Okta Inc. rose 10 percent after the cybersecurity companies forecast revenue in the current quarter that exceeded the highest analyst estimates. Software developer Cloudera Inc. climbed 12 percent after giving strong forecasts of its own that helped fuel a similar gain for Hortonworks Inc., which agreed earlier this year to merge with Cloudera.
The only member of the FAANG group of tech stocks to decline was Apple Inc., which is still under pressure after putting up its worst month in 10 years in November.
The action offers optimism for high-growth momentum stocks that have been battered in the market turmoil that erupted in October.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Eric J. Weiner, Andrew Dunn
©2018 Bloomberg L.P.
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