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Tech Stocks Dip Mildly Amid Strategic Moves and Positive Analyst Ratings

AInvestMonday, Aug 12, 2024 6:00 pm ET
1min read
1. Palantir Technologies (NYSE: PLTR)
Palantir Technologies dipped mildly by -2.55%. Wedbush Securities says performances of Microsoft and AMD alleviate AI monetization concerns, urging investors to focus on industry leaders. Palantir and Microsoft signed a deal to deliver AI services to defense sectors. Goldman Sachs and Raymond James maintain their ratings on Palantir.

2. Block (NYSE: SQ)
Block dipped mildly by -2.58%. Block disclosed two insider transactions on August 8, with Director Roelof Botha purchasing 313,100 shares on August 6. Block's mid-year report for 2024 showed revenue of $12.113 billion, up 15.08% year-over-year, and net profit of $661 million. Various analysts maintained positive ratings with target prices ranging from $80 to $99.

3. Vertiv Holdings (NYSE: VRT)
Vertiv Holdings dipped mildly by -2.59%. Vertiv Holdings reported H1 2024 revenue of $35.92 billion and net profit of $1.72 billion. Mizuho upgraded Vertiv Holdings to Outperform with a price target of $92.00. Goldman Sachs maintains Buy rating with a target of $104.00 on July 25.

4. Nike (NYSE: NKE)
Nike dipped mildly by -2.62%. Nike has paused its online sales in Turkey following an increase in import taxation on overseas purchases. Additionally, ahead of the Olympics, Nike strategically signed endorsement deals with athletes like Qinwen Zheng, who won the women's singles tennis gold medal. Finally, Nike disclosed an insider sale by executive Matthew Friend on August 8, 2024.

5. Sony Group (NYSE: SONY)
Sony Group dipped mildly by -2.71%. Sony Group has seen a strategic shift focusing on entertainment, music, and gaming ecosystems, contributing to its growth, despite challenges in the PlayStation division such as declining sales and team layoffs. PSN issues persist, but efforts are ongoing to enhance user experience with a new review system.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.