Tech Stocks Dip Mildly as Major Companies Announce Key Moves and Partnerships

1. Palantir Technologies (NYSE: PLTR)
Palantir Technologies dipped mildly by -2.55%. Palantir disclosed 22 insider transactions on August 22, 2024. Board member Karp Alexander C. sold 535,100 shares. Northland Capital Markets initiated coverage on Palantir with a market perform rating and set a price target of $35.00.

2. Block (NYSE: SQ)
Block dipped mildly by -2.58%. Block Inc. reported changes in beneficial ownership of securities, with a proposed sale of securities filed under Form 144.

3. Vertiv Holdings (NYSE: VRT)
Vertiv Holdings dipped mildly by -2.59%. Vertiv Holdings' revenue for the first half of 2024 reached $3.592 billion, an increase of 10.34% year-over-year, with net income at $172 million and a basic EPS of $0.46. Evercore ISI and Mizuho both rated Vertiv Holdings as Outperform, with target prices set at $105 and $92, respectively.

4. Nike (NYSE: NKE)
Nike dipped mildly by -2.62%. Piper Sandler assumes NIKE at Neutral with an $80.00 price target. NIKE released its 2024 annual report with revenue of $51.362 billion and net profit of $5.7 billion. NIKE announced a multi-year partnership with LEGO, to launch collaborative products and content next year. Williams Trading upgrades NIKE to Buy with a $93.00 price target.

5. Sony Group (NYSE: SONY)
Sony Group dipped mildly by -2.71%. Sony launched the A90J series TVs with advanced cognitive processors and revealed a new portable 4K camera for integrated photography and live streaming. Sony enhanced its Web3 strategy through a Layer-2 blockchain initiative with Startale. Additionally, Sharp reported a 1.7% revenue decline due to weak LCD panel performance.