The big tech names such as Facebook, Apple, Google, Tesla, among others enjoyed a phenomenal 2020, where the likes of Tesla gained a whopping 681% while others recorded average gains of over 50%.
The holiday-shortened previous week was a mixed bag for big tech stocks on Wall Street as some recorded gains while some slipped to close the week in the red. The big tech names such as Facebook, Apple, Google, Tesla, among others enjoyed a phenomenal 2020, where the likes of Tesla gained a whopping 681% while others recorded average gains of over 50%. The up-move in technology stocks was aided by a more pleasant outlook for the firms in the wake of a pandemic as more and more people started using their services while being forced to sit at home to fight the pandemic.
Facebook’s share price gained 1.6% during the previous week. On one side investors have been raising concerns about the anti-trust lawsuit that hangs like a sword on big tech names in the US, including Facebook, while on the other hand, Mark Zuckerberg’s firm has been seeing positive news flow around various businesses that the firm owns. Facebook’s share price gained 29% in 2020 and a massive 86% from its March lows.
Apple was not on the gainer’s list this past week with the share price slipping over 1% to close at $132.69 apiece. In 2020, shares of the firm gained 77% as the iPhone maker displayed its resilience with growing revenue. Looking ahead, investors will focus on the demand for the company’s iPhone, iPad, and other devices that it offers and not to forget its plans to become an electric vehicle manufacturer.
Jeff Bezos’ Amazon jumped 2% during the previous week. The retail giant has been making strides in the technology space with its stores that are highly dependent on technology, offering new-age customer solutions. Streaming major Netflix was also seen galloping forward, gaining 4.7% during the week. With this, Netflix share price zoomed 61% during the previous year.
Google, the behemoth of the internet world inched merely 0.4% higher in the previous week. While Microsoft’s share price ended 0.9% lower. Cloud has been a major catalyst for both these companies and with a possible increase in cloud adoption, both Microsoft and Google are seen by many analysts as long-term plays.
Elon Musk’s Tesla returned to winning ways this past week after a small hic-up in the week prior to that. Tesla’s share price jumped 6% during the week and could be poised to gain more with the company reporting better than anticipated sales in the previous week. Interestingly, sale of cars is not what helps Tesla ramp up their profits but instead, it is the judicious use of its carbon credits that help the company earn its bread.