Investors shrugged off the replacement of Secretary of State Rex Tillerson, the latest departure in what has been a turbulent Trump administration cabinet, and stocks moved higher on Tuesday morning after February’s CPI data cooled concerns about rising inflation.
Several of Tuesday’s most-notable morning gainers were technology companies, underscoring the sector’s remarkable recovery from recent market volatility that threatened to end its run as Wall Street’s favorite segment.
Plenty of noteworthy tech stocks are now back near their all-time highs, with several reaching new intraday peaks in morning trading Tuesday. Here’s five tech stocks hitting new highs to check out today!
1. Adobe Systems (ADBE - Free Report)
Shares of creative software maker Adobe surged more than 1% in early trading to touch a new all-time high of $224.90 shortly after the opening bell. Adobe has been testing new highs over the past several periods as investors gear up for its latest earning release later this week. Our latest Zacks Consensus Estimates are calling for adjusted earnings of $1.43 per share and revenues of $2.04 billion. These results would represent year-over-year growth of 52% and 21%, respectively. Adobe is scheduled to report after the closing bell on Thursday.
2. Amazon (AMZN - Free Report)
E-commerce behemoth Amazon reached a new intraday high of $1,617.54 per share in early morning trading Tuesday after analysts from GBH Insights will likely become a major player in live sports broadcasting soon. The research firm suggested that Amazon could be interested in deals with professional leagues like the NFL, MLB, and NHL. Amazon has been one of the strongest stocks throughout the market’s recent volatile stretch, adding a staggering 38% over the past three months.
3. Coupa Software (COUP - Free Report)
Cloud-based spend management platform developer Coupa Software gained after posting impressive earnings results on Monday afternoon. The company reported adjusted profits of $0.02 per share, beating the Zacks Consensus Estimate of a $0.15 per share loss. Quarterly revenues reached $53.75 million, topping our consensus estimate of $48.59 million and improving 41% year over year. Shares of COUP moved nearly 2% higher to touch an all-time intraday high of $50.54 on Tuesday morning.
4. Lam Research (LRCX - Free Report)
Semiconductor equipment supplier Lam Research has been hovering near its all-time high for several days now, and the stock touched a new intraday peak of $234.88 per share again on Tuesday morning. Lam Research is benefitting from rising demand among its clients, lifting analyst sentiment and helping the company earn a Zacks Rank #1 (Strong Buy).
5. Apple (AAPL - Free Report)
Apple quickly rebounded from a slightly disappointing earnings report in early February and was testing new highs by the end of the month, despite market-wide volatility. Now, the company is touching fresh highs nearly every day, including Tuesday. Apple briefly surged more than 1% to reach a new intraday peak of $183.50 per share in morning trading.
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