Stocks started lower on Monday, but major indexes recovered by lunchtime and rose toward the close. Technology stocks led the gains. Autodesk ADSK surged on the activist news, but the software maker wasn’t the only big gainer on the day, as several semiconductor stocks also posted big gains.
lastly, Dow Jones Industrial Average It increased 0.5% to 38,778. S&P 500 Up 0.8% to 5,473. High-tech stocks dominate. Nasdaq Composite Index The stock rose 1.0% to 17,857, as several large and mega cap stocks surged.
Autodesk, for example, rose 6.5% on news that Starboard Value was taking a roughly $500 million stake in the company. The activist investor, according to The Wall Street Journal, Seeking big changes Software companies are taking various steps, such as improving corporate governance.
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Semiconductor stocks rise at start of week
While the rally in ADSK shares is noteworthy, the broader rally in semiconductor stocks overall was perhaps even more impressive.
Micron Technology For example, MU is a company that analysts at Susquehanna International Group Mehdi Hosseini He raised his price target for Micron to $185 from $143. The stock has already more than doubled this year, and his new price target suggests an upside of more than 25% from current levels ahead of Micron’s public offering on June 26. Revenue Calendar.
Hosseini said growing confidence in the pricing trends of DRAM and NAND chips should help Micron post better-than-expected quarterly results. “MU is one of our top long-term investment candidates and will remain so going forward,” the analyst added.
Micron’s rise has had a halo effect on other semiconductor stocks. Super Microcomputer (SMCI, +5.1%) and Broadcom (AVGO, +5.4%).
Adobe Refrains from Profit-Taking
Not all Tech stocks But today it was expensive. The surge after the financial results were announced, Adobe (ADBE) shares closed down 1.3% today, although the drop may have simply been profit-taking given the Photoshop maker’s long-term outlook.
“Artificial intelligence (AI) plays a central role and Adobe is positioned to benefit most from recent advances in generative AI,” the company said in its second-quarter earnings report released Thursday night. Stephen MesserHe is an AI expert. Group[i]An enterprise AI company designed to optimize revenue growth.
“It’s great to see them transforming into an AI-first company through their model, including Firefly, and integrating with other AI companies, including OpenAI,” Messer added.
The stock market will be closed on Wednesday
This is a short week for market participants. Wednesday Stock Market HolidayBoth the stock and bond markets were closed in observance of Juneteenth.
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