Tech Stocks, Applied Materials, and More Industries Making Huge Stock Movements
In the stock markets, there are companies from the tech sector that are making huge movements in the stock markets. The data shows that the stock prices of all major tech giants have experienced a drop. The drop was experienced due to the high 10-year Treasury yield of around 1.567% on Tuesday, September 28, 2021. The first company is Salesforce that has experienced a 2.6% drop in share prices. The second company is Google that has experienced a 3% drop in share prices. The third company is Microsoft that has also experienced a 3% drop in share prices. The last company is Twitter that has experienced a 4.4% drop in share prices.
Then it is the Applied Materials Company that has experienced a drop in the share prices. The data shows that the stock prices for the semiconductor company have experienced a 6.9% drop. The drop in the share prices of the semiconductor company was observed after the analysts from New Street updated the status of the share. The status of the semiconductor company has been downgraded from “buy” to “neutral”. The reason why the analysts lowered the stock status of Applied Materials was because of the really high valuation being witnessed by the company.
The share prices of other semiconductor manufacturing companies also suffered a stock price drop. Micron Technology experienced a 2% share price drop and Advanced Micro Devices experienced over a 6% share price drop.
The next companies on the list are Moderna and BioNTech that have experienced share price drops. The data shows that the share prices for Moderna have experienced a 6% drop while BioNTech has experienced a 9.9% drop. The share prices for both companies experienced a drop after Sanofi, a drugmaker from France shared positive results for the COVID vaccine that was MRNA-based. Sanofi made an announcement in regards to the testing and manufacturing of the COVID vaccine. The company announced that at present, the market is overwhelmed with doses by Moderna and Pfizer.
Therefore, it is going to focus on other kinds of vaccines with the help of MRNA technology. The company has announced that it will be developing GlaxoSmithKline, which is a COVID vaccine based on protein.
The next company on the list is Wells Fargo that has experienced a 3.4% drop in its share prices. The company ended up facing a share price drop following the announcement of changing the stock status of the company by analysts from Morgan Stanley. The reports show that analysts from Morgan Stanley have downgraded the stock status of Wells Fargo from “overweight” to “equal weight”. Morgan Stanley has revealed that it is due to the constant challenges Wells Fargo is facing from the regulatory end.
The decision by Morgan Stanley analysts was triggered by the recent announcement made by Jerome Powell, the Federal Reserve Chair. He stated that until Wells Fargo fixes its problems, the central bank will continue imposing an asset cap of $1.95 trillion over Wells Fargo.