Tech Five: Apple shares slightly up after rough week
It has been a busy — and rocky — week for Apple.
The Apple Watch is officially available in more than 100 Best Buy stores around the country today, and the company reported its new streaming service has locked in 11 million free trial users since its debut. Meanwhile, the tech titan's stock is busy rebounding from the turmoil it hit earlier this week after toppling into correction territory.
Let's take a look at the tech stocks to watch Friday:
Apple (AAPL): The expanded sale of the Apple Watch and the reportedly bright numbers for Apple Music seemed to offer the company some reprieve from its falling stock. As Apple faces mounting concerns over economic slowing in China (the company's biggest market for the iPhone), shares fell significantly into correction territory, bringing investors' paper losses to staggering levels. Company shares were slightly up Friday morning.
Fitbit (FIT): Fitbit's stock is starting to make a run back to green territory, after it tumbled to double digits Thursday. The company's earnings report on Wednesday was gleaming with increased quarterly revenue and a bright yearly forecast — however, its quarterly increase in spending lead to a narrowed second-quarter profit margin. Company shares were up nearly 1% during morning trading.
Twitter (TWTR): Twitter has seen better days. Company shares hit a new low Thursday, bringing it down 3% to $27.23, which is only slightly above its initial public offering price of $26 in November 2013. Wall Street's hope for the company deflated after CEO Jack Dorsey told investors during last week's earnings call that a turnaround would take "considerable time."
Tesla (TSLA): Tesla shares are still down Thursday morning after the company worried investors by trimming its delivery outlook during its earnings report earlier this week. The automaker also indicated net losses that nearly tripled in the second quarter compared to the same quarter last year, sending shares down nearly 11% Thursday. Company shares were down more than 1% Friday morning.
JD.com (JD): Jd.com — a competitor to Alibaba in China — reported earnings Thursday that topped analyst expectations. It reported a 61% year-on-year rise in quarterly revenue, which was attributed to a jump in traffic on its platform, according to Reuters. The company also indicated a slowing growth rate for the third quarter as it invests heavily in offline operations. Company shares were up more than 3% during morning trading.
Follow Paste BN reporter Trisha Thadani on Twitter: @TrishaThadani