The stock market had a good general performance on Thursday. However, probably the most unexpected results were coming from tech stocks. Ciena, FitBit, and Blackberry received generous reviews. Thanks to them, S&P 500, Dow, and Nasdaq Composite won leverage and climbed to new record levels.
An Optimistic Labor Market and Favorable Theses Helped Tech Stocks Ascend
Payroll and benefits specialist ADP released some hopeful data regarding the labor environment in the United States in the private sector. These reports indicate that the month of May only saw a large wave of 253,000 new openings in the job market. Moreover, this thesis is confident that the report the Labor Department would soon issue is going to deliver results better than expected for the month of May.
At the same time, bullish reviews coming from reputed theses have suddenly turned to generous terms with tech stocks. On top of that, there were several companies who performed impeccably and generated greater gains. Therefore, Ciena, Fitbit, and Blackberry scored the best evolution of the day.
BlackBerry Earned Leverage Thanks to Its Activity in Two Trending Sectors
BlackBerry shares rose 8% the moment a world-renowned analyst that made a name for itself for negative reviews issued a positive thesis. This is from Citron Research that described the mobile company as powerful enough to have its stocks doubled over the next couple of years. The reviewer liked the idea of BlackBerry growing roots in two key trending sectors, namely the Internet of Things and autonomous vehicles.
At the same time, BlackBerry managed to maintain a low market capitalization with amounts lower than $6 billion. This makes the business an easy takeover investment for the giant companies in the tech industry. The good review from an extremely severe source of thesis might propel the Blackberry tech stocks towards a lot more attention.
Fitbit Brought Innovative Features to Its Industry
Moreover, the technological advancements of Fitbit won the company 7% more stock value on the day. The personal fitness tracking maker has recently disclosed some top-notch innovations in its domain. On Wednesday, the company revealed a new accurate feature for its Fitbit. The device is now geared to track different sleep stages of its owners.
On the other hand, the company performed poorly on the stock market recently. Consequently, some analysts consider that the growth was just push out of inertia. Even with the recent ascension, Fitbit shares are still 30% down.
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