Here are five technology stocks to watch with strong technical momentum.
Cree, Inc. (CREE) had a big day on Tuesday, exploding up out of a three-year base and gaining 9%, or $3.70, to close at $41.76 on extremely heavy volume of 6.3 million shares traded — more than four times its average volume. The move came with news of the LED product company’s buyout of chipmaker Infineon, a move anticipated to increase revenue and profit margins in its Wolfspeed power and RF division. This is the highest price the stock has seen since September 2014. Next target: $44.
Cypress Semiconductor Corporation (CY) broke through a double top consolidation pattern, moving up 43 cents and closing at $18.07 on heavy volume of 9.3 million shares traded Tuesday. The company announced that its CFO will present at two investor conferences next week. The stock has gained more than 30% over the last year. Next target: $20.
Everbridge, Inc. (EVBG) surged to a new all-time high, gaining $1.86, or 5%, to close at $35.18 on 608,400 shares traded Tuesday. Last week the enterprise software company announced a cash offer to acquire Unified Messaging Systems ASA. Next target is near the channel top at around $38. Short interest of more than 10 times its average volume could fuel the move as short-sellers cover on a rally.
Hortonworks, Inc. (HDP) broke out of a wedge consolidation pattern and moved up $1.16, closing at $20.11 on heavy volume of 2 million shares traded and no news Tuesday. Shares in the data management company have fully rebounded since the losses that followed its February 8 earnings announcement. The stock has appreciated over 100% in the past year. Next targets: $22 and $25.
Teladoc, Inc. (TDOC) soared to a new all-time high, picking up $1.50 to close at $43.45 on 1.1 million shares traded on Tuesday. The telemedicine stock continues up on the momentum of its March 1 earnings announcement. Short interest of more than 19 times its average volume could add fuel as short-sellers cover on a rally. Long term target: $50.