For the past few decades, tech stocks have almost always been the most popular stocks in the market. Considering the sort of returns some of the tech giants have generated over decades, it doesn’t come as a surprise.
To this day, tech stocks remain one of the sectors that almost all investors track closely. Not only are these volatile but the companies themselves have helped change the social makeup of our lives. On that note, here is a look at two tech stocks that made significant moves this week.
ParcelPal Technology (PTNYF) (PKG)
When you think about tech stocks, delivery stocks to buy don’t usually come to mind. Why would they, though? Most delivery stocks like UPS or FedEx generally focus on logistics and supply chain management where the “technology” aspect is in the background of the company. Needless to say, ParcelPal Technology is a delivery stock to watch and just so happens to be big in technology as well.
The opportunity that ParcelPal (PTNYF) (PKG) may be presenting now draws comparisons to the way early investors had an opportunity with companies like Uber (UBER) and GrubHub (GRUB) before they went mainstream in the US. GrubHub priced its initial public offering at $26 per share and now trades nearly 5x that price just as this market is beginning to heat up!
Overstock.com Inc (NASDAQ:OSTK) made a significant announcement, which sent the shares soaring. The tech stock jumped by as much as 25% this week so far. The update is related to tZERO, an Overstock subsidiary. It struck a deal with the makers of the movie Atari: Fistful of Quarters.
It has emerged that the blockchain company is going to ‘tokenize’ the movie in a highly innovative move. The crypto token is called Bushnell. As much as $40 million worth of those tokens will be sold by the company named Vision Tree.
On the flipside, those who own the token will also get a share of the proceeds from the movie. It seems that investors are excited about this move from the Overstock subsidiary. The market has responded favorably as Overstock stock price has continued higher this month.
Advanced Micro Devices (AMD)
The other tech company that has enjoyed an impressive rally this week is chip manufacturing giant Advanced Micro Devices, Inc. (NASDAQ:AMD). The company’s stock surged 7% this week after positive reviews came in. Its advanced personal computer chips have attracted attention for sure. It’s also important to point out that AMD stock has been one of the best performing tech stocks this year. AMD stock price has gained as much as 60% since the start of 2019.
The latest news about personal computer chips has acted as a catalyst. It would be worthwhile to keep an eye on the AMD stock over the coming days.