Tech Stocks Continue To Recover Ahead Of September – She’s Got The Stocks – 31 August 2023
The tech market has continued to recover in the past week of August as fresh economic data gives growth stocks a boost. Treasury yields drop after new data shows consumer confidence waning.
The sector has faced a difficult month after the benchmark yield for the 10-year Treasury note reached its highest level since 2007 last week.
Things seem to have taken a turn, however. On Tuesday, the yield on the 10-year Treasury yield fell 10 basis points to 4.113 per cent as fresh economic data suggested that the Fed may be close to done lifting interest rates.
The tech-heavy Nasdaq climbed more than one per cent on Tuesday in response to the news.
It was not good news for everyone, however.
Biggest Losers
The share price for AI data firm Appen fell off a cliff after the firm released a clanger of an H1 2023 result.
The half-year results showed that Appen’s revenue had dropped 24 per cent to US$138.9 million.
This led to an underlying operating loss of US$15.7 million, down considerably from last year’s underlying EBITDA of US$9.6 million.
Appen said the company’s results reflect a challenging macro environment as it continues to face headwinds from the broader technology market slowdown and as customers evaluate their AI strategies. Appen has seen 14 peak-to-trough falls of more than 20 per cent over the past five years, and five in the last 12 months alone.
Macquarie Telecom fell 5.03 per cent. The stock’s recent rally was followed by a downturn as investors cashed in their gains.
Biggest Winners
The share price for Nvidia continued to climb this week following its announcement that its revenue had exploded by 88 per cent compared to the previous quarter. Its share price increased 6.32 per cent to $487.84 for the 5 days ending Wednesday.
The company announced a partnership with Google that will involve its technology being sold through Google’s cloud.
Meanwhile Meta, Apple, Atlassian, Alphabet and Adobe all saw gains in response to the improving tech environment.
Meta saw an increase of 3.25 per cent, as did Alphabet. Adobe lifted 3.19 per cent.
Microsoft saw a smaller increase of 1.39 per cent.
The market’s attention now turns to Friday’s US nonfarm payroll figures. August’s employment data could reignite fears about inflation or raise concerns regarding the impact of potential interest rate hikes on the economy.
| Company | Opening price | Closing price | Change (%) |
| Macquarie Telecom Limited (ASX: MAQ) | $69.71 | $66.20 | -5.03% |
| REA Group (ASX: REA) | $161.43 | $163.93 | 1.54% |
| Atlassian (NAS: TEAM) (USD) | $190.29 | $198.90 | 4.52% |
| Xero (ASX: XRO) | $120.49 | $122.80 | 1.40% |
| Carsales.com (ASX: CAR) | $27.62 | $27.93 | 1.18% |
| NEXTDC (ASX: NXT) | $13.77 | $13.33 | 2.67% |
| WiseTech Global (ASX: WTC) | $69.77 | $70.86 | 0.92% |
| Appen (ASX: APX) | $2.23 | $1.59 | -30.94% |
| Airtasker (ASX: ART) | $0.20 | $0.195 | -2.50% |
| Telstra (ASX: TLS) | $4.05 | $3.97 | -1.60% |
| Adobe (NAS: ADBE) (USD) | $523.84 | $540.57 | 3.19% |
| Salesforce (NYSE: CRM) (USD) | $208.00 | $211.96 | 1.90% |
| Apple (NAS: AAPL) (USD) | $179.88 | $184.12 | 3.11% |
| Alphabet (NAS: GOOGL) (USD) | $130.33 | $134.57 | 3.25% |
| Meta (NAS: META) (USD) | $288.60 | $297.99 | 3.25% |
| Microsoft (NAS: MSFT) (USD) | $323.86 | $328.36 | 1.39% |
| Amazon (NAS: AMZN) (USD) | $134.60 | $134.91 | 0.23%% |
| Nvidia (NAS: NVDA) (USD) | $458.82 | $487.84 | 6.32% |
| Samsung (SMSN:LI London Intl (USD) | $1,242.00 | $1,271.00 | 0.87% |
| Netflix (NAS: NFLX) (USD) | $419.00 | $429.99 | 2.62%
|
Latest News
Why Atlassian’s Distributed Working Policy Gets Real Results For Women At Work
Atlassian's Karina Moraes Da Silva tells us of her journey from Brazil to Sydney and back and then back again.
Generation Australia’s Cloud Computing Bootcamp Boosted By Motorola Grant
Talented yet vulnerable prospective candidates looking for a career in tech have recently received a boost with a Motorola Solutions Foundation Grant for Generation Australia’s Cloud Computing Bootcamp. The 16-week part-time program is designed for those unemployed, under-employed or at demonstrable risk of unemployment, including First Nations, women, neurodiverse and those from CALD backgrounds. Cloud […]
Labour Market Pushes Down Treasury Yields – She’s Got The Stocks – 7 December 2023
It's been a big week for Apple with its fancy new ad and its return to being a $3 trillion company.
Telstra Fined $3m By ACMA After Wrongfully Charging Customers
It's been a torrid time at the telcos recently, with this latest Telstra fine adding to the misery.
Indy Clinton, The Matildas & Fitzroy Garage Party Honoured At 2023 TikTok Awards
WLT snuck into the TikTok Awards, though our slightly annoying Zoomer cousin had to explain what was going on.
ACCC Eyes Social Media Influencers & Dodgy Reviews
With this latest round of scrutiny, we're asking when will someone please think of the influencers??
Apple Enlists Taika Waititi To Direct Humourous iPhone Spot
If you're going to get anyone to direct your ad, Waititi is about as good as it gets.
Can SMBs Fill X’s Gaping Revenue Hole?
Sadly, Musk isn't quite counting his pennies and looking under the couch for spare coins just yet.
Aussie Devs Win Big In Google Play’s 2023 Best Apps & Games Awards
Aussie devs win big for their apps, Aussie Debs, however, do not feature.
Government Unmoved By Senate Committee Into Big Tech Regulation
You go to all that trouble of setting up a committee and then, after it's all said and done, no one cares.
Andie Potter On What It Means To Be A Woman In The AdTech Industry
Despite the glasses and the surname, Andie has nothing to do with the famous Harry.
Why Too Few Women Are Scaling The Career Heights In The IT Sector
AVEVA's Christine McNamara picking apart why so few women make it to the top of the IT industry.
Host Of New Hires At Snap
Snap Inc. has announced a host of new hires across its team in Australia, including Dina Bailey as ANZ agency lead. Lead image: L to R – Dina Bailey, Bethany Rao-Davies, Sarah Ding, Rob Fitzpatrick, Tony, Daniel King, Elise Keeling The new hires include Dina Bailey, ANZ agency lead; Daniel King, senior client partner; and […]
X Booted Out Of Social Self-Reg Code Following Inaction On Voice To Parliament Disinformation
X, the platform formerly known as Twitter, has been kicked out of Australia’s code for managing misinformation and disinformation online due to its lack of response to user complaints during the Voice to Parliament referendum. Lead image; Linda Yaccarino, CEO, X Twitter and subsequently X, had been a signatory to the Australian Code of Practice […]
Leonardo.Ai Generates 700 Million AI Images In Under A Year On AWS
Despite this news, Leonardo.AI refused to be drawn on the old quality vs quantity debate.
AI Chaos Reigns! – She’s Got The Stocks – 23 November 2023
Bezos also expected to unload a boatload of Amazon shares. He needs to pay for his superyacht somehow, after all.
Social Media Manager & Web Developer Top “Lazy Girl Jobs”
Despite the pejorative name, "Lazy girl jobs" are about exposing toxic workplaces. Apparently.
Amazon Australia Enlists ‘Tanya From Accounts’ To Promote Black Friday
Amazon failing to answer the age old question: Is it actually a bargain if you don't need it?
Friends, Colleagues Urge X CEO Linda Yaccarino To Resign
It could be worse for Linda, she could work at OpenAI.
WLT Alum Megan Dalla-Camina Wins Telstra Best of Business Award
At this rate, Dalla-Camina will be running out of mantlepiece space to store all her trophies.
Mining Magnate Gina Rinehart Demands Zuck Take Action Over Spoof Facebook Accounts
The ever-delightful Gina Rinehart has taken aim at Zuck. We can hear him quaking from California.
As Sam Altman Returns To OpenAI, Is The Circus Finally Over?
Were you as confused as we were during the OpenAI saga? Here's the lowdown on all the comings and goings.
Former Optus Exec Goes In To Bat For Kelly Bayer Rosmarin
Ex-CMO Mel Hopkins defends Bayer Rosmarin on LinkedIn following the outage. Once her internet came back, that is.
Australian Women Relying On Social Media For News
Aussie women are relying on social media for news, when they should be relying on Women Leading Tech.
Apple Releases Emotional Christmas Ad Filmed On iPhone 15 Pro Max
A two-for-one here with a good look at the new iPhone and MacBook Air & getting to flunk off work for four minutes.
Ruth Hirst On How Synergy Effect Is Adapting To New Challenges In 2024
WLT chats with Synergy Effect's co-founder Hirst to about how tech has changed events forever in the wake of COVID.
Kelly Bayer Rosmarin Resigns From Optus After Outage Leaves 10 Million Without Coverage
After a mauling in the Senate last week, Bayer Rosmarin calls it quits at Optus.
CXTX Introduces No_Code AI Platform For Digital Campaigns
Remember when everyone was shouting about teaching kids to code? Turns out no-code is all the rage now.
Microsoft Finally Confirms AI Chip Bid – She’s Got The Stocks – 16 November 2023
It's been an auspicious week for Satya Nadella but a decidedly inauspicious week for Sundar Pichai.
Optus’ Bayer Rosmarin: “Our Systems Are Actually Very Stable”
It's an interesting approach from Bayer Rosmarin here. But, in fairness, what else could she have said?
The Trade Desk Q3 2023 Revenues Up 25% Year-On-Year Despite Challenging Market
Hear that? It's the sound of furrowed brows being wiped and glasses clinking at The Trade Desk's offices.
Captify Australia & Spotify Media Mixer To Support Musicians Making A Difference
Spotify & Captify join forces to support musicians. Here's hoping Shopify joins to give us the -ify trifecta.
Optus Finds Unlikely Friend In Billionaire Gerry Harvey
Trying times can make for unusual bedfellows but we certainly didn't have this one on the cards!
Canva Adds Commercial Music For Content Creation
In a crushing blow to silent movie buffs, Canva is rolling out freely available music on its platform.
Caroline Tran On How Hello Clever Is Advocating For Consumers During The Cost Of Living Crisis
WLT award winner Tran is helping consumers manage their money - support we desperately need in the editorial team!
Inlight Empowers Girls In Tech With New Partnership
Inlight and Girls In Tech partner on new events and sponsorships for women joining the industry - great work!