Down 30% From Their Highs, Can These 2 Tech Stocks Bounce Back?
Investors have enjoyed a bit of a rally during Thanksgiving week, and the holiday mood continued on Wednesday. Futures contracts on major market benchmarks didn't add much during the premarket session to advances from Tuesday, but they showed the market's willingness to hold onto the ground they gained. Nasdaq Composite (NASDAQINDEX: ^IXIC) futures had risen 14 points to 11,768 as of 8:30 a.m. ET.
A pair of well-known stocks in the technology sector reported their quarterly financial results late Tuesday, and with both stocks down about 30% from their best levels of the past year, investors were anxious to see how they would perform. Autodesk (NASDAQ: ADSK) wasn't able to satisfy its shareholders with its report, but HP (NYSE: HPQ) managed to do a somewhat better job, even as both companies face challenges in the current macroeconomic environment.
Shares of Autodesk fell 9% in premarket trading on Wednesday morning. The maker of computer-aided design software for industries like architecture, engineering, manufacturing, and entertainment posted solid results in the fiscal third quarter that ended Oct. 31, but it acknowledged that its clients seem to be slowing down their software spending.
Source Fool.com
