Software-Stock Trio Defies Market Choppiness to Reach New Highs
These Momentum Stocks Are Making New Highs Despite Choppy Market
(Bloomberg) -- U.S. stocks have been on a roller coaster ride since October, but that hasn’t stopped a handful of high-growth software companies from making new highs.
Tableau Software Inc., MongoDB Inc. and Twilio Inc. are among momentum stocks that have hit 52-week highs in December as investors double down on bets that growth outlooks for select companies are undiminished. The S&P 500 Index has fallen about 10 percent from a record high on Sept. 20, with technology among the worst-performing groups as investors rotated into more defensive industries such as utilities and consumer staples.
Stocks that have hit 52-week lows this month outnumber highs by nearly 8 to 1, according to Bloomberg data. That excludes companies with market values under $50 million. Other technology companies that have hit new highs this month are Vocera Communications and Benefitfocus Inc.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Steven Fromm, Will Daley
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