Stock Price Recovery Year
Tech companies have had a challenging 2023 so far with the uncertain economy and with many of the biggest players in the IT industry laying off thousands of workers. But when it comes to their stock prices, it’s been a good year so far for most IT companies.
Of the 58 IT vendors on the CRN watch list, only nine recorded stock price declines in the period between Jan. 3 and June 30. And only a couple of those were significant drops – many were single-digit percentage declines. Among the 49 companies that saw their stock price rise during the quarter, most recorded double-digit price gains and three had gains of more than 100 percent.
This year is a significant change from all of 2022 when only seven IT vendors on the CRN watch list recorded share price gains. (And several of those, including VMware, Mandiant and Citrix Systems, were due to acquisitions that locked in price premiums offered by the acquiring companies.) The rest recorded share price declines for the year – with many companies’ shares losing more than half their value.
For the first half of 2023 the Dow Jones index was up 3.80 percent to 34,407.60 while the tech-heavy NASDAQ was up 30.54 percent to 13,787.92 (both the June 30 close) .
Here’s a look at the biggest stock price gainers and losers in the first six months of 2023. We start with the 10 biggest gainers, counting down to the IT vendor with the biggest stock price gain as of June 30. Then we list the nine companies whose stock price declined during the period, concluding with the IT vendor with the biggest loss.
The rankings are based on the opening share prices on Jan. 3, 2023, and the closing share prices on June 30, 2023. The market capitalization figures are as of June 30, 2023.
Rick Whiting has been with CRN since 2006 and is currently a feature/special projects editor. Whiting manages a number of CRN’s signature annual editorial projects including Channel Chiefs, Partner Program Guide, Big Data 100, Emerging Vendors, Tech Innovators and Products of the Year. He also covers the Big Data beat for CRN. He can be reached at [email protected].
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