Tech Stock Winners And Losers In Q1 2023: Lenovo And AMD Up, Dell And IBM Down
Here’s a look at the tech industry companies that saw the biggest share price gains and losses in the first three months of 2023 including AMD, Lenovo, Salesforce, Palo Alto Networks, Dell Technologies, IBM and Nutanix.
Stock Prices On The Rise
Tech companies had a challenging first quarter with many of the biggest players in the IT industry navigating the uncertain economy and laying off thousands of workers.
But the quarter was a good one for most IT companies when it came to their stock prices.
Of the 57 IT vendors on the CRN watch list, only 10 recorded stock price declines in the period between Jan. 3 and March 31. And only a couple of those were significant drops – many were low single-digit percentage declines. Among the 47 companies that saw their stock price rise during the quarter, a little more than half of the companies recorded double-digit price gains.
The quarter marked 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 quarter the Dow Jones index was up 1.49 percent to 33,642.48 while the tech-heavy NASDAQ was up 15.72 percent to 12,221.91.
Here’s a look at the biggest stock price winners and losers in the first three months of 2023. We start with the 10 winners, counting down to the IT vendor with the biggest stock price gain during the quarter. Then we list the 10 companies whose stock price declined the most, 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 March 31, 2023. The market capitalizations are as of March 31, 2023.