Why Applovin, Autodesk, and Palantir Jumped
In Tuesday morning market trade, watch for optimism for software stocks' strength on Monday to continue.
AppLovin (APP) added 6.21% to close at $355.90. Investors are taking advantage of a short-squeeze event. Last month, on June 12, Culper Research revealed a short position. Short interest is only 3.38% yet growth, profitability, and stock momentum remain strong.
An insider APP stock sale is notable. Executive Harald Chen sold $340.9 million worth of shares in the second quarter (per Washington Service data). This is \small, compared to Oracle Executive Safra Catz selling $1.83 billion of ORCL stock.
Autodesk (ADSK) added 5% to close at $294.55. Market rumors that it would buy PTC lifted the stock. PTC supplies solutions in the lifecycle management market.
Palantir (PLTR) gained nearly 5% to set a fresh 52-week high on no news. On June 30, the company partnered with Accenture’s (ACN) federal services unit. The two firms will have a team of 1,000 staff. This will accelerate the adoption of Palantir Foundry and the AI platform, servicing the federal government.
Notable Decliners
Micron Technology (MU) fell by 4.75% on no news. The stock has enjoyed an uptrend since April. But MU stock is stuck in the $120 range this month. Beverage firm Constellation (STZ) dropped by 4.42%. Its business is at risk of higher costs related to tariffs. President Trump hiked tariff rates in some cases, renewing the July 9 deadline to August 1.
