The week of April 6-11, 2014 will go down as a disaster for tech. It’s little surprise there was some kind of price check on the sector; after all, tech has experienced such a surge past fundamnetal reason the last couple of years that it had to come back to earth at some point.
This week certainly gave the tech bears their first taste of victory, with two market corrections bookending a slight rally on Wednesday, and leading to an overall down week for the broader markets, with the golden boy tech recieving the brunt of the losses.
The question now is how much further it will go down. Like any financial debate, you have people on both sides: the Marc Fabers saying we’re due for a massive marketwide correction the George Brookses saying it’s a merely a good buying opportunity.
But regardless of the pundits prognostications, one thing for sure is that the week was bad. The tech-heavy Nasdaq Composite shed 2.78 percent over five days, settling below 4,000 for just the second time this year. Several tech ETFs got nailed as well, with the social media-tracking ETF Global X Social Media Index (SOCL) losing 3.4 percent and the solar ETF Guggenheim Solar (TAN) shedding 8.81 percent.
But a few choice plays made it out of the week on top. While the vast majority of tech plays on the market lost ground, there were winners, in some cases big ones. Here were the five stocks that bucked the downtrend of the week and gained more than 10 percent on the week:
Ubic, Inc. (UBIC)
Performance on the Week: +62.61 percent
Vocus Inc. (VOCS)
Performance on the Week: +47.54 percent
Zygo Corporation (ZIGO)
Performance on the Week: +25.84 percent
iGate Corporation (IGTE)
Performance on the Week: +14.75 percent
KT Corp (KT)
Performance on the Week: +12.48 percent