Not everyone got punished in the latest market sell-off. In fact, technology companies staged a strong comeback.
FAANG stalwarts Netflix and Amazon helped lead the way with gains of 2.7% and 1.9% respectively. And several software and cybersecurity companies rallied after strong earnings reports, setting up the biggest reversal for the Nasdaq 100 Index since April.
Zscaler added more than 15% and Okta rose 10% after the cybersecurity companies forecast revenue in the current quarter that exceeded the highest analyst estimates. Software developer Cloudera climbed 12% after giving strong forecasts of its own that helped fuel a similar gain for Hortonworks, which agreed earlier this year to merge with Cloudera.
The only member of the FAANG group of tech stocks to decline was Apple, which is still under pressure after putting up its worst month in 10 years in November.
The action offers optimism for high-growth momentum stocks that have been battered in the market turmoil that erupted in October.
© 2018 Bloomberg L.P