Why Apple Leads 3 Most Actively Traded Tech Stocks
more and more like Apple is making a move into the augmented reality space. Piper Jaffray's Gene Munster noted in a client report Monday that the tech giant has hired a lead engineer from Microsoft's HoloLens Project. Shares closed the session down a fraction as the overall market sold off, though they gained as much as 1% intraday. The stock is trading 16% below its all-time high reached in late April. It's also below its 50-day and 200-day lines, which recently flashed a bearish sign by crossing. Apple has made a few other virtual reality-related investments, with its 2013 buyout of PrimeSense, which designed the first motion sensors for Microsoft's Xbox Kinect. And in March, it spent $32 million to acquire the engineering team of Metaio, a software company that has "dozens" of virtual reality patents. The same month, Apple won a patent for virtual reality goggles that connect with an iPhone, similar to but more advanced than Google's Cardboard for Android phones. Facebook made a notable entrance into the virtual reality space with its acquisition of Oculus last summer. The Oculus Rift consumer headset is expected to launch in the first quarter of 2016. Facebook shares dropped nearly 2%, potentially in part because of this new competition from Apple. The stock has been hitting resistance at the 50-day line and is now 10% below its July peak. And social networking peer Twitter was upgraded Monday. SunTrust Robinson Humphrey says that the microblog could soon name a new CEO and shake up its board. Twitter closed up nearly 4%, but the stock is still trading 50% below its 52-week high as management concerns and disappointing user metrics have weighed on shares.