The Dow Jones Industrial Average (DJINDICES:^DJI) had fallen 25 points early in trading on Monday. A few tech companies, however, were putting up notable performances. Dow component Cisco (NASDAQ:CSCO) was outperforming its index, while shares of both Juniper Networks (NYSE:JNPR) and Skyworks Solutions (NASDAQ:SWKS) were up on the session.
Markets steady on lack of economic releases
The Dow Jones' modest move on Monday could be due to the paucity of economic releases. There was little economic data in the U.S., giving traders nothing to which they can react. The federal budget balance will be released at 2 p.m. EST, giving investors a look at the U,S, government's finances. While the report could move the markets, the budget balance isn't generally regarded as a major economic indicator.
Cisco gets Barron's boost
Even the Dow drifted lower, component Cisco was having one of its best sessions in weeks. Shares of the networking giant rose more than 1.6% early on Monday, following an article in Barron's published over the weekend. The influential investment publication was positive on Cisco, arguing that shares could rally back as much as 20% in the coming year.
Barron's believes Cisco is an "opportunity for bargain hunters" and that its networking gear could see greater demand than anticipated.
Juniper Networks rises on activist interest
Juniper Networks shares were up 8% in late morning. The move in Juniper Networks follows Elliot Management's decision to become an activist investor in the company.
Elliot Management believes that its plan for Juniper could have the stock rallying sharply higher in the coming quarters -- Elliot believes Juniper could be worth as much as $35-40 per share. Even with Monday's rally, Juniper Networks shares are only trading near $25; if Elliot Management is correct, Juniper Networks could have a huge upside.
Skyworks Solutions surges after upgrades
Shares of tech company Skyworks Solutions rose more than 4% following an analyst upgrade.
B. Riley upgraded shares of Skyworks Solutions from neutral to buy. B. Riley believes Skywork Solutions is attractively valued at current levels and that the company is a great way to invest in Chinese smartphone growth. The firm raised its price target on Skyworks Solutions from $28 to $35; shares are currently trading near $29.