Hot Stocks: Tech giants MSFT and GOOG rise, CS also gains on CEO replacement and SHOP sinks
Adam Smigielski

Heading towards the opening bell and tech giants Microsoft Corporation (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOG) (GOOGL) both find themselves trending higher into the green. Also trading to the topside are shares of Credit Suisse Group AG (NYSE:CS) as the firm announced it will be replacing its CEO.
Falling early on are shares of Shopify Inc. (NYSE:SHOP) after the company announced weaker Q2 earnings just a day after the company reported that it would layoff 10% of its workforce.
Gainers
Microsoft Corporation (MSFT) gained 2.9% on Wednesday despite the fact that the tech giant posted fourth-quarter results that missed expectations and said Windows revenue was impacted by more than $300M. For the period ending June 30, Microsoft earned $2.23 per share on $51.9B in revenue, up 12% year-over-year, the slowest growth in two years.
Early on in Wednesdayâs premarket session shares of Alphabet (GOOG) (GOOGL) rose 3.9% despite a small miss of estimates that softened the mind of some investors. Alphabetâs revenues grew 12.6% to $69.69B, just shy of expectations for $69.8B.
Credit Suisse Group AG (CS) gained ground by 3.3% after the financial institution announced that its replacing its CEO and launching a comprehensive review of its operations, and intends to drive down absolute costs to below CHF 15.5B.
Decliner
Shares of Shopify Inc. (SHOP) are down 6.5% early on as the online retailer posted weaker than forecasted earning. SHOP reported Q2 Non-GAAP EPS of -$0.03 which missed estimates by $0.06. The stock also missed on revenue by $30M.
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