The surprise tech stocks that are bucking the selloff – MarketWatch

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Amid a broader tech selloff, a few technology stocks that have been poor performers for the year were seeing upticks Monday morning.

Shares of Fitbit Inc. FIT, +1.65%  . and International Business Machines Corp. IBM, +0.60%   were among the leaders in tech Monday morning, with Fitbit shares up 2% and IBM shares up 1.4%.

Those share gains come after Fitbit has fallen 28% year-to-date and IBM has fallen 6%. The S&P 500 index SPX, -0.36%   has gained 8% in 2017.

Other gainers in tech included GoPro Inc. GPRO, +1.79%  , which was up 1% after shares dropped 17.5% in the last 12 months. The S&P 500 has gained 15.6% during that time period.

Akamai Technologies Inc. AKAM, +2.60%  , a content delivery network that was the biggest decliner year-to-date in the SPDR Technology Select Sector exchange-traded fund XLK, -1.16%  , was the second biggest gainer in the sector Monday morning. Shares were up 2.5%.

Meanwhile, the rest of tech was seeing big declines, continuing a slump that began Friday.

Some analysts attributed the tech selloff to profit-taking, as investors looked to capitalize on recent highs for stocks in the big stock names in the sector.

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Canaccord analyst Tony Dwyer wrote Monday that investors were moving out of technology and toward sectors viewed as more friendly under the Trump administration.

“We believe the violent rotation out of Info Tech and into the ‘Trump Trade’ sectors should continue as the data get better and yields begin to move higher,” Dwyer wrote.

He added that he expects tech sector to remain “choppy” as it the market moves toward the Trump sectors, but that he encourages investors to add tech stocks into their portfolio in order to think long-term.

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