At yesterday’s low of $112.63, Expedia (EXPE, $113.97) shares had fallen 15% from the October 28 high of $133.55 (the 52-week high). The stock is in the process of testing its 200-day moving average at $113.85. If EXPE were to break lower from here, there would be downside risk to the September low of $105.62.

Stephens boosts its Square (SQ, $13.96) price target to $19 from $15 based on confidence in the payment processing business model, overall economic acceleration and better visibility into the company’s margin upside opportunity.

After hitting a new all-time high at $119.93 this morning, NVIDIA (NVDA, $112.58) shares are now down more than 4%. Portfolio managers have been chasing this hot name into the end of the year. As recently as December 1, NVIDIA traded below $85.

Evercore ISI names Amazon (AMZN, $771.40) a top Internet pick for 2017 based on the company’s scale in audience and infrastructure. The firm says Amazon is best positioned to leverage the growing data science trend.

Shopify (SHOP, $43.62) stock today gained 5.5%, breaking out of the short-term triangle formation to the upside. The intraday high of $43.80 tested recent resistance at $43.67. The stock is back above its 50-day moving average of $41.70. There’s support at last week’s low of $39.85, with resistance at $43.80 and $45.45 (the 52-week high).

A short-term triangle formation on the Amazon (AMZN, $771.59) price chart suggests a pending breakout, with the direction yet to be determined. The stock has put in a series of higher lows since the November 14 low of $710.10. There is short-term resistance at $782.46. A move above ~$780 would break the downtrend line from the November 1 high of $800.84.

Netflix (NFLX, $127.96) shares have pushed through short-term resistance at $127.74. The next resistance levels to watch from October: $128.93 and the 52-week high at $129.29. The 50-day moving average is trending upward from $121.30.

Amazon (AMZN, $760) had its best-ever holiday season for devices—including Echo Dot, Fire TV Stick, Fire tablet and Echo. Sales of the Echo family were up more than 9x compared to last year’s holiday season. More than 72% of Amazon customers worldwide shopped using a mobile device this holiday season.

Piper Jaffray starts Microsoft (MSFT, $63.77) at ‘Overweight’ with a price target of $80, saying the company is benefiting from a generational shift to cloud computing. The firm sees Microsoft becoming a strategic vendor for large enterprises shifting to the cloud, a move that is expected to drive accelerated revenue growth. Piper puts Microsoft’s EPS potential at $4 in two years.

Morgan Stanley raises its Microsoft (MSFT, $63.54) price target to $72 from $64, saying the company has multiple EPS catalysts—including top-line acceleration, gross margin stabilization, operating margin expansion, aggressive share repurchases and eventual accretion from the LinkedIn deal. Morgan Stanley looks for P/E expansion to 20x on rising gross margin in the cloud business.

Having rebounded from the December 2 low of $66.43, Salesforce (CRM, $70.11) shares are attempting to consolidate in the upper $60s to low $70s. There’s short-term resistance at $71.95 and $72.27. The 50-day moving average has turned downward from $73.09.

Aegis Capital starts Alphabet (GOOGL, $807.37) at ‘Buy’ with a price target of $980 based on growth opportunities in search as a result of new and enhanced ad formats & AI; continued strength at YouTube; and growth of enterprise cloud computing. 

Mizuho raises its NVIDIA (NVDA, $105.33) price target to $115 from $80 based on the company’s strong positioning in deep learning. The firm believes AI is the next big computing paradigm.

Drexel Hamilton starts Salesforce (CRM, $69.51) at ‘Buy’ with a price target of $100, saying the stock is the best way to play the cloud trend, which is still in the early stages of development.

Rebounding off of the December 2 low of $62.83, Akamai Technologies (AKAM, $67.67) shares earlier this morning tested short-term resistance at $68.36. The 50-day moving average continues to trend upward from $63.70. The 52-week high stands at $71.04.

The Instagram photo-sharing unit of Facebook (FB, $120.45) now has more than 600 million users, having added 100 million in the past six months.

UBS says Microsoft (MSFT, $62.72) is seeing more customers move added workloads to the cloud. The firm raises its price target to $70 from $66, saying Microsoft’s transition to the cloud is paying off with improved revenue visibility and opportunities for significant margin expansion. 

Facebook (FB, $120.97) shares have rebounded from the December 1 low of $114 and retaken the 200-day moving average at $119.88. The next resistance level to watch is $122.10.

Apple (AAPL, $115.45) shares are trying to extend their push off of the 50-day moving average of $112.49. The RSI is up to 64.9. There’s resistance at $118.36 from October.

JP Morgan downgrades Qualcomm (QCOM, $68.68) to ‘Neutral’ because it believes the shares are near fair value. The firm says Qualcomm’s outlook is currently dominated by the planned NXP Semi (NXPI) acquisition, but that transaction isn’t expected to close until late 2017. JP Morgan maintains its price target of $70.

Evercore ISI upgrades NVIDIA (NVDA, $91.17) to ‘Buy’ and raises its price target to $120 from $87 based on the argument that the company’s datacenter revenue is expected to grow at a 50% CAGR, driving up consensus estimates.

Citi is bullish on Apple (AAPL, $112.73) for 2017 based on a combination of factors—including an attractive valuation, continued services revenue growth from a “sticky” user base, the iPhone “super upgrade cycle” and growth in the enterprise through increased partnerships. The firm maintains its price target of $130.

Jefferies raises its NVIDIA (NVDA, $88.48) price target to $110 from $95, saying it now sees the GPU compute market growing faster than originally expected. The firm lifted its three-year EPS potential to $6 from $5.

Citi ups its NVIDIA (NVDA, $88.44) price target to $110 from $100 based on growth potential in the datacenter business (now about 12% of total revenue). The firm expects the datacenter to be NVIDIA’s fastest growing end market in 2017 and 2018, driven in part by advancements in artificial intelligence.

JMP Securities believes the recent decline in Nutanix (NTNX, $27.42) shares has created a buying opportunity. The firm reiterates its price target of $38, saying awareness of the hyperconverged infrastructure (HCI) market is “expanding rapidly.” Customers of Nutanix, a leader in HCI, appear to be deploying its products more widely within their organizations, according to JMP.

Shares of ChannelAdvisor (ECOM, $15.15) have rebounded 44% from the November 3 low of $10.50 and are now approaching the 52-week high of $15.91 reached on August 1. 

The 50-day moving average of $12.84 is poised to cross above the 200-day moving average at $12.86.

Alphabet (GOOGL, $805.79) shares have pushed through the 50-day moving average at $796.93 and short-term resistance at $799.74. The next resistance level to watch is $816.

Apple (AAPL, $112.10) shares today tested the 50-day moving average at $112.30, hitting an intraday high of $112.43. The stock has now rebounded 7.7% from the November low of $104.08. There’s short-term resistance at $112.47.

Shares of Skyworks Solutions (SWKS, $79.03) have returned to the upper end of the recent trading range following a successful test of the 200-day moving average at $70.87. The stock is back above the 50-day moving average of $76.73. There is short-term resistance at $80.14.

Juniper Networks (JNPR, $28.92) shares this morning have gained more than 4% following a Nomura upgrade to  ‘Buy’ with a price target of $33 (a boost from $24). The firm believes Juniper’s new QFX family of datacenter switches is poised for rapid growth, potentially driving consensus upside through 2017.

Cowen names Amazon (AMZN, $770.42) as one of the firm’s Best Ideas for 2017, saying the AWS unit is well positioned to continue to benefit from businesses migrating to the cloud. The firm maintains its price target of $1,050.

After a successful test last week of the November low of $33.42, Intel (INTC, $35.50) shares today rebounded back to the 50-day moving average of $35.51. There’s short-term resistance at $35.66. The 200-day moving average continues to slope upward from $33.21.

Barclays boosts its Arista Networks (ANET, $94.81) price target to $115 from $90 based on favorable cloud positioning, the company’s partnership with HP Enterprise (HPE) and incremental growth potential in the routing market. The firm believes Arista’s partnership with HPE could be more impactful than originally expected.

Credit Suisse downgrades NetApp (NTAP, $35.97) to ‘Underperform’ and reduces its price target to $29 from $31 based on the argument that the storage market is in a low-growth environment due to shifts toward the public cloud. The firm also says NetApp’s market share is under pressure from smaller rivals. Credit Suisse sees risk to gross margin and earnings.

Apple (AAPL, $109.11) CEO Tim Cook said Apple Watch sell-through during the first week of the holiday shopping season was greater than any week in the product’s history. “We’re on track for the best quarter ever for Apple Watch,” said Cook. However, he did not offer any specific numbers.

Symantec (SYMC, $24.35) shares today rallied 3.5%. After managing to hold above the short-term uptrend line from the November 4 low of $22.76, the stock is trying to make it back above the 50-day moving average at $24.62. There’s resistance at $24.71 and $25.55.

Morgan Stanley downgrades Arista Networks (ANET, $93.17) to ‘Equal Weight’ based on valuation. The firm says the valuation now reflects the company’s expected market share opportunities in the datacenter switching and switch-router segments. Morgan Stanley raises its price target to $94 from $88.

After yesterday’s successful test of the 50-day moving average (it’s trending upward from $113.61), Netflix (NFLX, $120.81) shares today gained 3%, closing above the short-term downtrend line from the late October high. There’s resistance at the November 8 high of $125.81.

JMP Securities remains positive on Workday (WDAY, $69.79) despite disappointing guidance. The firm believes the slipped deals mentioned on the FQ3 call could still close in the January quarter. Over the longer-term, Workday will benefit from the “inevitable” move of enterprise financial applications to the cloud, says JMP. The firm’s price target is $91.

Shares of NVIDIA (NVDA, $87.22) this morning are coming down from overbought levels. From the November 4 low of $66.58, the stock had run up to a high of $95.25 on November 23. There’s short-term support at $83.62. 

OpCo remains bullish on Amazon (AMZN, $753.60), saying the company’s AWS cloud unit continues to attack large and emerging opportunities, while also continuing to simplify and automate the development process. The firm calls out Amazon’s targeted move on Oracle (ORCL) in database services.