Nikola, Fastly, StitchFix: Midday Tech Stock Movers
Stocks were mixed on Friday and the Nasdaq index fell as traders questioned high valuations in the tech sector. Here are some of the biggest tech movers for September 11th.
Nikola shares (NKLA) – Get the report fell 15% to $ 31.72 on the latest check, triggering a decline triggered by Hindenburg Research, a well-known short seller, accusing the electric truck startup of selling “dozens of lies”. Hindenburg’s research focused on texts, emails, and other records by Nikola CEO Trevor Milton that analysts said contradicted public statements about Nikola. On Twitter, Milton denied the allegations, calling the report “false and misleading”.
Fastly shares (FSLY) – Get the report fell 6.3% to $ 77.38 on Friday. The content delivery network’s relationship with TikTok, which accounted for 12% of sales, has been scrutinized following an order from the Trump administration banning TikTok unless a U.S. company buys it. President Trump said Thursday there will be “no extension” of the original September 20 deadline. Any last minute deal from Microsoft (MSFT) – Get the report, Walmart (WMT) – Get the report or another US buyer would likely also have to clarify with the Chinese government, which recently enacted new rules on technology transfer.
StitchFix (SFIX) – Get the report fell 4% to $ 26.99 on Friday. On Thursday, Deutsche Bank launched reporting on the stock with a buy rating and a price target of $ 34, writing that the San Francisco personal styling service could be “one of the biggest beneficiaries” of Covid-19 bans.
Micron shares (MU) – Get the report rose 2.2% on Friday to $ 45.84. In its latest earnings report, the chipmaker expressed caution about demand in the November quarter, but made an optimistic comment on upcoming 5G phone shipments. Micron is expected to report its next profit on September 29th. Analysts are calling for an adjusted profit of 98 cents per share of sales of $ 5.9 billion.
Content Delivery Network Cloudflare (NETWORK) – Get the report rose 1.2% to $ 33.99. Cloudflare’s stock has doubled over the year to date due to increased internet usage, but lost value after second quarter earnings failed to impress. For the June quarter, Cloudflare posted non-GAAP loss of 3 cents per share on revenue of $ 99.7 million.