Cisco, Micron, Fastly: Midday Tech Stock Movers

Stocks were mixed on Thursday amid a standstill in COVID-19 relief negotiations and continuing tech earnings.
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Stocks were mixed on Thursday as jobless claims dropped, but Congress remained deadlocked on negotiations for a COVID-19 relief package. Here are some of the top tech movers for Thursday, Aug. 13:

Cisco

Shares of Cisco  (CSCO) - Get Report plunged 11% to $42.84 on Thursday following its fiscal fourth quarter earnings release. The networking firm reported falling revenue in nearly every product segment and across all geographies, and issued guidance that fell short of estimates. Analysts posted mixed reviews of the stock on Thursday.

Micron

Shares of Micron  (MU) - Get Report were falling 3.4% to $46.83 following a downgrade from Deutsche Bank. Citing channel checks, the bank noted "inventory accumulation at cloud data center customers" and softening demand in other end markets, downgrading shares to Hold from Buy. 

Crowdstrike

Shares of Crowdstrike  (CRWD) - Get Report were up 3.3% to $101.69 as investors look ahead to its earnings report on Sept. 2. For the quarter ending in July, analysts are expecting a non-GAAP loss of 1 cent per share and revenue of $188.2 million for the cloud security firm. Its shares have more than doubled year to date amid increasing demand for cybersecurity services. 

Apple 

Shares of Apple  (AAPL) - Get Report were up 2.5% to $463.31 following a Bloomberg report that the company is planning a subscription initiative called Apple One. Apple One is described as a collection of services bundles with different pricing tiers, and could launch as soon as October. 

Fastly

Shares of content delivery network Fastly  (FSLY) - Get Report rose 7.5% to $81.56 on Thursday. Fastly's stock has seen notable volatility over the past two weeks given its relationship with TikTok, which is the subject of a potential ban by the Trump administration. Fastly's CEO revealed last week that TikTok accounts for 12% of its revenue, but said in an interview this week that its growth outlook remains robust.