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DraftKings, Fastly, HPE: Midday Tech Stock Movers

Slumping consumer sentiment turns stocks mixed Tuesday, while tech stocks rise modestly.

Stocks were mixed on Tuesday amid lagging consumer confidence in the U.S., but the tech-heavy Nasdaq index edged higher. Here are some of the biggest tech movers for Aug. 25. 


Shares of sports betting platform DraftKings  (DKNG) - Get Draftkings, Inc. (DKNG) Report rose 8.3% to $38.78 on Tuesday, driven by bullish sentiment around the upcoming NFL season and prospects in Illinois. Gov. J.B. Pritzker re-signed an executive order allowing residents to place bets without having to visit an in-person casino, with DraftKings viewed as a beneficiary.


Shares of content delivery network Fastly  (FSLY) - Get Fastly, Inc. Class A Report rose 6.3% on Tuesday to $89.54. Fastly's stock has shown volatility in recent weeks as investors weigh its heavy exposure to TikTok, which accounted for 12% of its revenue last quarter. On Monday, Raymond James analysts upgraded shares to outperform from market perform with a $100 price target. 

Hewlett-Packard Enterprise

Shares of Hewlett Packard Enterprise  (HPE) - Get Hewlett Packard Enterprise Co. (HPE) Report fell 2.8% to $9.35 ahead of its latest earnings release scheduled for Tuesday after the markets close. For the company's fiscal third quarter, which ended in July, analysts are expecting earnings of 23 cents a share on revenue of $6 billion. 

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Shares of Overstock  (OSTK) - Get, Inc. Report continued their slide into Tuesday, falling 5.6% to $109.94, as consumer confidence sunk to its lowest level since 2014. Overstock shares have dropped about 11% since the beginning of this week after a weeks-long rally driven by Covid-19 tailwinds.


Shares of luxury apparel marketplace Farfetch  (FTCH) - Get Farfetch Limited Class A Report dropped 5% to $27.69 on Tuesday. In its earnings release last week, Farfetch reported a 74% year-over-year increase in second-quarter revenue to $365 million, with gross merchandise value up 48%. Management attributed the new business in part to Covid-19 driving online shopping.