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.
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.
Shares of Overstock (OSTK) - Get Overstock.com, 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.