Stocks were in mixed territory on Friday following reports of tepid retail sales and a continuing deadlock on a Congressional COVID-19 relief package. Here are some of the top tech movers for Friday, Aug. 14.
Shares of the fantasy sports platform DraftKings (DKNG) - Get Draftkings, Inc. (DKNG) Report dropped 7% to $33.52 on Friday after the company beat revenue estimates, but posted a wider-than-expected loss for the most recent quarter. Also on Friday, the IRS issued a memo mandating that sports betting firms pay a 0.25% federal excise tax for daily fantasy sports games.
Shares of Chinese online entertainment firm iQiyi (IQ) - Get iQIYI, Inc. Sponsored ADR Class A Report plunged 15.7% to $18.25 on Friday after it disclosed an SEC investigation in its latest earnings release. The company, a subsidiary of Baidu, disclosed on Thursday that the SEC requested records dating back to Jan. 1, 2018 as part of a probe of issues raised by short-seller Wolfpack Research, which alleged in April that iQiyi inflated revenue and user counts.
Shares of Baidu (BIDU) - Get Baidu, Inc. Sponsored ADR Class A Report, which owns 56% of iQiyi, fell 6.8% to $116.17 on Friday. Baidu, which also released its earnings on Thursday, posted quarterly revenue of $3.7 billion and adjusted earnings per share of $2.08, versus consensus estimates of $3.7 billion and $1.38 per share.
Shares of the designer fashion marketplace Farfetch (FTCH) - Get Farfetch Limited Class A Report rose 10.2% to $27.03 on Friday after the company reported its latest earnings. Citing strong e-commerce demand, Farfetch reported $721 million in gross merchandise volume in the June quarter, reflecting growth of 47.7% year-over-year.
Shares of Applied Materials (AMAT) - Get Applied Materials, Inc. Report rose 4.3% to $67.86 after reporting its latest earnings. The semiconductor firm issued a stronger-than-expected outlook for the current quarter, guiding for revenue of $4.6 billion, above consensus estimates of $4.36 billion.