DraftKings, iQiyi, FarFetch,: Midday Tech Stock Movers

Stocks were mixed on Friday amid signs of a slow economic recovery and a spate of tech earnings.
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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. 

DraftKings

Shares of the fantasy sports platform DraftKings  (DKNG) - Get 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. 

iQiyi

Shares of Chinese online entertainment firm iQiyi  (IQ) - Get 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. 

Baidu

Shares of Baidu  (BIDU) - Get 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. 

Farfetch

Shares of the designer fashion marketplace Farfetch  (FTCH) - Get 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. 

Applied Materials

Shares of Applied Materials  (AMAT) - Get 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.