Stocks rose sharply on Monday as equities bounced back from a four-week losing streak, with investors looking ahead to Tuesday's Presidential debates and potential developments in a stimulus packages. Here are some of the top movers in tech for Sept. 28.
Shares of sports betting and fantasy platform DraftKings (DKNG) - Get Report rose 8.7% to $57.85 on Tuesday. Last week, Macquarie analyst Chad Beynon initiated coverage of the stock with an Outperform rating and a $65 price target, pointing to its prospects for “hyper-growth” and likening it to Amazon (AMZN) - Get Report, Netflix (NFLX) - Get Report, Shopify (SHOP) - Get Report and Tesla (TSLA) - Get Report.
Shares of Snap (SNAP) - Get Report rose 4.1% to $25.70 on Monday after Guggenheim upgraded it from Neutral to Buy, and raised its price target to $28 from $22. Analysts wrote that “investors in general underestimate the long-term advertising market growth potential,” of Internet stocks, as well as the “the sustained revenue and profit growth potential.” Guggenheim also issued upgrades for Pinterest (PINS) - Get Report, Spotify (SPOT) - Get Report, Facebook (FB) - Get Report and others.
Shares of semiconductor firm Marvell (MRVL) - Get Report rose 4% to $39.55 on Monday. Last week, Marvell said that its new generation of 5-nm mode-based chips will be available by the end of next year. It also announced a quarterly dividend of 6 cents per share of common stock payable on October 28, 2020 to shareholders of record as of October 12, 2020.
Fastly (FSLY) - Get Report shares dropped 2.8% to $88.92 on Monday as investors digested the continued saga of TikTok's U.S. business. Fastly disclosed last quarter that TikTok is its largest customer, accounting for 12% of its total revenue. On Monday, a Judge blocked a Presidential order to ban TikTok downloads, but declined “at this time” to block additional restrictions set to take effect on Nov. 12. TikTok has said that those restrictions, if executed, would make the app impossible to use in the U.S.
Shares of Nikola (NKLA) - Get Report fell 2% to $19.09 on Monday, extending a downward slide for the embattled electric truck firm. Nikola's founder, Trevor Milton, resigned from the company days ago following accusations of fraud by a short-seller and a potential SEC probe into the allegations.