Facebook, Twitter, EBay: Tech Stock Midday Movers

Digital advertising stocks such as Facebook, Twitter and Alphabet saw some of the steepest losses on Friday.
Author:
Publish date:

Here are some of the top mid-day movers in tech for Friday, June 26. 

Shares of Facebook  (FB) - Get Report fell 7% to $218.94, the biggest overall drop in the S&P 500 information technology index as of mid-day. Facebook has been pressured by a growing advertiser boycott, as well as broader questions into its ad revenue outlook for the second half of the year. 

On Thursday, Verizon  (VZ) - Get Report joined a number of other companies who pledged to halt Facebook advertising at least through July over the proliferation of hate speech on the platform; on Friday, Unilever said it was halting ads on Facebook and Twitter through 2020. After the Unilever report, Twitter  (TWTR) - Get Report shares fell 6.6% to $29.28

Tech giant Alphabet  (GOOGL) - Get Report, the largest digital ad platform in the world, also fell 3.7% on Friday to $1,388.00. Earlier this week, the NYTimes reported that the Department of Justice is moving "swiftly" to file antitrust charges against Google. Analysts view the possibility of an antitrust battle as an overhang on Alphabet's stock. Shares are up 3,8% year to date, making it the worst-performing of the FAANG group in 2020. 

Travel and fare aggregator Booking Holdings  (BKNG) - Get Report continued its slide on Friday, dropping 4% to $1,551.30. Travel-related stocks have been hit hard this year over COVID-19 and travel restrictions. Earlier this week, COVID-19 cases rose sharply in several U.S. states, and the European Union is considering barring American travelers.

Shares of eBay  (EBAY) - Get Report rose 3.1% to $50.94 after Deutsche Bank raised its rating to Buy from Hold and its price target to $57 from $42 per share. Based on a survey, the bank expects that eBay will top second quarter estimates. 

Facebook and Alphabet are holdings in Jim Cramer’s Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells these stocks? Learn more now.