Stocks were mixed on Thursday as investors weighed new jobless claims and looked ahead to a COVID-19 relief package. The tech-heavy Nasdaq was trading modestly higher amid another week of tech earnings. Here's a look at the biggest tech movers in the S&P 500 on Thursday:
Social media stocks were active after following a report on Thursday that Microsoft (MSFT) - Get Report is looking to buy all of TikTok, not just its U.S. business. Shares of Facebook (FB) - Get Report, viewed as TikTok's main competitor, surged 5.1% to $261.80 on Thursday. Facebook also released its own TikTok clone, called Reels, which goes live on Instagram in 50 countries this week.
Shares of Fastly, a content delivery network, plunged 18.8% to $88.45 after the company's earnings report. Fastly (FSLY) - Get Report outpaced revenue and profit estimates for the June quarter, and raised its 2020 outlook, and confirmed that TikTok is its single largest customer, accounting for 12% of its total revenue in the first half of the year. Shares are already up over 350% this year, however.
Shares of Western Digital plunged 15% to $37.85 on Thursday following the release of its June quarter earnings report. The disk drive and flash memory chip firm posted quarterly revenue and earnings ($4.3 billion and $1.23 EPS) roughly in line with estimates, but issued soft guidance of between $3.7 billion to $3.9 billion for the current quarter.
Twilio (TWLO) - Get Report shares fell 5% on Thursday to $264.06, continuing a rocky ride since its June quarter earnings report this week. The cloud communications firm's quarterly revenue of $400.8 million topped estimates, but widened its net loss to 71 cents a share. Twilio's shares have gained 115% since its first quarter earnings on May 6, when it reported high customer adoption due to COVID-19.
Shares of Roku (ROKU) - Get Report were down 6.8% to $154.10 following its second quarter earnings report. Roku reported 43 million active Roku accounts, representing growth of 41% year over year. Engagement was also up, with users streaming 14.6 billion hours in the June quarter, up 65% year over year. But the firm did not provide guidance for the current quarter, and cautioned that advertising spend wouldn't recover to pre-COVID levels until well into 2021.