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Fastly, Facebook, Western Digital: Midday Tech Stock Movers

Stocks were mixed as the market digested jobless claims and more quarterly results from tech firms.

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 Microsoft Corporation (MSFT) Report is looking to buy all of TikTok, not just its U.S. business. Shares of Facebook  (FB) - Get Facebook, Inc. Class A 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 Fastly, Inc. Class A 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.

Western Digital

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.

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Twilio  (TWLO) - Get Twilio, Inc. Class A 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 Roku, Inc. Class A 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. 

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