Stocks fell on Tuesday amid slow progress on Congressional stimulus talks, and as investors looked ahead to the first presidential debate between Donald Trump and Joe Biden tonight. Here are some of the biggest tech stock movers for Sept. 29.
Shares of Fitbit (FIT) - Get Fitbit, Inc. Class A Report rose 6.5% to $7.00 on Tuesday after Reuters reported that Alphabet’s Google (GOOGL) - Get Alphabet Inc. Class A Report is set to secure antitrust approval from the European Union for its $2.1 billion purchase of Fitbit. Google reportedly offered several concessions to the European Commission, which oversees antitrust issues in the EU, in a bid to address concerns that the deal could entrench Google’s dominant position in online advertising.
Shares of Eventbrite (EB) - Get Eventbrite, Inc. Class A Report rose 5.7% on Tuesday to $11.15, bouncing back from an extended slide since mid-September. Two weeks ago, the company told investors that its paid ticketing trends were improving month-over-month, but paid business was still down 65% in August. Of five analysts listed in FactSet, three maintain a Hold Rating and two maintain a Buy rating with an average price target of $12.
Shares of Stitch Fix (SFIX) - Get Stitch Fix, Inc. Class A Report fell 3% to $26.66 on Tuesday after Amazon (AMZN) - Get Amazon.com, Inc. Report expanded its personal shopping platform, called Personal Shopper by Prime Wardrobe, to include men's fashion. Amazon's service, much like Stitch Fix, charges subscribers a monthly fee for customized boxes of fashion items, which they can opt to buy or return.
Shares of Expedia (EXPE) - Get Expedia Group, Inc. Report fell 2.9% to $91.56 on Tuesday. This week, RBC analyst Mark Mahaney downgraded Expedia shares from Outperform to Sector Perform while maintaining a $93 price target. Based on survey data, RBC estimated that Expedia's gross booking won't return to pre-pandemic levels until 2022, and noted that it could lose ground to competitors such as Google and Airbnb.
Shares of AMD (AMD) - Get Advanced Micro Devices, Inc. Report rose 2.5% to $69.41 today ahead of the launch of its newest CPU lineup. Earlier this week, a Twitter user posted what appear to be gaming benchmarks showing AMD's Ryzen 7 5800X outperforming Intel's (INTC) - Get Intel Corporation (INTC) Report Core i9-10900K at key benchmarks. AMD's new CPU lineup is expected to launch in Q3.