Stocks were mixed on Friday, with the Nasdaq index tumbling as traders scrutinized lofty valuations in the tech sector. Here are some of the biggest tech movers for Sept. 11.
Shares of Nikola (NKLA) - Get Report fell 15% to $31.72 at last check, extending a decline triggered by Hindenburg Research, a noted short-seller, accusing the electric-truck startup of peddling "dozens of lies." Hindenburg's research focused on texts, emails and other records from Nikola CEO Trevor Milton, which analysts said conflicted with public statements about Nikola. On Twitter, Milton denied the claims and called the report "false and deceptive."
Shares of Fastly (FSLY) - Get Report fell 6.3% to $77.38 on Friday. The content delivery network's relationship with TikTok, which accounted for 12% of its revenue, has been under scrutiny after an executive order by the Trump administration banning TikTok unless a U.S. company buys it. President Trump said Thursday that there will be "no extension" to an original deadline of Sept. 20. Any last-minute deal by Microsoft (MSFT) - Get Report, Walmart (WMT) - Get Report or another U.S. buyer would also likely need to clear the Chinese government, which recently issued new rules on technology transfer.
StitchFix (SFIX) - Get Report fell 4% to $26.99 on Friday. On Thursday, Deutsche Bank initiated coverage of the stock with a buy rating and $34 price target, writing that the San Francisco personal-styling service could be "one of the biggest beneficiaries" of Covid-19 lockdowns.
Shares of Micron (MU) - Get Report rose 2.2% to $45.84 on Friday. In its latest earnings report, the chipmaker expressed caution around November quarter demand but issued upbeat commentary on upcoming 5G phone shipments. Micron is due to report its next earnings on Sept. 29, and analysts are calling for adjusted earnings of 98 cents a share on sales of $5.9 billion.
Content delivery network Cloudflare (NET) - Get Report rose 1.2% to $33.99. Cloudflare's stock has doubled year to date amid heavier internet consumption, but lost value after its second-quarter earnings failed to impress. For the June quarter, Cloudflare posted a non-GAAP loss of 3 cents per share on sales of $99.7 million.