Stock rose on Wednesday after U.S. Treasury Secretary Steven Mnuchin indicated that he and House Speaker Nancy Pelosi will soon reach an agreement on an economic stimulus package. Below are some of the biggest tech stock movers for Sept. 30.
Shares of Nikola (NKLA) - Get Report spiked 19% to $21.19, rebounding from a tumultuous few weeks for the electric-truck firm. On Wednesday, the company recommitted to its business strategy of building hydrogen fuel cell-powered semi trucks, just days after the resignation of Founder Trevor Milton, who was accused by a short-seller of committing fraud. On Tuesday, two women also accused Milton of sexual assault.
Shares of Micron (MU) - Get Report fell 5.6% on Wednesday to $47.88 following its latest earnings release. The chipmaker reported a non-GAAP fiscal-fourth-quarter profit of $1.08 a share on revenue of $6.06 billion, topping estimates on both counts, but issued weaker-than-expected guidance for the current quarter.
Shares of Alibaba (BABA) - Get Report rose 5.7% to $292.68 after the company said at a shareholder event that its burgeoning cloud business, AliCloud, will be profitable next year. That news was well-received by analysts, with RBC's Mark Mahaney writing in a note that "there’s no reason why AliCloud would be at a much lower margin than Amazon Web Services (AMZN) - Get Report, which reached 31% operating margin in its latest quarter.”
Shares of Chinese e-commerce giant JD.com (JD) - Get Report rose 3.7% to $77.94. In its most recent earnings report, JD.com reported 34% revenue growth to $28.5 billion, and a quintupling in its emerging health division, JD Health. This week, JD Health filed an application to go public in Hong Kong.
Shares of Baidu (BIDU) - Get Report rallied alongside fellow Chinese tech firms, rising 4.3% to $127.82. Shares of Baidu are down 7% year to date amid a challenging period for digital advertising. The company recently raised an undisclosed sum for its growing smart-device division, with that group valued at roughly $3 billion, according to CNBC.