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Nikola, Stitch Fix and Twitter: Midday Tech Stock Movers

Stocks fall Wednesday as the Federal Reserve warns that more stimulus will be needed to shore up the economy.
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Stocks fell across the board on Wednesday as top Federal Reserve officials reiterated that additional fiscal support likely will be needed to lift the U.S. economy out of its Covid-related downturn. 

Here are some of top tech movers for Sept. 23. 


Shares of Nikola  (NKLA) - Get Nikola Corporation Report plunged 19.8% to $22.86 amid a continuing fallout from founder Trevor Milton's sudden departure. Milton resigned from the company following fraud allegations by short-seller Hindenburg Research and a potential Securities and Exchange Commission investigation of the electric truck maker. Analysts at Hindenburg accused Milton of perpetrating an intricate fraud and faking the capabilities of its electric trucks. 

Stitch Fix

Shares of clothing subscription service Stitch Fix  (SFIX) - Get Stitch Fix Inc. Report fell 16.4% to $26.22 after it posted wider-than-expected losses for its fiscal fourth quarter. Its loss per share was 44 cents, vs. a consensus loss of 16 cents. Revenue rose 11% to $443.4 million, and its clients grew 9% to 3.5 million. In response to the pandemic, Stitch Fix CEO Katrina Lake said the company shifted its focus to activewear; it also recently introduced an option to buy individual pieces directly. 

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Shares of Twitter  (TWTR) - Get Twitter Inc. Report soared 8.8% to $46.49 following a stock upgrade. Analysts at Pivotal upgraded the stock to buy from hold with a target price of $59.75, writing that next year's Olympics could bode well for Twitter and that there were "signs of life" in Twitter's new direct-response ad offerings. 


Shares of PagerDuty  (PD) - Get PagerDuty Inc. Report rose 2.1% to $27.35 on Wednesday. PagerDuty, which sells incident response software for IT, announced an acquisition of the DevOps automation start-up RunDeck for $100 million. Year to date, PagerDuty's shares have risen 12%. 


Shares of Micron  (MU) - Get Micron Technology Inc. Report rose 2% to $50.70 ahead of its next earnings release on Sept. 29. For the quarter ended in August, analysts are expecting Micron to report earnings of 98 cents a share on sales of $5.9 billion.