Stocks were in mixed territory on Monday amid a continuing stalemate on a COVID-19 relief package and U.S.-China trade tensions, but the tech-heavy Nasdaq edged higher. Here are some of the top tech movers on Monday, August 17.
Shares of Overstock (OSTK) - Get Overstock.com, Inc. Report skyrocketed 22% to $113.59 after Piper Sandler analyst Peter Keith initiated coverage of the e-commerce firm with an Overweight rating and $140 price target, citing "seismic forces at work that have dramatically improved the sales and profitability outlook" for Overstock. The business underwent a management change last year and refocused on home furnishings. Shares have increased more than 1,500% year to date.
Shares of the cloud computing firm Rackspace (RXT) - Get Rackspace Technology, Inc. Report rose 14.5% to $19.00 per share after Reuters reported that Amazon (AMZN) - Get Amazon.com, Inc. Report is negotiating to take a minority stake in the company, with a potential deal emerging in the coming weeks.
Shares of Nvidia (NVDA) - Get NVIDIA Corporation Report were up 6.5% to $492.46 after Susquehanna analyst Christopher Rolland boosted his price target for Nvidia from $450 to $540 per share, an analyst high, writing that the September launch of its Ampere gaming GPUs will lift its outlook. Several other analysts also raised their price targets on Nvidia ahead of its second-quarter earnings, which are slated to be released on Wednesday, August 19.
Shares of Chinese Internet giant Baidu (BIDU) - Get Baidu Inc. Report recovered from last week's selloff, rising 6.5% to $124.25 on Monday. Last week, iQiyi (IQ) - Get iQIYI Inc. Report, a Baidu subsidiary focused on online entertainment, disclosed a SEC investigation tied to fraud allegations raised by a short-seller. Shares of both tanked following the news.
Shares of Agora (API) , an API platform geared towards real-time engagement, rose 6% to $40.50 ahead of its earnings report later today. For the quarter ending in June, analysts polled in FactSet are expecting a loss of 2 cents per share on revenue of $27.3 million.