Stocks were fluctuating on Tuesday as investors reacted to a streak of retail earnings. Tech stocks floated higher, with the Nasdaq hitting a record high at the open on Tuesday. Here are some of the biggest movers in tech for Aug. 18:
Shares of the fitness tech firm Peloton (PTON) - Get Peloton Interactive, Inc. Class A Report rose 7.7% on Tuesday to $70.24. Peloton's stock has ticked up amid reports that gyms will be restricted into the fall, as well as a bullish note from BofA securities analyst Justin Post late last week. Post wrote that investors shouldn't worry about reports that Apple is launching virtual fitness classes
Shares of the sports gambling platform DraftKings rallied 6.8% to $37.06 on Tuesday, staging a rebound from a recent IRS report indicating that sports betting sites will be subject to entry fee taxes, sinking shares last week. In a note on Monday, Rosenblatt analyst Bernie McTernan wrote that the taxation fears are "overblown." DraftKings may not be subject to the tax, he wrote, but in the worst case scenario it would have a 3.2% impact to Rosenblatt's price target.
Shares of Chinese e-commerce giant JD (JD) - Get JD.com Inc. Report rose 5.2% to $70.49 on Tuesday. In a note, Mizuho analyst James Lee raised his price target for JD shares from $75 to $80, citing pent-up consumer discretionary demand and increasing penetration of online pharmacy: "We believe the positive structural impact of COVID-19 will continue to drive operating leverage and margin expansion," he wrote. Goldman Sachs also upgraded JD to its Conviction Buy list.
Shares of Amazon (AMZN) - Get Amazon.com, Inc. Report rose 3.4% to $3,289.63 on Tuesday. The WSJ earlier reported that Amazon is planning a major expansion, adding 3,500 corporate jobs in six cities, amid booming online sales at Amazon and competitors such as Walmart (WMT) - Get Walmart Inc. Report.
Shares of clothing delivery service StitchFix (SFIX) - Get Stitch Fix, Inc. Class A Report rose 3.2% to $25.15 amid bullish sentiment for e-commerce businesses. Analysts are mixed on the outlook for Stitch Fix shares. Of 15 analysts listed in FactSet, 8 maintain a Buy rating and 7 have a Hold rating, with the group having an average target price of $26.41.