Stocks were higher on Wednesday after Wall Street continued to kick off September with strong gains. Tech stocks were largely muted, with the Nasdaq index up modestly as of mid-day.
Shares of Peloton (PTON) - Get Report rose 6% to 88.69 on a bullish note from JPMorgan. Analysts boosted the bank's price target to $105 from $58, also adding it as one of their top picks, citing long-term demand tailwinds for the at-home workout system.
Shares of chipmaker Micron surged 4.4% to $47.79 on Wednesday, a day after Nvidia's (NVDA) - Get Report rollout of a next-generation lineup of gaming GPUs and technology tools for hardcore gamers. The new chips are designed using new memory technology from Micron, according to a report from The Information. Micron shares have unperformed the market this year, falling 13%.
Shares of Twitter (TWTR) - Get Report rose 4.9% to $43.18 on Wednesday following an upgrade from Bank of America, which raised its price target to $52 from $48, citing upside in shares. Twitter shares are up more than 30% year to date, boosted in part by higher engagement and the potential for a subscription service.
Shares of Fastly dropped 5.3% to $90.30 on Wednesday. Late Wednesday, the Wall Street Journal reported that deal talks between TikTok and its prospective U.S. buyers stalled over uncertainty around whether its algorithms would be included in the deal. TikTok is Fastly's largest customer, at 12% of revenue last quarter, and Fastly's stock has reacted to developments in the fast-moving deal talks since August, when the White House signed an executive order banning TikTok unless it is sold to a U.S. buyer.
Shares of Nikola (NKLA) - Get Report fell 5.4% to $38.78 on Wednesday. On Tuesday, Worthington Industries (WOR) - Get Report, a metals manufacturing firm, disclosed that it sold 6.5 million shares of Nikola. Worthington held 3.9% of total outstanding shares of Nikola, according to FactSet.