Stocks were up on Wednesday as markets rebounded from tech-led declines in the prior trading session. Here are some of the top tech movers for Sept. 9.
Slack (WORK) - Get Report shares tumbled 16.4% to $24.52 following its second-quarter earnings. The work-chat app topped revenue and earnings estimates and raised its sales guidance, but issued a billings outlook that fell short of estimates and raised concerns about its growth in coming quarters.
Shares of Qorvo (QRVO) - Get Report jumped 8.7% to $124.06 after it raised its outlook for its fiscal second quarter. Citing strong mobile demand, the semiconductor company expects revenue of between $1 billion and $1.03 billion, well above its prior outlook of between $925 million and $955 million.
Shares of Stitch Fix (SFIX) - Get Report rose 7.1% to $28.50 after Deutsche Bank initiated coverage of the stock with a buy rating and $34 price target on the clothing subscription service. Analysts at the bank cited Stitch Fix's recent move to open up sales to non-subscribers, as well as COVID-19 tailwinds, in their estimate.
Shares of betting platform DraftKings (DKNG) - Get Report rose 8% to $39.96 following a bullish note from Evercore ISI, which initiated coverage of the stock with an Outperform rating and $60 price target. Analyst Kevin Rippey wrote that "the market under appreciates the pull forward in US states’ plans to legalize online sports betting."
Shares of Nvidia (NVDA) - Get Report rose 6.9% to $509.36 on Wednesday, bouncing back after a selloff over the past several trading sessions. Last week, Nvidia announced new flagship gaming GPUs that CEO Jensen Huang called the biggest "generational leap" in the company's history.