Stocks rose as investors awaited news from a Federal Reserve meeting, and tech investors gave newly public cloud stock Snowflake a warm welcome. Here are some of the top tech movers for Sept. 16.
On their first day of trading, shares of Snowflake (SNOW) - Get Report opened at $245 a share, more than doubling its initial public offering price of $120 set on Tuesday night, making it the biggest software IPO ever. Snowflake raised $3.4 billion in the offering, and its market cap was roughly $77 billion as of midday.
Shares of DraftKings (DKNG) - Get Report rose 10% to $53.03 after the company announced a pair of deals. The sports betting platform signed an exclusive deal with the New York Giants that designates DraftKings as the official sports betting and daily fantasy operator for the team. On Monday, DraftKings announced a content deal with ESPN that will integrate links to its platform on ESPN's sites.
Shares of Eventbrite (EB) - Get Report rose 9.3% to $12.54 on Wednesday after the company said that month-over-month paid ticketing trends improved in August. Paid ticket volumes increased 17% in August compared to July, on top of a 25% increase in July compared to June, though paid ticketing was still down 65% on a year-over-year basis in August. Eventbrite's stock has been hit hard by the Covid-19 pandemic, with shares down about 40% year to date.
Shares of Zillow (Z) - Get Report rose 4.2% to $94.83 after Deutsche Bank analyst Lloyd Walmsley raised his share-price target for Zillow shares to $115 from $106, maintaining a buy rating. Earnings estimates have "meaningful upside" potential, and numerous catalysts can push the stock higher, according to Walmsley.
Shares of Adobe (ADBE) - Get Report fell 3% to $482.66 despite outpacing expectations on revenue and earnings. On Tuesday, the company reported $3.23 billion in sales, up 14% and beating expectations of $3.2 billion. On the bottom line, its adjusted earnings per share were $2.57, up 25% and exceeding expectations of $2.41 per share.