Midday Report: Abercrombie Slumps as Deal Talks End; Tech Stocks Find Momentum Again

Stocks broke higher as the tech space found its momentum again after a shaky start to the day. Tech drove the Nasdaq to notch gains of 1% on Friday. Abercrombie & Fitch Co. (ANF) - Get Report slumped after confirming that it had ended buyout talks. The company said its board had determined that its business plan was the best way to unlock shareholder value. Abercrombie said in May that it was holding preliminary talks. Snap Inc. (SNAP) - Get Report was under pressure after Credit Suisse lowered its price target, but reiterated an OUTPERFORM rating. The firm anticipates a decrease in average revenue per user ahead of the company's second-quarter earnings report. Costco Wholesale Corp. (COST) - Get Report dropped after being downgraded to MARKET PERFORM at BMO Capital. Analysts warned that fear over increased competition from Amazon could "overshadow strong fundamentals."