FSLY stock price: Fastly Inc. underpinned by hope

(NYSE:FSLY) feeling the heat of tensions between the US and China.
US President Trump vouched for Oracle in the run to acquire TikTok.
FSLY trading 0.30% higher in pre-opening operations, despite the sour tone of indexes.

FXStreet Team FXStreet

FSLY stock news

Shares of Fastly (NYSE:FSLY) surged 11.84% on Thursday to close at $88.73, recovering some of the ground lost earlier this month. The decline and the following recovery are linked to US President Trump’s decision to ban the TikTok app in the US. The Chinese app is Fastly's largest customer. Trump gave TikTok's parent owner ByteDance, 90 days to sell its US business or face being shut down.

Microsoft was the first runner to take over TikTok, but Twitter and Oracle are also interested in taking over it. On Wednesday, US President Trump said that the tech giant Oracle would be "a great company" to take over the app’s US operations. Market talks indicate that Oracle is studying buying TikTok's businesses in the US, Canada, Australia and New Zealand.

FSLY stock forecast

Regardless of the positive news, Fastly future does not only depend on the Chinese app. The company is a content delivery network which promises to “deliver faster, more powerful sites and applications on our secure, programmable edge cloud platform.” In staying-at-home times, the services provided by Fastly are among the most demanded, and had many other clients that would keep the company functioning should it loses TikTok.

Despite the sour tone of indexes ahead of the opening, Fastly (NYSE:FSLY)is trading up 0.30% or 27 cents at $89.00, nearing its previous daily high at $89.38. The market cap is 9.33B and the 52-wk high stands at 117.79.

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