Tuesday’s Headlines: Etsy Goes Shopping

Tuesday’s Headlines: Etsy Goes Shopping

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Etsy (ETSY) +7.4%

The Trade Desk (TTD) +5.1%

Zillow (Z) +4.7%

Peloton Interactive (PTON) +4.5%

Zoom Communications (ZM) +4.4%

Moving Down ⬇️

Tripadvisor (TRIP) -4.4%

Planet Fitness (PLNT) -3.8%

Booking Holdings (BKNG) -3.4%

Evolent Health (EVH) -3.3%

Under Armour (UAA) -3.2%

1. Etsy (ETSY) stock soared 7.4% on Monday after the e-commerce platform announced it had acquired Elo7 for $217 million cash. To expand its move into Latin America, the company has bought ‘the Etsy of Brazil’, an online marketplace that specializes in made-to-order products. Just like Depop, Elo7 will continue to be run by its current leadership as an independent marketplace. Brazil has the largest e-commerce market in Latin America, meaning Etsy now has a foothold in a major emerging marketplace. Shareholders seem pleased with Etsy’s latest shopping spree, which comes just weeks after the vintage reseller acquired Depop to appeal to Generation Z. See more here

2. Mark Zuckerberg has plenty to smile about this morning as Facebook’s (FB) valuation rises above $1 trillion after a U.S district judge dismissed two antitrust lawsuits against the company. On Monday, the court heard a case brought by the Federal Trade Commission (FTC) and a group of 48 state attorney generals to undo Facebook’s acquisitions of Instagram and WhatsApp. The judge dismissed the case saying there was insufficient evidence to prove that Facebook controls more than 60% of the social networking market. Following the news, shares gained almost 4% yesterday, pushing Facebook’s market cap up to all-time highs that sees it join fellow Big Tech rivals in receiving a valuation above $1 trillion. Read more here

3. Yesterday, major indexes closed at record highs as investors turned to tech stocks and away from equities associated with an economic reopening. The S&P 500 (VOO) jumped 0.23% and the Nasdaq (QQQ) climbed almost 1%, while the Dow Jones Industrial Average (DIA) finished down 0.44%. Across the pond in the UK, there have been rises in cases of the highly transmissible COVID-19 Delta variant which many experts believe could be a blueprint for the U.S. Shares of Zoom (ZM) gained 4.4% yesterday as Wall Street expects the video communication service to do well if people continue to work from home when the new variant spreads. Read more here.

NicoleNicole

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