Wednesday’s Headlines: Amazon’s Patience Pays Off

Wednesday’s Headlines: Amazon’s Patience Pays Off

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Shopify (SHOP) +5.0%

Amazon (AMZN) +4.7%

Coupa Software (COUP) +4.6%

Trupanion (TRUP) +4.1%

Wix (WIX) +3.8%

Moving Down ⬇️

IMAX (IMAX) -4.0%

Wynn Resorts (WYNN) -3.8%

Align Technology (ALGN) -3.1%

Trip.com Group (TCOM) -3.0%

Ford Motor Company (F) -2.9%

1. Andy Jassy had a great first day as Amazon (AMZN) CEO on Tuesday after the U.S. Department of Defense canceled its $10 billion JEDI contract with Microsoft (MSFT) and said it’s considering a new agreement with AWS. The prestigious deal was put on hold after Amazon filed a lawsuit, claiming that former President Donald Trump exerted undue pressure on military officials to steer the contract away from the cloud giant. Despite Amazon Web Services bringing in $45.3 billion worth of sales in 2020, the boost in reputation from proving the security of its clouds would be very beneficial. Following yesterday’s news, Amazon stock jumped almost 5%. See more here.

2. Twitter (TWTR) users who value their privacy have something to smile about as the social media firm announced new ideas around the topic. The new features include a one-stop “privacy check-in” that would run users through a series of questions about how private they want to be. A very interesting addition is Twitter’s idea around discoverability which should limit abuse on the platform. With the proposed addition, if someone is being harassed they can opt to change their profile to hidden to prevent trolls from finding them instead of having to delete their account or change it to private. These might be just ideas for now but they are great examples of how Twitter has been re-energized after years of inaction around innovation. Read more here

3. U.S.-traded shares of Chinese companies took a hit yesterday after the country’s officials launched a cybersecurity review of Didi. The probe against these companies has fueled concerns for shareholders in other Chinese stocks about potential government intervention. After the news, Tencent Music Entertainment stock dropped over 9%, while JD.com, Trip.com (TCOM), and Alibaba shares also slid. According to Reuters, the decision to investigate Didi is part of a broader crackdown as regulators adopt new ways to monitor cross-border data security and securities fraud. This news has heightened the risks associated with investing in Chinese stocks with many U.S. investors now selling their shares. See more here.

NicoleNicole

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