Monday’s Headlines: Big Tech’s Big Week

Monday’s Headlines: Big Tech’s Big Week

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Roku Inc. (ROKU) +12.6%

The Trade Desk (TTD) +9.5%

Pinterest (PINS) +5.8%

Facebook (FB) +5.3%

Eventbrite (EB) +3.9%

Moving Down ⬇️

Boston Beer Co. (SAM) -26.0%

Baozun (BZUN) -16.8%

Duluth Trading (DLTH) -5.1%

Trip.com Group (TCOM) -4.7%

Wynn Resorts (WYNN) -3.6%

1. Ahead of the busiest week for earnings this quarter, stocks fell in early trading today as rising COVID-19 cases weighed on investors sentiment. This morning, the Dow Jones Industrial Average (DIA), S&P 500 (VOO), and Nasdaq (QQQ) all traded in the red. While Wall Street has applauded the positive earnings so far, concerns linger around inflation and economic growth as the delta variant spreads. This week will be the most important of the entire earnings season as all of Big Tech, which make up over one-fifth of the S&P 500 index, will give investors a peek into their books. Tesla’s (TSLA) report is kicking things off after the closing bell today. Read more here

2. Google’s (GOOG) parent company Alphabet is pushing into the robotics space by snapping up Intrinsic, a firm which focuses on building software for industrial robots. Details on what Instrinc will be creating have been unclear as of yet, with the firm's CEO, Wendy Tan White, explaining that they will build software to make industrial robots “easier to use, less costly and more flexible.” Google has been obsessed with Robotics for years but its efforts have not produced any commercial hits yet. With the industrial robotic industry expected to hit $52.85 billion by 2026, Google has a great opportunity to turn things around to dominate another lucrative market. See the full story here

3. On Friday, Gentex (GNTX) posted an earnings miss which proved that while its sales have rebounded since the start of the pandemic, it is still struggling with supply chain disruptions. The firm reported adjusted earnings of $0.36 per share on sales of $428 million for Q2, up 86% year-over-year, which fell short of Wall Street’s estimates. For the upcoming quarter, Gentex expects between $970 million and $1.07 billion in sales. However, CEO Steve Downing warned that supply constraints might lead to “higher commodity pricing, higher freight expenses, and inefficiencies in our operations.” See the full press release here

There are two companies on the MyWallSt shortlist that will report earnings today:

Hasbro (HAS)
Tesla (TSLA)

Get this week’s full earnings calendar here

NicoleNicole

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