Monday’s Headlines: Branson Offloads $300 Million In Virgin Galactic

Monday’s Headlines: Branson Offloads $300 Million In Virgin Galactic

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

Moving Up ⬆️

Datadog (DDOG) +4.0%

Trip.com Group (TCOM) +3.8%

nCino (NCNO) +2.2%

ShotSpotter (SSTI) +2.1%

Bill.com (BILL) +1.7%

Moving Down ⬇️

Nautilus (NLS) -7.5%

The Trade Desk (TTD) -5.5%

Stitch Fix (SFIX) -5.0%

Redfin (RDFN) -4.8%

StoneCo (STNE) -3.4%

1. Following Richard Branson’s selling spree of Virgin Galactic (SPCE) stock last week, shares in the spaceflight company fell almost 33%. Over the week, the billionaire founder cashed in 10 million shares, bringing in a whopping $300 million, but the latest sale still leaves him with over 46 million shares. Branson is using the proceeds to invest in the company’s leisure and travel units, which are still battling with the effects of COVID-19. In early July, Virgin Galactic stock was receiving a lot of hype and was trading at around $50. However, the stock has almost halved since then as the excitement around the company’s first spaceflight is beginning to fade. Read the full story here.

2. On Friday, major U.S. indexes rallied and finished at record levels thanks to positive economic data and impressive corporate earnings. The Dow Jones Industrial Average (DIA) reached a fresh highest close while the S&P 500 (VOO) notched its best ever finish on Friday. Wednesday’s tame inflation stats, which showed that food and energy prices increased less than expected in July, and a labor report that said jobless claims declined for a third straight week were both welcomed by Wall Street as signs of an improving economy. Looking ahead, investors are looking forward to big earnings releases from retail giants Home Depot (HD) and Walmart (WMT), plus new kids on the block Roblox (RBLX) and Robinhood (HOOD). See more on the story here

3. Apple (AAPL) is getting ready to fight its corner after being hit with a $300 million fine on Friday following a retrial in a patent dispute. In 2020, Apple was forced to pay patent company, Optis Wireless Technology, $506 million, but a judge vacated that award in April and ordered a new trial focused on damages only. In Friday's case, a Texas jury decided that Apple was guilty of using technology which allegedly infringed Optis’ patents. Apple released a statement explaining that they were unhappy with the decision and plan to appeal the verdict. While Apple dubbed the charges as “unreasonable payments”, shareholders might worry if further copyright infringements popup which could impact the company’s earnings. More on the story here

Get this week’s full earnings calendar here.

NicoleNicole

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