Monday’s Headlines: S&P 500 Swipes Right On Match Group
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
PagerDuty (PD) +7.0%
DocuSign (DOCU) +5.3%
Sea Limited (SE) +4.2%
Bumble (BMBL) +3.8%
ShotSpotter (SSTI) +3.8%
Moving Down ⬇️
Yext (YEXT) -6.3%
Nordstrom (JWN) -4.6%
Planet Fitness (PLNT) -2.6%
IMAX (IMAX) -2.6%
Lemonade (LMND) -2.5%
Don’t forget that the stock market is closed today in observance of Labor Day. The markets will reopen tomorrow, September 7, at 9:30 AM EST, as normal.
1. News that Match Group (MTCH) has found its own match with the S&P 500 sent the stock soaring in late trading on Friday. The online-dating company will replace Perrigo Company and be added to the index from September 20. Match Group — which is the parent company of both its namesake app plus Tinder, Hinge, and OKCupid — is a dominant player in the digital dating space and holds roughly 25% market share in the U.S. When it is included in the S&P 500, the company will gain more exposure to funds that track the S&P 500, who will automatically buy Match Group shares once it is added. See the full story here.
2. Despite Friday’s disappointing jobs report, the S&P 500 (VOO) and Nasdaq (QQQ) hoovered near records to finish the week. The U.S. stock market has enjoyed a relentless rally, stretching through the summer, amid a resurgence in COVID-19 cases which have not seemed to dull investors' sentiment. On the jobs front, Friday’s findings showed that the economy only added 235,000 positions, far below the 720,000 economists had predicted. August’s job report has resulted in heightened fears of how rising coronavirus cases might affect what has been mostly a robust recovery. The weak report is likely to cloud policy for the Fed’s decision-making on when it should pull back on offering stimulus support. Read more on the report here.
3. Elon Musk made the headlines over the weekend after stating that Tesla (TSLA) stock is worth $3,000 per share “if they execute really well.” The eccentric CEO told his employees that he agrees with Cathie Wood-led ARK Innovation ETF’s (ARKK) expensive price target on the stock. In a recent interview, Wood said Ark Invest is "very bullish" on the stock, stating that it believes Tesla’s market share is only going to keep increasing and stated that the EV maker is going to deliver between 5 and 10 million cars as soon as 2025. Still, with that estimate, its share price would have to go up by 300%, which it might be able to achieve if its fully autonomous ride-hailing network, Tesla Network, is a success. Check out the full story here.