Tuesday’s Headlines: Sea’s Shopee Goes Worldwide
Here were the biggest movers in the MyWallSt shortlist yesterday:
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%
As the stock market was closed yesterday to celebrate Labor Day, there were no major developments. The markets will reopen today, as normal.
1. According to reports, Sea Limited’s (SE) Shopee is in expansion mode as it gets ready to launch in Poland. The Southeast Asian company is recruiting sellers to help it make its first expansion into Europe. After making a big move into Latin America earlier this year, Shopee is also planning an India launch at the same as its Poland debut. Headquartered under Sea Group, Shopee is already a leading player in the e-commerce space in Southeast Asia, bringing in $1.2 billion in global sales in Q2. This move will further boost sales as the Polish digital shopping industry is expected to be worth 16 billion euros ($19 billion), offering significant room for growth compared to more developed Western countries. More here.
2. Tesla (TSLA) and Ford (F) might have some big competition in the EV space as Toyota announced yesterday that it expects to spend over $13.5 billion by 2030 to develop batteries for electric cars. In the hopes of leading in the thriving EV sector, the world's largest automaker by volume plans to cut the cost of its batteries by 30%, or possibly more, by focusing on the materials that are used and the way the cells are structured. The Japanese company is also winning the race of mass producing solid-state batteries, which would be a game changer because they are more energy dense, charge faster, and are less prone to catching fire. Read the full story here.
3. Over in the land of crypto, El Salvador was in the spotlight after it declared that it purchased $20.9 million worth of Bitcoin just one day before it officially adopts the popular cryptocurrency as legal tender. President Nayib Bukele tweeted that the country had bought 400 Bitcoin in a bid to add more of the coin to El Salvador’s balance sheet. The Central American region is the first country to accept Bitcoin as official currency so the world, and crypto critics, will be closely watching how this unprecedented move turns out. However, the decision was not popular among its citizens with around 70% of Salvadorans disagreeing with the decision as many believe Bitcoin to be too volatile to be an effective currency. Check out the full story here.
There are four companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.