Thursday’s Headlines: Amazon Lays Foundation For Beauty Domination

Thursday’s Headlines: Amazon Lays Foundation For Beauty Domination

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Zendesk (ZEN) +5.6%

Bumble (BMBL) +4.1%

Upstart Holdings (UPST) +3.7%

Hain Celestial (HAIN) +3.6%

nCino (NCNO) +3.4%

Moving Down ⬇️

Wynn Resorts (WYNN) -6.3%

Stitch Fix (SFIX) -5.7%

Starbucks (SBUX) -3.6%

Peloton Interactive (PTON) -2.7%

Calavo Growers (CVGW) -2.6%

1. In a bid to lure in early bird holiday shoppers, Amazon (AMZN) is planning on hosting a beauty products event where selected brands will be given a unique opportunity to reach new customers. Amazon stated the “Holiday Beauty Haul” event, taking place between October 4 and 25, will feature a number of cosmetic product types, including fragrance, men’s grooming, and winter skin care. The e-commerce giant has been trying to grab a bigger market share of the booming beauty industry, which generates $500 billion in annual sales globally, for some time now. Amazon hopes the event will drive traffic to upcoming holiday promotions. In addition, it might help it compete with Ulta Beauty (ULTA) and LVMH-owned Sephora, who have been dominating the space and taking market share from department stores. Read more on the story here

2. Facebook (FB ) is once again under pressure from lawmakers after a Wall Street Journal report found internal studies from the company which showed how damaging its Instagram app was for young users. Following the findings, lawmakers and both chambers of Congress are demanding answers after the internal presentation found that 32% of teen girls said that Instagram made them feel worse about their physical appearances. Senators also wrote to CEO Mark Zuckerberg and called on him to abandon his plans to launch an Instagram version for kids. The news might encourage parents to restrict their teens and children using the app, further amplifying Instagram's losses in engagement as rival TikTok soars in popularity. See more on the story here

3. Amid strong U.S. industrial production numbers, stocks bounced back yesterday as investors felt more confident that an economic recovery is in sight. The positive gains were in stark contrast to the last couple of weeks as all three major indexes have been shaky, with the S&P 500 (VOO) down almost 1% since the start of September compared to its 20% gain year-to-date. In August, industrial production jumped 0.4% year-over-year, in line with expectations, while production volumes increased 5.9% compared to the year-ago period. Higher industrial production is good news for the stock market as stronger demand for goods will boost revenues meaning companies can invest in new equipment, products, and expansion plans. Check out the full story here

NicoleNicole

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