Friday’s Headlines: The Only Way Is Up

Friday’s Headlines: The Only Way Is Up

Here were the biggest movers in the MyWallSt shortlist this week:

Moving Up ⬆️

Evolent Health (EVH) +18.8%

Axos Financial (AX) +10.5%

Hain Celestial (HAIN) +6.8%

IMAX (IMAX) +6.2%

FactSet (FDS) +5.9%

Moving Down ⬇️

Cloudflare (NET) -13.6%

StoneCo (STNE) -13.2%

Coupa Software (COUP) -11.7%

PagerDuty (PD) -10.8%

Smartsheet (SMAR) -10.3%

1. Well, to say that September was a terrible month for investors may be a bit dramatic, but it was the S&P 500’s (VOO) worst month since March 2020, so… The S&P 500 finished the month down 4.8%, breaking a seven-month winning streak, while the Dow Jones (DIA) and the Nasdaq Composite (QQQ) fell 4.3% and 5.3%, respectively, suffering their worst months of 2021 so far. A combination of slowing growth, less accommodative monetary policy, China headwinds, fading fiscal stimulus, and nagging supply chain bottlenecks all conspired to weigh on investor sentiment for the traditionally slow month. Read more here

2. It’s bad news for Zoom (ZM) investors this morning — depending on your point of view on acquisitions — as the company’s pursuit of Five9 has been scrapped. The $14.7 billion all-stock offer for the cloud contact software center was rejected by Five9 shareholders amidst ongoing reviews of the deal by antitrust regulators. Zoom CEO Eric Yuan admitted his disappointment, but iterated to investors that “it was in no way foundational to the success of our platform, nor was it the only way for us to offer our customers a compelling contact center solution.” Shares in Zoom have fallen more than 10% in the past month due to wider-market sell-offs. Read the official press release here

3. While Amazon (AMZN) received much praise for its host of new gadgets unveiled earlier this week, recent reports have shed light on its ongoing video game success. Amazon Game Studios, the company’s video game development arm, on Tuesday released a new computer game called ‘New World’, which brought in 700,000 online players on launch day, and has averaged 450,000 concurrent players as of Thursday. While other companies such as Netflix (NFLX) and even Peloton (PTON) have ventured into the gaming space in recent months, Amazon could be on to an early winner, with ‘New World’ selling at $39.99 a pop. Could the e-commerce giant actually have the next ‘Fortnite’ on its hands? Read more here.

JamieJamie

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