Monday’s Headlines: Reopening Stocks Get A Lift

Monday’s Headlines: Reopening Stocks Get A Lift

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

Moving Up ⬆️

Tripadvisor (TRIP) +9.3%

Eventbrite (EB) +7.0%

Planet Fitness (PLNT) +5.8%

DraftKings (DKNG) +5.0%

Chuy's (CHUY) +4.8%

Moving Down ⬇️

Upstart Holdings (UPST) -5.6%

Wix (WIX) -4.2%

Lemonade (LMND) -3.4%

RH (RH) -3.1%

Baozun (BZUN) -2.4%

1. Stocks tied to a reopened economy soared on Friday upon reports of a new oral treatment for COVID-19. Tripadvisor (TRIP) and Eventbrite (EB) jumped 9.3% and 7% respectively, which marked the first day of trading in October and the final quarter of the year, as shareholders looked forward to a return to normal travel volumes and more in-person events across the globe. The market rally followed a tough September, in which the S&P 500 (VOO) broke a seven-month winning streak over concerns about rising inflation and high interest rates. While the fourth quarter is typically a strong period on Wall Street, central bank tightening, the debt ceiling, and rising coronavirus cases might keep investors cautious. See the full story here.

2. In the third quarter, Tesla (TSLA) raced past its rivals to report record-breaking sales. As many of its competitors struggled with supply chain issues and the global chip shortage, Tesla recorded 241,300 sales in the third quarter. The electric vehicle maker’s sales were boosted by the popularity of its newer Model 3 sedan and Model Y crossover, with both versions making up around 96% of sales in Q3. Deliveries were up 20% from the second quarter and a whopping 73% from the same period last year. Tesla also notched another fresh record in the quarter — most cars produced in a three month period — by building 237,823 vehicles. More on the story here

3. Speaking of the EV space, a new competitor is set to enter the market as Rivian Automotive files to go public. The automaker, which is backed by industry titans Ford (F) and Amazon (AMZN), is aiming to trade on the Nasdaq exchange under the ticker symbol “RIVN.” The firm reported a $994 million net loss on zero sales in the first half of 2021 and a net loss of $1.02 billion in 2020. Rivian explained that it is in the “development stage” as vehicle production and deliveries only began in September 2021. While it may be early days for the company’s financials, Rivian managed to beat Tesla, GM (GM), and Ford to the market with its electric pickup, the R1T, which received glowing reviews. Read the full story here

NicoleNicole

Sign up for free to continue reading.