Tuesday’s Headlines: Not again, Elon?

Tuesday’s Headlines: Not again, Elon?

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

The Trade Desk (TTD) +29.5%

Cloudflare (NET) +6.5%

Ford Motor Company (F) +4.5%

Redfin (RDFN) +4.4%

Cognex (CGNX) +3.6%

Moving Down ⬇️

Peloton Interactive (PTON) -7.9%

Nautilus (NLS) -6.8%

Tesla Motors (TSLA) -4.8%

Chuy's (CHUY) -4.1%

Trupanion (TRUP) -4.1%

1. Tesla (TSLA) stock dropped by almost 5% yesterday following yet another controversial tweet from its enigmatic CEO Elon Musk. Musk polled his Twitter (TWTR) following of over 60 million people on whether he should sell off 10’% of his stock in the company. He also committed to respecting the results of the poll and following through on whatever action his followers dictated. 57.9% of those who answered voted “Yes.” This saw a drop in the company’s overall share price, with Tesla closing almost 5% down. Luckily, it’s not all about Musk, with PepsiCo revealing that it expects its first delivery of Tesla semi-trucks in the fourth quarter. This will kickstart a lucrative new revenue stream for the EV giant. Read more here.

2. U.S. insurance company Lemonade (LMND) announced a very solid earnings report yesterday. Lemonade posted revenue of $35.7 million, a 101% jump year-over-year (YoY) with a YoY increase of 45% in customers to 1.36 million. However, the announcement that it will soon acquire “insuretech” firm Metromile in an all-stock deal was by far the biggest news out of the company. CEO Daniel Schreiber confirmed that Lemonade aims to utilize Metromile’s user data and proprietary software to “vault us over the most time and cost-intensive parts of the journey” involved in developing an AI-driven insurance model. The move comes less than a week after Lemonade launched Lemonade Car, its first foray into the car insurance market. Read more here.

3. The Trade Desk (TTD) posted a phenomenal earnings beat yesterday to send shares in the advertising technology company skyrocketing almost 30%. The Trade Desk posted adjusted earnings per share (EPS) of $0.18 against estimates of $0.15, on revenue of $301.1 million against a forecast of $283.5 million. CEO Jeff Green relayed that The Trade Desk is “seeing growth across all channels;" extremely welcome news for any investors. “The world’s leading brands and agencies are increasingly using our platform to apply data-driven strategies to drive precision and value across their campaigns,” he continued in an overwhelmingly positive statement following the successful Q3 earnings call. Read more here.

Some more earnings from last night:

Paypal (PYPL)
Goodbye eBay, hello Amazon — Paypal announced users can now use Venmo to pay Amazon on its website or apps. Overall, Paypal reported modest results last night, earnings per share coming in at $1.11 v.s. $1.07 expected, but missed on revenue, $6.18 billion v.s. $6.23 billion expected. It added over 13 million new accounts as total payment volume grew 26% year-on-year (YoY) to $310 billion, with cryptocurrency volumes the main contributor growing 36% YoY to $60 billion. Read more here

There are four companies on the MyWallSt shortlist that will report earnings today:

Hain Celestial (HAIN)
Nautilus (NLS)
ShotSpotter (SSTI)
Upstart (UPST)

Get this week’s full earnings calendar here.

Pádraig BolgerPádraig Bolger

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