Tuesday’s Headlines: Dorsey Flies The Nest
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Pure Storage (PSTG) +7.4%
Tesla Motors (TSLA) +5.1%
Salesforce (CRM) +4.4%
Intuit (INTU) +4.2%
Moving Down ⬇️
Eventbrite (EB) -6.8%
Stitch Fix (SFIX) -5.7%
2U (TWOU) -5.4%
Pinterest (PINS) -5.3%
Cloudflare (NET) -4.5%
1. Twitter (TWTR) closed down 2.7% yesterday following the announcement that CEO Jack Dorsey would be stepping down. Dorsey, who is also the CEO of Square (SQ), will remain a board member at Twitter until his term expires in 2022. In a brief statement yesterday, he explained that he "decided to leave Twitter because I believe the company is ready to move on from its founders.” His replacement has been named as Parag Agrawal, the company’s current Chief Technology Officer. Agrawal has been at the company for over a decade and has previously headed up the company’s strategy on artificial intelligence and machine learning. He faces an uphill battle in meeting the company's lofty goals, so any changes made under his guidance are certainly worth paying attention to for investors. Read more here.
2. Shopify (SHOP) announced strong Cyber Monday revenue yesterday before final sales numbers were even available. In news sure to be welcomed by investors, Shopify president Harley Finkelstein reported that the company had surpassed last year’s sales of $5.1 billion globally. With total retail traffic still down 28% on pre-pandemic levels for Black Friday and online sales for the same day down on last year’s total, fears were rampant that Black Monday would fail to meet targets also. Finkelstein added that the company saw “13,000 orders a minute.” This news from Shopify should allay these fears and signal some hope for retail investors as we enter into the critical holiday period. Read more here.
3. Amazon (AMZN) kicked off its cloud services division’s virtual 're:Invent' live event yesterday. The occasion saw numerous announcements made, however one of the most interesting was the news that Amazon Web Services (AWS) is heavily investing in the world of robotics. The company announced 'RoboRunner,' a service that will allow large fleets of robots to work together in unison. Specifically, it will help integrate robots from different manufacturers into a single control system, a task that proves quite difficult currently. The company also doubled down on its robotics efforts by announcing a new robotics startup accelerator. The program will help early-stage startups expedite the development and production of novel robotic technologies. Read more here.
There is one company on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.