Tuesday's Headlines: Pinterest Acquires Video Platform, Voshi
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
nCino (NCNO) +10.9%
Tripadvisor (TRIP) +8.9%
Airbnb (ABNB) +8.5%
Baozun (BZUN) +8.4%
DraftKings (DKNG) +8.1%
Moving Down ⬇️
Cloudflare (NET) -7.5%
Lululemon (LULU) -2.8%
Etsy (ETSY) -2.8%
Sea Limited (SE) -2.6%
Peloton Interactive (PTON) -2.4%
1. Pinterest (PINS) is the latest social media platform to mimic the TikTok format, building on the functionality of its video platform with the recent acquisition of Voshi, a video design, and editing app. On top of Pinterest's rendering tools, it will add voiceovers, transitions, music, and other visual effects to support ‘Idea Pins’, where users can share stories and tutorials. Moreover, its ‘Try-On’ feature allows browsers to test beauty and fashion products supported by more than 10,000 unique augmented reality (AR) filters. The move aims to attract more users to its platform after Pinterest announced a $20 million investment in creator rewards, a dedicated $500,000 for its creator fund, and it will support Amazon’s (AMZN) affiliate programs for users to monetize their passions. You can read the full press release here.
2. Coupa Software (COUP) reported an earnings and revenue beat in its Q3 results. Revenue increased 40% year-over-year to $186 million, the bulk of which was made up of its $165 million in subscription revenue, which was also up 40% YoY. The company onboarded a number of high-profile clients in the quarter, including SoftBank, and has now launched its “Behold the Power of Spend” campaign for F-1, Premier League, and the World Series events. Despite analyst upgrades and stellar results, shares fell on the report. Likely, this is attributable to the spend management platform’s negative net margin of 49% and a negative return on equity of 18%, in a market environment where unprofitable growth stocks have fallen out of favor, temporarily. Read the full press release here.
3. The Securities and Exchange Commission (SEC) is investigating Tesla (TSLA) following a whistleblower complaint made against the EV manufacturer. It directly relates to Tesla’s solar panel products, which the accuser states, pose a fire risk. The former Tesla employee was let go in 2020 but has since sued the company on the grounds of unfair dismissal, based on raising safety concerns. Tesla shares fell more than 5% in yesterday’s trading, putting it 20% below its 52-week high — which classifies the stock as in a bear market — but the shares swiftly recovered going into the closing bell. Read the full story here.
There is one company on the MyWallSt shortlist that will report earnings today:
Stitch Fix (SFIX)
Get this week’s full earnings calendar here.