Friday’s Headlines: A Losing Quarter For Wall Street

Friday’s Headlines: A Losing Quarter For Wall Street

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

TrueCar (TRUE) +5.3%

Duolingo (DUOL) +3.8%

Evolent Health (EVH) +2.9%

Intuit (INTU) +1.9%

2U (TWOU) +1.5%

Moving Down ⬇️

Etsy (ETSY) -7.6%

Peloton Interactive (PTON) -7.1%

Zillow (Z) -6.2%

Lemonade (LMND) -5.9%

Farfetch (FTCH) -5.0%

1. Following a poor finish to 2021, the stock market has had to contend with a COVID-ravaged economy, inflation, war, and more. All this accumulated to create a scenario where the Dow Jones and S&P 500 (VOO) are both down about 3% and the Nasdaq is off by roughly 7%. However, despite yesterday’s tumble, tech stocks led a brave rally for indexes in recent weeks as investors look past the Russian invasion of Ukraine, some clarity emerges around central bank actions, and some technical buying took place. This bodes well looking into Q2 when hopefully some volatility will settle — though I wouldn’t bet the house on it. Read more here.

2. Following months of negotiations, Amazon’s (AMZN) struggles with JPMorgan Chase and credit cards could be at an end. The e-commerce giant has chosen to renew a deal, allowing the global banking firm to issue its flagship Amazon Prime Rewards card. This is a massive win for both parties because of the massive scope of Amazon’s loyalty program, with its estimated 150 million U.S. members. JPM has issued these cards since Amazon’s inception, but renegotiating the terms in mid-2021 led to several headaches. Now, however, it looks like the dream team will continue as Amazon keeps expanding. Read more here.

3. nCino (NCNO) gave its investors plenty to mull over at last night’s earnings call, which was in line with analyst estimates. Total revenue jumped to $74 million in Q4, while subscription revenue rose 40% year-over-year (YoY) to $62.8 million. GAAP net loss attributable to nCino in the fourth quarter was -$0.07 per share compared to -$0.13 per share the year prior. “With new logos, significant expansion deals, continued traction internationally and the completion of the SimpleNexus acquisition, the fourth quarter was a strong finish to a tremendous year for nCino,” said Pierre Naudé, CEO of nCino. Read the official press release here.


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