Tuesday’s Headlines: Twitter to the Moon?

Tuesday’s Headlines: Twitter to the Moon?

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Twitter (TWTR) +27.1%

Pinterest (PINS) +10.4%

Baozun (BZUN) +10.4%

Sea Limited (SE) +9.6%

Stitch Fix (SFIX) +9.2%

Moving Down ⬇️

Starbucks (SBUX) -3.7%

Axos Financial (AX) -3.6%

Evolent Health (EVH) -2.7%

Chuy's (CHUY) -2.0%

Berkshire Hathaway (BRK.B) -1.8%

1. Twitter (TWTR) stock soared by over 27% yesterday following the revelation that Tesla (TSLA) CEO Elon Musk had taken a 9.2% stake in the company. Despite his stake being labeled as ‘passive,’ many are anticipating Musk will eventually get more involved with the firm, particularly after his public criticism of the platform’s alleged lack of commitment to free speech in recent weeks. Elon has already begun toying with Twitter last night, tweeting “Do you want an edit button?” to his legion of over 80 million followers. Our analyst Mike questioned Musk’s motives, asking “is it just another in a long line of seemingly random and chaotic chess moves of a bored megalomaniac who wants to see the manifestation of his own power?” To see Mike’s full thoughts, check out our story on the news here.

2. Starbucks’ (SBUX) newly appointed interim CEO Howard Schultz yesterday announced that the company would be suspending its proposed stock buyback program in order to invest further in staff and operations. Schultz has returned once again to the role following the retirement of Kevin Johnson, and has found himself immediately in a fight against a concerted union push from his employees. The buyback plan originally announced by Johnson was set to see the coffee giant reinvest $20 billion in buybacks and dividends over the next three years. Schultz instead wishes to “invest more profit into our people and our stores — the only way to create long-term value for all stakeholders.” Starbucks stock fell by over 3% following the news yesterday. Read more here.

3. Airbnb (ABNB) has finally suspended its operations in both Russia and Belarus. CEO Brian Chesky had initially announced plans to temporarily shut down business in both countries on Twitter as a show of solidarity amidst the Russian invasion of Ukraine. Now, exactly a month later, the company made a statement confirming that “guests globally will no longer be able to make new reservations for stays or Experiences in Russia or Belarus,” while also making it clear that “guests located in Russia or Belarus will not be able to make new reservations on Airbnb.” The rental platform took a 6% hit the day it announced these measures last month, but has since bounced back by over 35% with strong demand in large markets — such as the U.S. — driving growth. Find out more on the story here.

Pádraig BolgerPádraig Bolger