Wednesday’s Headlines: We Were SO Close To Having A Great Day...
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Stocks closed lower on Tuesday, giving up a massive rally from earlier in the day as Wall Street assessed the latest news on the coronavirus outbreak. The Dow Jones closed 26.13 points lower, or 0.1%, having risen more than 900 points during the day, while the S&P 500 and Nasdaq fell 0.2% and 0.3% respectively. Some investors believed stock prices were getting ahead of the reality where coronavirus shutdowns are likely to weigh on the economy significantly beyond the second quarter. Read the full story here.
2. On Tuesday, casino-hotel giant Wynn Resorts announced it will be making an offering of senior notes totaling $350 million, despite being largely non-operational due to COVID-19. Wynn Resorts has taken a financial thrashing from the reduced travel measures, falling 44% in March alone, and is taking its notes from Wynn subsidiaries. Wynn stock jumped 7.3% yesterday on the news, as the company has pledged to use the money to maintain employee pay and meet debt obligations. Get the full story here.
3. Pinterest stock jumped more than 14% after market close following an announcement from the company where it issued early guidance for its fiscal first quarter. The company said it expects revenue for its first quarter in the range of $269 million to $272 million, compared to analysts’ pre-coronavirus expectations of $267 million. Pinterest said it ended the quarter with $1.7 billion in cash, cash equivalents and marketable securities, no financial debt and an undrawn $500 million revolving credit facility. Get the complete report here.