Thursday’s Headlines: Why Is Twitter Up 8%?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Stocks surged on Wednesday after Senator Bernie Sanders dropped out of the presidential race, relieving some of Wall Street’s political concerns amid the economic crisis stemming from the coronavirus. The Dow closed up 3.4% at 23,433.57, the S&P 500 climbed 3.4% to 2,749.98, and the Nasdaq Composite advanced 2.6% to 8,090.90. The rise also comes due to investor confidence as the number of daily increases in coronavirus cases has fallen since last Friday. Read more here.
2. Shares of Twitter closed on Wednesday up nearly 9% after analysts at Bernstein upgraded the stock to market perform from underperform. The company’s usage has skyrocketed since the pandemic forced people into isolation, but its ad-revenue is taking a hit, causing the stock to fall 29% in the past month. Twitter "sits at the fulcrum of news and conversation during this unprecedented global event," a Bernstein analyst wrote, and the sorts of marquee events that drive revenue "are just postponed, not lost." Get the complete report here.
3. Sticking with Jack Dorsey-owned companies, his ‘other’ project Square jumped more than 13% on Wednesday. The payment solutions company saw its latest rally occur after Dorsey himself announced on social media that he would be staking 28% of his personal wealth ($1 billion) in the fight against COVID-19. Funded entirely through Square stocks, Dorsey will provide coronavirus relief through his philanthropic foundation ‘Start Small’, and will be making the company’s spending public for all via a Google spreadsheet. Read the full story here.