Wednesday’s Headlines: E-Commerce Proves To Be Top Dog
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Amazon’s stock hit a new all-time high after rising 5% on Tuesday as the coronavirus pandemic has catapulted the company into an unprecedented spotlight. The company said it would hire 175,000 more warehouse and delivery workers to keep up with the growing demand. Analysts and investors are even more bullish on the stock, believing that once life returns to some sense of normalcy, Amazon could end up retaining customers whose loyalty it gained during the crisis. Get the full story here.
2. Shares of Roku closed 10% higher Tuesday after the company reported growth in streaming hours as more people spend time at home during the coronavirus pandemic. In its earnings report Monday, Roku said it expects Q1 revenue to be slightly higher than expected in its previous guidance, though it withdrew its full-year guidance in light of the uncertainty around the crisis. It expects total net revenue for the first quarter to land between $307 million and $317 million, higher than its previously expected midpoint of $305 million. Read more about this here.
3. E-commerce giant Shopify rose more than 10% on Tuesday, likely driven by a rise in the overall market. While many companies rose on Tuesday, lots of growth stocks like Shopify seem to be rising faster than broader market indexes as investors pick up on what they think is a bargain. While the stock, which has a lot of small to medium-sized business clients, has rebounded sharply recently, it's still trading nearly $100 below an all-time high of $593.89. Get the complete story here.