Thursday’s Headlines: Zoom Finally Addresses Privacy Concerns
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Shares in Zoom jumped 4.87% on Wednesday after the video-conferencing company addressed recent concerns surrounding privacy. The company is upgrading the encryption features on its video conferencing app to quell safety concerns as its users surged by 50% in the past three weeks. Zoom now has over 300 million daily users due to the coronavirus which forced people to work remotely and is up nearly 130% in the past year, despite falling 6% in the last month. Read the complete story here.
2. Popular app Pinterest saw its shares jump 14.2% on Wednesday as investors turned bullish on social media sites amid increased usage during this pandemic. The turn came following Snap Inc.’s impressive revenue growth of 44% reported at yesterday’s earnings call. Pinterest reported preliminary earnings earlier this month where it expected to grow revenue by 33%, which has helped the stock jump more than 50% in the past month. Get the full story here.
3. Netflix shares fell 2.9% on Wednesday despite a first-quarter report that delivered nearly twice as many new subscribers as Wall Street expected. At least 20 Wall Street analysts raised their price targets on Netflix stock after the company's earnings report, but there are others who feel that this is as good as it gets for the stock. However, the streaming provider was unsure of how long the coronavirus’ effects would last and implied that its current strength could subside with a lessening of lockdown rules worldwide. Read the full story here.