Friday’s Headlines: Thursday’s Rally Not Enough To Erase Weekly Losses
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. The Department of Labor has announced that a further 3 million Americans have filed unemployment claims in the last week, bringing the total number of claimants since March to just under 36 million — 22.5% of the workforce. This, coupled with fears of a potential resurgence in COVID-19 cases, contributed to a choppy day on Wall Street yesterday. The Dow, Nasdaq, and S&P all closed up roughly 1% but still remain down 2% each for the week, marking the averages’ worst weekly performance since March. Read more here.
2. Shares in Wix soared 14.1% on Thursday after the company beat analyst expectations with a $0.01 loss per share on revenue of $215.99 million. The company also reported a net loss of $39.15 million for the quarter and provided Q2 guidance of revenue to range from $231 million to $233 million. CEO Avishai Abrahami was optimistic, stating: “We are very fortunate to offer a product that provides businesses, brands, and individuals an opportunity to build and grow despite the increasing hardships that they are facing.” Read the full report here.
3. Despite a “slight cancellation bump” in membership at the beginning of the month, May has been as “normal as a normal May would be” for Planet Fitness, according to CEO Chris Rondeau. The gym company saw its stock jump 6.4% on Thursday following the encouraging update, as Planet Fitness began reopening fitness centers across the country this week. PLNT stock is down close to 40% year-on-year, but Rondeau has stated that he is “really encouraged” by the trends he has seen amongst new and old members. Read the full story here.