Thursday’s Headlines: Tech Still Leads The Way
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Stocks rose sharply on Wednesday, building on this week’s gains, as more states eased stay-at-home orders. The Dow Jones Industrial Average rose 1.5%, at 24,575.90, the S&P 500 advanced 1.7% to 2,971.61 — its highest closing level since March 6 — while the Nasdaq outperformed, rallying 2.1%. Wednesday’s advance put the major averages up more than 3% for the week, while the Nasdaq alone is up 4.5% YTD, sitting just 5% off of its February highs. Read the full report here.
2. FAANG still leads the way on Wall Street as investors continue to be bullish on Facebook, Apple, Amazon, Netflix, and Google. This is evidenced in the new all-time highs hit by both Facebook and Amazon on Wednesday, whose stock rose 6% and 2% respectively. Amazon has seen its business become invaluable during this pandemic, while Facebook leaped on Wednesday following the unveiling of its latest venture into e-commerce, Facebook Shops. Get the complete story here.
3. Shares in Take-Two Interactive fell 5% after hours, despite reporting an earnings beat for its fiscal fourth quarter on Wednesday. The gaming giant smashed expectations, reporting EPS of $1.07 on revenue of $760.54 million, versus estimates of $0.89 over $582.22 million. Despite its stock being up 43% year-on-year, analysts were unhappy with the company’s guidance for fiscal 2021 which is an EPS of $2.60 to $2.85 on revenue of $2.63 billion to $2.73 billion. Read the complete earnings report here.