Thursday’s Headlines: The Market Inches Closer To February Highs

Thursday’s Headlines: The Market Inches Closer To February Highs

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

The Trade Desk (TTD) +11.5%

Wynn Resorts (WYNN) +11.2%

Retail Opportunity Investments (ROIC) +11.0%

Duluth Trading (DLTH) +10.2%

Under Armour (UAA) +9.5%

Moving Down ⬇️

Evolent Health (EVH) -2.7%

Teladoc (TDOC) -3.1%

Take-Two Interactive TTWO -3.9%

Activision Blizzard (ATVI) -4.2%

Roku (ROKU) -6.2%

1. The stock market continued its rally on Wednesday after data was revealed that the economy was reopening faster than expected, with increased consumer spending suggesting that recessionary behavior is ending. The Dow (DIA) jumped 2.1%, while the S&P 500 (VOO) notched its first four-day winning streak since early February after rising 1.4%, with the Nasdaq (QQQ) rising a humble 0.8%. Many analysts are now predicting that the worst of the coronavirus’ damage has passed and that normality will return sooner than expected, sending travel and restaurant stocks soaring. Read the full story here.

2. Shares of Smartsheet (SMAR) fell more than 20% in after-hours trading Wednesday even as the company beat expectations for its quarterly earnings report. The Washington-based SaaS firm posted a revenue increase of 52% YOY of $85.5 million, and a net loss per share of $0.11. Investors were likely spooked by the company’s pulling of guidance for the year, but the stock still remains up 29% YTD. Get the complete earnings report here.

3. If you own shares companies such as Take-Two Interactive or Activision Blizzard, you will have noticed a red dent in your portfolio yesterday as gaming stocks plummeted. Wednesday saw a widespread sell-off of at-home tech stocks as the economy begins to reopen, with video game stocks among the worst affected as analysts labeled the industry as ‘overbought’. The leading gaming ETF, ESPO, has risen 24% YTD versus the S&P 500’s 4% decline, but it seems investor sentiment has now turned bearish. Get the complete report here.

Earnings today

There are 4 stocks in the MyWallSt app that will report earnings today:

  • Duluth

  • DocuSign (DOCU)

  • Slack (WORK)

  • Yext (YEXT)

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