Wednesday’s Headlines: The Nasdaq Hits 10,000 Points

Wednesday’s Headlines: The Nasdaq Hits 10,000 Points

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Duluth Trading (DLTH) +22.8%

Peloton Interactive (PTON) +6.4%

2U (TWOU) +4.2%

Boston Beer Co. (SAM) +3.6%

Eventbrite (EB) +3.6%

Moving Down ⬇️

TripAdvisor (TRIP) -6.2%

Howard Hughes Corporation (HHC) -6.3%

Texas Roadhouse (TXRH) -6.3%

ShotSpotter (SSTI) -8.2%

Nordstrom (JWN) -9.9%

1. Even though the Dow (DIA) snapped its 6-day winning streak on Tuesday, the tech-heavy Nasdaq (QQQ) briefly broke above 10,000 for the first time before closing at a record 9,953.75. The rise was led by a wonderful day for Big Tech in which Amazon (AMZN) and Apple (AAPL) gained 3% and 3.1%, respectively, with each notching all-time highs during the session. Facebook (FB) also advanced 3.1% higher and Netflix (NFLX) rose 3.47%, while Google-parent Alphabet (GOOG) added 0.28%. Read the full report here.

2. There’ll be no breakfast at Tiffany’s (TIF) today after the luxury jeweler reported a 44% drop in same-store sales for Q1. Tiffany’s swung to a net loss of $64.6 million, or $0.53 a share, from earnings of $125 million, or $1.03 a share, a year ago, while revenue fell 45% to $555.5 million. Shares still closed up nearly 2% though after CEO Alessandro Bogliolo confirmed that the $16.2 billion LVMH merger agreed last October had cleared some regulatory hurdles, while sales in China were also picking back up. Get the complete report here

3. The biggest winner on Wall Street Tuesday was apparel brand Duluth Holdings (DLTH), which saw its stock price soar 22.8%. Duluth CFO Dave Loretta also gave a talk yesterday at the Stifel 2020 Virtual Cross Sector Insight Conference, but there is little to suggest that this is the reason for the stock's massive gains, which are more likely attributable to last week’s Q1 earnings beat. Duluth has seen its shares jump 90% in the past month to come within spitting distance of its January highs but still remains down 50% year-to-date. Read more here.

JamieJamie

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