Friday’s Headlines: Another Market Meltdown?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
DocuSign (DOCU) +0.6%
Zoom Communications (ZM) +0.5%
Smartsheet (SMAR) -0.6%
Fitbit (FIT) -1.1%
Tiffany & Co. (TIF) -1.3%
Moving Down ⬇️
Evolent Health (EVH) -11.6%
Retail Opportunity Investments Corp (ROIC) -11.8%
Nordstrom (JWN) -12.2%
GoPro (GPRO) -13.6%
ShotSpotter (SSTI) -13.7%
1. For all of Wall Street’s gains in recent weeks, Thursday was a frightening reminder of the economy’s current fragility due to the coronavirus. In the markets worst day since March, the Dow (DIA), S&P 500 (VOO), and Nasdaq (QQQ) gave up 6.9%, 5.9%, and 5.3% respectively, as investors grew nervous about increasing coronavirus cases once more. Having just reached all-time highs, the Nasdaq, as well as Tesla (TSLA), Apple (AAPL), Amazon (AMZN), and more all gave up their big wins on Thursday. Read more here.
2. As if its 3.4% loss yesterday wasn’t enough, Amazon is now facing down the barrel of yet another serious antitrust charge in Europe. The e-commerce leader is being accused by the EU of mistreating third-party sellers on its site, with charges likely to come against Amazon within the next 2 weeks. Amazon has fared very well in recent months as its stock has risen nearly 35% YTD, but declined to comment on the news of this potentially costly antitrust investigation. Read the full story here.
3. A company that certainly doesn’t need further closures is Disney (DIS), but that’s exactly what 10,000+ petitioners are hoping for. Disney’s stock was already falling before the wider market sell-off on Thursday, closing at -7.8%, as petitioners call for the park to remain closed passed its planned July 17 reopening, as fears spiked over increasing coronavirus cases. The pandemic has already cost Disney more than $1.4 billion as of May, and further closures will likely see its stock drop even further, which is already down 23% YTD. Get the complete story here.