Wednesday's Headlines: Retail Sales Jump 17.7% in May
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Nordstrom (JWN) +12.9%
Roku Inc. (ROKU) +12.4%
ShotSpotter (SSTI) +7.9%
Trupanion (TRUP) +5.9%
2U (TWOU) +5.3%
Moving Down ⬇️
Ctrip (TCOM) -3.2%
Huazhu Hotels Group (HTHT) -3.3%
IMAX (IMAX) -3.7%
TrueCar (TRUE) -3.8%
Chuy's (CHUY) -4.4%
1. Retail companies like Nordstrom (JWN) received a much-needed boost yesterday after data showed that U.S. retail sales jumped 17.7% across the month of May — more than double the 8% forecast by economists. This was the largest month-over-month increase on record and comes after the complete shuttering of almost all parts of the retail economy due to the COVID-19 pandemic. However, total sales were still off 6.1% from a year ago, totaling $485.5 billion in the month. Read more on this here.
2. Shopify (SHOP) stock is trading up more than 8% this week so far after announcing a new partnership with Walmart (WMT). The deal will see Walmart's Marketplace platform opened up to Shopify’s small business sellers, greatly expanding their reach by placing them in front of Walmart's 120 million monthly visitors. This deal is already drawing comparisons to Amazon's (AMZN) leading e-commerce platform — which promises the ability to reach more than 300 million customers worldwide — and could represent a uniting of forces against Bezos' e-commerce behemoth. Find out more here.
3. Apple (AAPL) stock might have gotten a bump yesterday thanks to an analyst upgrade, but storm clouds are gathering on the horizon as the European Union launched two new probes into alleged anticompetitive practices by the company. Specifically, the EU is investigating whether Apple violated competition laws through its Apple Pay service and its App Store, adding to the long-running battles between the tech company and the trading bloc. Apple was previously fined $15 billion by the EU over its tax arrangements with the Irish government and, if found guilty of these new charges, could face a fine of up to 10% of its annual revenue and be forced to adjust its business practices. Read more here.