Wednesday’s Headlines: The Best Quarter Since 1987

Wednesday’s Headlines: The Best Quarter Since 1987

Wednesday’s Headlines: The Best Quarter Since 1987

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Tesla Motors (TSLA) +7.0%

Lululemon (LULU) +6.0%

FedEx (FDX) +4.2%

Silicon Valley Bank (SIVB) +4.2%

Nautilus (NLS) +4.0%

Moving Down ⬇️

Nordstrom (JWN) -1.9%

TrueCar (TRUE) -1.9%

Retail Opportunity Investments Corp (ROIC) -1.9%

Boston Beer Co. (SAM) -2.0%

Spotify (SPOT) -2.6%

1. You’d be forgiven for forgetting that there was a deadly pandemic when reading that Q2 was actually the Dow’s best quarter since 1987. The Dow (DIA) closed out June and the quarter yesterday up 0.9%, while the S&P 500 (VOO) and Nasdaq (QQQ) jumped 1.5% and 1.9% for their best 3 months since 1998 and 1999 respectively. However, the optimism appears to end there as analysts believe that a fresh wave of infections, a continuing rise in unemployment, and the ending of stimulus packages could see spending plummet in Q3 and send the market spiraling. Read more here.

2. Tesla (TSLA) investors are an optimistic bunch it seems as the electric car-maker saw its stock jump 7% in anticipation of the release of second-quarter sales numbers. Tesla’s market cap soared past the $200 billion mark as well to close in on Toyota’s MVP spot in the car-making business once more, having briefly claimed that honor last month. Analysts are expecting CEO Elon Musk to release Q2’s delivery figures before Friday, with sales of 72,000 units anticipated. Read the full story here.

3. If you haven’t noticed, e-commerce is having a bit of a moment, and with that comes a boost in business for delivery giant FedEx (FDX) which easily beat Q2 estimates last night. FedEx reported an EPS of $2.53 on revenue of $17.4 billion versus estimates of a 72% earnings dive to $1.42 on revenue of $16.2 billion. FedEx declined to give guidance for the full year but did insist that while commercial business has slipped due to closures, residential deliveries have boomed, and it expects to benefit greatly from the global recovery to come. Get the full story here.

JamieJamie

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