Thursday’s Headlines: The Dow Is Lagging Behind

Thursday’s Headlines: The Dow Is Lagging Behind

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

FedEx (FDX) +11.7%

Square (SQ) +10.4%

Roku Inc. (ROKU) +10.2%

Shopify (SHOP) +7.1%

Sea Limited (SE) +6.7%

Moving Down ⬇️

GoPro (GPRO) -2.1%

Nordstrom (JWN) -2.2%

Silicon Valley Bank (SIVB) -4.3%

Axos Financial (AX) -5.5%

Huazhu Hotels Group (HTHT) -6.4%

1. The stock market’s benchmark Dow Jones (DIA) index lagged behind its S&P 500 (VOO) and Nasdaq (QQQ) counterparts on the first day of Q3. While the S&P 500 and Nasdaq closed 0.5% and 0.95% higher respectively, the Dow fell into the red during the last minutes of trading. Fear behind record levels of new coronavirus cases was offset somewhat on Wednesday by news of Pfizer’s (PFE) promising vaccine candidate which is set to create the necessary antibodies needed to combat the virus. Read the full report here.

2. There might be a global pandemic, civil unrest, and a declining economy, but Constellation Brands’ (STZ) Q2 beat proves that sometimes, you just need a drink. Better-than-expected wine and spirits sales helped narrow the company’s net loss for the quarter to $177.9 million, or $0.94 per share from $245.4 million, or $1.30 a share, in the year-ago period, sending shares jumping 6.2% yesterday. The company, whose brand portfolio includes the unfortunately-named Corona beer, said production in Mexico has returned to "normal" levels in June following COVID-19 pandemic-related disruptions. Read more here.

3. Traditional payment companies are shaking in their boots this morning after Jack Dorsey’s Square (SQ) soared to yet another all-time high yesterday as its stock jumped 10.4%. The payment solutions firm has seen booming interest in its peer-to-peer platform, Cash App, which has helped offset the damage caused by coronavirus to its merchant business. This recent success and its 81% stock growth YTD convinced analysts to raise their price targets on Square, helping it to hit its fifth record high in the past eight trading sessions. Read the complete report here.

JamieJamie

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