Friday’s Headlines: All Hail King Musk
As many of you are likely aware, the market is taking a little break today and will be closed until Monday. To our American friends, we hope you enjoy a fun and safe Fourth of July weekend wherever you are.
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Baozun (BZUN) +8.7%
Tesla Motors (TSLA) +8.0%
Stitch Fix (SFIX) +7.3%
DocuSign (DOCU) +6.7%
Teladoc (TDOC) +5.0%
Moving Down ⬇️
Texas Roadhouse (TXRH) -2.5%
Planet Fitness (PLNT) -2.8%
Trupanion (TRUP) -5.0%
IMAX (IMAX) -5.8%
Match Group (MTCH) -7.6%
1. Electric vehicle maker Tesla (TSLA) solidified its position as the world’s most valuable car company on Thursday by delivering a far better-than-expected 90,650 units in Q2. Having beaten the 72,000 deliveries that analysts had anticipated, Tesla stock soared 8% to close at a record market cap of $224.2 billion, making it more valuable than Coca-Cola (KO) and Disney (DIS). This result is made even more impressive by the fact that Tesla had been forced to close its manufacturing plants in Q2 due to the coronavirus, prompting CEO Musk to email all of his employees to congratulate them. Read the full story here.
2. Having announced the spin-off last year, Tinder-owner Match Group (MTCH) completed the elimination of its dual-class structure with IAC (IAC) on Thursday. The separation from its majority stakeholder caused shares to fall 7.6% by market close, despite now enjoying greater strategic flexibility and having added ‘Deadpool’ actor Ryan Reynolds to its board. On his decision, Reynolds commented: “These brands have enormous responsibility and opportunities to affect societies, all while embracing new technologies and remaining at the forefront of pop culture.” Get the complete report here.
3. Telehealth leader Teladoc (TDOC) saw its stock price jump 5% on Thursday following the finalization of its InTouch Health acquisition. The deal was funded by about $150 million in cash and $450 million of Teladoc's stock for a total of approximately $600 million. The move will help Teladoc deal with the increased demand for telehealth services amid this pandemic, which has also seen its stock soar 150% YTD. Read more here.