Monday’s Headlines: Why Did Evolent Health Jump 20%?
Here were the biggest movers in the MyWallSt shortlist last Friday:
Moving Up ⬆️
Evolent Health (EVH) +19.6%
Ericsson (ERIC) +13.2%
Twilio (TWLO) +7.3%
Align Technology (ALGN) +4.3%
Zillow (Z) +3.3%
Moving Down ⬇️
Chuy's (CHUY) -3.8%
Peloton Interactive (PTON) -4.5%
Eventbrite (EB) -4.8%
Nordstrom (JWN) -5.7%
Netflix (NFLX) -6.5%
1. The stock market can’t seem to make up its mind this morning as it see-saws between red and green, suggesting a volatile week ahead. Last week, the S&P 500 (VOO) and Dow Jones (DIA) rose 1.3% and 2.3% respectively for their third straight weekly advances, while the Nasdaq (QQQ) experienced its first loss in three weeks. The uncertainty comes as Washington lawmakers begin negotiations this week on a new stimulus package expected to be worth between $1-1.5 trillion. Read the full story here.
2. Shares in Evolent Health (EVH) soared almost 20% on Friday after it announced the sale of one of its most problematic customers, Passport. Having failed to secure a Medicaid contract in June, Passport has been sold to Molina Healthcare (MOH) which should see Evolent recoup between $130 - $170 million of its $110 million investment. This news and Friday’s market performance managed to drag Evolent out of the red zone in 2020, as it now stands up 7.5% YTD. Read the complete report here.
3. Swedish telecom giant Ericsson (ERIC) scraped by analyst estimates in its Q2 earnings on Friday, sending shares soaring more than 13%. The company’s second-quarter adjusted quarterly operating earnings rose to 4.5 billion Swedish Crowns ($495.85 million) from 3.9 billion a year ago, with total revenue rising 1% to 55.6 billion crowns. With Huawei now banned from the UK, Ericsson’s 5G network is expected to be the main beneficiary, with the company maintaining targets through 2022 despite the global downturn. Get the complete story here.