Tuesday’s Headlines: Amazon Leads The Market Higher
Here were the biggest movers in the MyWallSt shortlist last night:
Moving Up ⬆️
Spotify (SPOT) +10.6%
Peloton Interactive (PTON) +10.6%
Twilio (TWLO) +10.2%
Atlassian (TEAM) +10.1%
2U (TWOU) +9.7%
Moving Down ⬇️
Chuy's (CHUY) -2.7%
Under Armour (UAA) -2.8%
Nordstrom (JWN) -2.9%
Align Technology (ALGN) -2.9%
Wynn Resorts (WYNN) -3.4%
1. It looks like we’re back to winning ways on Wall Street as Amazon’s (AMZN) rise led other tech stocks higher following last week’s sell-off. The S&P 500 (VOO) advanced 0.8%, finally turning positive for 2020 with a 0.6% gain on the year, while the Nasdaq (QQQ) soared 2.5%. Amazon itself rose 7.9% on Monday to post its best single-day performance since December 2018, bringing the e-commerce giants total gains in 2020 to 64% — more than any other mega-cap company. Read the full story here.
2. If they haven’t already, it’s probably time for bearish views of Spotify (SPOT) to be put to rest as the music streaming giant rose 10.6% on Monday. The impressive leap comes after Rowan Street Capital released its 2020 Investor Letter, highlighting Spotify as one of the reasons for its 43.2% returns in Q2. Over-the-top services such as Spotify and Netflix (NFLX) have benefited hugely from people staying at home during this pandemic, with the former rising 92% YTD. Get the complete report here.
3. If you’d told me a year ago that a company selling $1,500 bikes for your living room would be a Wall Street darling, I’d have called you nuts, yet here we are talking about Peloton’s (PTON) 10.6% leap last night. The move comes after Goldman Sachs (GS) aggressively increased its price target to $84 per share from its previous target of $64, which it broke past in trading yesterday. Another benefactor of the at-home stock rally this year, Peloton’s stock price has soared 117% YTD as people ditch Planet Fitness (PLNT) for the living room. Read the full story here.