Wednesday’s Headlines: China Loves The iPhone

Wednesday’s Headlines: China Loves The iPhone

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Match Group (MTCH) +7.3%

Retail Opportunity Investments Corp (ROIC) +6.2%

Wynn Resorts (WYNN) +3.8%

TrueCar (TRUE) +3.7%

American Tower (AMT) +2.5%

Moving Down ⬇️

Pure Storage (PSTG) -3.9%

Tesla Motors (TSLA) -4.1%

Stitch Fix (SFIX) -4.3%

Roku Inc. (ROKU) -4.6%

Eventbrite (EB) -4.8%

1. Despite the devastating economic blow of the coronavirus, the Chinese market still has plenty of appetite for the iPhone. Apple (AAPL) saw sales of its flagship product jump 225% in Q2, making it the fastest-growing smartphone maker in the world’s fastest-growing economy. Shares in the company rose after-hours following the news while investors await the company’s antitrust trial on Capitol Hill later today, with Q2 earnings also expected after-close tomorrow. Read the full report here.

2. In a quarter that still wasn’t quite as bad as its coffee — sorry, not sorry — Starbucks (SBUX) swung to a heavy loss as same-store sales plunged 40% due to COVID-19. Though losses weren’t quite as heavy as initially anticipated, the coffee-maker still recorded a loss per share of $0.46 per share on revenue of $4.22 billion. There was some hope though as Q3 guidance was optimistic, especially with Chinese sales only falling 19% as the country began to recover sooner than the rest of the world, while it still managed to open 130 net new cafés worldwide. Get the official earnings release here.

3. Shares in Match Group (MTCH) soared 7.3% on Tuesday — and no, it’s not because I just opened a Tinder account, sorry ladies — because of the company’s newly appointed Tinder CEO Jim Lanzone. Lanzone has a strong record behind him as chief digital officer of CBS before becoming CEO of CBS Interactive, and his media-heavy background is seen as a massive asset going forward. As Match’s flagship product, Tinder has reported usage being on the rise of late, enjoying double-digit growth YoY despite the coronavirus, but we will learn more at its Q2 earnings call next Tuesday. Read the full story here.

Earnings today

There are five companies in the MyWallSt shortlist that will report earnings today:

  • PayPal

  • ServiceNow

  • Shopify

  • Spotify

  • Teladoc

JamieJamie

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