Monday’s Headlines: Will Microsoft Save TikTok’s U.S. Plans?
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Pinterest (PINS) +36.1%
Apple (AAPL) +10.5%
Facebook (FB) +8.2%
2U (TWOU) +7.4%
Idexx Laboratories (IDXX) +6.3%
Moving Down ⬇️
Tesla Motors (TSLA) -3.8%
Wynn Resorts (WYNN) -5.2%
Atlassian (TEAM) -5.9%
Under Armour (UAA) -8.1%
Zendesk (ZEN) -9.3%
1. The rumor mill was working overtime this weekend until it was confirmed that Microsoft (MSFT) is in talks to acquire ByteDance-owned TikTok, with both parties hoping the deal can be closed by September 15. Any deal will only include its U.S. operations, according to sources, in the midst of a movement by officials in government and President Trump to ban the app altogether over data privacy concerns. With over 100 million U.S. users, TikTok has been a major point of contention of late, and though Microsoft’s acquisition move could hurt its standing with the government amid ongoing antitrust investigations, its stock is up pre-market. Read the full story here.
2. If you are a Pinterest (PINS) investor, then I hope you had a good weekend after the company’s impressive earnings saw its stock rise 36.13%. The social media company reported an adjusted loss of $0.06 per share on revenue of $272.5, while monthly active users soared to 416 million — all metrics far surpassed estimates. Pinterest did not provide formal guidance for the third quarter or full-year but noted that revenue growth in July was tracking about 50% above the same period a year ago. Read the official press release here.
3. It’s a sorry sign of the times for Under Armour (UAA) when a 41% drop in revenue YoY actually beats analyst expectations. With 80% of its stores closed due to the coronavirus in Q2, e-commerce sales helped bolster revenue which came in at $707.6 million, or $-0.31 per share. Having initially seen its stock soar 13% pre-market following the earnings report, the company ended the day down 8.12% as investors became discouraged by Under Armour’s guidance that revenue could fall between 20-25% by the end of 2020. Read the official press release here.
There are two companies in the MyWallSt shortlist that will report earnings today:
Take-Two Interactive (TTWO)