Tuesday’s Headlines: The Nasdaq Hits A Record High
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Nautilus (NLS) +12.8%
Sea Limited (SE) +8.6%
Match Group (MTCH) +7.5%
Etsy (ETSY) +7.0%
Peloton Interactive (PTON) +6.5%
Moving Down ⬇️
Coca-Cola (KO) -2.0%
Align Technology (ALGN) -2.2%
Constellation Brands (STZ) -2.8%
Planet Fitness (PLNT) -2.8%
Under Armour (UAA) -8.1%
1. When the two largest tech companies on the planet have a good day, the Nasdaq (QQQ) tends to benefit, as proven by its record close on Monday. Apple (AAPL) jumped 2.5% following its strong earnings last Thursday and now sits just 5% from a $2 trillion valuation, while Microsoft (MSFT) jumped 5.6% thanks to its ongoing talks to buy TikTok’s U.S. operations. The Nasdaq’s rise leaves it up 24.6% YTD, far surpassing its counterparts the S&P 500 (VOO) and Dow Jones (DIA) ahead of another week of earnings. Read the full report here.
2. When the world is plunged into a pandemic, it never hurts to be invested in the business of online education, as evidenced in Chegg’s (CHGG) Q2 results. Total net revenue increased 63% YoY to reach $153 million, with net income coming in at $10.6 million, leading to its shares rising after-hours. Guidance for the second half of 2020 was positive with the online education leader predicting total net revenues of between $605 million and $615 million. Get the official earnings release here.
3. For the times when students aren’t getting their education online, they’re probably playing videogames, because Take-Two Interactive (TTWO) reported net bookings growth of 136% in Q2 — digital in-game sales. The gaming giant also reported a record quarterly GAAP net revenue growth of 54% to $831.3 million as more and more users consistently engage with online content — the most notable being Grand Theft Auto V. Take-Two has been a beneficiary of the COVID-19 lockdown, rising more than 37% year to date, with its stock rising once more after-hours. Read the official company release here.
There are four companies in the MyWallSt shortlist that will report earnings today:
Activision Blizzard (ATVI)