Friday’s Headlines: The Best 100-Day Gain Since 1933

Friday’s Headlines: The Best 100-Day Gain Since 1933

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Datadog (DDOG) +7.6%

Stitch Fix (SFIX) +5.7%

Etsy (ETSY) +5.5%

Paycom (PAYC) +4.9%

Zoom Communications (ZM) +4.4%

Moving Down ⬇️

Pure Storage (PSTG) -4.2%

Baozun (BZUN) -3.5%

Tripadvisor (TRIP) -3.3%

Ctrip (TCOM) -2.2%

Zillow (Z) -2.1%

1. The S&P 500 bottomed 100 trading days ago at a time when fear gripped the market, but since then, it has embarked on its strongest 100-day rally since 1933. Even though the S&P 500 (VOO) stubbornly refuses to close at all-time highs, it is still up more than 50% since its March-lows while the Dow Jones (DIA) is flirting with similar highs and the Nasdaq (QQQ) just keeps breaking these records for fun. It may not be time to celebrate just yet as this auspicious occurrence comes in the midst of a pandemic that is showing no signs of slowing, with the world on the verge of recession. Read the full story here.

2. Apple (AAPL) has made a whole host of enemies in the past 24 hours, yet its stock is just one good day away from a historic $2 trillion valuation. Firstly, Apple is being sued by Epic games — as is Google (GOOG) — over their removal of Epic’s flagship ‘Fortnite’ game from their respective app stores over alleged payment rule breaches. Secondly, reports emerged that Apple is planning to launch a virtual workout subscription service which would be in direct competition with Peloton (PTON) and Nike (NKE). Watch you back Apple, this is how supervillain team-ups happen. Read more here.

3. Shares in Datadog (DDOG) shot up 7.6% on Thursday after rumors of a possible acquisition emerged. The unconfirmed suitor in question, Salesforce (CRM), has a long history of acquisitions, having nabbed 63 other companies in its time, and any deal to purchase Datadog would likely set it back at least $20 billion. Datadog shares have soared 124% YTD while the company just reported knockout Q2 earnings, so any deal might want to be dealt with soon before Salesforce can no longer afford them. Read more here.

JamieJamie

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