Wednesday’s Headlines: It’s About Time
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Sea Limited (SE) +8.7%
Teladoc (TDOC) +6.0%
StoneCo (STNE) +5.0%
Amazon (AMZN) +4.1%
Moving Down ⬇️
Nordstrom (JWN) -9.8%
Ulta Beauty (ULTA) -3.5%
Axos Financial (AX) -2.8%
Paycom (PAYC) -2.3%
1. At long last this love story has a happy ending after the S&P 500 (VOO) finally hit that elusive all-time high on Tuesday, officially wiping out 2020’s pandemic-driven losses. The 500-stock average rose 0.2% to a record close of 3,389.78, bringing its total gains since March lows to 54% and officially ending the shortest bear market in U.S. history. The Nasdaq (QQQ) also notched a record on Tuesday after gaining 0.7%, while the Dow Jones (DIA) actually dipped by 66 points. Read more here.
2. Home Depot (HD) followed in rival Walmart’s (WMT) footsteps in Q2 to post knockout earnings, yet shares still fell 1.1% on Tuesday. Home Depot’s profit surged 25% to $4.33 billion, or $4.02 per share, though pandemic-related costs also saw expenditure rise, including $480 million of additional compensation for its employees. Home Depot shares have weathered the pandemic well, rising 31% YTD as lockdown measures caused a rise in at-home projects. Get the official press release here.
3. The bulls were out in force for Sea Limited as shares popped 6% even before it released its blowout earnings call on Tuesday. Total adjusted revenue was $1.29 billion, up 93.4% year-on-year, with EPS of $0.68 thanks largely to a 150% jump in e-commerce orders as well as the continued popularity of its ‘Free Fire’ mobile game. Sea is the latest e-commerce company to report a huge boom in business, sending shares soaring almost 9% to bring total gains YTD to 265%. Get Sea’s official quarterly release here.