Thursday’s Headlines: Trade Talks With China To Resume
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Sea Limited (SE) +3.1%
IMAX (IMAX) +2.5%
Twitter (TWTR) +2.3%
Spotify (SPOT) +1.9%
Zillow (Z) +1.8%
Moving Down ⬇️
Nautilus (NLS) -5.8%
TrueCar (TRUE) -4.9%
Pinterest (PINS) -4.0%
1. Wall Street appears to be waiting with bated breath after China confirmed that trade talks will resume with the U.S. in the coming days. Trading is relatively flat this morning after the Dow Jones (DIA), S&P 500 (VOO), and Nasdaq (QQQ) dropped slightly on Wednesday, while any news on trade talks could cause a swing either way. Talks will include a review of the phase one deal, which was signed in January, and perhaps a rejigging of the terms following the damage caused by the coronavirus. Read the full story here.
2. Apple (AAPL) has become, however briefly, the first U.S. company to hit a market cap of $2 trillion after touching these new highs on Wednesday. However, the iPhone maker fell to $1.98 trillion by the end-of-day as shares closed at $467.77, bringing total gains in 2020 to 60%. Apple first reached a $1 trillion market cap on August 2, 2018, 19 years after it hit $500 billion, meaning that it took just 2 years for the company to double to $2 trillion. By that logic, should we expect a $4 trillion valuation in 77 days? Read more here.
3. The IPO market is getting a shot in the arm after Airbnb confirmed on Wednesday that it has submitted a draft registration to the Securities and Exchange Commission to go public. The company did not disclose its financial information nor did it specify how many shares would be offered. The coronavirus has decimated the world’s travel industry, with Airbnb now only valued at $18 billion, nearly half what the company was worth in 2017. Read the full report here.