Tuesday’s Headlines: Why Did Imax Jump 10%?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
IMAX (IMAX) +9.6%
Nordstrom (JWN) +7.5%
Stitch Fix (SFIX) +6.5%
Tripadvisor (TRIP) +6.3%
Moving Down ⬇️
Teladoc (TDOC) -5.7%
Chegg (CHGG) -5.6%
Pinterest (PINS) -3.8%
Nautilus (NLS) -3.3%
1. They say that a good start is half the battle; hopefully that sentiment stands this week as the S&P 500 (VOO) hit another record close on Monday, led by overall optimism surrounding the coronavirus. The S&P 500 climbed 1% to 3,431.28, the Dow Jones (DIA) climbed 1.4%, and the Nasdaq (QQQ) advanced 0.6%, also closing at a record high. As coronavirus case numbers continue to decline in the U.S., travel stocks are leading the charge on Wall Street alongside Big Tech. Read more here.
2. Who said that cinema is dead? Imax (IMAX) stock soared 9.6% on Monday after the successful release of ‘The Eight Hundred’ in Chinese theaters. The locally produced war epic took in $83 million over the weekend, the best opening weekend for an international release so far in 2020 — not that there was much competition. The return of blockbuster movies will be a welcome sight for Imax investors as the theater chain’s stock remains down almost 30% YTD. Read the full story here.
3. A lot of workers almost got a day off yesterday after Zoom (ZM) reported “partial outages” just before 9 AM ET on Monday, with normal service resuming around 12:30 PM. Nevertheless, investors weren’t impressed with the videoconferencing company as the event sent shares tumbling as much as 5% before closing 2.55% in the red. A small blip on an otherwise picture-perfect year for Zoom, which has seen its stock rise 300% due to a mass corporate migration from face-to-face interaction to the at-home interface. Read the complete report here.
There are three companies in the MyWallSt shortlist that will report earnings today: