Friday’s Headlines: Why Did The Market Fall Almost 4%?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Duluth Trading (DLTH) +7.9%
Nordstrom (JWN) +1.7%
Texas Roadhouse (TXRH) +1.2%
Moving Down ⬇️
Smartsheet (SMAR) -15.7%
2U (TWOU) -10.5%
Yext (YEXT) -10.5%
Chegg (CHGG) -10.3%
Nautilus (NLS) -10.1%
1. Contrary to what the past five months have told us, stocks do, in fact, go down; and boy did they fall in a big way on Thursday. The Dow Jones (DIA) ended the day with a loss of 2.8%, the S&P 500 (V00) fell 3.5%, while the Nasdaq (QQQ) plummeted 5% led by heavy losses in tech, including Apple’s (AAPL) 8% plunge. There was panicked talk of yet another crash similar to the pandemic-driven losses of mid-March, and judging by after-hours movement today, we could have yet another day in the red, so brace yourselves. Read the complete story here.
2. One of the few winners from Thursday’s market bloodbath was Duluth Trading (DLTH), which jumped 7.9% following impressive Q2 earnings. The retailer reported a net sales increase of 12.6% to $137.4 million while net income jumped to $5.9 million, or $0.18 per diluted share. Duluth only just recovered its total losses for 2020 this week, with the stock now sitting up 16% YTD, though it is still 68% off of its 2016 all-time highs as the retailer struggled long before the COVID-19 pandemic. Read the official release here.
3. DocuSign (DOCU) easily topped expectations with its latest quarterly results as it continued to experience a boost from remote-work trends, though shares still fell 8.7% with the wider market. DocuSign’s revenue for its fiscal second-quarter climbed to $342.2 million from $235.6 million a year ago, while EPS came in at $0.17, with billings up 60% for the first half of 2020. Shares of the company, which enables businesses and individuals to sign documents electronically, are up a whopping 219% YTD, even with yesterday’s losses Get the official press release here.