Tuesday’s Headlines: Is The Tech Rout Over?
Due to the market's closure yesterday due to Labor Day, these were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Duluth Trading (DLTH) +10.8%
Eventbrite (EB) +6.1%
IMAX (IMAX) +4.0%
Tesla Motors (TSLA) +2.8%
Moving Down ⬇️
DocuSign (DOCU) -10.6%
Coupa Software (COUP) -7.3%
PayPal (PYPL) -6.4%
Yext (YEXT) -6.2%
1. Stocks futures climbed in overnight trading on Monday after tech companies suffered their worst sell-off since the pandemic-driven madness of March. The Dow Jones (DIA) and S&P 500 (VOO) gained close to 200 points each to sit comfortably in green territory, though the Nasdaq (QQQ) has remained relatively flat, dipping in and out of the red. The tech-heavy Nasdaq dropped 3.3 % last week with many on Wall Street believing that the industry has become way too overvalued as talks of a ‘tech bubble’ begin to surface. Read more here.
2. It seems like Google (GOOG) just can’t stay out of the antitrust shadow these days with fresh trouble brewing on the horizon, this time with the Department of Justice. The DOJ, which has been conducting an antitrust investigation of the tech giant, plans to bring a lawsuit against Google as soon as this month. Google is alleged to be abusing its power by favoring its own businesses, for example, YouTube, in search results rather than presenting neutral search results. This could be a landmark case in the overall picture of antitrust versus Big Tech. Read the full story here.
3. Apple (AAPL) has announced that a planned change to its iOS platform that would impact how mobile advertisers track users would be delayed until early 2021. The feature would require apps that collect user data to give consumers the option to turn off data tracking, effectively killing off the ability to show target ads. The move comes after complaints from Facebook (FB) and other digital ad companies warned that the new feature would severely impact their business. Get the complete report here.
There are five companies in the MyWallSt shortlist that will report earnings today:
Calavo Growers (CVGW)