Thursday’s Headlines: After The Rise Comes The Fall
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Zoom Communications (ZM) +11.0%
Tesla Motors (TSLA) +10.9%
Calavo Growers (CVGW) +9.2%
Nautilus (NLS) +8.4%
Stitch Fix (SFIX) +8.2%
Moving Down ⬇️
Slack Technologies (WORK) -13.9%
Lululemon (LULU) -7.4%
Tiffany & Co. (TIF) -6.4%
Coupa Software (COUP) -5.9%
Nordstrom (JWN) -5.6%
1. U.S. stock futures slipped in early morning trading today, threatening to end the market's rebound. After Wednesday’s broad market rise which saw the S&P 500 (VOO) and Nasdaq (QQQ) rise 2% and 2.7% respectively, Wall Street analysts are warning that the worst of the drop could still be to come. September is traditionally a bad month for the stock market, but 2020 has not exactly been a year of ‘precedents’, so investors might want to buckle up and prepare for all sorts of volatility going into the winter months. Read the full report here.
2. Shares in luxury jeweler Tiffany & Co. (TIF) fell 6.4% on Wednesday after news broke that LMVH is trying to renege on its acquisition of the company. French company LVMH Moet Hennessy agreed to purchase the U.S. brand last November for $16.2 billion, but now, amidst the ongoing pandemic and rising tariffs on French goods, it has claimed that it will no longer be possible to see the deal take place. The coronavirus has seen Tiffany’s same-store sales fall 44% so far this year, making the deal an important one for the famous jeweler which is looking to take legal action against LVMH in a bid to force the merger through. Read the complete story here.
3. Microsoft (MSFT), Walmart (WMT), and Oracle (ORCL) will not be pleased with the latest updates surrounding the planned sale of TikTok’s U.S. operations this morning. According to the Wall Street Journal, TikTok’s parent company, ByteDance, is in talks with the U.S. government over a deal that will not require the sale of the business’s U.S. operations at all. The short-form video company needs to agree to a deal by September 20 or risk a shutdown of all U.S. operations, but this latest news — if true — could put an end to the drawn-out saga. Read more here.
There is one company in the MyWallSt shortlist that will report earnings today: