Friday’s Headlines: You Knew The Fall Was Coming
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Duluth Trading (DLTH) +5.7%
Nautilus (NLS) +4.6%
iRobot (IRBT) +4.6%
Boston Beer Co. (SAM) +3.8%
Moving Down ⬇️
Planet Fitness (PLNT) -5.6%
GoPro (GPRO) -5.2%
Pure Storage (PSTG) -4.1%
IMAX (IMAX) -4.0%
1. Stocks fell sharply in volatile trading on Thursday as the rout in tech — the best-performing sector in the market — resumed after a one-day respite. Despite rises early in the day, the Dow Jones (DIA) fell 1.45%, the S&P 500 dropped 1.8%, and the Nasdaq rounded up a bad day with a 2% decline. Tech is rapidly declining in September, falling 11.4% so far, led by dramatic drops from the likes of Tesla (TSLA) and Apple (AAPL) which closed down 2.7% and 3.3% on Thursday. Read the full story here.
2. Introverted exercise enthusiasts and anti-gymmers everywhere rejoice; Peloton (PTON) smashed earnings and it expects its momentum to last right through 2021. Earnings came to $0.27 per share on revenue of $607.1 million versus expectations of $0.10 on revenue of $582.5 million, helping the company to post a net profit of $89.1 million. Peloton said it ended the quarter with more than 1.09 million connected fitness subscribers, up 113% from a year earlier, and roughly 3.1 million members in total, proving that at-home exercise is a winner amidst a pandemic. Listen to the official press release here.
3. To round up the week with some fun, Microsoft Teams (MSFT) got a glowing endorsement on Thursday after the NFL confirmed it would use the platform to let fans virtually attend games. Players will be able to see fans on giant screens in the end zone when they score, and fans will be able to celebrate with them, with the move extending the league’s already-existing partnership with the tech giant. Microsoft has suffered from the recent tech sell-off, falling 2.80% on Thursday, though its stock is still up 28% year-to-date. Read more here.