Wednesday’s Headlines: No iPhone? No Problem
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Nautilus (NLS) +9.3%
Tesla Motors (TSLA) +7.2%
Square (SQ) +7.0%
Roku Inc. (ROKU) +6.8%
Moving Down ⬇️
2U (TWOU) -4.0%
Yext (YEXT) -2.5%
Axos Financial (AX) -2.4%
Nordstrom (JWN) -2.3%
1. Even though we knew that there would be no new iPhone at Apple’s (AAPL) fall event this year, it was still a bit strange not to see the company’s flagship product. Shares remain flat this morning following the unveiling of the 6th Apple Watch series and a cheaper version, two new iPads, a ‘Peloton (PTON) killer’ Fitness+ workout service, and most exciting of all, the Apple One service bundle. The long-awaited bundle will see Apple offer the likes of Apple Music, News, iCloud storage, and more in a single package, much to the annoyance of Spotify (SPOT), which feels the Big Tech giant is abusing its position of power in an anti-competitive way. Read more here.
2. Tesla’s stock (TSLA) rose once more on Tuesday as the news of increased app downloads prompted Goldman Sachs (GS) analysts to increase their predicted deliveries count. Analysts at the banking firm believe that sales could come in at 145,000 for Q3, up from 97,000 in Q2, which would put the company well on track to hit its total 2020 target of 500,000 deliveries. The electric vehicle leader erased its losses from a poor start to the month after rising 7.18% on Tuesday and has risen as much as 4% after-hours. Get the full story here.
3. Shares in Jack Dorsey-owned Square (SQ) jumped 7% on Tuesday after the company launched its new ‘On-Demand Pay’ offering. This new feature lets those using Square for payroll give employees up to $200 of a paycheck ahead of the normal biweekly schedule, which can then be funneled directly into Square’s popular mobile account, the Cash App. Square wasn’t done yet though as it also announced the launch of its “instant payments” feature, which lets businesses fund payroll immediately using money in their Square balance, instead of waiting to pay through external bank accounts. Read the complete report here.