Friday Headlines: Does TikTok Have IPO Plans?

Friday Headlines: Does TikTok Have IPO Plans?

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Ford Motor Company (F) +3.7%

Peloton Interactive (PTON) +3.2%

Teladoc (TDOC) +3.0%

Boston Beer Co. (SAM) +2.5%

Hasbro (HAS) +2.4%

Moving Down ⬇️

2U (TWOU) -5.1%

iRobot (IRBT) -4.8%

American Tower (AMT) -4.8%

Baozun (BZUN) -4.7%

Smartsheet (SMAR) -4.4%

1. With the fate of TikTok’s U.S. sale expected to be decided upon by President Trump within the next 24 hours, parent-company ByteDance is reportedly making plans of its own. Should the current deal be signed off on, which sees Oracle (ORCL) partner with Walmart (WMT) to take a 20% ownership stake of TikTok’s U.S. business, ByteDance will reportedly file an IPO on a U.S. stock exchange for TikTok’s global business within the year. Private valuations of the company have been estimated to be about $50 billion, dwarfing that of Snowflake (SNOW) which took place this week to become the largest software IPO ever, so one can expect similar madness surrounding a TikTok offering. Read more here

2. The stock market is taking a breather this morning with futures remaining flat after the Dow Jones (DIA) snapped a 4-day winning streak to fall 0.47%. It was red all ‘round as continued tech sell-offs saw the Nasdaq (QQQ) fall 1.56% while the S&P 500 dipped close to 1%, with some of the biggest names on Wall Street, Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), etc falling double figures since the beginning of the month. Much of this volatility comes down to the uncertainty surrounding a new coronavirus stimulus package as Republicans and Democrats remain at loggerheads as to how much money should be provided. Get the complete report here

3. Shares in Ford Motors (F) jumped 3.7% on Thursday following its new ad campaign, “Built for America”, which showcases its commitment to American jobs and community investment. The ad comes mere weeks before the opening of the manufacturer’s next-generation Ford F-150 pickup plant in Detroit, which should prove to be a pivotal moneymaker for the beleaguered business. Shares in Ford have been hit hard by the coronavirus pandemic, falling 22.7% YTD, compared to the likes of rival Tesla (TSLA) which has almost quintupled in the same period. Read more here.

JamieJamie

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