Friday’s Headlines: House Passes $2.2. Trillion Stimulus Bill
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Etsy (ETSY) +8.3%
Pinterest (PINS) +7.3%
The Trade Desk (TTD) +7.0%
Roku Inc. (ROKU) +6.1%
Moving Down ⬇️
Align Technology (ALGN) -3.0%
IMAX (IMAX) -2.9%
FactSet (FDS) -2.1%
Veeva Systems (VEEV) -1.5%
1. Despite a sharp rise in tech stocks on Thursday, confirmation that President Trump has contracted the coronavirus sent futures plummeting after-hours. The president’s confirmation that he and the First Lady will be quarantining saw the Dow Jones (DIA) fall 428 points, while the S&P 500 (VOO) and Nasdaq (QQQ) also dropped into negative territory. This likely Friday dip comes off the back of the Dow’s gain of 0.1% on Thursday, while the S&P 500 advanced 0.5%, and the Nasdaq Composite’s outperformance of 1.4%. Read the full story here.
2. Shares of cloud communications company Twilio (TWLO) rose up to 10% on Thursday before eventually closing up 3.8%. The rise comes after the company’s annual Investor Day webcast, where it revealed in a filing that it expects third-quarter revenue to surpass the $401 million to $406 million range it had provided in August. Many cloud companies have seen gains this year as schools and companies have had to rely on the online software to keep people connected during coronavirus quarantines, with Twilio rising almost 150% year-to-date. Get the official presentation here.
3. It looks like the CEOs of Facebook (FB) and Google (GOOG) will be headed for Capitol Hill once more — presumably via Zoom — but this time, they’ll have Twitter’s (TWTR) Jack Dorsey with them. The Senate Commerce Committee voted on a unanimous, bipartisan basis Thursday to subpoena each CEO to testify before the panel about concerns over the tech industry’s key legal shield, Section 230 of the Communications Decency Act. Section 230 allows online platforms to be protected from liability for their users’ posts and their moderation practices if taken in good faith, but in the modern era of mass social media, lawmakers wish to hold these companies accountable. Get the complete report here.