Wednesday’s Headlines: Market Plunges On Presidents Stimulus Announcement

Wednesday’s Headlines: Market Plunges On Presidents Stimulus Announcement

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

GoPro (GPRO) +5.8%

BlackLine (BL) +5.0%

Twilio (TWLO) +4.1%

Sea Limited (SE) +3.7%

IMAX (IMAX) +3.3%

Moving Down ⬇️

Zillow (Z) -4.6%

Under Armour (UAA) -3.9%

Twitter (TWTR) -3.6%

Ulta Beauty (ULTA) -3.5%

Teladoc (TDOC) -3.3%

1. The stock market took an unceremoniously deep dip into red territory on Tuesday following President Trump’s latest tweet regarding stimulus talks. “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,”. With businesses suffering amid a global resurgence in CV-19 cases, investors reacted poorly, leading the Dow Jones (DIA), S&P 500 (VOO), and Nasdaq (QQQ) to fall 1.34%, 1.40%, and 1.57% respectively. Read the full story here.  

2. Just in time for Q3 earnings madness to begin, antitrust has come knocking on Big Tech’s door with some pretty serious accusations, the culprits being Apple (AAPL), Amazon (AMZN), Facebook (FB), and Google (GOOG). Not content with allowing these giants to simply rule the world, a 16-month long investigation by a House Judiciary subcommittee concluded that these behemoths enjoy monopoly power and suggests Congress break parts of it up. Though many on both sides of the floor agree with much of the proposals, some Republican senators have voiced disagreement with the more extreme measures such as a complete breakup of the companies. Can we expect YouTube and Instagram IPOs in the future? Get the official report from the subcommittee here

3. Between CV-19 and Big Tech, it can be easy to forget about the small fish such as GoPro (GPRO), who saw its stock price jump 5.8% on Tuesday. The company revealed that paid subscribers shot past 500,000 in Q3, driving online purchases in flagship products such as the HERO9 Black, which saw sales up 230% over the comparable two-week post-launch period in 2019. The company is ahead of schedule to hit its 600,000-700,000 subscriber target by end of 2020, while its share price is up 12.7% year-to-date (YTD). Read GoPro’s official press release here.