Wednesday’s Headlines: Uncertainty Plagues The Market
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Arista Networks (ANET) +15.4%
Nordstrom (JWN) +9.7%
Nautilus (NLS) +8.6%
Planet Fitness (PLNT) +7.8%
Trupanion (TRUP) +7.5%
Moving Down ⬇️
PayPal (PYPL) -4.2%
Baozun (BZUN) -4.2%
Boston Beer Co. (SAM) -3.4%
Wix (WIX) -3.3%
Wynn Resorts (WYNN) -1.7%
1. Up 2.1% at the close last night, down as much as 1.7% after-hours, and now relatively flat, the Dow Jones (DIA) is in for a wild ride thanks to election uncertainty. Other major indexes such as the S&P 500 (VOO) and Nasdaq Composite (QQQ) have been scattered after hours too, thanks to delays related to postal votes which could see ballot-counting drag on for days. For investors though, as the business world awaits a result, it is important to not allow the election to affect your long-term investing decisions. Read an updated report here on market movements today.
2. Halfway across the world, some massive news emerged yesterday as Ant Group’s record-setting initial public offering in Shanghai and Hong Kong was suspended. The $34.5 billion IPO was called off by the China Securities Regulatory Commission due to “significant issues such as the changes in financial technology regulatory environment, which may result in the company not meeting the conditions for listing or meeting the information disclosure requirements.” Back stateside, shares in Alibaba (BABA) fell 8% on the NYSE as the Chinese competitor to Amazon owns a roughly 33% stake in Ant Group. There has been no word on any possible rescheduled IPO plans for the Jack Ma-backed company as of yet, but you can get a full update here.
3. Good news for Uber (UBER) and Lyft (LYFT) out of California last night — but bad news for normal, hardworking people — as the ‘The Golden State’ formally voted in Proposition 22, which exempts ride-sharing from standard labor laws in the state. The proposition allows drivers for app-based transportation and delivery companies to be classified as independent contractors rather than employees, and while that would disqualify them for benefits granted to employees, the measure does at least entitle drivers to new securities like minimum earnings and vehicle insurance. This proposition was a last-ditch effort by Uber and Lyft to combat last year’s Assembly Bill 5, popularly known as the “gig worker bill,” with the news sending Uber and Lyft shares up 2.8% and 1.7% respectively. Read a more in-depth analysis of the proposition here.
There are 5 companies on the MyWallSt shortlist that will report earnings today.
Wynn Resorts (WYNN)
Match Group (MTCH)
Get this week’s full calendar here.