Wednesday’s Headlines: The Dow Soars Past 30,000

Wednesday’s Headlines: The Dow Soars Past 30,000

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Planet Fitness (PLNT) +8.1%

Wynn Resorts (WYNN) +7.6%

Lemonade (LMND) +7.4%

Ford Motor Company (F) +6.7%

Tesla Motors (TSLA) +6.4%

Moving Down ⬇️

Zillow (Z) -6.2%

Peloton Interactive (PTON) -5.9% (BILL) -5.1%

2U (TWOU) -4.6%

Teladoc (TDOC) -3.9%

1. The Dow Jones Industrial Average (DIA) has topped the 30,000 mark for the first time as financial markets around the world rally amid vaccine and presidency hopes. The benchmark U.S. index rose 1.54% on Tuesday to hit 30,046.24, fueled by the US General Services Administration’s (GSA) declaration of Biden as the apparent winner of the U.S. election, clearing the way for the formal transition from Donald Trump’s administration to begin, ending weeks of uncertainty and delay. Celebrations of breaching this psychological landmark may be premature though as global coronavirus cases continue to soar, making a full rollout of the newly developed vaccines seem a long way off. Read the full story here

2. For no other apparent reason than simple hype, Tesla (TSLA) soared past a $500 billion valuation on Tuesday for the first time to close at $526.45 billion,  confirming CEO Elon Musk as the second-richest person on the planet. The company rose 6.43% on Tuesday, bringing its total gains in 2020 so far to more than 500%, and though breaching the half-trillion-dollar mark is largely symbolic, it highlights the rapid growth of Tesla, which became just the first $100 billion publicly listed U.S. carmaker in January. Tesla is now the seventh-most valuable public company in the U.S. and is fast gaining on Warren Buffett’s Berkshire Hathaway (BRK.B) ahead of the EV maker’s addition to the S&P 500 (VOO) on December 21. Read our thoughts on Tesla as an investment here.

3. Nordstrom (JWN) shares rose 4.8% on Tuesday after the department store reported that its third-quarter sales picked up more than analysts had anticipated. While earnings per share of $0.34 on revenue of $3.09 billion impressed, digital sales growth was excellent in the quarter, hitting $1.6 billion and representing 54% of the retailer’s business. The big buzz word being thrown around though is ‘holiday’, and with the busiest shopping season of the year coming up, this upward trend of sales could prove pivotal to Nordstrom closing out what otherwise could have been a disastrous year for the retail giant, which has seen its stock fall 39% year-to-date. Read the official press release here.

Some more earnings from last night:

Autodesk (ADSK)
Shares in the design software maker closed marginally in the green on Tuesday after it announced earnings per share of $1.04 on revenue of $952.4 million, versus expectations of $0.96 on revenue of $942.5 million. Autodesk has risen more than 40% year-to-date, and as a leader in virtual reality and design, it has a long runway for growth given the uncertain nature of this pandemic, which is driving businesses to find alternative solutions. Read the official press release here

Pure Storage (PSTG)
People and businesses need a lot of cloud storage right now, but Pure Storage appears to have missed the memo after reporting a $74.2 million net loss, or $0.28 per share, and a 4% revenue decline year-on-year to $410.6 million. CEO Charlie Giancarlo remains optimistic though, stating that Pure Storage’s enterprise segment is expected to continue to grow rapidly into 2021 as COVID continues to cause emergency buying from customers. Read the official press release here

Get this week’s full calendar here.