Friday’s Headlines: Wall Street Hits Record High

Friday’s Headlines: Wall Street Hits Record High

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Lemonade (LMND) +27.5%

Teladoc (TDOC) +12.1%

Roku Inc. (ROKU) +10.6%

Twilio (TWLO) +8.6%

Tesla Motors (TSLA) +7.9%

Moving Down ⬇️

Calavo Growers (CVGW) -4.0%

Stitch Fix (SFIX) -3.9%

FedEx (FDX) -3.0%

IMAX (IMAX) -2.4%

Duluth Trading (DLTH) -2.3%

1. U.S. stock futures rose this morning after another record-breaking rally on Wall Street. The three major averages closed at record highs, with the Nasdaq Composite (QQQ) jumping 2.6% to close above 13,000 for the first time ever, whilst the Dow (DIA) and S&P 500 (VOO) rose 0.7% and 1.5%, respectively. Stocks are set to make a really big move in the coming weeks as the level of fear in the market declines. Despite the turmoil in Washington, Wall Street is optimistic as it hopes for further fiscal stimulus now that Democrats control the Senate. Growing clarity in Washington and the amount of cash available could send shares higher again, with cyclical stocks in particular benefitting. See the full story here

2. Lemonade (LMND) stock skyrocketed 27% yesterday after a popular Wall Street analyst pitched the insurance provider as a top January pick. Shares of the company have almost tripled since the beginning of November 2020 as the provider of low-cost insurance services expanded its international footprint, won an important legal case, and closed 2020 with more than 1 million active customers. It looks like pure market momentum is driving Lemonade's stock up right now and shareholders are expecting this upward trend to continue for years to come. Lemonade wants to disrupt the insurance sector and it has plenty of work to do as net premiums added up to a whopping $1.32 trillion in the U.S. in 2019. Check out Lemonade’s report on landing 1 million customers here

3. Constellation Brands (STZ) shares popped 4% yesterday after the company topped earnings expectations thanks to brand divestments, acquisitions, and huge bets on recreational marijuana. The beverage importer reported third-quarter adjusted earnings per share (EPS) of $3.09 on adjusted revenue of $2.44 billion, surpassing Wall Street expectations of EPS of $2.41. The New York-based company, whose beer division imports include Corona and Modela, reported $2.44 billion in sales, representing an increase of 22% year-over-year. Constellation’s Canopy Growth investments increased $770 million in value during the quarter driven by industry-wide optimism following the 2020 election as a Democratic leadership is likely to result in marijuana legalization in the U.S. Read the full press release here

NicoleNicole

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