Thursday’s Headlines: Affirm IPO Proves Bountiful For Shopify

Thursday’s Headlines: Affirm IPO Proves Bountiful For Shopify

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Peloton Interactive (PTON) +7.3%

Cloudflare (NET) +6.0%

Sea Limited (SE) +3.8%

Trupanion (TRUP) +3.4%

PayPal (PYPL) +3.1%

Moving Down ⬇️

Gentex (GNTX) -4.0%

Zendesk (ZEN) -3.6%

TrueCar (TRUE) -3.3%

Pinterest (PINS) -3.1%

Axos Financial (AX) -2.9%

1. Joining a long list of recently successful IPOs, payment solutions company, Affirm (AFRM), saw its stock soar a whopping 98% in its initial public offering on the Nasdaq yesterday. They weren’t the only winner from this success though, as stalwart growth stock, Shopify (SHOP), saw its own stake in Affirm — 20 million shares — grow to more than $2 billion. The two companies joined forces in July last year when Affirm became the exclusive provider of point-of-sale financing for Shop Pay, Shopify’s checkout service. It is just another win in a long line of success for Shopify, which saw its stock price almost triple in 2020. Read the full story here

2. Social media is really not having a great time of it lately, with Facebook (FB) and  Twitter (TWTR) having a collective $51.2 billion wiped off of their market caps this week following their banning of President Trump. Facebook, which accounts for $47.6 billion of these losses, could be in for more trouble soon though, with the European Court of Justice ruling that complaints against Big Tech do not necessarily have to be taken to the domestic regulator. What this means is that Facebook could be liable for data breaches in different EU nations rather than just from the EU as a singular body. With 27 member states in the world’s largest trading bloc, Facebook could now be opened up to a swarm of data privacy suits. Read the full article here

3. Get on your bike and start pedaling because  Peloton (PTON) stock is taking investors on a ride to the moon and back after hitting all-time highs of $169 per share yesterday. The latest boon in this growth stock’s share price comes after Bank of America (BAC) upgraded its price target from $150 to $175 while reiterating its buy rating. It’s no surprise, given the company is so popular that it’s becoming hard to get in on the action, with Peloton still quoting up to 10 weeks delivery time for its products. However, this issue could be largely tackled in 2021 as the company continues to work on a new factory capable of producing 1.5 million units a year. Read the full story here.