Tuesday’s Headlines: Bitcoin Price Spikes After Tesla's Purchase
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Square (SQ) +8.2%
Nautilus (NLS) +7.3%
Cloudflare (NET) +6.5%
ShotSpotter (SSTI) +5.2%
Walt Disney Co. (DIS) +4.9%
Moving Down ⬇️
Hasbro (HAS) -4.2%
Bill.com (BILL) -3.1%
GoPro (GPRO) -2.9%
Align Technology (ALGN) -2.9%
Pinterest (PINS) -2.6%
1. Yesterday, Tesla (TSLA) announced it bought $1.5 billion worth of Bitcoin, sending the crypto’s price above $44,000. The EV maker said it also plans to start accepting payments in Bitcoin in the near future. Tesla stated that the cryptocurrency purchase was made following a change in investment policy last month that allowed "more flexibility to further diversify and maximize returns" on cash not required for operations. One other winner from this report is Square (SQ), which saw its shares soar over 8.15% yesterday as users flocked to the app to buy the cryptocurrency. See more on the story here.
2. Take-Two Interactive (TTWO) shares fell after-hours yesterday even after the company reported higher-than-expected revenue for Q3. The video game maker posted earnings of $1.24 per share on net bookings of $814.3 million, down from earnings of $1.63 on bookings of $888 million year-over-year (YoY). Digitally-delivered net revenue increased 4% to $728.5 million, up from $700.3 million in last year’s quarter. The largest contributors to this revenue were GTA V Online and NBA 2K21 games. Check out the full report here.
3. Nike (NKE) just snapped up data integration platform Datalogue to fuel digital integration and boost sales growth. The king of athletic footwear said the acquisition is part of the company’s Consumer Direct Acceleration (CDA) strategy which focuses on better serving its consumers. With this deal, the apparel company will be able to integrate data from all sources — including its app, supply chain, and enterprise data — in one easily accessible and standardized platform. Nike plans to further increase investments in tech and e-commerce to develop a more consumer-centric structure for its business. The terms of the deal were not disclosed. Read more about the acquisition here.
Some more earnings from yesterday
The education technology company reported an earnings beat of $0.55 per share on revenue of $205.7 million, up from year-ago revenues of $125.50 million. CEO Dan Rosensweig said "We believe this massive shift to learning online, accelerated by the pandemic, is an irreversible trend." See the full earnings report here.
The toy company wasn’t playing around as it came out with quarterly earnings of $1.27 per share on revenue of $1.72 billion, up from year-ago revenues of $1.43 billion. The company saw over $1 billion in e-commerce revenues for the first time ever by leveraging their global supply chain capabilities and evolving the company’s manufacturing supplier base. Read the full press release here.
Get this week’s full earnings calendar here.