Monday’s Headlines: Amazon Pushes Back Against Lawmakers
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
2U (TWOU) +13.0%
Chegg (CHGG) +6.7%
Smartsheet (SMAR) +4.9%
Twitter (TWTR) +4.9%
Moving Down ⬇️
BlackLine (BL) -11.2%
TrueCar (TRUE) -5.9%
Cloudflare (NET) -5.8%
Datadog (DDOG) -4.0%
Pinterest (PINS) -3.4%
Don’t forget that the markets are closed on Monday for Presidents Day, and will reopen as normal tomorrow.
1. Amazon (AMZN) is taking the fight to lawmakers after it sued New York Attorney General Letitia James on Friday. The move was made in a bit to block James from regulating its workplace safety response to the COVID pandemic, which has been an area of much discussion in the past year. Lawmakers are currently looking into Amazon’s treatment of infected workers during the pandemic and its dismissal of whistleblowers who reported on said conditions, which could leave the business with legal ramifications for years to come. Read the full story here.
2. Shares in online education leader 2U (TWOU) soared 13% on Friday after its Q4 earnings call. Expected to lose $0.09 per share on $208.2 million in revenue in its fiscal fourth quarter, 2U instead reported a loss of only $0.06 per share and sales of $215.3 million. Although the company continues to lose money, with full-year losses of $3.22 per share, this was still a 16% improvement on fiscal 2019. These growth figures are to be expected though as more and more educational institutions move their courses online in response to COVID-19. Read the official press release here.
3. In another win for the at-home stocks, Spotify (SPOT) became the latest major corporation to announce a “Work from Anywhere” model. The music streaming leader will allow employees to choose whether they want to be in the office full time, be at home full time or a combination of the two, as well as location flexibility. Spotify follows the likes of Salesforce (CRM), Twitter (TWTR), and many more in implementing such initiatives, which will serve to fuel even more growth of at-home stocks such as Zoom (ZM) and Peloton (PTON) in a post-pandemic world. Read more here.
Get this week’s full earnings calendar here.