Thursday's Headlines: Here Come the Stimmies
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Duluth Trading (DLTH) +7.2%
DraftKings (DKNG) +5.2%
Roku Inc. (ROKU) +4.3%
Tripadvisor (TRIP) +4.1%
Moving Down ⬇️
Coupa Software (COUP) -4.8%
Teladoc (TDOC) -4.4%
Smartsheet (SMAR) -4.0%
Sea Limited (SE) -3.9%
ServiceNow (NOW) -2.8%
1. As many as 90 million Americans received their $1,400 stimulus check yesterday, setting up the market for a massive influx of cash over the next couple of days. March 17th marked the official 'payday' for more than $242 billion worth of stimulus payments (or 'stimmies', as the kids call them) signed off by President Joe Biden last Thursday. According to various polls that were taken in the run-up to the payments, as much as half of recipients are expected to invest at least 50% of their check into the stock market, which could pave the way for record volumes and volatile movements over the next few days. Read more here.
2. Shares of Teladoc (TDOC) fell more than 7% yesterday after Amazon (AMZN) announced plans to roll out its telehealth service for employees. Amazon Care will allow Amazon employees across the U.S. to access virtual urgent care visits and free telehealth consultations from this summer. The company also plans to offer its health program to other employers nationwide, threatening Teladoc's dominance in the space. Of course, Amazon has a history of spooking investors when it decides to move into new spaces — remember how everyone thought that Amazon Handmade would kill Etsy (ETSY)? More here.
3. PagerDuty (PD) stock fell in after-hours trading last night after the company reported on record revenue for the last quarter but forecast a wider-than-expected loss for the coming fiscal year. For the last three months, the digital operations management company posted $59 million in revenue (+29% year-on-year) and an adjusted net loss of $0.07 per share. Retention rates for the company remained incredibly strong for the past year too, with a total dollar-based net retention rate of 121%. However, despite full-year 2021 revenue forecasts being higher than anticipated, an expected loss per share of between $0.36 - $0.43 soured investors last night. Check out the full release here.
There are 3 companies on the MyWallSt shortlist that will report earnings today: