Wednesday’s Headlines: E-commerce Is King

Wednesday’s Headlines: E-commerce Is King

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Roku Inc. (ROKU) +9.5%

Stitch Fix (SFIX) +6.9%

Datadog (DDOG) +6.8%

Peloton Interactive (PTON) +5.8%

Sea Limited (SE) +5.2%

Moving Down ⬇️

Tripadvisor (TRIP) -4.5%

GoPro (GPRO) -1.9%

Evolent Health (EVH) -1.8%

Hain Celestial (HAIN) -1.5%

Ulta Beauty (ULTA) -1.3%

1. Not that investors needed reminding, but e-commerce is a strong growth industry right now. Shares in Etsy (ETSY), Mercado Libre (MELI), Sea Limited (SE), and Shopify (SHOP) all rose on Tuesday following a report from the Mastercard Economics Institute, which showed that global online spending in 2020 jumped by $900 billion. Ironically, the king of e-commerce, Amazon (AMZN), was one of the few businesses in this sector to find its stock declining on the day — albeit marginally. This is likely due to outside factors such as its current union troubles. Read the complete report here.

2. Meanwhile, across Silicon Valley, Facebook (FB) is working on a key component of its e-commerce business. The social network confirmed on Tuesday that it is testing a new QR code feature and payment links for use with Facebook Pay to make it easier for people in the U.S. to send or request money from one another. The product will be a direct rival to PayPal’s (PYPL) Venmo but will have the added benefit of being accessible by the 3 billion+ people that use Facebook products across the planet. Read more here.

3. Ahead of its April 14 direct listing on the Nasdaq, Coinbase showed off some staggering Q1 financial figures on Tuesday. The cryptocurrency exchange platform said that revenue climbed more than nine-fold from a year earlier to an estimated $1.8 billion, while net income climbed to between $730 million and $800 million from $32 million. Although these results are just preliminary and unaudited, it makes for exciting reading as investors prepare themselves for a potential $100 billion flotation, which would make it one of the largest tech companies to ever go public. Read the full story here.