Friday's Headlines: And The Market Rolls On
Friday, Oct 8, 2021
Here were the biggest movers in the MyWallSt shortlist this week:
Cloudflare (NET) +19.1%
Baozun (BZUN) +10.3%
IMAX (IMAX) +8.3%
Take-Two Interactive (TTWO) +7.7%
Boston Beer Co. (SAM) +7.1%
Stitch Fix (SFIX) -10.3%
ShotSpotter (SSTI) -7.4%
MercadoLibre (MELI) -6.8%
GoPro (GPRO) -5.1%
Avalara (AVLR) -4.7%
1. Despite a rocky start to the day, stocks managed to pull back and close in the green yesterday as Wall Street's wild week continues. After lawmakers reached a deal to increase the U.S. debt ceiling in the short-term, the S&P 500 (VOO), Dow Jones (DIA), and Nasdaq (QQQ) managed to rally, led by tech stocks. By increasing the federal government's debt ceiling, lawmakers have managed to avoid an unprecedented default, which would have a devastating impact on consumer spending due to inflation and more. Ahead of the start of earnings season next week, investors remain tense as an especially volatile October continues. Read more here.
2. Microsoft's (MSFT) acquisition streak continued on Thursday after it acquired Ally.io, a start-up that provides software to help organizations keep track of their progress on key goals. Ally.io's software specializes in an approach called objectives and key results, which involves identifying goals and evaluating progress using measurements. Its addition will be a boost for Microsoft's Office 365 suite, which contributes to approximately 15% of Microsoft's total revenue. "Ally.io and Microsoft Viva will enrich how people and teams come together to build alignment and achieve better business outcomes," wrote Kirk Koenigsbauer, chief operating officer and corporate vice president of Microsoft's experiences and devices division. Read the full story here.
3. Shares in Tesla (TSLA) rose marginally Thursday night following the company's annual shareholder meeting. There was little to report in the way of product updates though, with much of the event taken up by CEO Elon Musk's announcement of an HQ location change. The EV leader is moving its headquarters from Palo Alto, California, to Austin, Texas, where it is also currently building a new manufacturing plant. The move comes as little surprise as Musk has been outspoken about California tax laws and regulations for some time. On the call, Musk was quick to reiterate that Tesla's California plant would continue to grow and that it would be some time before the Texas factory was operating at full capacity. Watch a recording of the event on Tesla's investor relation page here.