Another Million+
By Fri, Aug 21, 2020
Hey Scoopers,
There was another bad news from the job market, however the stock market decided to ignore it. — More on that in the “Overall Market” section.
Beyond the overall market, one high-flyer stock regained its momentum, and a tech stock confused investors. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, we’ve picked a few noteworthy news for you. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: All three indices ended Thursday in agreement and green. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price stayed under the $12,000 mark.
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Surprising Upward Market
Wednesday’s red color turned green as all three indices gained momentum, with the Nasdaq index leading the market as usual. The upward movement is surprising because the weekly jobless claims jumped back above one million new claims.
Let’s Get Back In
So, what happened?
Shares of Fastly (Ticker: FSLY) were up more than 12% on Thursday. There wasn’t any major news about the company, even though that the stock has been falling since its latest quarterly earnings on August 5th and the negative sentiment around the impact of TikTok’s U.S. ban on the company’s revenue. It seems investors are ready to get back in after watching the stock falling from its all-time high record of $120 per share. After all, the company is still powering rapid content delivery for companies such as Shopify and Airbnb, and TikTok is around 10% of the company’s revenue.
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Confused Investors
So, what happened?
Shares of Opera Ltd (Ticker: OPRA) were down by more than 24% on Thursday. The company isn’t the talk of the town. However, it is a profitable, rapidly growing technology stock with a strong balance sheet. We have been watching it for a while. The company’s mission is to help you and I find online content easier. It has nearly 400 million active users, although not too many people know them or talk about them. At least people we know aren’t familiar with Opera. Despite strong growth in active users, revenue was down by about 10%. It was also confusing to figure out how a browser and online content provider can also offer a micro-lending service to its users. Confused investors are never happy investors.
A Few Noteworthy News
So what happened?
There wasn’t one big amusing story in the news on Thursday. So, we have a few smaller but noteworthy ones to share with you:
- Uber (Ticker: UBER) and Lyft (Ticker: LYFT) got a temporary win after they threatened to shut down their operations on California in response to the court order to hire their independent drivers.
- Tesla (Ticker: TSLA) hit above $2000 mark thanks to the stock’s 5 to 1 split.
- Airbnb (the most exciting upcoming IPO of 2020) banned house-parties to support global social-distancing.
That’s what caught our eyes. What were you reading on Thursday? Our email address is members@tradestocks.com. Let us know if you have any feedback, questions, or ideas to share.
About the Author
The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card
