More Epic
By Fri, Sep 25, 2020
Hey Scoopers,
Americans continued to lose their jobs in higher numbers than expected, and the market didn’t have any reason to recover. — More on that in the “Overall Market” section.
Beyond the overall market, one cancer-detection stock rallied because it showed promising results, and one second-hand automobile retailer stock dropped even though it put up great numbers. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, the fight against Apple got more epic. — 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 the green but only barely made it above zero. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price jumped to near $11,000 early in the day, and lost some of its daily gains by early evening hours. Based on Bitcoin’s movements in the last few weeks, it seems that Bitcoin prices have similar movements to the stock market.
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People Are Still Losing Their Jobs
After a volatile day, the indices ended Thursday somewhat flat. The new jobless claims came out higher than expected. Despite the economic recovery, such a level of new jobless claims is an indicator of continued economic struggles across the country.
Stock Up
So, what happened?
Shares of ExactScience (Ticker: EXAS) were up more than 27% on Wednesday. The company is known for its colorectal cancer test Cologuard and takes strides to introduce a liquid biopsy and diagnosis test. ExactScience’s CEO presented promising results of its new product development at Cowen Liquid Biopsy Summit, and investors celebrated the news by stocking up ExactScience’s shares.
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Not Impressed
So, what happened?
Shares of CarMax Inc (Ticker: KMX) were down by more than 10% on Thursday. The company announced its latest quarter earnings report and put up staller earnings growth. The company also completed the launch of its online car-shopping platform, which could be a foundation for its long-term success. However, overall unit sales and average selling price in the non-wholesales segment were still lower than last year. And, despite the reopening efforts well on the way, investors weren’t impressed.
The Fight Got More Epic
So what happened?
Epic Games, Fortnite’s developer, has started a fight with the industry’s titan, Apple (Ticker: AAPL). The company decided to fight Apple about its anti-competitive App Store practices by taking Apple to court. Now other players are joining the fight to form a non-profit coalition to bring App Fairness to app stores. Spotify (Ticker: SPOT) and Match.com (Ticker: MTCH) are those new players who have made Epic Game’s fight even more epic. The fight is Epic because Apple is defending its $50+ billion App Store revenue, and that’s no chump change.
Let us know if you have any feedback, question, or suggestions by emailing us at members@tradestocks.com.
Disclosure: Authors of this Scoop own shares of Apple (Ticker: AAPL).
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
