Stocks making moves – Spotify, Netflix, Coinbase, PPG, Match Group 💥
Wednesday, 8th September 2021 by Gotrade
Hey Gotraders,
Let’s change up our Gotrade Daily newsletter today and do a roundup of some of the stocks making moves.
Spotify (SPOT) - Shares of the popular music streaming company closed 2.28% higher, at $254.72 after KeyBanc upgraded Spotify from sector weight to overweight. KeyBanc believes that Spotify is still showing faster growth than potential competitors. Well done, Spotify! 👏
Netflix (NFLX) - Shares of Netflix closed up 2.74%, at $606.71 after Atlantic Equities increased its price target from $690 to $780, and raised its subscriber projections for 2024. As of the end of the second quarter, Netflix had 209 million subscribers. Atlantic expects Netflix to have 311 million subscribers by 2025! Wowza! 🤯
Coinbase (COIN) - The price of Bitcoin fell on the day it became legal tender in El Salvador as the rollout didn’t go as planned. The country faced some.. uhh.. technical difficulties. They had to disconnect its government-run bitcoin wallet early in the morning for software enhancements. Uh oh…. 🤕 The price of Bitcoin plummeted by over 10%. The share price of Coinbase has been moving in tandem with the price of Bitcoin so far and closed over 4% lower, at $266.81.
PPG (PPG) - Shares of the paint maker closed 3.38% lower as the company gave lower than expected third-quarter guidance. PPG warned about supply chain disruptions and higher input costs that could negatively impact its sales this quarter. They lowered their third-quarter sales forecast by about $225 million to $275 million. Yikes! 😵
Match Group (MTCH) - Match Group is listed on Gotrade as Tinder (MTCH). Stock closed 7.54% higher after it was announced that it will be added to the S&P 500 on Sept 20. 🔥
📈 Paypal wants to get in on the “buy now, pay later” space 💳
Paypal (PYPL) is the latest company to want to get in on the “buy now, pay later” space! They have announced that it will be acquiring Paidy, a Japanese buy now, pay later firm for $2.7 billion. The largely all-cash deal is expected to close in the last quarter of this year.
“The acquisition will expand Paypal’s capabilities, distribution and relevance in the domestic payments market in Japan, the third-largest eCommerce market in the world, complementing the company’s existing cross-border eCommerce business in the country” - Paypal.
Watch out, Affirm (AFRM) and Square (SQ)! There’s a new competitor in town!
Shares of Paypal closed at $293.26, up 1.43%.
📈 Microsoft acquires Clipchamp 🛒
Microsoft (MSFT) has acquired Clipchamp, a video-editing software company, in an attempt to widen its productivity software offerings for both individuals and corporate users. Terms of the deal weren’t disclosed.
Clipchamp’s existing users will eventually be converted to Microsoft subscribers.
“Clipchamp’s technical approach is to combine the simplicity of a web app with the ability to process video using the full computing power of a PC with graphics processing unit (GPU) acceleration, something that was formerly limited to traditional video applications” - Chris Pratley, Corporate Vice President for the Office Media Group at Microsoft.
Shares of Microsoft are up 37.89% year-to-date and closed at $300.18.
Top movers & shakers 🎢
What else is making headline news 📰
Bitcoin tumbles nearly 10% as El Salvador adopts it as legal tender.
Apple (AAPL) sends invites for Sept. 14 launch event, where new iPhones are expected.
Kim Kardashian’s cryptocurrency Instagram ad sparks criticism from UK financial watchdog.
Here’s why General Motors’s (GM) electric vehicle push is a big risk.
Netflix (NFLX) has one key advantage over other FAANG stocks heading into the holiday season, Piper Sandler analyst says.
JP Morgan (JPM) is buying a majority stake in Volkswagen’s payments unit.
Amazon (AMZN) brings its cashier-less tech to two Whole Foods stores.
Popular companies releasing earnings this week 💰
Wednesday: Lululemon (LULU), Copart (CPRT), GameStop (GME)
Thursday: Oracle (ORCL), Affirm (AFRM), National Beverage (FIZZ), FuelCell Energy (FCEL)
Friday: Kroger (KR)
A company’s market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a company’s stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
That’s all from us for now.
Signing out,
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The legal stuff 🤓
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