Good evening, this is the after the bell report for September 22nd, 2020. It certainly has been a wild ride on Wall Street the past few weeks. Even after a correction the last two weeks, we are seeing wild rides with tech stocks.As the economy seems to rebound, many companies’stocks have surged this week.
Dow 7,288.18 up 140.48 0.52%
S&P 500 3,315.57 up 34.51 1.05%
Nasdaq 10,963.64 up 184.84 1.71%
The market is on shaky ground due to the upcoming elections and the fact that an economic stimulus may not reach Americans bank accounts anytime soon. House Democrats are still pushing for a $1200 stimulus check for American citizens.
In after-hours trading Nike posted its fiscal first-quarter passing consensus estimates as sales increase with pandemic retail store closings now easing. Earnings per share came in at $0.05- $0.46 expected with $0.86 year over year.
Tech stocks rebounded today even though the day was negative for US stocks. Tesla lost 4% of recent gains on the day ahead of its battery day event which is scheduled for tomorrow September 23rd, 2020.
A bright spot in the market today is FROG, an IPO that was brought this week increasing today and closing at 77.71 rising up 15% for the day. The company provides an end-to-end, hybrid DevOps platform allowing for continued software release management (CSRM).
Another bad day in the news for Amazon as a report was released today the company has fallen short in its commitment valuing social welfare and endangering the safety of its warehouse workers due to being put at risk under the Corona virus pandemic . The report also States it retaliated against the employees who made negative statements about working conditions. Those workers were late later fired .
FVRR Is solid proof that the gig economy is in full force. Companies are hiring freelance workers and it seems as this will not cease to exist for an exceptionally long time. The stock closed at 133.07 per share today up five point 18% .
Notably, Pinterest made new highs today . Pinterest is now the number one free app on the Apple App Store it surges ahead above tick tock and zoom video. The stock had a blowout second quarter making the stock soar even higher.
Another company surging in today’s market is Carvana, the company that has disrupted the way consumers to buy cars. During the third quarter Carvana expects to set records in units sold and total revenue. The company did not issue further guidance today. Carvana said it expects to set records in several categories during its third quarter, including total revenue and retail units sold. The company trades on the New York Stock Exchange under the ticker symbol NYSE: CVNA. Shares closed today at 226.83 At the clothes surging up +53.16 (30.61%).
Stitch Fix reported a fourth-quarter loss of $44.5 million down 44 cents per share, compared with earnings of $7.2 million, and 7 cents per share the prior year.
Carnival cruise lines is laying a large portion of its staff, potentially in the thousands . It also is selling off some of its fleets.