KEY POINTS
OVERALL MARKET
Despite an increase in new jobless claims, the market remained in the green even if it was barely up.
Today’s market indices ended the day in the green, but just barely.
The new jobless claims released by the Department of Labor were up 51,000. That's one reason to dampen investors' mood today. However, it was not quite successful at outpacing the bulls. Tech stocks are back up lately, as investors become more cynical of the stocks that are tied to the economy's re-opening, like banks and transportation companies. Overall, the negative and positive forces balanced each other out to an almost flat day in the markets. GET THE DAILY MARKET RECAP
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Social media stocks Twitter (TWTR), Facebook (FB), and Snapchat (SNAP) are growing as fast as ever.
Social media stocks took the market by storm today, led by major growth coming out of the pandemic. Digital ad spending has barely been stunted by COVID and is still on track for great growth this year. While tech stocks across the board were making moves, let's look at three big names that showed up on the winners' list.
Twitter (TWTR) made headlines today announcing earnings, with a 74% increase in revenue year-over-year. This is the company’s fastest revenue growth over a quarter since 2014. Facebook (FB) stock also shot up today as it rolled out its eCommerce Shop feature to WhatsApp and Facebook Marketplace. Originally this was only available on Instagram. The company is also developing an AI-assisted “Visual Search” feature for its Shop. Over 1 billion people use Facebook Marketplace, making it a lucrative spot for eCommerce brands. Snapchat (SNAP) is the last of our trio. Share prices began to climb today as hype surrounded its earnings report. Like other social media companies, it was expected to post great numbers. As of 5:30 ET, after-hours, investors loved what they heard and the stock is up over 15%. The earnings report showed a crazy 116% growth in revenue year-over-year! Snapchat is a great example of a social media application that has been able to evolve and adapt to the culture over time. If you look at the company's Stock Card, you see it belongs to several market themes, including augmented reality, digital ad, and so many others. It's a quite diverse business despite what many assume. WHAT'S ALSO UP?
ImmunoPrecise (IPA) releases positive trial results for COVID antibody treatment and shares jump 136%
As soon as I clicked into today’s winner list on Stock Card, I noticed ImmunoPrecise (IPA) at the top with a whopping 136% gain! What's causing all the stock commotion? I say commotion because the 88 million-plus trades of IPA stock that happened today is much higher than the norm of 50,000 or so.
ImmunoPrecise is a technology company that has developed advanced ways to isolate antibodies and research them. This is invaluable to companies developing vaccines and other therapies. Clients of ImmunoPrecise can have antibodies screened from any animal or tissue provided. The company’s PolyTope antibody cocktail trials were proven to be effective in treating COVID viruses in animal tests, as well as in the lab. An “antibody cocktail” treatment is an injection of antibodies from immune cells that mark and attack viruses in the bloodstream. Even better, this is already designed to handle variants of COVID like the Delta strain that is on the news lately. While you could take the huge jump today at face value, the Stock Card presents some cautionary ratings. Like all pharma stocks in clinical trials, the success of the stock is dependent on trials' success. You can see on the company's Stock Card, it's not a top holding of any ETF. If it continues to lead the antibody development for the COVID variants, then we may see a surge in ETF purchases and that may push the price up further. Nevertheless, it's a risky bet, as is the case for the majority of clinical trial stocks. WANT TO RECEIVE THIS DAILY STOCK MARKET RECAP IN YOUR MAILBOX?Comments are closed.
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