Wednesday, January 27, 2021

ContextLogic (WISH) Failed To Perform Well On IPO, Airline Stocks Also Dropped For Low Recommendation,

- Advertisement -
- Advertisement -

On Wednesday, ContextLogic Inc (WISH) had a less flamboyant IPO than that of Airbnb Inc (ABNB) and DoorDash Inc (DASH). The parent company of online sales platform Wish, launched on Wednesday under the ticker “WISH” on the Nasdaq, lost ground for its first day of listing by dropping -16.4% to end the session at $20.05. The group was still able to raise $1.1 billion in this deal by selling 46 million shares as the IPO price was set at $24 each (at the top of the indicative range). Airbnb was up 10.57% to $137.99 while DoorDash was down -0.53% to $158.05 on the day.

Dish Network Corporation (DISH) fell -11.69% to $31.51. The pay-TV giant will sell $2 billion in convertible bonds, which are expected to weigh on the stock market today.

Southwest Airlines Co. (LUV) soared -1.49 percent to conclude the trading at $45.73. The airline now expects revenues to fall by 65-75 percent in December, compared to previous guidelines ranging from 60 to 65 percent. The group also predicts a high level of cancellations with the outbreak of Covid-19 cases. In January 2021, the U.S. airline predicts that poor demand will continue. Southwest now expects cash intake of $12 million a day in the fourth quarter, up from a previous estimate of $10 million to $11 million.

Considering the increase in certain rates, JP Morgan has just released a cautious opinion on the airline industry, suggesting profit taking and downgrading JetBlue Airways Corporation (JBLU), Spirit Airlines Inc (SAVE) and United Airlines Holdings Inc (UAL) all from “Overweight” to “Underweight.” JetBlue Airways lost -1.15% to settle at $14.65 on the day. Spirit Airlines fell -1.95% to $26.16 while United Airlines dropped by 3.08% to $46.00.

Gilead Sciences Inc (GILD) was -0.82 percent to $58.94. The drug manufacturer won’t apply to the U.S. Drug Agency for its new treatment for rheumatoid arthritis because without further research, validation is impossible.

Twitter Inc (TWTR) rose by 2.29% to $54.03 at ring of the bell on Wednesday. The social media network announced the closure of the live video sharing app Periscope, purchased five years ago, in March. The social network cites the decrease in use and excessive maintenance costs over the past two years. However the stock could benefit today from a recommendation from JP Morgan, which has just gone from ‘neutral’ to ‘overweight’ when the stock is still at a six-year high on the stock market.

- Advertisement -

Latest news

Oil Market Was On Hold, Gold Still Unsteady

In the face of doubt about the market and progression of the Covid-19 virus, oil ended in a distributed order. U.S. light crude WTI...
- Advertisement -

Dollar Appreciated Amid Uncertainty Regarding The Stimulus Plan

The EUR/USD rate rose by 0.02 percent on Monday, January 25, and the trading session ended at the 1.2169 marks. In turn, the dollar...

Intel (INTC) Failed To Save Itself Despite Stronger Results, Comcast (CMCSA) Stabilized Despite Delaying Bond Film

Intel Corporation (INTC) decreased by -9.29% to $56.66. Shares of designer, manufacturer, and seller of essential semiconductor technologies for the cloud, smart, and connected...

Travelers Companies (TRV) Rose While United Airlines (UAL) Fell After Quarterly Results

On Thursday, The Travelers Companies Inc. (TRV) risen by +2.55% to $148.72. The U.S. insurer posted better-than-expected quarterly earnings, helping to reduce disaster-related expenses...

Related news

Oil Market Was On Hold, Gold Still Unsteady

In the face of doubt about the market and progression of the Covid-19 virus, oil ended in a distributed order. U.S. light crude WTI...

Dollar Appreciated Amid Uncertainty Regarding The Stimulus Plan

The EUR/USD rate rose by 0.02 percent on Monday, January 25, and the trading session ended at the 1.2169 marks. In turn, the dollar...

Intel (INTC) Failed To Save Itself Despite Stronger Results, Comcast (CMCSA) Stabilized Despite Delaying Bond Film

Intel Corporation (INTC) decreased by -9.29% to $56.66. Shares of designer, manufacturer, and seller of essential semiconductor technologies for the cloud, smart, and connected...

Travelers Companies (TRV) Rose While United Airlines (UAL) Fell After Quarterly Results

On Thursday, The Travelers Companies Inc. (TRV) risen by +2.55% to $148.72. The U.S. insurer posted better-than-expected quarterly earnings, helping to reduce disaster-related expenses...
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here