Stock Market Nerd – Market Headlines – July 20, 2024
Hims is “voluntarily cooperating” with the Federal Trade Commission about an unnamed probe into the company’s operations. I’m sure we’ll find out more about this in the coming weeks.
Shopify got an upgrade from BofA this week based on optimistic revenue forecasts. Deutsche Bank surveys of Shopify customers, Bloomberg alt-data and app data for this quarter were also strong.
PayPal was downgraded by William Blair due to competitive concerns. I think they’re about 3 years late here.
Trump made comments on wanting the U.S. to control more semiconductor manufacturing. The Biden Administration hinted at more potential chip export restrictions to China.
JMP Securities initiated coverage of Progyny with an outperform rating and a $36 price target.
Lemonade launched “Buildings and Content” insurance in the UK to more deeply expand into home insurance there.
Meta suspended GenAI usage in Brazil and multi-modal model usage in the EU due to data security concerns.
Alphabet is exploring the purchase of a large private cloud security vendor called Wiz.
Wedbush, Rosenblatt and Goldman see little blowback from the CrowdStrike breach I covered yesterday. Wolfe Research isn’t sure. BMO Capital and Citi do see financial risks stemming from this event. I’ve done some more thinking on this position and my overall allocation to the compelling cybersecurity space. Max subs will get an article detailing that thought Sunday night. I’ve evolved my thinking on how best to handle this. Nothing drastic.
