This week has been an interesting week in the stock market with IPO debuts, a continuing sell off and tech stocks plunging. This week has been a long-awaited week for IPO’s with Snowflake, Sumo Logic, Unity Software and J Frog launching. On Wednesday, Snowflake’s stock began trading and doubled its stock price.The stock fell by ten percent on Thursday. Sumo Logic began trading and surged in its stock price. Sumo Logic’s stock rose over twenty two percent on Thursday.
Since the start of the month, the market has been experiencing a sell off primarily with the tech stocks. Historically, September is a rough month for the market and being in the middle of a pandemic does not help. On the bright side, Adobe and FedEx released earnings report on Tuesday. Both companies beat expectations with Adobe beating the expected EPS by over six percent. Adobe’s revenue was up over thirteen percent with 3.22 billon dollars in revenue. The company netted nine hundred and fifty five million dollars.
FedEx posted over nineteen billion dollars in revenue. The company netted over one billion for the quarter. Futures on Thursday morning were down and did not signal a good day for the market.
Tech stocks have been struggling as a correction has been taking place in the stock market. Today, tech stocks fell again with Apple falling1.60%. Tesla dropped by over 4%. Amazon fell by over 2% but rose quickly at the end of the day to only fall again in after hours trading. Major upward movement in the market on Thursday was made by Kodak as it rose over 25%. The financial update on stocks for this week has been rather low with the major indexes charting into red territory. Futures were flat in overnight trading.
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