Stocks rose on Wednesday, a day after the S&P 500 clawed back the last of its COVID-19 related losses. Tech stocks rose as Apple (AAPL) - Get Report became the first company to cross a $2 trillion valuation. Here are some of the top movers in tech for Aug. 19.
Shares of Overstock (OSTK) - Get Report rose 9.2% on Wednesday to $126.61, continuing a stunning rally after Piper Sandler analyst Peter Keith on Tuesday initiated coverage of the e-commerce firm with an Overweight rating and a $140 price target. Overstock's business underwent a management change last year, refocusing on home furnishings, and shares are up more than 1,600% year to date.
Shares of Pinduoduo (PDD) - Get Report, the second-largest online marketplace in China, rose 4.8% to $95.99 amid promising signs for consumer spending in China. Meanwhile, Pinduoduo is engaged in a spat with carmaker Tesla (TSLA) - Get Report over subsidizing subsidizing its cars for customers, lowering the sticker price; Tesla says that it did not approve these transactions.
Shares of JD.com, another major marketplace in China, rose 4.3% to $73.37 shortly after it beat earnings and revenue estimates for the most recent quarter, and reported a 40% jump in mobile daily active users in June. Shares of JD (JD) - Get Report have gained about 15% since issuing its report on Monday.
Shares of Jumia (JMIA) - Get Report, an e-commerce platform operating in Africa, fell 3.1% to $11.63 as investors continued to digest its most recent earnings. The company reported a 40% jump in active customers in the second quarter, but a 13% decline in gross merchandise volume. It also cautioned that the COVID-19 pandemic generates "substantial uncertainty" surrounding its financial outlook.
Shares of Etsy (ETSY) - Get Report fell 1.72% to $130.72 on Wednesday. In its most recent quarter, the e-commerce firm added 19 million newly reactivated buyers and earned 75 cents a share, up from 14 cents a share a year ago, on revenue that grew 137% to $429 million.