Daily Market Recap — 11/23/22

Share:
Indexes
  1. Wednesday, 11/23/2022
  2. Other familiar names:

Wednesday, 11/23/2022

Another solid day in the markets as all major indexes inched higher before the Thanksgiving Holiday break. With the holiday ahead, US Stock Exchanges will be closed all day tomorrow (Thursday) and will be open for shortened hours on Friday from 9:30 am EST to 1:00 pm EST.

  • Dow was up 0.28% (+95.96 points)
  • S&P was up 0.59% (+23.68 points)
  • NASDAQ was up 0.99% (+110.91 points)

On the upside

  • Coupa Software (COUP) stock topped the markets today, up 28.89% to $58.93 at market close. Headquartered in San Mateo, California, Coupa Software is a global technology platform for Business Spend Management (which means they help companies gain visibility into and control over how they spend money, optimize supply chains, and manage liquidity). The reason for the increase today? There’s a report that private equity firm Vista Equity is exploring a possible purchase of the company. No deal is imminent and Vista may still back out, but investors see this as a promising sign for the software company.
  • Manchester United PLC (MANU), the premier league football club based in Old Trafford, Greater Manchester, England, saw its stock climb 26.10% by market close today on word that the club may be looking to sell. This comes with other breaking news that Manchester United and football star Christiano Ronaldo have mutually agreed to part ways effective immediately, cutting Ronaldo’s contract short. In an interview with Piers Morgan, Ronaldo says he feels “betrayed” and hints that the owners may be trying to get rid of him. What will the future hold for football icon, Ronaldo? And how will the club’s stock continue in the coming weeks? We’ll keep an eye on it!
  • Energy drink manufacturer, Celsius Holdings (CELH) stock was up 11.54% at market close upon the announcement of a multi-year deal with the Professional Fighters League (PFL). The PFL, one of the fastest-growing and most innovative sports leagues, is a mixed martial arts league founded by venture capitalist Donn Davis in 2017. This deal names celsius as the official energy drink partner, kicking off this Friday, November 25th at Hulu Theater at Madison Square Garden. This deal comes at a great time for the company as some leagues, such as the NCAA have actually banned the drink, citing some of the drink’s illegal banned stimulants of ginseng, guarana, L-carnitine, and taurine. These ingredients are not only considered banned by the NCAA but also by the National Olympic Committee and the World Anti-Doping Agency.

Other familiar names:

  • Tesla (TSLA) — up 7.82% at market close
  • HubSpot (HUBS) — up 6.17% at market close
  • Getty Images (GETY) — up 5.39% at market close
  • WeWork (WE) — up 4.49% at market close

On the downside

  • PagSeguro Digital (PAGS) stock dipped 14.61% by market close on Q3 earnings news. Despite posting Q3 revenue of $4.04B (a 45+% YoY increase), the revenue fell short of analysts’ expectations. While the stock may be down, the company has expanded its user base to nearly 26M clients by the end of the quarter, now claiming to be the second-largest digital bank in Brazil. Deposits have also increased more than 170%, so it’ll be interesting to keep an eye on PAGS stock moving forward.
  • American Luxury department store Nordstrom (JWN) stock was down 4.24% at market close amid the company announcement that sales have been slowing over the past few months. Despite this news, the company did beat its top and bottom line estimates for the latest fiscal quarter, so we’ll see what this holiday season brings for the company.
Photo by Jed Owen on Unsplash

In other news

Thanksgiving food prices may shock you this year. According to the Wall Street Journal, these are the changes in price we can expect this year compared to last year:

  • Butter/margarine/spreads — up 35.6%
  • Flour — up 29.4%
  • Cranberry Sauce — up 23.1%
  • Fresh Potatoes — up 22.9%
  • Canned Corn — up 18.2%
  • Turkey (whole bird) — up 16.7%
  • Stuffing Mixes — up 16.5%
  • Ham (bone-in) — up 11.2%

With that, have a great Thanksgiving with your family and friends! Check back next week as we continue with our Daily Market Recaps!

→ If you’re new to Medium and not yet a member, use our team’s link to join here so you never miss an article of ours AND gain unlimited access to all of the thousands of articles on Medium!

Subscribe and receive an email whenever our team posts a new article: https://medium.oneatticus.com/subscribe/@atticus-capital

This article is written by Trent Madill and brought to you by AtticusPersonalized Investing for Young Adults and Ambitious Business Owners.

Wanting to invest but don’t know where to start? Check out Atticus (https://oneatticus.com) where the team has made the investing process simple through fully-managed personalized investment portfolios.

What does that mean for you? It’s as easy as…

  1. Open your account
  2. Fund your account
  3. Watch your money soar & let the Atticus team take it from there!

Check out our site for a free demo of the platform or to schedule a free consultation with a REAL, HUMAN advisor. That’s right — no more chatbots and waiting for days to get your question answered. Atticus involves human advisors at every step to ensure your investment plan is personalized and you feel comfortable working with their team!

Get started today for FREE with referral code “MEDIUM” or click this link: https://app.oneatticus.com/invite/MEDIUM