{"id":166482,"date":"2020-05-06T20:30:39","date_gmt":"2020-05-06T20:30:39","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=166482"},"modified":"2020-05-06T22:40:22","modified_gmt":"2020-05-06T22:40:22","slug":"mixed-markets-as-tech-giants-hit-news-highs","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/mixed-markets-as-tech-giants-hit-news-highs\/","title":{"rendered":"Mixed markets as tech giants hit news highs"},"content":{"rendered":"

Wednesday’s session saw mixed closes in Toronto, up 0.13%, and in New York with the Nasdaq up 0.51& though the S&P closed -0.7% and the Dow -0.91%. Utilities, energy and financials dragged the TSX down, but communications and tech rallied. The big news was Shopify<\/a>. The Canadian tech giant announced that volume growth rose in April and posted a surprise adjusted profit. The good news propelled the stock\u00a0 7.68% past $1,000\/share. This has vaulted Shopify<\/a> past Royal Bank<\/a> to become Canada’s biggest stock with a market cap of now $122 billion vs. RY’s $120 billion.<\/p>\n

However, there are concerns with Shopify’s metrics. For example, its EPS is -1.1x and its forward PE is 10,000. Elsewhere, gold slipped 1%, and Barrick<\/a> dropped 5.42% over a dispute<\/a> over a mine in Papua New Guinea.<\/p>\n

Across the border, another tech giant made a new high on Wednesday. Amazon<\/a> climbed 1.44% to close at $2,351. Another big winner was BeyondMeat<\/a> whose latest earnings<\/a> smashed expectations as its retail sales soared. People under lockdown have been seeking something new for their palates, and plant-based protein is replacing costlier or scarce meat products. Beyond Meat rocketed 26% in trading.<\/p>\n

🛍 Shopify Inc<\/a> +7.68%
\n🥇 Barrick Gold Corp<\/a> -5.42%
\n📦 Amazon.com<\/a> +1.44%
\n🥩 Beyond Meat Inc.<\/a> +26%<\/p>\n","protected":false},"excerpt":{"rendered":"

Wednesday’s session saw mixed closes in Toronto, up 0.13%, and in New York with the Nasdaq up 0.51& though the S&P closed -0.7% and the Dow -0.91%. Utilities, energy and financials dragged the TSX down, but communications and tech rallied. […]<\/p>\n","protected":false},"author":12,"featured_media":345019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[],"class_list":["post-166482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/166482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=166482"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/166482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/345019"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=166482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=166482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=166482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}