Movers: Coinbase, GoodRx, Nikola, Sweetgreen, Trade Desk, Tesla, Wendy's

Barry Adams
10 Aug, 2022
New York City

Stocks on Wall Street soared after the latest inflation report showed a slight easing. 

Tech stocks led the gainers after the inflation index eased in July but stayed elevated near a four-decade high after the 7.7% fall in gasoline index was outpaced by higher food and housing indexes. 

Consumer prices for goods and services were flat in July on a monthly basis but remained elevated despite the decline in energy prices. 

The S&P 500 surged 2.1% to 4,206.71 and the Nasdaq Composite index soared 2.6% to 12,811.94. 

After the release of the latest inflation report, the yield on 10-year U.S. Treasury notes edged down to 2.76% and 30-year U.S. Treasury bond fell 6 points to 2.96%. 

The yield on 2-year U.S. Treasury notes edged down to 3.15%. 

Coinbase Global Inc rose 6.6% to $93.32 after the cryptocurrencies exchange operator said second quarter net revenues fell to $803 million from $2.03 billion a year ago. 

Coinbase swung to a net loss of $1.1 billion from a profit of $1.6 billion a year ago. 

The exchange operator said monthly transacting users edged up to 9.0 million from 8.8 million a year ago and transacting volume plunged to $217 billion from $462 million a year ago.  

Bitcoin, the most heavily traded cryptocurrency on the exchange, has plunged 74% from the peak in November 2021 to the low in June 2022.  

GoodRx Holdings declined 7% to $7.19, after surging nearly 40% in the previous session, after the online pharmacy price comparison services reported better-than-expected quarter results two days ago.   

Nikola Corp gained 0.7% to $7.01 after the company said its chief executive officer Mark Russell will retire at the end of 2022. 

Sweetgreen Inc increased 6.4% $17.8 after the salad restaurant chain said it will layoff 5% of its support center staff and plans to downsize to a smaller office to cut operating expenses. 

The restaurant chain also lowered its 2022 revenues between $480 million and $500 million from the previous estimate between $515 million and $535 million. 

Trade Desk Inc soared 33.8% to $72.97 after the company reported higher-than-expected quarterly results and offered positive outlook. 

The digital advertising platform operator said second quarter revenues increased 35% to $377 million and swung to a net loss of $19 million from a profit of $48 million a year ago. 

Diluted loss per share was 4 cents compared to 10 cents a year ago. 

Trade Desk guided third quarter revenues of $385 million and adjusted operating income of $140 million. 

Tesla Inc gained 2.5% to $871.54 and chief executive Elon Musk sold 7.92 million shares between Aug 5 and Aug 9 for $6.88 billion, according to a series of regulatory filings with the SEC. 

The Wendy's Company declined 2.2% to $20.67 after the fast food chain operator said second quarter revenues rose 9.0% to $537.8 million from a year ago. 

Net income in the quarter 26.7% to $48.2 million from $65.7 million a year ago. 

Diluted earnings per share fell to 22 cents from 29 cents a year ago.  

Systemwide U.S. sales growth in the U.S. fell to 3.5% from 20.6% a year ago and U.S. same store sales growth declined to 2.3% from 16.1% a year ago.