Crypto, Cloud Computing and Online Gaming Win Big as the NASDAQ and S&P Take a Hit
Happy Friday, Rippers fam! What a week it’s been. Stocks took an unexpected walk off a cliff in mid-week trading — the NASDAQ Composite took a 5% hit and the S&P took a nearly 4% hit since we published our last Rippers post. The last few days can best be summarized as: volatility has entered your channel. But despite the paltry performance in America’s biggest companies, there were still winners this week:
🎮 South Korean game company Gravity tops our Rippers list today. $GRVY is the developer of a popular online multiplayer game called Ragnarok Online. Gaming has been having a moment over the last few months with stay-at-home orders and ample boredom brought on by COVID-19. $GRVY reported record revenues and new subscription income. This month, they’re up 40.9% and 18% of those gains coming today.
☁️ Billion-dollar cloud company Domo, which makes business intelligence and data visualization products, had a relatively volatile week after reporting their Q2 earnings and analysts suggesting they’re bullish on the company’s deal flow. $DOMO is up nearly 11% today.
🛍 Wisconsin-based casualwear company Duluth reported a drop in in-store sales. While unsurprising, those losses were entirely offset by sales through digital channels and ecommerce. $DLTH net sales increased 12.6% Y/Y, meaning hundreds of millions of new buckaroos for this lifestyle brand. As a result, the stock jumped 10%.
💰 Remember Bitcoin? Well, it never went away – it kind of just stopped being the choice topic of your weird uncle one day. Despite it losing its conversational touch, the crypto ecosystem is very alive and well. The publicly traded Chinese company Ebang International Holdings has made moves on public markets by creating cryptocurrency mining hardware.$EBON is up nearly 8% today on the news they intend to establish a cryptocurrency exchange and is now entering the meticulous process of securing the licenses and approval to start the exchange.
⚡️ High-speed trading company Virtu Financial made big boy gains on markets this year thanks to record volatility, and also made it on our list today. As volatility has soared throughout 2020, $VIRT has seen radical increases in revenue – contributing to a 67% jump so far this year.
That wraps the Rippers list for this week. We’re off on Monday for Labor Day, but check back here on Wednesday to see what’s moving in trading next week. Enjoy your holiday weekend! ☀️