ECommerce, Electric Vehicles, and SPACs Continue To Trend
Happy Wednesday! We’re back with another Rippers list. Stocks continued to climb up, following the trend from early in the week. Let’s dive in and see what’s moving ⬇️
🛍 Our biggest Ripper of the day is BigCommerce, a holdings company which provides eCommerce software services to large brands such as Ben & Jerry’s and Skullcandy. Shares of $BIGC have nearly doubled since they IPOed August 5. Today, they announced eligible merchants would soon have access to checkout features natively within the Instagram app. On the news, investors piled into the stock – prompting a nearly 34% spike. This is a little perplexing to us, because we had no idea people actually bought products on Instagram!
🚗 Electric vehicle company NIO received a show of confidence from Morgan Stanley. The formerly weary investment bank upgraded $NIO to a buy. On the news, the stock jumped 19%. EV companies have rushed to go public, often using unorthodox arrangements to get there quickly, in an effort to capitalize on the large volume of money moving into green energy companies like $TSLA . Many recently IPOed EV companies have received upgrades from investment banks. Li Auto, another member of today’s Rippers list, is up 28% as a result.
📈 SPACs have been making more appearances on the Rippers list, with today’s list having two ‘blank check’ companies. Trine Acquisition announced a merger with metal 3D printing tech company Desktop Metal. $TRNE rose nearly 11% today. DiamondPeak Holdings joined them, announcing its intent to merge with an electric truck company. $DPHC rose a little under 11% today. These two ‘blank check’ companies are a firm show that this unorthodox way of going public is here to stay.
💰 The Dow Jones, one of the most popular index funds in America, was reweighted a few days ago. They added Amgen, Honeywell, and one of today’s big Rippers: Salesforce.com. The popular CRM software company made a 26% jump today after being inducted to the index. The large volume of new inflows and interest helped push the Dow into the green today. $CRM has been one to watch after having a blowout second quarter. As online marketing and ecommerce has increased, so has the need for products like Salesforce.com.
🧪 Our final Ripper of the day is Cryoport, a life sciences company which specializes in the shipping of biological items. The ‘cold storage’ logistics company has been popping after it announced its intention to acquire a competitor’s alike business in a $320 million deal. Cryoport appeared in our Rippers list once before, but $CYRX is back with a 28% spike today. It’s only a matter of time before we see if these big strides will have staying power, or if they are a residual effect of volatility and investor interest.
That’s all for our mid-week Rippers list. Peep our list this Friday for a recap of the week and more stocks making moves 🔥