Market Responds to GoodRX IPO Plus SPACs and Tech Make Big Gain
Happy Monday, everybody! Welcome back to Bullish Rippers. Today gave us hope for the week ahead as markets bucked the trend and traded well in the green. Major market indices traded up nearly 2% on average. There’s some exciting stories in today’s list, so let’s dive right in ⬇️
💡Our biggest Ripper of the day is Taiwanese semiconductor company United Microelectronics. Those of you who have been following the Rippers since the beginning know that a large amount of semiconductor companies have really popped off this year. Earlier this month, $UMC posted a report showing sales volume grew tremendously Y/Y. The news has clearly inspired a swath of investors to jump on this well-valued semiconductor company. They jumped 17% today.
💊 If you’ve ever made a trip to the pharmacy to buy a prescription drug, odds are you’ve seen the promotions for GoodRx; maybe you’ve even used them. Last week, $GDRX went public. Reception to the pharmacy intelligence and discount-seeking healthcare company was fierce as it traded up 53% on the first day of trading. It gets to flex that it has been consistently profitable nearly every year since their founding, which is impressive since many listed companies still struggle to make a profit. They traded up 9% today.
🔌 Another day, another SPAC deal. Switchback Energy Acquisition Corporation inked a deal last Thursday to take ChargePoint, a company owning one of the oldest and largest electric vehicle charge networks, to public markets. Chargepoint made $147 million in 2019 and is on track to take advantage of all the rage in EVs in the years ahead. On the news, $SBE has jumped 25% since the announcement. Thanks for reading today’s Rippers list! Check back on Wednesday to see more about stocks making moves 🔥