Today’s Market Movers: Reddit, Applied Materials, and Nu Holdings Lead Friday’s Trading
TLDR
- Reddit will join the S&P 500 on August 18, replacing AvalonBay Communities
- Applied Materials fell around 5% despite beating earnings and revenue estimates
- Sandisk rose over 4% after J.P. Morgan resumed coverage with an Overweight rating
- Nu Holdings jumped 9% after reporting 56% year-over-year revenue growth
- Globant dropped 13% after missing earnings estimates and cutting its revenue outlook
Reddit’s addition to the S&P 500 was the biggest market story on Friday, August 14. The social media company will officially join the index before trading opens on August 18.
Reddit is replacing AvalonBay Communities, which is being acquired by Equity Residential. The combined company will continue in the S&P 500 under the new name Vivmark Residential.
Reddit shares surged 12% on the news. Being added to the S&P 500 typically drives demand from index funds that track the benchmark.
Applied Materials Falls Despite Beating Estimates
Applied Materials reported strong third-quarter results but still saw its stock drop around 5%. Revenue rose 25% year-over-year to $9.12 billion, topping Wall Street’s estimate of $9.02 billion.
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