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US Market Movers & Shakers in April: Coupang, Snap, Newmont and More

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Moomoo News Global wrote a column · Apr 29 05:07
Coupang's stock rose 28.78% this month.The Korea Times Reports that South Korean e-commerce company Coupang has raised the monthly fee for its Wow membership by 58%, reaching $5.74 per month. The move, seen as aggressive, has sparked controversy but is expected to improve Coupang's profit margins and enable it to expand Wow benefits such as free delivery, free returns, streaming services, and complimentary food delivery. The company claims that Wow members save much more money than the cost of the membership fee. As of 2023, the company boasts 14 million Wow members. This move also appears to give $Coupang(CPNG.US)$ a competitive edge against rivals from China, such as Alibaba.
$Snap Inc(SNAP.US)$'s stock increased by 26.74% in April. Last week, Snap released its earnings report, revealing that its first-quarter revenue grew by 21% to $1.1 billion, with the stock price also soaring in after-hours trading. CEO Evan Spiegel stated that augmented reality (AR) would be "one of the most significant computing advancements ever." During the company's earnings call, management pointed out that 70% of people who downloaded Snapchat interacted with AR on their first day using the app. The number of daily active users (DAUs) for the third quarter reached 422 million, a 10% increase year over year.
On April 25th, $Newmont(NEM.US)$, the world's largest gold mining producer, reported first-quarter profits that exceeded Wall Street expectations, benefiting from robust production, higher prices, and lower operating costs. Moreover, the company's share price significantly increased nearly 20% in April due to strong interest in its asset sale plans.
In November, the company completed its acquisition of the Australian mining company Newcrest for approximately $17 billion and disclosed plans to divest non-core assets and lay off staff in order to reduce debt.
We have started the formal process on each of the six non-core assets, there's a high level of interest across those processes," Newmont CEO Tom Palmer said in a post-earnings call.
National Bank of Canada Financial Markets analysts said, "Given the strong gold price environment, we believe that future asset sales may prove well timed with respect to maximizing value received for these assets."
Here are the top stock gainers and losers of April 2024.
US Market Movers & Shakers in April: Coupang, Snap, Newmont and More
Source: Reuters, CNBC
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