Avon Leads SPY, Gains 7.72% on August 28


Nov. 20 2020, Updated 11:26 a.m. ET

A look at the top and bottom players on August 28

Beauty and personal care products company Avon (AVP) was the top gainer on August 28, returning 7.72% on the day. The company has its operations in 64 countries, and its product distribution network is spread across 107 countries.

Avon was followed by Alcoa (AA), with a return of 6.21%, and Nabors Industries (NBR), which had a return of 5.85% on August 28.

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Bottom of the SPY

The stocks at the bottom of the SPDR S&P 500 ETF (SPY) on August 28 were GameStop (GME), from the computer retail industry; followed by Autodesk (ADSK), from the software industry; and Mylan NV (MYL), from the pharmaceuticals industry. These companies yielded -8.03%, -4.96%, and -2.18%, respectively, on August 28. Autodesk reported a loss of $1.04 a share for the second quarter.

GameStop (GME) experienced heavy volatility, with implied volatility of 39, on August 28. Its trading volume rose from 2,919,907 on the previous day to 8,430,758. Benchmark downgraded the rating of GME from “hold” to “sell.” GME is a console-based gaming company. In the current gaming environment, gaming consoles are struggling for the platform because its consumer base is shifting from consoles to digital and Internet-based games. This shift is mainly driven by smartphones, tablets, and PCs. Due to this console-based gaming platform’s potential obsolescence, the rating is revised to “sell.”

Mylan NV (MYL) has been rated as “hold” by BMO Capital Markets, and Cowen and Company revised its rating for the company from “outperform” to “market perform.” The revisions in the ratings had brought the stock down. The company is also headed toward an acquisition of Irish firm Perrigo. The shareholders may be concerned for future bid transactions, with respect to cash and stocks since any acquired entity increases the acquirer’s liability.

For more information on US equities, please read US Equities Decline on Global Weakness, Lower Manufacturing.


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