On this edition of Stock Movers:
- Block (XYZ) shares surged on the new it will join the S&P 500. Jack Dorsey's fintech firm will replace Hess in the benchmark. The changes will go into effect prior to the start of trading on July 23, according to a press release from S&P Dow Jones Indices Friday. Block, formerly known as Square, has evolved from a payments processor into a broader fintech player, offering peer-to-peer transfers, merchant services, and increasingly, consumer lending. Earlier this year, Block’s industrial bank subsidiary Square Financial Services Inc. received approval from the US Federal Deposit Insurance Corp. to begin offering consumer loans directly through the Cash App Borrow product. The company is also integrating Bitcoin payment capabilities into its Square terminals, reflecting Dorsey’s long-standing advocacy for Bitcoin. He remains an influential voice in the digital-asset world, recently sharing open-source coding projects on X.
- Domino's Pizza (DPZ) shares are down. Earlier today, the restaurant operator reported second-quarter comparable sales growth that topped Wall Street expectations. Despite that, after the conference call, analysts weighed in on what might be pressuring the stock. “We think DPZ still has a strong year ahead of it and numbers seem beatable,” while stock reaction may be a function of “positioning, expectations, and broader QSR/pizza concerns,” Morgan Stanley’s Brian Harbour writes.
- Invesco (IVZ) shares are up after after TD Cowen analyst Bill Katz raised the recommendation on the investment management company to buy from hold, calling its move to unlock fee revenue from the QQQ ETF a “game changing event.” The company is also set to report second quarter earnings tomorrow.
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