How Shopify and Genius Brands Defied Monday's Down Market
Major benchmarks fell on Monday morning, reacting negatively to rising concerns of a potential second wave of COVID-19 cases in several major cities across the nation. Investors have been counting on a full restart of the U.S. economy, but further concerns about new outbreaks could cause state and local governments to reverse course. As of just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 288 points to 25,318. The S&P 500 (SNPINDEX: ^GSPC) lost 24 points to 3,018, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gave up 21 points to 9,567.
Yet even with much of the market giving up ground, there was plenty of good news among individual companies. Shopify (NYSE: SHOP) has done well throughout 2020, and a new collaboration promises to be a game-changer for the e-commerce specialist. Meanwhile, Genius Brands International (NASDAQ: GNUS) made a smart move in bringing a well-known celebrity into the fold just in time for its big network launch.
Shares of Shopify rose more than 5% Monday morning. The company is well known for helping small and midsize businesses build out a presence on the internet, but Shopify showed today that it could land the biggest of whales as well.
Source Fool.com