In the last five trading sessions, AppLovin (APP) shares showed signs of weakness. Selling abruptly accelerated on a report that the SEC is probing the firm.
Bloomberg reported that people familiar with the matter said that the advertising firm violated service agreements with platform partners. AppLovin said to Bloomberg that the company would have disclosed any SEC accusation.
Tesla (TSLA) continued to trade above the $400 range, closing at $453.25. Despite reports from Reuters that the firm will report an over 50% year-on-year sales decline in Germany to 14,845 units, the German Road Traffic Agency reported better data. The agency reported a nearly 32% Y/Y increase in September sales.
Verizon Communications (VZ) slumped by 5.11% after the company appointed Dan Schulman, former CEO of PayPal (PYPL), as its CEO. This is effective immediately. Schulman did not increase shareholder returns at PayPal. For example, he and the board authorized a stock buyback when shares traded at over $300. PYPL stock closed at $71.29 on Monday.
AT&T (T) stock fell by 4.4% to close below $26 for the first time since March. This is in sympathy with the drop in VZ stock.
Starbucks (SBUX) dropped by 4.99% to close at $82.11 on Monday. The drop is unusual and on no news. The firm declared a dividend of $0.62 on Oct. 1, an increase of 1.6% from the prior payout.
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