Top Movers | ATVI & COIN Rose to New High! ROKU & AFRM Jumped on Business Progress

1. $Roku Inc(ROKU)$ +11.14%: launch direct shopping ads

Roku, a provider of streaming hardware and a CTV (Connected TV) platform, has announced a new integration with the ecommerce business Shopify. This integration will allow viewers to directly purchase items sold on Shopify through Roku ads.

The new ad format, known as Roku Action Ads, enables businesses that sell products on Shopify to incorporate direct shopping capabilities into their Roku ads.

When viewers see these ads, they are prompted to press the 'OK' button on their remotes if they're interested in purchasing the product. They are then directed to a page with more information about the product and can complete the purchase using their remote through Roku Pay, Roku's payments platform. Once the purchase is complete, they can resume their viewing as usual.

2. $Activision Blizzard(ATVI)$ +10.02%: $Microsoft(MSFT)$ is close to finalize the deal

Activision Blizzard's stock rose by 10% following the news that a US judge had rejected the Federal Trade Commission's attempt to block Microsoft's acquisition of the company.

The judge's decision provided a positive development for the planned merger and signaled that the deal could proceed without major regulatory hurdles in the US.

The market interpreted the judge's decision as a positive sign for the completion of the acquisition, leading to increased confidence and optimism among investors. The rise in ATVI stock reflects the market's belief that the merger with Microsoft could proceed and potentially unlock new opportunities and value for the company.

The acquisition price for ATVI is $95. There is still $5 upside after the surge yesterday.

3. $Coinbase Global, Inc.(COIN)$ +9.78%: continue the uptrend following Bitcoin strength and ETF collaboration

Shares of Coinbase experienced a significant spike of 9%, reaching an 11-month high. Coinbase's stock has been on a strong upward trend, with a 25.2% increase in July, a 15.0% rise in June, and a 15.6% rally in May.

In addition to Bitcoin’s upward trend, Coinbase’s partnership with CBOE and BlackRock in ETF continue to drive the share up.

$Coinbase Global, Inc.(COIN)$ has reached a surveillance-sharing agreement (SSA) with Chicago Board Options Exchange's (CBOE) BZX Exchange for five of its Bitcoin exchange-traded fund (ETF) applications.

Nasdaq has reportedly reached an agreement with Coinbase and is sponsoring BlackRock's Bitcoin ETF application. The news of the surveillance-sharing agreement has resulted in a rise in Coinbase's stock price.

4. $Affirm Holdings, Inc.(AFRM)$ +9.68%: Mizuho sees Debit+ card gaining traction

Shares of Affirm Holdings surged 9% after Mizuho Securities USA analyst Dan Dolev noted the increasing Google searches for Affirm's Debit+ card, comparing it to the buzz surrounding Square's Cash Card in its early days back in 2017.

Dolev's analysis suggests that if Debit+ follows a similar trajectory to Square's Cash Card, it could significantly boost Affirm's medium-term compounded annual growth rates (CAGRs) for volume from the mid-20s to the mid-30s.

While the Debit+ offering may dilute revenue as a percentage of gross merchandise volume, Dolev believes the incremental volume and revenue growth will serve as positive catalysts and help offset potential sales headwinds from upcoming student loan refinancing.

As a result of his analysis, Dolev increased his total revenue estimates for FY2024 to $2.11 billion from $2.07 billion and for FY2025 to $2.56 billion from $2.45 billion. He also raised his price target for Affirm to $20 from $17, maintaining a Buy rating on the stock.