US Stock Market today: Pinterest stock Jumped 14%, Google stock Split & More

US Markets opened in green with S&P 500 up 1.3% and Dow Jones rose 1.7%. 

Stocks in Focus today: 

Pinterest jumped 14%: 

• Pinterest shares jumped over 14% after reports that Elliott Management bought over 9% stake in the company.
• Activist investor Elliott is now the largest shareholder in Pinterest.
• Pinterest needs a turnaround after stock plummeted 75% in one year as it has struggled to retain users, a worrying sign for investors.
• Also, co-founder Ben Silbermann stepped down from the CEO role in late June.
• Bill Ready, a former Google commerce executive, has replaced Ben, signaling developments in its e-commerce business.

Google Stock Split: 

• Google to split both class A and class C stocks in 20:1 after the close of trading on July 15.
• Google hopes that this will lower the stock price to make it more attractive to new investors.
• Investors will end up with 19 additional shares for one they owned before the split.
• The stock split, however, doesn’t change any business prospects or future earnings of Google.

Bank quarterly results:

Wells Fargo and Citigroup declared their quarterly results today. Wells Fargo rose 2.8% even as quarterly profits declined 48% and the bank set aside funds for bad loans. Citigroup jumped 5.2% as it beat estimates and benefited from a rising rate environment.