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Stocks on the Move: Docusign beats estimates in Q2 earnings report, Wayfair gets downgrade by BOA Securities

Yahoo Finance's On the panel discuss today's Stocks on the Move; Docusign and Wayfair.

Video Transcript

ADAM SHAPIRO: As we take a look at some stocks on the move right now, first, you've probably, if you've had to sign anything legally during the pandemic, there's a good chance you have become familiar with DocuSign. Shares were trading down about 10% at the opening bell. You can see where they're headed right now. Revenue was up in their earnings report, and earnings, by the way, $0.17 per share was more than double the estimates.

The company is working on a video notary service program. The CEO says that that'll be in place and 45 states might even allow it by early next year. They gave a better than anticipated outlook for the current quarter and the full fiscal year, so that was one of the things that was going into that stock despite it falling at the opening bell.

Then there's Wayfair. Shares were down 7% at the opening bell. Now, the 52 week range on this stock, $21 to $350, here's what's going on and driving them down today. Justin Post at Bank of America, securities downgraded shares of Wayfair, arguing that the firm's credit and debit card data suggest that consumer spending on online home furnishings decelerated in August. In other words, they're no longer competing with just their online rivals, people are returning to furniture stores. So they lowered their from buy to neutral over at Bank of America.