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Trevor Smith
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THE DAILY RECAP (Might rename this) ⚠️ Please read, this contains alot of information about the market ------------------------------- The week started out slowly, with stocks picking up throughout the day and rallying into the close — let’s see what else you missed. 👀 ------------------------------- Today’s recap includes a look at several high-profile earnings reports and more from the day! 📰 ------------------------------- 🙏 DROP A FOLLOW FOR DAILY MARKET RECAPS ------------------------------- First, check out the heat map... 8 of 11 sectors closed green. Communication services (+1.79%) led, and utilities (-1.91%) lagged. 🟢 China’s government squashed rumors that they would reduce their Covid-19 restrictions. Instead, an escalating resurgence has forced authorities and companies to increase their efforts to contain outbreaks. As a result, companies like Apple have warned of lower iPhone shipments amid the Chinese economy’s stop-and-go nature. 😷 Digital World Acquisition Corp. rallied 67% today after Donald Trump said he’ll ‘probably’ pursue a third presidential run. 📈 Meta rallied 6.53% on reports that it’s getting ready to start mass layoffs as early as Wednesday. ❌ Veru rose nearly 40% after its experimental Covid-19 drug met the main goal of reducing the death rate in a late-stage clinical trial. 💉 Lordstown Motors popped nearly 20% on news that Foxconn will invest up to $170 million and become the company’s largest shareholder. ⚡ In crypto news, LBRY lost its SEC case, setting a potentially dangerous precedent. Solana and Google Cloud announced a new partnership this weekend. OpenSea finally broke its silence on NFT royalties. Binance and FTX are feuding publicly. And the Feds seized $3.36 billion in bitcoin that was stolen a decade ago from the illegal Silk Road marketplace. ₿ Other symbols active on the streams included: $BLUE (+11.09%), $MMTLP (-0.40%), $TSLA (-5.01%), $MULN (-5.49%), $GCT (+26.61%), $HUDI (-91.22%), and $DOGE.X (+20.62%). 🔥 Here are the closing prices:  🟢 S&P 500: $3,807 +1.36% 🟢 Nasdaq: $10,565 +1.28% 🟢 Russell 2000: $1,810 +1.13% 🟢 Dow Jones: $32,827 +1.26% ------------------------------- 📄 EARNINGS 📄 ------------------------------- *The Growth Hangover Continues* Another software stock’s investors are having to Take-Two aspirins for the growth hangover they’re currently experiencing. 🤢 That’s because $TTWO shares are down 16% after reporting weaker-than-expected results and cutting its outlook. The company reported a loss of $1.54 per share, with revenues of $1.5 billion missing the $1.55 billion expected. But where things really turned south was its forward guidance. Its fiscal 2023 net bookings will now be $5.4-$5.5 billion, less than the company’s previous midpoint expectations of $5.77 billion. And its fiscal 2023 net loss will be $631-$674 million, significantly higher than the $398-$438 million loss it previously forecasted. 😨 This weakness’s primary driver is the broader gaming slowdown after two years of solid growth during the pandemic. The company’s updated forecast reflects changes to its pipelines, FX rate fluctuations, and a more cautious view of the macro backdrop. Investors weren’t playing any games with this earnings report, sending shares down 17% to their lowest level since April 2019. 🔻 *Investors Shed A Palantir Over Losses* The U.S. software company’s investors continued to weep as it delivered another weak quarter. 📝 Its adjusted earnings per share of $0.01 missed analyst expectations of $0.02. Meanwhile, revenues of $478 million edged ahead of the $470 million expected. The company’s U.S. commercial revenue rose 53% YoY, with its U.S. commercial customer count increasing 124% YoY (from 59 to 132). Overall revenue was up just 22%, though CEO Alex Karp anticipates regional markets in the U.S. could develop into billion-dollar businesses. In Europe, however, he noted that companies have been less willing to introduce “software systems that challenge existing habits.” The company’s Q4 guidance of $503-$505 million in revenue was in line with analyst estimates of $503 million. However, investors still sent $PLTR shares back towards all-time lows as patience for slower-growth tech companies remains thin. 👎 *Lyft Remains Stuck In Reverse* Last week Uber was able to deliver a satisfying result for its shareholders. Unfortunately, its competitor Lyft did not fare as well today, reversing back towards its all-time lows. ◀️ The ride-share company missed on almost every major metric except for revenue per active rider, which was $51.88 vs. the $49.94 expected. Getting into the negatives, its revenue of $1.05 billion missed expectations of $1.06 billion. Active riders fell short at 20.3 million vs. the 21.1 million expected. And adjusted earnings per share of ($1.18) missed the $0.09 expected by a wide margin. 😬 Finding traction has remained a challenge for the company, as it continues to lag behind Uber in most major categories. On top of that, Lyft recently announced it is laying off 13% of its staff as it joins many tech sector giants in cutting costs. ❌ Whether or not executives can get this car back on track remains to be seen. But for now, investors don’t appear to be waiting around. Instead, many opted to cancel their ride and send $LYFT shares down 13.72% today. ------------------------------- 📍 BULLETS 📍 ------------------------------- *Bullets From The Day* 🤝 Lidar makers combine to form a new $400 million company. The deal signed on Friday will see Ouster and Velodyne merge, creating a new company that hopes to reinvigorate itself within the autonomous-vehicle technology market. Lidar stands for “light detection and ranging” and is a sensor technology that uses invisible lasers to create a highly detailed 3-D map of the sensor’s surroundings. As a result, it’s essential for all autonomous-vehicle systems. But as auto manufacturers like Ford abandon their projects in favor of assisted-driving technologies, lidar businesses have seen their valuations plummet. 😋 Can a new treat turn Sweetgreen shares from sour to sweet? While it has sweet in its name, the company’s performance in public markets has been anything but. It’s now hoping that its healthier take on a Rice Krispies Treat, its first dessert since 2014, can help drive growth. The salad chain recently lowered its full-year outlook as it looks to pass off rising costs to consumers who are being squeezed by inflation. However, the company intends to expand its dessert offerings further, hoping for a successful launch with this first sweet treat. 🏘️ Consumers’ confidence about housing hits a new low. Rising interest rates and record-high prices have crushed housing affordability and put the brakes on that sector of the economy for most of the year. As a result, real estate-related businesses have been feeling the crunch, and many parties expect the pain to continue…including consumers. Fannie Mae’s October survey reported that just 16% of consumers said that now is a good time to buy a home. Meanwhile, 37% of consumers expect home prices to drop in the next twelve months. 🧹 Airbnb vows to clean up its pricing structure. One of the chief complaints about the online marketplace of short-term rentals is the hidden fees and costs. After years of complaints, CEO Brian Chesky said the company is refining its search to show the total price and increase user transparency. Along with this new feature, which will be out sometime next month, the company is making other efforts to help reduce the cost of cleaning and additional fees hosts charge. 💰 Hacker holds Medibank customers’ data ransom. Australia’s biggest health insurer said it would not pay a ransom to the criminal responsible for stealing 9.7 million current and former customers’ data. The country has seen a sharp rise in cyber security issues, with a recent government report suggesting there’s one attack every seven minutes. The company says that paying a ransom could encourage the hacker to extort customers directly and instead warns its customers to stay vigilant in monitoring their credit. ------------------------------- 🙏 DROP A FOLLOW FOR DAILY MARKET RECAPS ------------------------------- * Extra tags (Ignore) * #market #buildandgrow #longterm #whoknowsbutwhatthehell #justwait #buyandhold #believe #buythedip #gain #winning #cnbc #marketrecap #analysis #stocks #music #community #web3 #study #studyfirst #elections #maga #demz #rally #rallying #faithinmarkets #bigdippers #pennypinchers #stockhoardersanonymous #gains #buildandgrow #believe #longterm #buyandhold #takingachance #alittleatatime #sold #divdend #gaming
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