Key Events 👉 Meme Stock Rally Loses Fire Power Both AMC and GameStop (GME) surged in trading on Monday and Tuesday before sharply falling in Wednesday trading. This 100%+ stock price resurgence comes after the rally of the meme stocks in January 2021 with “Roaring Kitty” coming back to social media with his first tweet since June 2021. A very
Key Events 👉 Jobless claims increase to highest levels since August Initial claims for unemployment benefits have hit their highest levels since last summer, signaling that the strong labor market is starting to cool down. Jobless claims increased 22,000 to a seasonally adjusted total of 231,000 for the week ended May 4th. This data follows the news last week that
Key Events 👉Uber posts earnings, report large equity markdown Uber’s Q1 results on Wednesday came in slightly above estimates for revenue and EPS, but an unexpected loss caused the stock to slide 5%. Uber’s net loss in Q1 was $654M, which was a sharp y/y decline from $156M. The company said on Wednesday that its net loss was due to
Key Events 👉 Reddit shares soar after first public earnings release Reddit shares climbed 11% at the open Wednesday after strong results and revenue guidance that surpassed expectations. The company posted a 48% increase in revenue y/y and loss per share came at ($8.20) versus the ($8.71) estimate. The earnings beat was driven by growth in Reddit’s advertising business. This
Key Events 👉Chinese EV company Zeekr prepares for U.S. IPO Premium electric vehicle company and Chinese Tesla competitor Zeekr targets $5B valuation, marking the first significant IPO by a China-based company in the U.S. in over two years. The electric vehicle maker intends to raise $367M by offering 17.5M American depositary shares (ADS) priced at $18 – $21. What are
Key Events 👉Sony and Apollo Offer Paramount $26B Sony and Apollo submitted a $26B joint bid to acquire Paramount Global on Wednesday. This development comes as Sony and Apollo seek to challenge the existing deal that Paramount has been negotiating with Skydance Media. Investors and analysts are closely watching this situation, as a successful bid from Sony and Apollo could
It’s officially May! Key Events 👉The Fed holds rates and reduces treasury bond sales The Federal Reserve maintained its current interest rate levels, citing lack of further progress towards bringing down inflation levels. This decision comes after a disappointing inflation report in March, which prompted investors to lower their expectations of rate cuts, now expecting just one this year. The
Key Events 👉 WeWork set to emerge from Chapter 11 bankruptcy WeWork has reached an agreement with its senior creditors to exit from bankruptcy after filing in November 2023. On Monday, the company and its major financial backers finalized a settlement plan that involves a cash infusion of $450M funded by SoftBank (a key backer behind WeWork’s once $47B valuation).
Key Events 👉 The 6th largest bank failure since 2010 The FDIC took control of Republic First Bancorp, selling its assets and liabilities to Fulton Financial. This is the first bank failure of the year. And the 6th largest failure since 2010. Shares had plummeted -88% over the past year. Republic First is not First Republic. Easy to confuse. First
Key Events 👉 Google beats earnings, announces first-ever dividend Google’s shares soared 11.4% post-market on Thursday after beating earnings expectations in sales, profit, and advertising revenue. The strong performance was driven by accelerated growth across three major sectors: AI-enabled search, Youtube advertising, and cloud computing. Google also introduced a quarterly dividend of 20 cents a share. Why is this important?
