Risk, returns & timeframes illustration
3 min read
June 13, 2023
by
Belinda Nash

In briefs from Wall Street 🤓

There was no talk of virtual reality at Apple’s Vision Pro launch but did they inspire people that it’s a must-buy and they need to queue in sleeping bags overnight to buy it? 🥽 It’s soup season here but Campbell Soup has been serving up cold results. 🥫 Meanwhile style app Stitch Fix has been shrinking staff and their customers. Why? 👗
3 min read
June 13, 2023
by
Belinda Nash

In briefs from Wall Street 🤓

There was no talk of virtual reality at Apple’s Vision Pro launch but did they inspire people that it’s a must-buy and they need to queue in sleeping bags overnight to buy it? 🥽 It’s soup season here but Campbell Soup has been serving up cold results. 🥫 Meanwhile style app Stitch Fix has been shrinking staff and their customers. Why? 👗
3 min read
June 13, 2023
by
Belinda Nash

In briefs from Wall Street 🤓

There was no talk of virtual reality at Apple’s Vision Pro launch but did they inspire people that it’s a must-buy and they need to queue in sleeping bags overnight to buy it? 🥽 It’s soup season here but Campbell Soup has been serving up cold results. 🥫 Meanwhile style app Stitch Fix has been shrinking staff and their customers. Why? 👗
Table of contents
Getting Started Investing course
Free Getting Started Course
Take your first, or next, step to becoming a confident investor with Hatch's free online course – just 10 minutes a day, for 10 days.
The Fry up logo with fried egg
Weekly news from Wall St
Subscribe to The Fry Up - your weekly sizzle of headline-grabbing share market news. Read by 60,000 Kiwis to help them take charge of their investing journey.

It's been a mix of hot and cold on Wall Street. Here are our picks from a week feeling the heat.

Hot or…? 🥽 Last Monday when Apple (AAPL) unveiled their Vision Pro mixed-reality headset, they could have anticipated the ‘audible gasp’ at the US$3,499 price tag. But Apple CEO Tim Cook avoided further crowd awkward moments by not actually wearing the chunky ‘nerd goggles’. Was he keen to avoid the Google (GOOG, GOOGL) Glass shower gaff and Meta-owned (META) Oculus’ TIME magazine meme frenzy? Instead, he ditched any talk of ‘virtual reality’ altogether, replacing it with ‘spatial computing’, while never quite nailing why Vision Pro is the latest ‘must-have’ Apple product. Following the launch, Apple’s share price dropped, ending the week down 1%, although still up 45% YTD. Also read: Big tech earnings 

Cold soup. 🥫 While Kiwis are popping the lids off a few tins…of soup…it’s not flavour of the month Stateside. Despite Campbell Soup (CPB) embracing AI early in the decade, and this year using AI’s crowdsourcing innovation to fire up their Chicken Noodle Soup, investors have gone cold on the packaged food giant, which has needed to navigate the pandemic and Russia-Ukraine war-caused supply chain snags. Last week, Campbell Soup posted disappointing earnings, causing their shares to drop nearly 9%, to their lowest this year, earning their place as ‘worst-performing stock in the S&P 500’.

Cuts coming. ✂️ Online personal styling service Stitch Fix (SFIX) thrived during lockdown when the company’s share price peaked at US$95.44. But not even barely beating Wall Street expectations last week could hide Stitch Fix’s 20% revenue drop from the previous year (YOY). And that’s despite this year’s 20% staff layoffs. And while some analysts think Stitch Fix lacks ability to scale, investors thought differently, helping to ‘skyrocket’ the share price 33% - since dropping to around a 21% increase throughout the week. Interim CEO Katrina Lake credits AI as elevating Stitch Fix’s personalisation capabilities. But it’s all hands on deck to claw back their 11% lost clients and lift spending per customer that’s dropped 9% to US$502. Also read: What else is happening in AI?

Job done. 🧰 It’s tools down at UBS (UBS) after the bank finally took over rival Credit Suisse in the biggest bank merger since 2008. Among the acquisition challenges were accusations that the Swiss bank allegedly allowed a Bulgarian gang to launder money. The merger ends a bank implosion, job uncertainty - uniting a team of 120,000 people - and has a balance sheet of US$1.6 trillion. Also read: Lessons learned from Silicon Valley Bank collapse

At a glance. 🎨 Nvidia’s latest earnings invigorated investors, putting the advanced chipmaker within spitting distance of a US$1 trillion valuation, with a market cap of US$992 billion. Which may have compelled Visual Capitalist’s art department to show exactly what that number looks like next to their US semiconductor manufacturing peers. Coming in second, Broadcom (AVGO) is only a third the way to a trillion, valued at US$335 billion, and taking third place is AMD (AMD), only one-fifth of the way to break a trillion dollars, valued at US$202 billion. All leaving legacy company Intel (INTC) sixth in line to the trillionaire throne, with a market cap of US$125 billion.

Image inspo: Recession undies (we couldn't make that up!)

Belinda Nash
Finance writer
Linkedin

We’re not financial advisors and Hatch news is for your information only. However dazzling our writing, none of it is a recommendation to invest in any of the companies or funds mentioned. If you want support before making any investment decisions, consider seeking financial advice from a licensed provider. We’ve done our best to ensure all information is current when we pushed ‘publish’ on this article. And of course, with investing, your money isn’t guaranteed to grow and there’s always a risk you might lose money.

Join the Kiwis who are hatching their tomorrow and have invested more than $1 billion with Hatch.

Explore another series
Tax
Money
Economy
Investing

More recent news articles

Recent learn articles

6 min read
May 28, 2024

The US vs Live Nation; stocks fall nearly 8% in a day

Following Ticketmaster’s Taylor Swift ticketing blunder, Tay-Tay's fans united fans to sue music event behemoth Live Nation. Now, after two years of investigation, the US Department of Justice has banded together with nearly 30 US states and have sued parent, Live Nation Entertainment. So what do they allege, and can they win?
Read more
7 min read
May 7, 2024

Street-fighter mode: McDonald’s supersizing burgers to win back frugal customers

McDonald’s CEO Chris Kempczinski says they’re feeling the loss of low earning customers during the high cost of living, promising to bring back value dining, as well as creating their biggest burger ever. But one financial analyst has dug into the data, and he tells a different story.
Read more
7 min read
Apr 16, 2024

Geopolitical pressures wobble big bank’s outlook

Big banks have kicked off quarterly earnings season in the US markets, but JPMorgan CEO Jamie Dimon’s sobering shareholder letter sent the bank stocks tumbling sector-wide last week. But there is still investor optimism in the global financial powerhouses, with stock soars in the past six months that even rival some Big Tech.
Read more

Related news articles

More recent learn articles

No items found.

Recent news articles

More recent learn articles

6 min read
May 28, 2024

The US vs Live Nation; stocks fall nearly 8% in a day

Following Ticketmaster’s Taylor Swift ticketing blunder, Tay-Tay's fans united fans to sue music event behemoth Live Nation. Now, after two years of investigation, the US Department of Justice has banded together with nearly 30 US states and have sued parent, Live Nation Entertainment. So what do they allege, and can they win?
Read more
7 min read
May 7, 2024

Street-fighter mode: McDonald’s supersizing burgers to win back frugal customers

McDonald’s CEO Chris Kempczinski says they’re feeling the loss of low earning customers during the high cost of living, promising to bring back value dining, as well as creating their biggest burger ever. But one financial analyst has dug into the data, and he tells a different story.
Read more
7 min read
Apr 16, 2024

Geopolitical pressures wobble big bank’s outlook

Big banks have kicked off quarterly earnings season in the US markets, but JPMorgan CEO Jamie Dimon’s sobering shareholder letter sent the bank stocks tumbling sector-wide last week. But there is still investor optimism in the global financial powerhouses, with stock soars in the past six months that even rival some Big Tech.
Read more