1 min read

In briefs from Wall Street 🤓

Google announced their AI-first approach and a stack of new toys. What’s behind Petolon’s million dollar recall? Airbnb and Disney both reported earnings up, so what panicked investors? And could future banking crises be averted with new short-seller regulations? Here’s our snapshot of the week that was.
Published on
May 15, 2023

Enjoy our platter of digestible Wall Street morsels in bite-sized bits.

Update all. Last week’s Google I/O developer conference contained a bumper list of updates (including their first folding phone). Could journalists be nervous or will we continue to crave that human touch? Regardless, the self-proclaimed ‘AI-first company’ is putting all their eggs in AI’s basket - news that rallied investors, hiking Alphabet stock (GOOGL, GOOG) 4%. 🥚 Also read: FAANG stocks have been on the move

Rough ride. It’s been downhill for Peloton (PTON) since their December 2020 peak, when shares hit US$162.72. Now, with stock settling around US$7 - a plummet of nearly 95% - the company is backpedalling after recalling 2 million exercise bikes with dodgy seats. 🚳

Not the cheese. People might be flocking to the House of Mouse adventures in real life, squeaking up Disney (DIS) earnings 13%, but their shares took a hit last week after reporting that streaming service Disney+ lost 4 million subscribers, which bled US$659 million last quarter. The second quarter announcement saw their Monday share high of US$103.80 drop 10.5% to US92.28 following the news. Could Disney’s loss be Netflix’s (NFLX) gain? 🎬

Holiday hideout. Seems not even a Northern Hemisphere summer and record-breaking holiday splurging is on the side of Airbnb (ABNB), which just can’t catch a break. Stocks plummeted last week from a US$128.51 high, down nearly 18% to US$105.28 following their announcement that they expect bookings to fall in their Q2. This, despite reporting a 20% hike in revenue - to US$1.8 billion - in their ‘record high’ first quarter earnings. 🏡 Also read: We’ve replaced shopping for travel in 2023

The big short. As JPMorgan Chase’s CEO asks for regulators’ to show accountability and ‘humility’ for being ‘a little bit a part’ of the banking crisis, the screws may be tightening on market short-sellers; traders who have cashed in more than US$7.5 billion this year shorting smaller banks. 💸 Also read: What really happened with SVB?

Image inspo: recession undies. Yes, it’s a thing.

Weekly news from Wall St
Subscribe to Hatch Weekly and get our latest stories straight to your inbox. Read by 10,000+ customers weekly, we help you stay in the know.
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.

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.

More recent news articles

More recent learn articles

1 min read
May 29, 2023

In briefs from Wall Street 🤓

Nvidia, Marvell Technology and Workday have gone all in on AI and the flex has kept investors upbeat. Why AI? It seems when dealing with a tonne of data, AI does the heavy lifting so people can take innovation next level. Meanwhile, shoppers are feeling the pinch, so what’s happening in retail?
Read more
1 min read
May 23, 2023

In briefs from Wall Street 🤓

Take-Two Interactive shares surged to their highest yearly peak. Home Depot blames DIY dropoff for missed earnings. Is Walmart’s taking on Amazon? Who’s pillaging US$500 million from Target’s pockets. And has China’s economy rebounded? Here’s our glance back at a week of earnings.
Read more
1 min read
May 8, 2023

Ripping off the IPO Band-Aid 🩹

It had been all quiet on the IPO front in 2023 until Johnson & Johnson’s household division Kenvue hit the markets last week. But the journey ahead isn’t all clean and clear. Legal claims threaten to follow the household product consumer giant. Rumours are also swirling that some of China’s e-commerce heavyweights may want US IPOs. That’s assuming US legislators don’t block the way.
Read more