In briefs from Wall Street 🤓
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?
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