DAILY UPDATE: Uber, Lyft and MSFT as the Stock Markets Rally

Posted on May 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Here’s where the major benchmarks ended:

  • The S&P 500 index gained 26.41 points (0.5%) to 5,214.08; the Dow Jones Industrial Average rose 331.37 points (0.9%) to 39,387.76; the NASDAQ Composite® ($COMP) advanced 43.51 points (0.3%) to 16,346.26.
  • The 10-year Treasury note yield (TNX) lost more than 2 basis points to 4.459%.
  • The CBOE Volatility Index® (VIX) fell 0.31 to 12.69.

Interest-rate-sensitive sectors, such as real estate and utilities, were among the strongest performers Thursday. Energy shares were also strong after WTI Crude Oil (/CL) futures rose for a second straight day after sinking to a two-month low earlier this week. Semiconductor shares were under pressure after disappointing revenue guidance from chip designer Arm Holdings (ARM) sent its shares down 2.3%.

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The Dow jumped for the seventh straight day while the S&P 500 closed above 5,200 for the first time in a month as stocks climbed across the board, possibly a reaction to data showing that the cooling labor market could translate into a Federal Reserve interest rate cut in a few months. But, Roblox, tanked 22% yesterday after the company cut its annual bookings forecast. The rough patch suggests that the game’s pandemic-induced popularity has likely peaked.

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Last year, Uber boasted its first full-year profit since going public. But yesterday, the company reported a surprise loss for the first quarter of 2024, dashing investors’ hopes for steady profits and sending its stock way down.

Meanwhile, Uber’s smaller rival Lyft appears to have its foot on the gas pedal. It posted better-than-expected quarterly results on Tuesday and saw a stock bump yesterday.

Microsoft plans to put the cash toward creating an AI data center. President Biden was on hand in Wisconsin to help announce the news—and not just to tout a big investment that’s expected to create jobs.

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DAILY UPDATE: Uber Profits with Extended Stock Market Gains

Posted on February 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stat: $1.43 billion. That’s Uber’s first full-year profit since 2018. And, it’s the first time the rides hare giant has shown a profit from its operations. The company has had $30 billion in operating losses since 2016. (the Wall Street Journal)

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Stocks ticked up, putting the S&P 500 over the 5,000-point milestone for the first time, as more strong company earnings poured in. And, Arm soared 48% after it surprised investors with record computer chip sales.

Here’s where the major benchmarks ended:

  • The S&P 500 index added 2.85 points (0.1%) to 4,997.91, after briefly rising to 5,000.40, breaching the 5,000 level for the first time; the Dow Jones Industrial Average gained 48.97 points (0.1%) to 38,726.33; the NASDAQ Composite climbed 37.07 points (0.2%) to 15,793.71.
  • The 10-year Treasury note yield (TNX) rose more than 5 basis points to 4.154%.
  • The CBOE Volatility Index® (VIX) fell 0.04 to 12.79.

Semiconductor shares were among the strongest performers Thursday behind Arm Holdings (ARM), which soared 48% after the chip maker reported a better-than-expected quarter profit. The Philadelphia Semiconductor Index (SOX) gained 1.6%. Energy shares were also firm as WTI crude oil (/CL) futures surged 3.6% to a high for the month above $76 per barrel, reflecting growing concern the Middle East conflict may disrupt supplies.

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IPOs: More Caution Ahead

Posted on September 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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From 2020 to 2021, when VC money was cheap and tech IPOs were hot, the tech companies that went public via IPO were mostly growth-focused unicorns that had yet to see any profits. But Instacart, which has turned a profit for the last five quarters, is something different.

Chip design company Arm, which debuted last week in the year’s biggest IPO, was the first venture-capital-backed startup to go public in the US since December 2021. It may have broken the ice, but Instacart is the next big test.

However, being profitable and being valuable aren’t the same thing. In 2020, investors valued Instacart at $39 billion, its highest valuation and roughly $29 billion more than what it’s expected to be worth to investors today.

  • Late-stage investors in Instacart, such as Fidelity and T. Rowe Price, stand to lose 40% or more.
  • Sequoia Capital—Instacart’s largest external shareholder—was also one of its earliest. Its initial $8 million investment in 2013 is worth $1 billion today, but its later investment of $50 million in 2021 has shrunk to $12 million.

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DAILY UPDATE: Planet Fitness and Instacart

Posted on September 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks slouched into the weekend as investors wait to see what happens at next week’s Fed meeting. Planet Fitness dropped after its board’s surprise decision to oust the CEO, who had led the gym chain for more than a decade.

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Instacart is planning to price its IPO shares higher since Arm’s IPO went so well. The grocery delivery company will make its market debut on Tuesday.

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Arm IPO: NASDAQ Success over NYSE

Posted on September 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks shot up yesterday on the strength of Arm’s IPO. Investors were pleased with the British chip-maker’s debut: Shares surged 25%, leading to the best day for the Dow since early August.

Arm’s debut was also a big win for NASDAQ, which hopes to parlay the successful IPO into grabbing more listings over rival NYSE.

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