Weekly Recap #57
Stock Charts to Watch, News, Earnings Highlights
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Stock Charts to Watch
Target (NYSE: TGT) 5 year weekly:
AT&T (NYSE: T) monthly since January 1990:
Dow Inc. (NYSE: DOW) weekly since it began trading in April 2019:
Verizon (NYSE: VZ) announced it raised its minimum wage to $20 an hour.
“In recognition of the hard work and dedication of its V Teamers, Verizon is raising the minimum wage for new employees to $20 an hour for Customer Service and $20 an hour (when base salary plus target commission are combined) for its Retail and Inside Sales employees. Existing employees on any of these teams who currently receive less than $20 an hour will be raised to this new rate automatically. And it’s adding premium pay differentials for assistant managers who work on holidays, Sundays and for those who are bilingual.”
Apollo Global Management (NYSE: APO) is considering getting in on a bid for Twitter (NYSE: TWTR), according to The Wall Street Journal.
“Apollo, one of the world’s largest buyout firms, has held discussions about backing a possible deal for Twitter and could provide Mr. Musk or another bidder like private-equity firm Thoma Bravo LP with equity or debt to support an offer, the people said. Apollo, which owns Yahoo, has also been evaluating potential cooperation between the online-media company and Twitter, the people said. There is no guarantee Twitter would be receptive to that, or any other deal. Twitter is expected to rebuff Mr. Musk’s offer in the coming days, some of the people said. The company is set to report earnings April 28 and may detail its stance then.”
Elon Musk is planning to launch a tender offer for Twitter (NYSE: TWTR) ‘in 10 days or so,’ according to the New York Post.
“Nevertheless, it’s mainly outside financing that will carry the bid for Musk, who has tapped Morgan Stanley to raise another $10 billion in debt against Twitter in the manner of a traditional leveraged buyout, the sources said. As first reported by The Post on Friday, however, the bulk of the money — about $20 billion, according to sources — will come from co-investors who will finance a hostile tender offer directly to Twitter shareholders, sources said. Musk hinted at the hostile approach in a cryptic tweet over the weekend that quoted Elvis Presley’s 1956 hit ‘Love Me Tender.’ Musk is planning to launch the tender offer for Twitter in 10 days or so, sources said. Still, insiders say Musk appears to be having more trouble than expected in finding backers.”
Best Buy (NYSE: BBY) announced a home pick-up electronics recycling service.
“Just a click away, anyone in the U.S. can now request pickup and recycling for old electronics, keeping tech, including appliances, out of landfills and giving it a second life. The Best Buy Standalone Haul-Away service will remove and recycle up to two large products (including TVs, major appliances, all-in-one computers and monitors), along with select smaller products, like laptops, cameras, cords, gaming consoles and more. The new Standalone Haul-Away service is available for $199.99. Best Buy Totaltech™ members save 20% on the Standalone Haul-Away service. Customers can schedule an appointment on BestBuy.com for all Haul-Away services.”
Coinbase (NASDAQ: COIN) announced that the beta for its NFT marketplace is now live.
“We’re taking the first step on that journey by releasing our beta. Starting today, anyone can check out the first version of Coinbase NFT at nft.coinbase.com and explore the vast collection of NFTs on the Ethereum blockchain. Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether that’s Coinbase Wallet or something else. For a limited time, there’ll be no Coinbase transaction fees. We’ll eventually add fees, which will be in-line with Web3 industry standards, and we’ll provide notice before anything changes.”
Netflix (NASDAQ: NFLX) plunged 35% on Wednesday after the company reported earnings and said it lost 200,000 subscribers during Q1 and expects to lose 2 million global subscribers in Q2. Wednesday was the worst day for the stock since 2004, according to The Wall Street Journal.
“Investors had expected that the company would add new users in the quarter. Instead, Netflix said it ended the first three months of the year with 200,000 fewer subscribers than it had in the fourth quarter and said it expected to lose two million global subscribers in the current quarter…The fall in Netflix’s shares represented its biggest single-day percentage drop since Oct. 15, 2004, when it fell 41% after saying it would cut subscription fees and postpone planned international expansion.”
Sony (NYSE: SONY) is working on including advertisements in free-to-play PlayStation games, according to The Verge citing Business Insider.
“The ads would appear in games and are meant to give game developers a way to monetize their work and encourage them to continue building free-to-play games. The in-game ads are expected to launch by the end of the year and would appear in inconspicuous places within the game, like billboards. Players could also get rewards for watching advertisements, and the ads would be sold through a private marketplace, Insider reports. Sources told Insider that Sony hasn’t yet decided if it would take a portion of ad revenue but is considering having developers and publishers pay for consumer data…Reports of Sony’s plans follow news last week that Microsoft was reportedly planning on doing something similar with free-to-play Xbox games, also reported by Insider. Ads in free-to-play Xbox games are expected to roll out later this year, and Microsoft doesn’t plan to take a cut of revenue, sources told Insider.”
Bed Bath & Beyond’s (NASDAQ: BBBY) Buybuy Baby business is drawing interest from potential buyers, according to The Wall Street Journal.
“Suitors for the baby-gear chain include private-equity firm Cerberus Capital Management LP and Tailwind Acquisition Corp., a special-purpose acquisition company chaired by former Casper Sleep Inc. Chief Executive Philip Krim, according to people familiar with the matter. There is no guarantee the expressions of interest will result in a deal.”
Twitter (NYSE: TWTR) is facing pressure from shareholders to negotiate with Elon Musk about a buyout, according to Reuters.
“While the views of Twitter shareholders vary over what a fair price for a deal would be, many reached out to the company after Musk outlined his acquisition financing plan on Thursday and urged it not to let the opportunity for a deal slip away, the sources said, speaking on condition of anonymity. Twitter's board is expected to find that Musk's all-cash $54.20 per share offer for the company is too low by the time it reports quarterly earnings on Thursday.”
Bank of America (NYSE: BAC):
Revenue: $23.23 billion beat $23.11 billion estimate
EPS: $0.80 beat $0.74 estimate
Charles Schwab (NYSE: SCHW):
Revenue: $4.67 billion missed $4.83 billion estimate
Adjusted EPS: $0.77 missed $0.84 estimate
Johnson & Johnson (NYSE: JNJ):
Revenue: $23.43 billion missed $23.67 billion estimate
Adjusted EPS: $2.67 beat $2.61 estimate
Lockheed Martin (NYSE: LMT):
Revenue: $14.96 billion missed $15.55 billion estimate
EPS: $6.44 beat $6.21 estimate
Netflix (NASDAQ: NFLX):
Revenue: $7.87 billion missed $7.93 billion estimate
EPS: $3.53 beat $2.89 estimate
IBM (NYSE: IBM):
Revenue: $14.20 billion beat $13.85 billion estimate
Adjusted EPS: $1.40 beat $1.38 estimate
Procter & Gamble (NYSE: PG):
Revenue: $19.38 billion beat $18.73 billion estimate
EPS: $1.33 beat $1.30 estimate
Abbott Laboratories (NYSE: ABT):
Revenue: $11.90 billion beat $11.02 billion estimate
Adjusted EPS: $1.73 beat $1.43 estimate
Tesla (NASDAQ: TSLA):
Revenue: $18.76 billion beat $17.80 billion estimate
Adjusted EPS: $3.22 beat $2.26 estimate
United Airlines (NASDAQ: UAL):
Revenue: $7.57 billion missed $7.68 billion estimate
Adjusted EPS: ($4.24) missed ($4.22) estimate
American Airlines (NASDAQ: AAL):
Revenue: $8.90 billion beat $8.83 billion estimate
Adjusted EPS: ($2.32) beat ($2.40) estimate
AT&T (NYSE: T):
Revenue: $38.10 billion beat $29.53 billion estimate
Adjusted EPS: $0.77 beat $0.59 estimate
Snap (NYSE: SNAP):
Revenue: $1.06 billion missed $1.07 billion estimate
Adjusted EPS: ($0.02) missed $0.01 estimate
Boston Beer Co. (NYSE: SAM):
Revenue: $430.11 million missed $447.88 million estimate
EPS: ($0.16) missed $1.97 estimate
Verizon (NYSE: VZ):
Revenue: $33.55 billion beat $33.54 billion estimate
EPS: $1.35 inline with $1.35 estimate
American Express (NYSE: AXP):
Revenue: $11.74 billion beat $11.62 billion estimate
EPS: $2.73 beat $2.44 estimate
The most anticipated earnings for the coming week are…
That’s all ‘til next week.
Zoomer Exchange is not financial advice.