Thursday’s Headlines: Is Tesla Opening A Restaurant Chain?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Lemonade (LMND) +8.0%
iRobot (IRBT) +7.5%
Stitch Fix (SFIX) +7.5%
Etsy (ETSY) +7.1%
Yext (YEXT) +4.5%
Moving Down ⬇️
Align Technology (ALGN) -3.0%
Tesla Motors (TSLA) -3.0%
Match Group (MTCH) -2.6%
Gentex (GNTX) -2.2%
1. Tesla (TSLA) has reportedly filed a new trademark for its brand under restaurant services. Strange as that sounds for the world’s leading EV maker, in the past, CEO Elon Musk has laid out his intentions for full-scale Tesla charging stations, complete with convenience stores and restaurants. Tesla has not confirmed or expanded on these rumors, which have done nothing to prevent the company’s stock from falling 3% on Wednesday after it was forced to recall 6,000 vehicles due to concerns around loose bolts. Read the full recall story here.
2. Apple (AAPL) revealed yesterday that its App Store facilitated an estimated $643 billion in billings and sales during 2020. The figure represents a 24% increase year-on-year as the COVID-19 pandemic forced more and more consumers away from physical interaction and towards portable screens. Apple takes a cut of between 15% and 30% from purchases of software or digital goods from apps distributed through the App Store and is currently subject to a number of antitrust investigations for this very practice. Most recently, Epic Games sued Apple and argued in court that the company’s App Store is anti-competitive. Read Apple’s official press release here.
3. E-commerce firm Etsy (ETSY) announced Wednesday that it is buying the secondhand fashion app Depop for $1.62 billion. Depop lets people buy and sell used clothes through its online marketplace and has attracted a predominantly younger audience thanks to its social media savvy and messaging on environmental and ethical shopping. Considered the “resale home for Gen Z consumers”, Etsy will be adding Depop’s 30 million registered users across 150 countries to its arsenal of e-commerce wares. You can read Etsy’s full press release about the purchase here.
Some more earnings from last night:
The work management SaaS platform reported better-than-expected Q1 results, helped by a 40% YoY increase in subscription revenue to $108 million. “These results demonstrate how no-code technologies like Smartsheet are becoming a critical part of the enterprise technology stack, enabling organizations to manage programs, processes and projects at scale,” said CEO Mark Mader. Read more here.
It was another earnings beat for nCino, which posted a loss per share of $0.16 on revenue of $62.4 million, a 39% increase from the same period last year. The company cited increased innovation across the platform, including introducing its nIQ Commercial Pricing and Profitability solutions, as reasons for this success. Read more here.
There are 4 companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.