Tuesday’s Headlines: Is Apple Taking On Zoom?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Duluth Trading (DLTH) +7.5%
DraftKings (DKNG) +6.3%
Trupanion (TRUP) +5.7%
PagerDuty (PD) +4.6%
Moving Down ⬇️
Trip.com Group (TCOM) -4.0%
TrueCar (TRUE) -2.8%
Autodesk (ADSK) -2.1%
Costco (COST) -1.8%
Baozun (BZUN) -1.7%
1. There was a lot for Apple (AAPL) fans to unpack at the tech giants Worldwide Developers Conference (WDC) event yesterday. Apple announced a new macOS, a refreshed iOS, improved privacy controls, and iCloud+. Even though Wall Street's reaction to the event was a yawn, with Apple shares largely unchanged, we should focus on the iPhone maker’s plans to take on Zoom (ZM). The firm is opening FaceTime’s software to Windows and Android users, adding 3D audio and the ability to speak to multiple people at the same time, and will also allow users to send links to schedule individual calls, just like Zoom links. See more on the event here.
2. Google (GOOG) has agreed to change its global advertising practices after it got stuck with a €220 million ($268 million) fine from France on Monday. France’s competition watchdog said Google was abusing its market dominance in the digital advertising space by unfairly sending businesses to its own services, which it said hindered competition. The French Competition Authority labelled the practices as very serious actions which allowed Google to not only “preserve but also to increase its dominant position.” The Big Tech leader has supposedly agreed to end some of its self-preferencing practices after the landmark antitrust case, which could result in falling revenue. Check out more on the story here.
3. Stitch Fix (SFIX) shares jumped as much as 17% in after-hours trading yesterday after the company’s sales came roaring back. The online personal styling service beat analysts' expectations, posting net revenue of $535.6 million, up 44% year-over-year (YoY), while its loss of $0.18 per share improved from the loss of $0.33 a year ago. Stitch Fix also reported 20% YoY customer growth driven largely by first-time and reactivated client additions. Stitch Fix President and incoming CEO, Elizabeth Spaulding, was optimistic on the call, stating the firm is “Excited to meet the needs and enthusiasm of more and more clients as the world continues to reopen and the apparel retail backdrop improves.” Read the full press release here.
Some more earnings from last night:
Coupa Software (COUP)
Yesterday, the California-based firm posted revenue of $167 million, up 40% YoY, while quarterly billings came in at $149 million, a 46% increase from the same period last year. CEO Rob Bernshteyn was enthusiastic on the call about Coupa’s growth to cash flow positivity, explaining: “During the first quarter, we delivered record revenue, generated meaningful free cash flows, and added dozens of new customers to the Coupa Community.” Read the official press release here.
Vail Resorts (MTN)
The company's net revenue grew to $889.1, up 28% YoY, helped by Vail Resorts slashing the price of its season passes by 20% in March. Rob Katz CEO commented: "While visitation and lift revenue trends improved throughout the quarter, our ancillary lines of business continued to be more significantly and negatively impacted by COVID-19 related capacity constraints and limitations, particularly in food and beverage and ski school." Read the full press release here.
There is 1 company on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.