Friday’s Headlines: Wall Street’s Not Interested In Strong Earnings

Friday’s Headlines: Wall Street’s Not Interested In Strong Earnings

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Axos Financial (AX) +2.5%

Huazhu Hotels Group (HTHT) +1.8%

Slack Technologies (WORK) +1.3%

Boston Beer Co. (SAM) +1.2%

The Home Depot (HD) +1.1%

Moving Down ⬇️

Coupa Software (COUP) -9.9%

Bill.com (BILL) -4.0%

Chuy's (CHUY) -3.8%

StoneCo (STNE) -3.7%

PagerDuty (PD) -3.6%

1. It’s been a rollercoaster ride for investors and the S&P 500 (VOO) this week after the benchmark index closed in the red despite impressive earnings among its members. Having touched all-time highs on Wednesday, uncertainty around the Federal Reserves’ planned banking policies as well as fears of stimulus checks drying up has led to investors selling off otherwise successful S&P 500 stocks. “The challenge we’re confronting is how to react to this inflation, which is larger than we had expected or that anybody had expected,” said Fed Chair Jerome Powell yesterday. It seems that we could be in for a bumpy summer. Get the full story here

2. Ahead of its Q2 earnings call later this morning, Ericsson (ERIC) treated investors to some multi-billion dollar news. The telecommunications leader has just inked an $8.3 billion agreement with Verizon in the U.S. to deploy its 5G MIMO C-band, low-band, and millimeter wave (mmWave) solutions to enhance and expand Verizon’s 5G Ultra Wideband coverage, network performance, and user experience. In layman’s terms: they’ve got a big, multiyear 5G deal. This will come as a big boost for Ericsson ahead of earnings, where it is expected to report a year-on-year revenue increase of 3% to $6.6 billion. Read the official press release here.  

3. In a rare antitrust win for Facebook (FB) on Thursday, an EU privacy watchdog has ruled in favor of the tech giant in an ongoing data investigation. Germany’s lead data protection regulator had called for an EU-wide ban on Facebook’s processing of personal data from its WhatsApp subsidiary, which was scrapped by a European Union privacy watchdog due to a lack of evidence on the former’s behalf. The move will prevent Facebook from getting caught up in yet another costly legal battle in Europe, though it must remain on its toes, having been asked by the EU to investigate any potential data wrongdoings. Read the complete report here.

JamieJamie

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