Friday’s Headlines: iRobot Solves A Messy Problem
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Lululemon (LULU) +10.5%
RH (RH) +7.8%
Smartsheet (SMAR) +5.9%
Upstart Holdings (UPST) +5.6%
Moving Down ⬇️
Calavo Growers (CVGW) -17.1%
Sea Limited (SE) -6.2%
Boston Beer Co. (SAM) -3.8%
Redfin (RDFN) -2.9%
1. It’s always worth starting the day with a smile, which iRobot (IRBT) investors and pet owners alike will be sure to do after seeing the companies latest product. The (very wordy) Roomba j7+ Robot Vacuum with Genius 3.0 Home Intelligence is the latest in the company’s most popular Roomba line and promises to be vastly improved on any past models or competitors. What’s more, iRobot has reportedly solved a huge problem — it now avoids your pet’s ‘droppings’. The company is so confident, that it even includes a Pet Owner Official Promise (P.O.O.P.), in which it will replace any j7+ that runs over animal dookie. With iRobot shares hovering just slightly in the green year-to-date, the company will be hoping that this latest range will be a hit. Read the official press release here.
2. Amid chip shortages and financial insecurity impacting sales, a further $2 billion in restructuring costs is probably the last thing Ford (F) investors wanted to hear. The famous old carmaker will be spending this money on winding down operations in India, closing both its plants, and laying off thousands of workers. According to the company, “The decision was reinforced by years of accumulated losses, persistent industry overcapacity, and lack of expected growth in India’s car market.” This decision comes as part of CEO Jim Farley’s Ford+ turnaround plan, which aims to achieve an 8% adjusted profit margin before interest and taxes in 2023 whilst significantly increasing Ford’s spending on electric and autonomous vehicles. Read the official press release here.
3. Watch out Roku (ROKU), Amazon (AMZN) is kicking up its streaming software game a notch by releasing its first-ever Amazon TV. Amazon’s Fire TV service has been a direct competitor to the brand-agnostic Roku for some time and told reporters that it wanted to build its own set to better integrate its Fire TV software with Alexa voice controls. They go on sale in October at prices ranging from $369.99 to $1,099.99, and due to the sheer size of Amazon’s wallet, it can afford to take any initial losses to price competitors out of the market. This move is the latest in a series of big media investments from Amazon, which bought MGM Studios earlier this year for $8.5 billion and is currently producing the reportedly most expensive TV show ever — its long-awaited ‘Lord of the Rings’ series. Read the official press release here.