Thursday’s Headlines: Netflix Finds The Golden Ticket
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Stitch Fix (SFIX) +15.7%
Trupanion (TRUP) +5.9%
Cloudflare (NET) +5.0%
The Trade Desk (TTD) +4.8%
Bumble (BMBL) +4.2%
Moving Down ⬇️
FedEx (FDX) -9.1%
Facebook (FB) -4.0%
Calavo Growers (CVGW) -1.8%
Nautilus (NLS) -1.5%
1. Netflix (NFLX) has visited Willy Wonka's factory and picked up the entire content catalog of Roald Dahl. The streaming service has acquired the rights to the author of ‘Charlie and the Chocolate Factory’ and ‘Matilda’ characters and stories for an undisclosed amount. The news comes three years after Netflix stated it was going to produce new animated productions based on Dahl’s work, including ‘Charlie and the Chocolate Factory, which the company has already started working on. As part of its goal to expand its original content and intellectual property library, Netflix is investing heavily to keep ahead of legacy media company Disney (DIS)+. Check out more on the story here.
2. Facebook (FB ), along with seemingly every other ad revenue-reliant business in the world, is blaming its poor ad performance on Apple’s new privacy update. Apple’s latest change asked users to choose to opt in to being tracked when first launching an app, and many of them choose privacy, meaning Facebook’s specialized tracking for ads was negatively impacted. However, the damage may not be as bad as it seems with the social media giant estimating that it underreported web conversions on Apple’s iOS by around 15% in Q3, stating that there’s a “broad range” for different advertisers. To boost ad sales for the rest of the year, Facebook said it’s busy working on improving ad performance measurement by accelerating investments in reporting gaps ahead of the holiday season. Facebook gave the update yesterday which is why shares are down almost 4%. Read the full story here.
3. Robinhood (HOOD) is elbowing in on Coinbase’s (COIN) turf by announcing that it will begin testing crypto wallets for its users. The recent hype around digital currency, Dogecoin, has delivered big revenues for the commission-free trading app, which has encouraged Robinhood to offer the wallets to users on its waitlist so they can trade, send, and receive crypto tokens on its platform. Robinhood fans had previously been able to buy and sell only a few cryptocurrencies, including Dogecoin and Bitcoin, but had been unable to send these coins to external wallets or receive them from other sources. With the cryptocurrency market worth just shy of $2 trillion, this move opens the controversial investing app up to endless possibilities. See more on the story here.
There are four companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.