Friday’s Headlines: Spotify Tunes Into Radio
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Roku Inc. (ROKU) +7.4%
Vail Resorts (MTN) +2.9%
Moving Down ⬇️
Lovesac (LOVE) -9.0%
Upstart Holdings (UPST) -8.8%
StoneCo (STNE) -8.2%
Trip.com Group (TCOM) -7.5%
Airbnb (ABNB) -7.0%
1. Spotify (SPOT) has invested further into its podcast offerings by acquiring Whooshkaa, an all-in-one technology platform for independent podcast creators. The most interesting part of the deal, however, is Spotify gaining access to “broadcast-to-podcast” technology. This will enable radio broadcasters to use existing audio content and migrate it to podcast form natively. Once done, they will then be able to access Spotify’s vast suite of creator tools. Spotify hopes to utilize these new capabilities to attract more third-party publishers to its network, which will, in turn, have positive effects on advertising revenue and overall reach. In a statement made yesterday, Spotify’s Chief Content and Advertising Business Officer Dawn Ostroff said, “We believe the worldwide growth potential for digital audio is still largely untapped.” Read more here.
2. FedEx (FDX) impressed with fiscal Q2 earnings that beat analyst expectations across the board, posting earnings per share (EPS) of $4.83 against an expected $4.23, on revenue of $23.5 billion versus a predicted $22.5 billion. Early Christmas shopping and a COVID-induced online shopping boom were credited with the jump. FedEx adjusted its final year outlook for EPS to between $20.50 and $21.50 for the year, up from the $19.75 – $21 expected in September. FedEx also announced a $5 billion share buyback program in news that will be welcomed by investors. Read more here.
3. The New York Police Department (NYPD) is reportedly considering a deal that would see it purchase up to 250 Tesla (TSLA) Model 3 cars in 2022. The deal would cumulatively be worth roughly $12.36 million, with each car costing almost $52,000. The NYPD is eager to transform its current fleet into an all-electric set of vehicles, which would save them approximately $8,500 per car on fuel alone within five years. The NYPD will be cautious though, as the previous purchase of a Tesla Model Y was met with public uproar surrounding the high price of the car compared to more commonly used models. Read more here.