Thursday’s Headlines: Netflix Takes The Fight To TikTok
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Duluth Trading (DLTH) +6.8%
Eventbrite (EB) +6.4%
GoPro (GPRO) +4.6%
Planet Fitness (PLNT) +2.9%
Calavo Growers (CVGW) +2.7%
Moving Down ⬇️
The Trade Desk (TTD) -12.8%
Etsy (ETSY) -12.5%
PagerDuty (PD) -10.3%
2U (TWOU) -9.5%
Coupa Software (COUP) -8.7%
1. Amid its ongoing plans to release a new film every week this year, Netflix (NFLX) has found some time to launch a TikTok competitor. The king of streaming yesterday began rolling out ‘Fast Laughs’, a feature that provides a feed of comedic clips from Netflix’s catalog of films, shows, and stand-up specials, and when one clip ends, another begins — just like TikTok. The move marks a deeper foray into social media for the world’s largest paid streaming service, but it certainly wasn’t enough to elicit any laughter, fast or otherwise, from investors yesterday as shares plunged almost 5%. Read up more on this subject here.
2. The House of Mouse is taking no prisoners in this pandemic, it seems, as Disney (DIS) announced plans to shutter 20% of its brick-and-mortar stores worldwide. The company confirmed that at least 60 out of 300 Disney Stores will be closing across North America, and then an evaluation on whether to extend these closings to other parts of the world will begin. The move comes amid a global shift towards e-commerce, with Disney looking to divert these freed up resources to further utilizing its popular shopDisney website, which will be adding more “adult apparel collections, streetwear, premium home products, and collectibles”. Read the full story here.
3. Despite its share price dropping almost 4% on Wednesday, Twitter (TWTR) investors should be excited after the company showcased some new e-commerce features. MyWallSt’s latest Stock of the Month confirmed that it is testing a redesigned format for tweets that feature links to e-commerce platforms, which will contain a prominent ‘Shop’ button, description of the product, and other details such as name and price. Not only will this increase business engagement for users on the platform, but it will also be added to advertisements, which should help the company in its recently outlined goal of doubling revenue and users by 2023. Read the full story here.
Some more earnings from last night:
As we have seen time and again, people enjoy drinking during a pandemic, with Brown-Forman exceeding Wall Street expectations by posting fiscal Q3 revenue of $911 million and net income of $0.45 per share. President and CEO Lawson Whiting stated, “Our strategic priorities have enabled us to build strong business momentum during the COVID-19 crisis and we believe they remain the right strategies to deliver broad-based growth and value creation over the long term.” Read the official press release here.
The Singapore-based travel agency posted a surprise earnings beat of $1.75 per share on revenue of $4.96 billion. Executive Chairman, James Liang, attributed the company’s considerably impressive results at a time where the travel industry has been at a standstill to continued innovation and the reopening of travel in China. Read the official press release here.
The online brand management firm surpassed analyst estimates after reporting break-even quarterly earnings per share on revenue of $92.19 million — a 13% increase year-over-year. “Despite major headwinds caused by lockdowns, our full-year fiscal 2021 revenue increased 19% year-over-year, and we drove significant efficiencies in our business,” said Founder and CEO Howard Lerman.
There are 4 companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.