Friday’s Headlines: Facebook Wants To Read Your Mind
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Under Armour (UAA) +2.1%
RH (RH) +1.9%
The Home Depot (HD) +1.1%
Prologis Inc. (PLD) +0.6%
Moving Down ⬇️
Trupanion (TRUP) -12.3%
Nautilus (NLS) -10.8%
Duluth Trading (DLTH) -10.0%
The Trade Desk (TTD) -9.3%
Square (SQ) -9.0%
1. It may not be the headline any of us wish to wake up to, but Facebook (FB) has just unveiled mind-reading technology. On Thursday, the company’s Facebook Reality Labs division showed off the prototype for a ‘mind-reading’ wristband that allows users to control their lights, boil kettles, and manipulate virtual objects from a distance with tiny movements of their fingers. This truly terrifying piece of devilry is still far from shelf-ready though, according to Facebook sources, but the announcement comes ahead of the company’s planned release of its first smart-glasses later this year. Read the complete report here.
2. March is quickly becoming a tale of two markets as tech stocks led the S&P 500 (VOO) and Nasdaq (QQQ) down on Thursday. The tech-heavy Nasdaq slid more than 3%, its losses led by a market-wide decline that saw Apple (AAPL), Amazon (AMZN), and Netflix (NFLX) fall more than 3% each. The sell-off comes after the 10-year Treasury yield jumped 11 basis points above 1.75% at its session high, reaching its highest level since January 2020, heightening inflation fears. Read the complete story here.
3. It’s been a big 24 hours for Big Tech, with Alphabet’s (GOOG) YouTube launching its answer to TikTok yesterday in the U.S. The ‘original’ streaming company rolled out ‘Shorts’, its short-form video-streaming service, which lets users record mobile-friendly videos that can be spiced up with special effects and soundtracks pulled from a music library — so basically, TikTok… “I think Shorts and short-form video has come to feel like a natural progression for YouTube. We’re the original user-generated video platform,” noted YouTube’s Todd Sherman, the product lead for YouTube Shorts. We’ll have to wait and see, Todd. Read the full story here.
Some earnings from last night:
Duluth Traders (DLTH)
The workwear and accessories company missed expectations across the board with Q4 earnings of $0.67 per diluted share on revenue of $256 million — a decline of 1.4% YoY. CEO Steve L. Schlecht was optimistic about the future of e-commerce for the business, stating: “Early 2021 sales are off to a good start and are trending up in the mid-teens to last year. We are confident in our future based on the strength of our brand, our innovative product development resonating with customers and our ability to enhance profitability.” Read the official press release here.
It was a mixed bag from the world’s most recognizable sporting brand after beating on earnings of $0.90 but missing on revenue of $10.4 billion due to supply chain challenges in North America. It wasn’t all doom and gloom though as North America’s 10% sales decline was offset by 51% growth in Greater China, where the company has continually grown traction in recent years. Read the official press release here.
FedEx reported better-than-expected fiscal third-quarter earnings as vaccine shipments continue to ramp up, reporting diluted earnings of $3.30 per share on revenue of $21.5 billion — up 14% YoY. CEO Fred Smith was very optimistic about the coming year and believes that Q3 could have been even better had it not been for severe weather conditions in February. Read the official press release here.
Get this week’s full earnings calendar here.