We capped the second week of earnings season with some big wins!
- Bearish SNAP (+109%), PINS (+293%), CROX (+109%)
- Bullish MSFT (+86%), WH (+27%)
This week we’ve got ~100 names from our coverage universe set to report and dozens of plays on deck.
Here are the major themes we’re watching…
Big Movers (of people and food) are meh – DoorDash (DASH), Uber (UBER) and Lyft (LYFT) report this week.
On a macro level, food delivery and ride hailing trends look muted.
Both trends show signs of continued normalization post pandemic and a double digit slow-down in consumer demand in April.
Lyft already announced major plans to reduce its operating costs, including laying off 26% of its staff and eliminating more than 250 previously open hiring positions.
The market likely has some demand weakness priced in.
Moonshot companies are gaining steam – Coinbase and FuboTV have earned some of our highest earnings scores of the week. Both have a history of outsized earnings moves.
Streaming live sports continues to drive demand higher for FUBO – the question will be if the company can rein in rising carriage costs and keep customers happy.
With shares trading around $1 (down from +$60 during the peak of the pandemic), it’s clear the streamer has a lot to prove.
Rising Bitcoin and Ethereum interest and pricing could drive positive news for Coinbase, who derives a revenue by collecting a percentage of consumer transactions.
Both BTCUSD and ETHUSD have booked double digit gains over the last 6 months.
Consumer mentions of trading crypto are accelerating in April, which could bode well for COIN guidance.
The BUD controversy is on full display – consumer sentiment for AB Inbev plummeted on large-scale politicized boycotts from consumers angry for the company’s support of a transgender influencer.
The largest winner of the drama, according to LikeFolio data, may be MolsonCoors (TAP) who saw demand skyrocket over the last month.
We’ll be listening to see how much of an impact the boycott had on BUD sales, and for any long-term implications for both companies if a large swath of consumers truly make the brand switch.