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☔️ Rain, Rain Go Away
April showers on Wall Street, Pinterest soars higher on AI announcements and more
Charla Hojnacki
May 01, 2024
Happy Wednesday Zingernation! If you ask me what I’m having for lunch today, I’ll tell you I have no idea. But if you ask me what I’ll be having for lunch in 10 years, the answer is Fonio. Well, at least according to billionaire Bill Gates.
-Aaron Bry and Nic Chahine
Plus, looking to capitalize on gold’s latest rally? Check out today’s partner.
And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.
MARKET SNAPSHOT
Yesterday: Oof. Big Oof. Everything got crushed after hotter-than-expected labor data had investors worried about the Fed’s interest rate policy.
On Our Radar: More earnings coming your way, but there’s also a Fed interest rate decision today at 2 PM followed by a press conference from Mr. Jerome Powell himself at 2:30 PM ET. Expectations are that the Fed will keep interest rates unchanged.
Plus: Looking to learn more about options? Join options masters Chris Capre and Matt Maley TONIGHT at 6:00 PM EST! Click here to claim your free ticket.
TOP STORY
In Short: The S&P 500 finished April on a downturn, declining by approximately 3% in the last two weeks. This marks the end of a five-month streak of gains. Similarly, the tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust, experienced a 3.5% decline.
Bright Spots: Based on the industry ETF list provided by BlackRock’s iShares, only five out of the 25 industries managed to report gains in April. Among them, miners did well across the board, with silver, copper, and gold mining stocks reporting robust gains. At the sector level, only the utilities sector managed to avoid losses for the month, rising by 2.1%.
Bearish Trends: Overall, it’s been a challenging month for the stock market, primarily due to inflation surprises. This has led to a recalibration of market expectations regarding potential Federal Reserve rate cuts.
Click here for the full scoop.
PRESENTED BY PASOFINO GOLD
Pasofino Gold is expanding its mining presence in Liberia with the Dugbe Gold Project, aiming to tap into West Africa's untapped gold exploration potential. The project is located within the Birimian geological province, known for hosting West African gold deposits. Pasofino owns 100% of the project through its subsidiary, ARX Resources Limited.
The known discoveries in the project, such as the Dugbe F and Tuzon areas, indicate a combined Measured and Indicated Resource of around 3.3 million ounces of gold. The project also has large mineral reserves, estimated at 2.76 million ounces, supporting an annual gold production of 200,000 ounces from open-pit mining.
In January 2024, Pasofino closed a non-brokered private placement of $2.3 million to insiders to fund the Dugbe Gold project which allowed the company to progress the development of the Project and the maximization of its value. Currently, a new drill program is underway to extend the Tuzon mineralization along with possible additional exploration targets previously identified.
FIVE ZINGERS
Cloudy With A Chance Of Gains: Amazon reported earnings last night, and CEO Andy Jassy is bullish about the future of AWS and cloud technology.
Pot Of Gold: Cannabis stocks were acting like pots of gold for investors yesterday, collectively soaring higher on news of reclassification.
Get To The $ROOT: $ROOT insurance shares soared higher last night after reporting stronger-than-expected earnings.
Room To Run: Here’s why one analyst believes Tesla’s stock has room to run after gaining more than 30% in the last few weeks.
I’ll Stick With Water: People are ditching the $5 burgers and cokes and buying $1000 weight-loss drugs instead.
ONE FOR THE ROAD
What Happened: Pinterest reported first-quarter financial results after the market close yesterday. Here’s a rundown of the report.
Q1 Earnings: Pinterest’s first-quarter revenue beat the consensus estimate of $699.872 million and increased nearly 23% year-over-year to $740 million. The company reported a loss of 4 cents per share, which beat analyst estimates for a loss of 9 cents per share.
The Data: Pinterest’s global monthly active users increased 12% year-over-year to an all-time high of 518 million. Average revenue per user grew 10% year-over-year to $1.46.
Quoted: “Thanks to our investments in AI and shoppability, we’re driving even greater returns for advertisers and gaining access to performance budgets,” said Bill Ready, CEO of Pinterest.
Outlook: Pinterest expects second-quarter revenue to be in the range of $835 million to $850 million versus estimates of $826.48 million. Second-quarter operating expenses are expected to be between $490 million and $505 million.
Click here to read more.
PRESENTED BY PASOFINO GOLD
Pasofino Gold is expanding its mining presence in Liberia with the Dugbe Gold Project, aiming to tap into West Africa's untapped gold exploration potential. The project is located within the Birimian geological province, known for hosting West African gold deposits. Pasofino owns 100% of the project through its subsidiary, ARX Resources Limited.
The known discoveries in the project, such as the Dugbe F and Tuzon areas, indicate a combined Measured and Indicated Resource of around 3.3 million ounces of gold. The project also has large mineral reserves, estimated at 2.76 million ounces, supporting an annual gold production of 200,000 ounces from open-pit mining.
In January 2024, Pasofino closed a non-brokered private placement of $2.3 million to insiders to fund the Dugbe Gold project which allowed the company to progress the development of the Project and the maximization of its value. Currently, a new drill program is underway to extend the Tuzon mineralization along with possible additional exploration targets previously identified.