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🍎 Tim Apple Does It Again
Plus, the S&P 500 got off to a hot start to the year, up more than 3% since Jan 1. But is that a good thing?
Brooks Dyroff
February 02, 2024
Happy Friday Zingernation! Meta Platforms blew its earnings report out of the water yesterday, citing strength in its “Are We Dating The Same Guy?” Facebook pages and Instagram accounts that are still, for some reason, sharing video clips from the Johnny Depp / Amber Heard trial.
But for real, Meta added more than $200 billion in market cap after the close, following strong profit and growth numbers, as well as announcing a dividend for the first time in its history. I’m starting to think some of those people were right and that Zuck isn’t human after all because this turnaround story has been hard to believe.
Plus, today’s partner helps you own a piece of your favorite city…
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MARKET SNAPSHOT
Yesterday: You thought we were gonna be scared off by Powell’s comments for more than a day? I was born in a 5.5% interest rate environment. Molded by it. I didn’t see rate cuts until I was already a man.
On Our Radar: JOBS DAY! Non-farm payroll (sorry Ol’ MacDonald) numbers came out before the open, let’s see how Mr. Market is feeling.
TOP STORY
Briefly: In maybe the least-shocking news of the year, people are still buyin’ iPhones.
What Happened: Apple snapped its four-quarter-long losing streak of declining revenue. The company cited strong iPhone sales and record profits from its services vertical as drivers of the revenue growth.
But Then: The stock still slid as the company reported slowing growth in China, one of its biggest markets.
What Now: We will see today if buyers are gonna BTFD in Apple, or if they’ll stick with other tech stocks like Amazon and Meta.
What Next: Check out the full story here.
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FIVE ZINGERS
Gone Fishin’: Columbia Sportswear investors were fishin’ for gains after the company reported worse-than-expected earnings yesterday.
Rising Tide: Meta’s strong earnings after the close yesterday helped push up other social media stocks like Snap Inc and Pinterest.
Too Hot Out The Gate?: The S&P 500 got off to a hot start to the year, up more than 3% since Jan 1. But is that a good thing?
May The Best Card Win: Would you rather own MasterCard or Visa’s stock? Here’s what one analyst thinks.
You Clean Up Nice: Clorox’s stock cleaned up after the close yesterday, moving higher by nearly 10%. Here’s what’s going on.
ONE FOR THE ROAD
Briefly: Maybe people are ditching their $6 lattes so they can afford their new iPhones.
So Basically: Starbucks is catching some bearish coverage from analysts after the company reported slower top-line growth amid rising competition.
The Numbers: Guggenheim analyst Gregory Francort lowered his price target for $SBUX from $101 to $100.
What Now: Starbucks’ stock hasn’t participated in the broader-market rally, with share prices down more than 14% in the last year vs the $SPY’s gain of more than 17% in the same time frame. We’ll see if investors start coming in to scoop up the shares on sale.
What Next: Read more here.
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