5G Not Ready

By Hoda Mehr Mon, Mar 8, 2021

Hey Scoopers,

After a strong February jobs report and a decrease in the unemployment rate, investors turned bullish. — More on that in the “Overall Market” section.

Beyond the overall stock market, a movie theater company surprised analysts with a better-than-expected fiscal year, while a Chinese EV company felt the tech sell-off effects. — More on that in the “What’s Up?” and “What’s Down?” sections.

By the way, do you think that smartphones’ batteries are ready for 5G technology? — More on that in the “Water Cooler” section.

But, first, here is a recap of what happened in the market yesterday:

Market Recap

• U.S. markets: All the indices finished Friday in the green zone. Scroll down to the “Overall Market” section to read more.
• Cryptocurrency: Bitcoin remained under the $50K per coin, but surged to more than $51,000 per coin during the weekend.

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Jobs Helped the Comeback

The stock market closed the week in the green zone. However, the one-day rally was insufficient to prevent another weekly loss.

Despite the downward trend on Friday’s opening, the stock market found the strength to break the three-session sequence of losses. After the Labor Department’s February jobs report announced that the unemployment rate decreased to 6.2%, investors turned confident about the good economy’s recovery momentum.

Although the 10-Year Treasury bond reached higher levels at 1.57%, it was not enough to break off investors’ bullish sentiment on Friday.

Movie Theaters not Dead Yet

So, what happened?

Shares of Imax (Ticker: IMAX) were up by more than 20% on Friday. As a movie theater company, Imax has struggled to maintain operations amid the COVID-19 pandemic. Although analysts had bearish forecasts, the company delivered a $56 million year-over-year total revenue against the expected $47 million. Investors believe that the multiple movie releases in the Asian market helped the company perform better than expected. It seems movie theatre stocks aren’t dead yet.

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EVs Losing Charge

So what happened?

Shares of Xpeng (Ticker: XPEV) were down by more than 4% on Friday. Despite an expected growth for the coming years, the Chinese EV company faced losses as the tech stocks sell-off continued on Friday. The EV category has struggled to stay away from the recent money withdrawals. Nevertheless, investors are confident about Xpeng’s fourth-quarter rising sales, expecting a strong 2020 full-year earnings report releasing on Monday.

5G Not Ready

So what happened?

After T-Mobile’s (Ticker: TMUS) recommending customers to turn off the 5G to save battery life, Verizon (Ticker: VZ) did not also do any better and told users to toggle back to LTE.

Both T-Mobile and Verizon have spent billions to expand their 5G coverage. The recommendations felt way off from their plans. After widespread backlash, T-Mobile opted to remove the odd advice from its official pages.

Carriers are ready for the 5G, but are the 5G smartphones ready?

If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.

About the Author

The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card