Bumble’s Dating Plans
By Fri, Jul 2, 2021
Hey Scoopers,
After the ADP announced a better-than-expected private payroll increase in June, the stock market reached another record. — More on that in the “Overall Market” section.
Beyond the overall market, a biotech company saw its investors’ confidence in its COVID-19 increase as the Delta variant fastly spread. Meanwhile, an electric vehicle maker is not delivering as many cars as expected. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, are you ready for in-person dating? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the green zone on Thursday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin‘s price decreased to $33K per coin.
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Better Than Expected
The stock market ended in the green zone on Thursday.
After ADP reported private payrolls grew by 692,000 in June, the stock market found the strength to keep pushing its record highs. This is the sixth consecutive monthly increase, exceeding the analysts’ consensus by almost 100,000 positions. Furthermore, the S&P 500 index reached a record intraday and closing high.
Great Expectations
So, what happened?
Shares of Sorrento (Ticker: SRNE) were up by more than 13% on Thursday. Although the biotech company may not have released any good news, investors believe its COVI-STIX product could be essential to stop the Delta variant spread. Despite only receiving authorization for use in Mexico, the company already submitted the documents for FAA approval. If approved, investors can wait for another spike for the stock.
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Lower Than Expected
So what happened?
Shares of NIO (Ticker: NIO) were down by more than 4% on Thursday. The decrease came after the company announced its June deliveries update. Although the company achieved a monthly record delivery of vehicles in June, investors are unsure the company would hit analysts’ expectations of 100,000 deliveries in 2021. During the first semester, the company delivered less than 42,000 electric cars. Some investors believe the recent semiconductor shortage is bottlenecking NIO’s production volume.
Bumble’s Dating Plans
So what happened?
Bumble (Ticker: BMBL) announced its first restaurant. “Bumble Brew” will be the dating app’s first restaurant to focus on a date-friendly approach. Although the company had plans to start the restaurant project before, the pandemic forced a postponement in its debut. Bumble expects the restaurant to be a perfect place for connections of all kinds, not limiting the experience just for lovely couples. According to the company, 90% of its US users are ready to date in real life again.
If the project works out, it could help Bumble recover its stock value that has been 24% lower since the company went public.
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
Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.
