Fed Back to the Stage
After statements from the Fed and another basket of earnings reports, the stock market had a mixed and volatile day. — More on that in the “Overall Market” section.
Beyond the overall market, a biotech company proved its revenue increase is not due only to the COVID-19 vaccine. Meanwhile, a fast-food restaurant struggled to increase revenue due to increasing prices of raw materials. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, this is the last week we write the Daily Scoop. We have a departing gift to celebrate you, our fellow Scoopers. — 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 red zone on Tuesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price increased to $35K per coin.
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Fed Back to the Stage
The stock market ended mostly in the red zone on Wednesday.
Investors had a busy session yesterday. After a monetary policy statement from the Federal Reserve, the markets also digested another basket of mixed earnings reports. The Federal Open Market Committee stated the U.S economy is making substantial progress toward a concise recovery, suggesting that accommodative policies were nearing.
Not Just Vaccines
So, what happened?
Shares of Pfizer (Ticker: PFE) were up by more than 3% on Wednesday. The biotech company revealed its second-quarter earnings report, bringing more surprises than expected. The pharmaceutical giant increased its revenue by more than 86% compared to 2020, topping almost $20 billion. Most of the revenue originated from vaccine sales. However, the company still managed to grow the “non-vaccine” revenue by 10% compared to 2020.
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Not What We Expected
So what happened?
Shares of Wingstop (Ticker: WING) were down by more than 2% on Wednesday. After the restaurant reported its latest set of quarterly results, investors ditched the flight. Although Wingstop had interesting results, the markets were expecting much better. According to its CEO Charlie Morrison, the company had a successful quarter amid a challenging commodity environment as Wingstop has opened more than 200 restaurants in the last 12 months. However, soaring chicken prices have compromised the company’s profitability in the previous during the last quarter.
We Are Saying Goodbye
So what happened?
Scoopers, this is Hoda and Felipe, Scoop’s editorial team for the last two years.
We have bittersweet news. This week is the last week we write the Daily Scoop. It is sad to let go of a daily conversation with you, our favorite readers. We have gone through so much together, a pandemic year of volatility being just one. We discovered new stocks, analyzed the oldies but goodies, and dogged some falling knives together. For that, we are so grateful to you, our fellow Scoopers.
While this is goodbye, it’s not the end. The team at Trade Stocks has several exciting newsletters and content ready.
We are also excited to invite you to continue staying in the broader family by joining the Stock Card community. As you know, I’m Stock Card’s CEO, and Felipe is on my team. Stock Card platform is a digital assistant for your stock market research.
To celebrate the end of the Scoop journey, we’d like to offer a $50 exclusive discount for those Scoopers who’d want to become a Stock Card VIP user and continue to research stocks, discover new investment ideas, and follow successful investors on the Stock Card platform.
If you have any questions, or suggestions let us know by emailing us at email@example.com. We look forward to hearing from you.