Future of Concerts
By Fri, Nov 13, 2020
Hey Scoopers,
Stock market indices ended the day in the red after the excitement about the COVID-19 vaccine progress subsided. — More on that in the “Overall Market” section.
Beyond the overall market, Chinese EV stocks had a good day, while a recent tech IPO failed to impress investors with large contracts and growing revenue. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, the future of concerts and live events are being shaped as we speak. — 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: Stock market indices agreed on the direction after almost a week of disagreements. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price shattered another ceiling and surpassed the $16,000 level.
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Indices Agreed On the Direction
After a few days of disagreements, finally, all three indices agreed on the direction and ended Thursday in the red. The negative market was despite the decline in the weekly jobless claims on Thursday. It just shows investors were too excited after hearing about the COVID-19 vaccine progress by Pfizer (Ticker: PFE) earlier in the week.
EV In China
So what happened?
Shares of XPeng Inc (Ticker: XPEV) were up by more than 30% on Thursday. The company is a recent IPO in the Chinese EV market and announced its latest quarterly earnings report. The company’s performance was satisfactory to investors. While it only had slightly more than 8,000 vehicle deliveries and it’s not profitable, the company’s progress ignited the fire in the Chinese EV market, and other similar stocks such as Nio (Ticker: NIO) and Li (Ticker: LI) ended to have a great day too.
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No Sugar Coating
So what happened?
Shares of Palantir Technologies (Ticker: PLTR) were down by more than 11% on Thursday. The company announced its first quarterly earnings report as a public company. It shared quite a few examples of large enterprises and government clients using its product and generating millions of dollars in cost savings. The revenue was up 52%, and the company’s adjusted operating income turned positive. However still, more than 60% of the revenue is coming from 9 customers. Despite its progress, it is still a loss-making startup with only a 30% revenue growth forecast for the year. Those are some facts that can be sugar coated.
The Future of Concerts
So what happened?
In-person events and concerts have been among the biggest victims of the COVID-19 pandemic. Companies such as Live Nation Entertainment (Ticker: LYV) have seen their businesses coming to an abrupt halt. However, those companies are not sitting on their hands, waiting for bankruptcy. They are investing in things making it easy for them to resume operations when a vaccine becomes available. For example, Ticketmaster is working on a platform that can verify that someone is vaccinated before issuing a concert pass. The future of concerts and live events are hinging on the intersection of technology and COVID-19 testing, and it is being shaped as we speak.
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
