Mickey Is Winning
Hey Scoopers,
The markets were closed on Friday in observance of Good Friday. However, the stock’s futures market on Sunday painted an interesting picture for the direction of the market on Monday. –Ā more on that in the “Overall Market” section.
Beyond the overall market, COVID-19 has managed to kill the joy of riding to the sunset, while accelerating the rate of cord-cutting. –Ā more on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, Mickey, the mouse, is one of the clear winners of the COVID-19 streaming war. āĀ more on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market last week:
Market Recap
- U.S. markets: All three indices finished the short, 4-day trading week in the green.Ā Scroll down to the “Overall Market” section to read more.
- Cryptocurrency:Ā Bitcoin’s priceĀ continued to hover above the $7,000 mark. Some analysts areĀ hopingĀ the overall market volatility becomes an opportunity for cryptocurrencies to gain wider adoption. The evidence of such a reality is yet to be seen.
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Volatility Is Not Over.
After a 3-day long-weekend, the stock’s futures market started trading pretty choppy on Sunday evening. The choppiness of the futures market is a bit counterintuitive. There is good news about the slowdown of new COVID-19 hospitalization, andĀ the so-called OPEC+ has reached a production agreement, mainly between Saudi Arabia and Russia. The counterintuitive movement of the market may paint a picture of yet another volatile week ahead of us in the stock market.
COVID-19 Is Killing The Joy Of Riding To The Sunset.
So, what happened?
Shares of Harley Davidson (Ticker:Ā HOG) were surprisingly up more than 12% before the market wrapped up the short trading week. Earlier in the week, Moody’s, the credit rating agency,Ā lowered HOG’s ratingĀ due to an expected prolonged downturn in demand for the company’s products and possible lack of access to new credit. The price jump is most likely the result of a short squeeze and not reflective of any changes in the company’s future outlook. Apparently, COVID-19 is killing the joy of the open road and the freedom of riding to the sunset.
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Cord-Cutting Continues.
So, what happened?
Shares of ViacomCBS (Ticker:Ā VIAC) have fallen nearly 60% since the start of 2020. Such a drastic price decline is mainly seen in the energy and retail sectors. For a media company to decline that much is rather surprising. One reason to explain the situation is that social distancing and shelter-in-place have accelerated cord-cutting due to aggressive advertising by streaming services and a disproportionate time spent streaming old and new content on such platforms.
Mickey Is Winning.
So what happened here?
Thanks to COVID-19-induced shelter-in-place and all the hours that people have to fill up with a myriad of in-home entertainment, one of the winners is emerging. The winner of the COVID-19 2020 streaming wars is none other than Mickey the mouse. Who?
Well, maybe the winner is not quite Mickey, the mouse himself, but definitely The Walt Disney Company (Ticker:Ā DIS), the owner of Disney+ streaming service. The company’s newly-born streaming service has managed to win over the hearts and wallets of more than 50 million paid subscribers. Are you a subscriber?