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Daily Scoop

NYC’s New Tourist Destination

By Thu, May 13, 2021

Hey Scoopers,

After a higher-than-expected surge in consumer prices, investors’ sentiment turned bearish toward the stock market. — More on that in the “Overall Market” section.

Beyond the overall market, a TV streaming provider swam against the market’s downward movement after posting a robust first quarter. Meanwhile, investors raised more concerns about a space tourism pioneer company. — More on that in the “What’s Up?” and “What’s Down?” sections.

By the way, NYC is getting a new tourism destination. — More on that in the “Water Cooler” section.

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

Market Recap

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Inflation Concerns

The stock market ended in the red zone on Wednesday.

After the Government reported a higher-than-expected 4.2% surge in consumer prices, inflation concerns hammered the three indices. For the third day in a row, the stock market witnessed a negative return. All the three indices closed lower as tech stocks logged their worst day since March 18. Furthermore, a surge in demand as the economy rebounds kept raising concerns the inflation would not lose momentum anytime soon.

Amazing Results

So, what happened?

Shares of fuboTV (Ticker: FUBO) were up by more than 8% on Wednesday. Against the downward trend witnessed by investors in the last few days, the TV streaming provider’s stock surged as the company unveiled its financial results. Its revenue soared more than 135% against an 80% increase expected by the company on its early March forecast. Furthermore, the company grew its user base by more than 105% when compared to 2020. Although the company has not yet matched its competitors’ numbers, investors believe its future seems promising.

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No Flight Date

So what happened?

Shares of Virgin Galactic (Ticker: SPCE) were down by more than 12% on Wednesday. Although the markets’ expectations were low heading into the space travel company, Virgin delivered underwhelming results. The company posted a $0.55 loss per share on zero revenue against the expected $0.27. Along with the worse-than-expected losses, the company is still incapable of providing a precise date on when it would resume its flight tests. Despite the $4 billion valuation, investors are beginning to see more risks than future gains for Virgin at the moment.

NYC’s New Tourist Destination

So what happened?

Macy (Ticker: M) announced its flagship and largest world store renewal.

During a press conference held on Monday, the company announced a $235 million investment plan to turn its flagship Herald Square location into a tourist destination. According to the press release, Macy’s plans to improve the surrounding neighborhood, transit entrances, and upgrade the public space. ts CEO Jeff Gennette stated the company’s goal is to become one of the most iconic locations in the city. Furthermore, New York City politicians saw the renewal as an opportunity to help the city recover its economy while generating thousands of jobs. Although the company still has not revealed how the project would look like, Macy’s guaranteed that it would not be like anything else in the town. The NYC building authorities still have to approve the project. However, Macy’s investors are confident the renewal would change how customers see the brand.

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.