Hi,
This must’ve been all of us this week:
Felt like all hell broke loose at the snap of a finger.
The situation is extremely disheartening. Our heart goes out to the entire nation of Ukraine and all affiliates. War can never be the solution. We pray for diplomacy and peace.
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Tomi now about to jump into the gist of the week: markets reacted like crazyyyy! Let me show you how!
War Shook the Markets….Of course 🏹🗡️
U.S. stocks opened lower Thursday as Russia began invading Ukraine. But remarks President Joe Biden made during an afternoon address on the conflict quelled some anxiety amongst investors. Investors like me 😢
The Dow Jones Industrial Average (30 prominent companies on US exchanges), S&P 500 (500 largest companies on US exchanges) and the NASDAQ Composite (kinda like the S&P 500, but different), which all opened down more than 2%, rebounded and closed higher.
The tech-heavy NASDAQ index ended Thursday with the greatest gains amongst the three indices. It closed 436 points higher, amounting to a 3.34% increase. The S&P 500 closed 63 points higher, or 1.5%, while the Dow closed 92 points higher, or 0.28%. So, things weren’t so bad? 👀
Crude oil was trading at more than $105 a barrel briefly on Thursday, the highest level since 2014, but closed under $100 a barrel. Oil Prices 🤝 War time
Trump stays winning!
Truth Social, a new social media platform backed by former President Donald Trump, sat at the top of Apple’s free apps download charts as of Tuesday morning.
The platform unveiled a soft launch late Sunday, according to Reuters, with many users prompted to join a waitlist. Truth Social has been delayed several times. The full launch was first planned for Feb. 21, but that date has been pushed back to March 31.
The app is a product of the Trump Media & Technology Group, which planned to go public via a merger with Digital World Acquisition Corp., a special purpose acquisition corporation, or SPAC, with a market cap of more than $3 billion.
What can Q4 earnings do to you?
The last trading day of the week was an OMG!!! moment for investors in these two companies as their stock price rose upon announcement of their Q4 earnings.
Guys, imagine your investment rising 43% in a single day. I’m sure some investors will be smiling to the bank come Monday Morning.
Shares of CarGurus took a big jump as the company announced its quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.29 per share which represented an earnings surprise of 48.28%.
Investors were wowed because the company had surpassed the consensus EPS estimates four times in a row.
Another company that made investors happy this Friday was Square’s Block. Shares of Block surged more than 26% after the company reported earnings results for the fourth quarter and full year of 2021, while also providing guidance for the year ahead.
Block reported adjusted earnings per share of $0.27 in the quarter on revenue of $4.08 billion, both of which beat analyst estimates. Gross profit on Cash App came in at $518 million, while gross profit at the rest of Square came in at $657.3 million.
Mayday, Mayday, Slack Down!
On Tuesday last week, our go-to tool for all work communication, Slack, was down (and out) for about 5 hours.
An employer’s worst nightmare. Meanwhile, employees would be like:
The work communication app owned by Salesforce was down from about 9 am ET, till about 2:30 pm ET. Users were unable to log in, send messages and receive notifications. Leaving several organizations and their staff stuck. With 750,000 companies and over 10 million users, a 5-hour outage must have been excruciating but most certainly not for those employees ‘working from home.’
For us in Nigeria, this happened very close to the end of the workday so it didn’t affect us much.
If not this, Tomi be like:
However, this is not the first time slack has experienced an outage. On the first Monday of 2021 (which was the first full workday of the new year following the Christmas and New Year’s holidays), Slack experienced a 3-hour outage where some customers were also unable to connect or send messages.
Even Slack was still stuck in holiday mode 😂
But it’s not so funny when the outages start affecting the company’s earnings and share value. For example, in 2019, Slack’s stock value dropped by 14% after an earnings report in September 2019 showed an $8.2 million loss in revenues because of credits to customers after service-level disruptions.
Like Egungun, slack better be careful!
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In the words of Picasso, “Everything you can imagine is real.” It’s time to live your intended reality this week!
Your dearest and favourite Stocks Market Gist Partner,
Tomi, From Trove 🖤
XOXO
