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But first, the macro wrap-up:
The S&P 500 dipped 1.2% this week, as the Fed is likely to delay lowering key interest rates. It comes after the latest US jobs report for March.
Trump Media tumbles 30% 📉
The truth hurts: Truth Social, the former President’s social media company, reported an annual loss of $58m in 2023. To make matters worse, Trump is suing two of its co-founders for insider trading.
Rocky debut: Last week, Trump Media debuted on the Nasdaq, with shares quickly gaining, giving the company an $11bn valuation. The huge gains were driven at least in part by supporters of the former president as his legal bills pile up.
$4m rev: But after the news broke that Truth Social made just $4m in annual revenue, shares quickly plummeted, just as experts warned. A stock is often volatile post IPO, as the market tries to gauge its true worth.
Spotify jumps 8% 🔊
Another day, another hike: Spotify is once again hiking its monthly subscription plans in key markets, including the U.S., for the second time in a year.
New basic tier: A new basic tier for $11 per month, which is the same price as the current premium plan, is set to be launched. It will give access to music and podcasts, but not audiobooks.
Looking towards profit: Bloomberg reported that the UK, Australia and Pakistan should also expect monthly prices to increase by $1 to $2. Despite having more subscribers than Apple Music and Amazon Music combined, Spotify is yet to turn a profit.
Ford gains 9% 🚘
Half a million sales: On Wednesday, Ford reported it sold 508k vehicles during Q1 this year, with EV and hybrid sales soaring 86% and 48% respectively.
The Maverick: Almost 20k Maverick trucks were sold this quarter, making it the top-selling hybrid truck in the US. That’s a 77% increase from this point last year.
Coming for Tesla? Tesla remains the world’s leading EV car brand, but it’s having a tough time. Unlike Ford, its Q1 sales declined for the first time since 2020, and this week, its supply exceeded demand.
What have we learnt this week? 🤓
IPOs come with volatility: First Reddit, now Trump Media – when a company joins the stock market, the market takes time to gauge what it thinks it's worth.
Spotify is looking towards profit: In 2023, Spotify lost over half a billion dollars. Consistent price hikes are its best way of increasing revenue, given the companies strong pricing power.
Hybrid is winning: EV brands like Tesla, Rivian and Lucid have had a rough start to 2024. Heritage brands who possess traditional and hybrid vehicles have been better positioned to navigate the lagging EV market.
Stock announcements 👀
Here are the key earnings dates to look out for next week:
Wednesday 10th April: Delta Air Lines
Thursday 11th April: BlackRock
Friday 12th April: JPMorgan, Citigroup, Wells Fargo
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*Figures and ratings correct as of 5th April 2024.
Past performance does not guarantee future results. Capital at risk when investing. This content is for educational purposes only. Shares does not provide investment advice. If you are unsure about anything, please seek advice from an authorised financial advisor.
