Avocado Persistent Inflation

And why did Dogecoin jump yesterday?

Steven Lerner
Steven Lerner

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Avocado Persistent Inflation

A combination of inflation and lower avocado prices hit the financial earnings results for Mission Produce (Nasdaq: AVO), which sent shares down 13.69% in after-hours trading on Thursday.

Financials: Mission Produce reported earnings of 13 cents per share in the quarter and revenue of $238 million; both were below estimates.

The Problem: The average avocado selling price dropped by 10%, although it was offset by a 6% increase in avocado volume sold.

Quote: “Persistent cost inflation, combined with a suboptimal size curve from our owned production and, a delay to our seasonal transition to the Mexican production resulted in an unfavorable mix, lower relative pricing, and temporary margin compression.” - Steve Barnard, Founder and CEO of Mission Produce.

Glass Half Full: Despite flat revenue and more expenses, the overall exportable avocado production volume jumped 15% in the quarter.

Stock Price: Shares of Mission Produce are down 8% this year, although the price is about even in the last 30 days.

Final Thoughts: Inflation played a role in Mission Produce’s disappointing financial results. It’s a tough market for consumer staples, including companies that specialize in avocados.


Notable Earnings Today: N/A.

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Certaintio (StartEngine), LitonRx (StartEngine), The Plug Drink (ALAO Invest), Fisher Wallace (StartEngine), Maybe (Republic), Camp365 (StartEngine), Fanbase (StartEngine), Hope Yoga (Honeycomb), Avadi Engines (StartEngine).

Notable Economic Events Today: Core Durable Goods Orders (8:30 a.m. ET), Core PCE Price Index (8:30 a.m. ET), Personal Spending (8:30 a.m. ET), New Home Sales (10:00 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).

Why Dogecoin Moved Higher on Thursday

Two dogecoins on a black surface with wood letters alphabet pieces.
Photo by Kanchanara / Unsplash

On a day when most stocks dropped and most cryptocurrency prices stayed even, Dogecoin jumped around 5% on Thursday.

Details: The crypto exchange Bitstamp listed Dogecoin on its platform on Thursday, which boosted the price.

Elon Effect: Dogecoin is still down 2% this week, but Elon Musk’s decision to step down as CEO of Twitter could also be helpful. Musk has been an advocate of Dogecoin for some time.

Final Thoughts: Despite the uptick in price, Dogecoin is still seen as a risky short-term investing choice.

iMedia Brands Soars After $48M Deal

Shares of iMedia Brands (Nasdaq: IMBI) jumped 25.98% in after-hours trading on Thursday after the company announced it was selling three buildings for $48 million and is using the proceeds to pay down debt.

Quote: “This accretive transaction strengthens our balance sheet by reducing debt which was one of the top priorities of 2022 that we shared during our Capital Markets Day in February of this year.” - iMedia Brands CEO Tim Peterman.

Stock Price: iMedia Brands’ stock is down 91% this year, including 24% in the last 30 days. 2022 has not been kind to media companies.

Death Drop: Bitcoin dips below $16.7K as US GDP meets fresh BTC price 'death cross' (Cointelegraph)

Arctic Blast: Airlines Cancel Flights as Winter Storm and High Winds Snarl Christmas Travel (The Wall Street Journal)

November You Don’t Want to Remember: US Home Sales Dropped by a Record 35% in November (Bloomberg)

Once Again: Tesla under investigation by NHTSA for two more crashes that may have involved Autopilot or FSD (CNBC)

As Bad As It Gets: How life got pricier (and, yes, cheaper!) this year — in 7 charts (NPR)

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