Today is Friday, August 5, 2022.
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Lyft's "Addressable Market"
Shares of Lyft (Nasdaq: LYFT) jumped 9.20% in after-hours trading on Thursday after the ride-hailing company posted mixed financial earnings.
Financials: Lyft reported a loss of $1.08 per share, which was below estimates. But its revenue of $990.7 million was better than expected.
The Good: An adjusted EBITDA of $79.1 million (a 232% increase) was a company record. Active riders grew 31% year-over-year. In fact, it was the highest number of active riders, drivers, and rides for Lyft since the pandemic started.
The Bad: Lyft is still losing money. The net loss in the quarter is up from the same period last year.
Quote: “It’s clear consumer transportation is a good long-term business with a massive addressable market.” - Lyft CEO Logan Green.
Numbers: Lyft’s stock is down 61% this year and down 77% since its IPO years ago.
Final Thoughts: The future of Lyft really depends on the demand for travel in the near future. If travel demand grows, Lyft benefits. If travel demand drops, that’s bad for Lyft.
Notable Earnings Today: DraftKings (Nasdaq: DKNG), Aldeyra Therapeutics (Nasdaq; ALDX), Canopy Growth (CGC), Western Digital (Nasdaq: WDC), Ocugen (Nasdaq: OCGN), Lion Electric Co (NYSE: LEV), Goodyear Tire (Nasdaq: GT), Cinemark Holdings (NYSE: CNK), Atlas Air Worldwide (Nasdaq: AAWW), Brookfield Renewable Partners (NYSE: BEP), Gogo (Nasdaq: GOGO), WideOpenWest (NYSE: WOW).
Notable IPOs Today: Magic Empire Global Ltd (Nasdaq: MEGL).
Notable Equity Crowdfunding Campaigns Ending Today: Synthesis (Wefunder), KMX Technologies (Netcapital), LeanMed (Wefunder), KingsCrowd (Republic).
Notable Economic Events Today: Unemployment Rate (8:30 a.m. ET), Nonfarm Payrolls (8:30 a.m. ET), Average Hourly Earnings (8:30 a.m. ET), Labor-Force Participation Rate (8:30 a.m. ET).
AMC’s “APE” Plan
Shares of AMC Entertainment (NYSE: AMC) dropped 10.50% in after-hours trading on Thursday after the movie theater operator posted mixed financial earnings.
Financials: AMC posted a loss of 20 cents per share, which was better than expected. But its revenue of $1.16 billion was below estimates.
Going Ape: The company issued a special dividend of one AMC Preferred Equity Unit for each share of AMC stock. The AMC Prefered Equity Units will trade on the New York Stock Exchange under the symbol APE and are expected to be paid on August 19.
Final Thoughts: AMC’s stock is down 29% this year, which is not as bad as other meme stocks in 2022.
Equity Crowdfunding Spotlight: Felix Gray
Briefly describe your business. At Felix Gray, we want to improve your relationship with technology. In 2016, we pioneered the Blue Light glasses space with our proprietary lens technology that is 15x more effective than other lenses, which is why our customers report improvement.
What are the terms of the investment for your campaign? We're raising a SAFE at a $12mm valuation. See Wefunder for more information.
What makes your startup special? Why will it succeed? We're already known as the best-in-class Blue Light glasses brand. While we started as D2C, we've since expanded with major retail partners and will be in 2000+ stores by 2023. We continue to build profitable growth through new product lines.
Trends to Watch
Door is Always Open: DoorDash stock pops 18% after company posts record number of orders (CNBC)
Centralized Meets Decentralized: Coinbase forges deal to give BlackRock clients access to crypto (Financial Times)
Obvious Survey Results: Retail investors perceive stocks, bonds to be more arcane than crypto, survey showsc (Reuters)
Go With the Flow: Instagram Adds Flow Blockchain NFTs, FLOW Token Pumps 44% (Decrypt)
We Meat Again: Beyond Meat Cuts Sales Forecast as Shoppers Trade Down (Bloomberg)
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