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Stitch Fix Insider Buys Stock

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Today is Wednesday, July 13, 2022.
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Stitch Fix Insider Buys Stock
Shares of Stitch Fix (Nasdaq: SFIX) jumped 7.98% in after-hours trading on Tuesday after the online personal styling service revealed some insider buying.
Details: In a regulatory filing on Tuesday, Stitch Fix announced that Bill Gurley, a venture capitalist and a board member, bought 1 million shares of stock on Friday. It was priced at about $5.4282 per share.
Numbers: Stitch Fix’s stock is down 73% in 2022. The stock’s price peaked in early 2021.
Background: It’s been a rough year for Stitch Fix. Last month, the company posted negative financial earnings after the number of active clients declined 5% in the quarter. The company also just had some layoffs.
Final Thoughts: An insider buying stock in a struggling company is a sign that maybe the business will turn around soon. Time will tell if Gurley just made a good investment or a bad one.
Notables
Notable Earnings Today: Delta Air Lines (NYSE: DAL), Washington Federal (Nasdaq: WAFD), Fastenal (Nasdaq: FAST), Valens Company (Nasdaq: VLNS).
Notable IPOs Today: Intelligent Living Application Group Inc. (Nasdaq: ILAG).
Notable Equity Crowdfunding Campaigns Ending Today: Vxtra Health (StartEngine), Innovative Recordings (SMBX).
Notable Economic Events Today: Consumer Price Index / Core CPI (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Beige Book (2:00 p.m. ET), Federal Budget Balance (2:00 p.m. ET).
Tesla To Layoff Some Employees

Photo by Paul Steuber / Unsplash
Tesla (Nasdaq: TSLA) is set to lay off over 200 employees, according to a filing from the electric vehicle giant on Tuesday.
Details: The filing was a 60-day notice for employees in Tesla’s San Mateo, California office working on the autopilot feature. This will also result in the permanent closure of the San Mateo office, according to Reuters.
Numbers: Shares of Tesla are down 41% so far in 2022. In the past month, the stock is up 8%.
Bigger Picture: It’s not just Tesla laying off employees. Stellantis (NYSE: STLA), Rivian Automotive (Nasdaq: RIVN), and Ford (NYSE: F) have all pursued layoffs in the past week.
Final Thoughts: It’s clearly a tough time in the automotive industry, especially with electric vehicles. Last year, electric vehicle stocks were very good for investors, but not so much in 2022.
Bitcoin’s $20,000 Price Level May Not Matter Much
The price of Bitcoin dropped below $20,000 on Tuesday, marking the fourth straight day of a declining price.
Background: It’s been nearly a month since Bitcoin fell under $20,000, with some investors seeing this as an important level.
However: A report from CoinDesk found that $20,000 is not a significant level. Craig Erlam, a market analyst, said that “a move below $17,500-$18,500 support could accelerate the sell-off.”
Final Thoughts: As the price of Bitcoin has dropped, the U.S. dollar has increased in price.
Trends to Watch
Light at the End of the Tunnel: Consumer inflation is expected to have been even hotter in June, but it could be peaking (CNBC)
Saved by Walmart: Canoo stock doubles, company resurrected after Walmart orders up to 10,000 EVs (Electrek)
Shots, Shots, Shots, Shots: FDA to authorize Novavax's Covid-19 vaccine (Politico)
Full Outsourcing: Peloton will stop making its own bikes (Peloton)
Only Took 13 Years: Satoshi Wept: How Crypto Replayed the 2008 Financial Crisis (CoinDesk)
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