Today is Wednesday, December 7, 2022.
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Pinterest Ends Activist Battle
Pinterest (NYSE: PINS) reached a deal with an activist investor, sending shares up 2.46% in after-hours trading on Tuesday.
Details: The social media company announced a long-term cooperation agreement with Elliott Investment Management. Elliot’s Marc Steinberg will also join Pinterest’s board of directors.
Background: In July, Elliot Management took a big stake in Pinterest and there was concern that Elliot Management would try to change how the company is run. This announcement likely ends this potential activist battle.
Stock Price: Pinterest shares are down 37% this year, but are about even in the last 30 days.
Final Thoughts: Investors praised Tuesday’s announcement with Elliot Management. However, Pinterest and other social media platforms are dealing with a tough environment. Businesses tied to advertising are taking a hit right now.
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Notable Earnings Today: Campbell Soup (NYSE: CPB), Academy Sports and Outdoors (Nasdaq: ASO), GameStop (NYSE: GME), Lovesac (Nasdaq: LOVE), C3.ai (NYSE: AI), Greif (NYSE: GEF), Ollie’s Bargain Outlet (Nasdaq: OLLI), Verint Systems (Nasdaq: VRNT), United Natural Foods (NYSE: UNFI), Rent the Runway (Nasdaq: RENT), Vera Bradley (Nasdaq: VRA), Sportsman's Warehouse (Nasdaq: SPWH), Thor Industries (NYSE: THO), HashiCorp (Nasdaq: HCP), Brown-Forman (NYSE: BF.B), Oxford Industries (NYSE: OXM), The Duckhorn Portfolio (NYSE: NAPA).
Notable IPOs Today: KWESST Micro Systems Inc. Common Stock (Nasdaq: KWE).
Notable Equity Crowdfunding Campaigns Ending Today: NetWire (Netcapital), Verispellis (StartEngine), SpiritHoods (StartEngine), The Marketplace (Silicon Prairie Online).
Notable Economic Events Today: Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).
MongoDB Scores Surprise Profit
Shares of MongoDB (Nasdaq: MDB) jumped 26.82% in after-hours trading on Tuesday after the software company posted positive financial earnings results.
Financials: MongoDB reported earnings of 23 cents per share and revenue of $333.6 million; both were better than expected.
Big Growth: Revenue shot up 47%. MongoDB Atlas, the company’s cloud database, saw revenue increase by 63%.
Outlook: MongoDB sees revenue in the current quarter between $334 million to $337 million and for the full year between $1.257 billion to $1.260 billion.
Stock Price: MongoDB’s stock is down 70% this year, but shares are up 2% in the last 30 days.
Final Thoughts: Few expected MongoDB to be profitable this quarter, but the company proved them wrong. It’s still a bad time for tech, but MongoDB is headed in the right direction.
Mastercard Raises Dividend, Announces $9B Stock Buyback
Investors saw the price of Mastercard (NYSE: MA) tick up 0.7% in after-hours trading on Tuesday after the company raised its dividend by 16% and rolled out a $9 billion stock repurchase program.
Timing: The new stock buyback will start after the conclusion of the company’s previously announced $8 billion program.
Final Thoughts: This was good news for Mastercard investors, especially since the stock has been down 6% this year.
Trends to Watch
Not a Goal: Fan tokens struggle to hold on as World Cup quarter-finals draw nearer (Cointelegraph)
Oh Shoot: Smith & Wesson stock drops after fiscal Q2 earnings miss expectations on lower demand (MarketWatch)
Bad Times Ahead: Goldman CEO Warns About Pay, Job Cuts on Uncertain Outlook (Bloomberg)
Made in America: Tim Cook says Apple will use chips built in the U.S. at Arizona factory (CNBC)
iWallet: Man behind the iPod launches new cryptocurrency wallet (Reuters)
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