Squarespace Stock Pops 💥
Squarespace Inc (ticker: SQSP) is a tech company known for its website building and hosting services. While most US stocks are in the red, SQSP gained more than 40% on 12-05-2022 after posting strong earnings in Q1 2022. Revenue grew by 16% year-on-year to $207.8 million, a company record. Unique subscriptions soared to 4.2 million, up by 10% y-o-y. Adjusted EBITDA was negative $2.9 million compared to positive $11.1 million y–o-y due to an increase in research, growth, and marketing spending.
(Source: Barron’s)
Unity Loses $5 Bn 🔻
Unity Software Inc (ticker: U) is a game development company famous for the “Unity Engine”. Unity started slipping on 10-05-2022 on the news that the company was set to announce lower than estimated earnings for Q1 2022 and FY 2021. That was indeed the case as Unity announced an operating loss of $171.2 million for Q1 2022 that is 53% of revenue which stood at $320.1 million, a company record. To make matters worse, Unity couldn’t control the damage caused by Apple’s new privacy policy that affected ads drastically. All of this meant that Unity lost a whopping $5 billion in market cap on 11-05-2022 and fell by 37% to $30.30. U once traded at an all-time high of $201.12 on 18-11-2021. It is roughly 80% off that mark.
(Source: Marketwatch)
Automotive Stock Zooms 🚀
Lordstown Motors (ticker: RIDE) is an electric vehicle motor manufacturing company that was on the up and up on 11-05-2022. The auto company closed a $230 million deal with Foxconn that saw one of its vehicle-assembly plants being sold to the Taiwanese company. The deal also included a $27 million reimbursement for additional costs. Lordstown and Foxconn signed a separate deal for a manufacturing-supply agreement in order to boost the former’s EV capabilities. Investors took kindly to these two agreements as RIDE was trading at 58% higher at one point on 11–05-2022.
(Source: Motley Fool)
Week's Close Numbers
• Dow Jones: 32,196.66
• S&P 500: 4,023.89
• Nasdaq: 11,805.00
(Source: Marketwatch)
LUNA Down By 99% ⚠️
LUNA, which was once the 4th biggest cryptocurrency in the world, has now lost more than 99% of its value nearing almost zero. The woes first began at the start of the week when Terra’s stablecoin UST lost its peg and slipped to $0.30 in the days that followed. Meanwhile, Terra’s LUNA crashed from $67 at the start of the week to $0.00002698 as of 5.44 PM, 13-05-2022. As a result, the Terra blockchain was halted for approximately 9 hours. Terra’s team is yet to come up with an explanation for how their stablecoin lost its peg. Many exchanges have delisted UST and LUNA to protect investors.
(Source: Cryptopotato)
Cardano Leaps By 40% 🦘
Cardano (ticker: ADA) is a blockchain platform that follows the proof-of-stake mechanism. ADA gained 40% over 12-05-2022 and 13-05-2022 after a terrible week not just for ADA but for all cryptocurrencies. The 40% jump represents one of the best recoveries of the past week in the crypto world.
(Source: Coindesk)
Volatile Week For BTC 📊
The world’s biggest currency was trading at $40,000 on 05-05-2022 with the BTC community expecting good things in the near future. Little did the world know what lay ahead as BTC dropped to $25,800 on 12-05-2022, its lowest since December 2020. Mass-sell offs amidst global inflation is the biggest reason for this downturn in BTC’s fate as per analysts. Not all was lost however as BTC crossed the $30,000 mark on 13-05-2022.
(Source: Cryptopotato)
Week's Close Numbers
• Bitcoin: $29,562.00
• Ethereum: $2,048.85
• Dogecoin: $0.089292
• Polygon: $0.682384
• Solana: $50.98
(Source: Coinmarketcap)
Tech Giant Posts Strong Numbers 💪
Tech Mahindra (ticker: TECHM) is an IT company that announced its earnings for Q4 FY22. Consolidated net profit grew by 10% to ₹1,506 crores versus analysts’ expectations of ₹1,411 crores. Consolidated revenue jumped by 5.8% quarter-on-quarter to ₹12,116 crores. Tech Mahindra also announced a final dividend of ₹15 for FY2022. Consolidated earnings before interest and tax was pegged to be ₹1,697.9 crores, but the tech giant could only post ₹1,604.2 crores. These factors weren’t enough to bolster TECHM as it lost close to 1% on 13-05-2022 to end the week at ₹1,201.00.
(Sources: Moneycontrol)
Bank Of Baroda Q4 Earnings ✅
Bank of Baroda (ticker: BANKBARODA) posted its earnings for Q4 FY2022 on 13-05-2022. Standalone net profit was ₹1,778.77 versus a loss of ₹1,046.5 crores y-o-y. Net profit for FY2022 zoomed to ₹7,272.28 crores compared to ₹828.92 crores in FY2021. The broader sell-offs in the Indian market meant that Bank of Baroda stock couldn’t leverage the positive earnings. BANKBARODA lost close to 2% on 13-05-2022 and ended the week at ₹94.30.
(Source: Business Line)
INR Hits New Low ⏬
The INR fell to a fresh low of 77.63 versus the USD amidst the rising concerns of inflation and looming aggressive rate hikes. RBI had to intervene by selling off dollars as the INR hit an intraday high of 77.37 and closed the day at 77.42 on 13-05-2022. Analysts believe that the rupee’s depreciation was almost expected as it didn’t fall nearly as badly as others during the recent months.
(Source: Financial Express)
Week's Close Numbers
• Sensex: 52,793.62
• Nifty: 15,782.15
(Sources: Moneycontrol)
Musk Puts Twitter On Hold ⏸️
The Musk-Twitter saga is well into its 5th week. Elon Musk sent social media into a frenzy when he tweeted that the deal was on hold but then posted another tweet saying he was committed to the deal. Musk is waiting for more information on the total number of fake accounts on Twitter in order to make an informed decision. This sent Twitter stock spiralling as it lost more than 11% in before-hours trading on 13-05-2022.
(Source: Bloomberg)
Ethereum Founder Donates $4M 💰
Vitalik Buterin donated US$4 million (AU$ 5.3 million) in USD Coin to the University of New South Wales. The donation was done to further research on a pandemic detection tool that can scan publicly available data online to detect changes pointing towards a spike in health concerns.
(Source: Cointelegraph)
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