Markets Last Week Performance
*As of Markets Close on 5/7/2021
This upcoming week is full of earnings from many different companies, including some large foreign conglomerates. Corporate guidance by companies in the last weeks, especially by BIG Tech, has been significantly good, lets see if this trend continues this week.
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Elon Musk Causes Doge to Fall after 'SNL'
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Dogecoin lost more than a third of its price on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.
Dogecoin was quoted as low as $0.416 on crypto exchange Binance, down 36% from levels around $0.65 before the show.
When asked what Dogecoin was he responded jokingly, "It's the future of currency. It's an unstoppable financial vehicle that’s going to take over the world."
Partly because of Elon giving this cryptocurrency hype in the last couple pf months, DOGE has gone up 810.68% in the last month. Many Investors and even crypto pros consider this a huge bubble and also dangerous to the retail and new investors.
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Worse Than Expected Job's Report for April
Last Friday, the US reported their April's Job Reports. The results where terrible compared to expectations and unemployment rose.
The Results:
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Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000.
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The unemployment rate rose to 6.1%, the Labor Department said.
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Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%.
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Acquisition: Walmart to Battle Amazon in Healthcare
Walmart Inc. said Thursday it purchased telehealth provider MeMD and plans to offer nationwide virtual health care services, another sign of the retail behemoth’s healthcare ambitions. The acquisition will allow Walmart to expand its Walmart Health service around the country, the company said. The retail giant didn’t disclose the financial details of the transaction.
The MeMD deal opens another front in which Walmart and Amazon will compete, as Amazon recently announced plans to provide its telehealth service, Amazon Care, to its nearly one million U.S. employees by summer. Amazon Care, which now serves company workers in Washington state, will also be offered to other employers.
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NASA Picks SpaceX tp Build New Lunar Lander
NASA on Friday awarded a contract to SpaceX to build a new capsule to land astronauts on the moon, the latest in a string of lunar-related wins for the Elon Musk -controlled company.
SpaceX beat out two rivals for the Human Landing System moon taxi that will carry astronauts to and from the moon’s surface from an orbiting capsule as early as 2024. The contract is part of a larger Artemis program led by the National Aeronautics and Space Administration to explore and develop deep space. That program relies more heavily on the private sector and commercial funding than previous efforts.+
SpaceX's Valuation is projected tp be now close to $100 Billion.
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Construction Costs: Lumber and Wood Skyrocket
For most, the recent home renovation craze was pandemic-driven (Bored at the house with nothing to do? Let's renovate) This, and the shortage in housing supply and high demand for houses has contributed to the spike in price for Lumber and wood, with a 230% increase in Lumbers price.
Adding to the fire, the increase in housing isn't helping an already bombarded Lumber industry. The industry is facing numerous problems, not only a shortage of supplies but of workers. Having to comply with Covid-19 restrictions and worker safety measures, in an industry that’s trying to ramp up production isn't a good mix.
Just to put it into perspective, if you were purchasing wood to get your new house off the ground you would’ve paid $20,000 a couple of years ago, now, $80,000.
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Week Ahead
Upcoming Earnings and/or News
MONDAY
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Companies that Report Earnings
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Virgin Galactic
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Tyson Foods
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Simon Property Group
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Marriott
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Coty
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Duke Energy
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Occidental Petroleum
TUESDAY
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Companies that Report Earnings
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Roblox
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EA
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Palantir
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QuantumScape
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Unity Software
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Vizio
WEDNESDAY
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Companies that Report Earnings
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Bumble
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Lemonade
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Coupang
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Wendy's
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Wix
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Toyota
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Vroom
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Wish
THURSDAY
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Companies that Report Earnings
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Alibaba
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Disney
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Airbnb
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DoorDash
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Coinbase
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Rakuten
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Weekly Jobless Claims
FRIDAY
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Companies that Report Earnings
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Retail Sales Numbers
Huge Earnings Week Ahead! |
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