Spotify’s Murderers’ Row

Tale of the Tape

Good evening friends. What a yawner. Stocks closed flattish again today and this is the second quiet session in a row. 

It feels great to have a couple bona fide lazy days without all the drama on either side of the tape.

None of the major indices gained or lost more than ⅓ of one percent and none of the sectors moved much either. Airline stocks couldn’t even muster a 1% move.

Out of the FAANG stocks, only Google moved more than 0.5%   closing down a whopping 1%. Tres passé.

There were some great moves by the new winners though. 

Peloton ripped 4% to close at an all-time high and above 50 for the first time ever. Datadog, which has been 🔥 🔥 🔥, closed up 4% and another all-time high. Spotify ripped 13% – all-time high 🍒🍒🍒 (See more below).

S&P 5003,115+0.06%
Russell 20001,427+0.04%
Dow Jones26,080-0.15%

Spotify’s Murderers’ Row

So much hate for Spotify on the announcement of this Kim Kardashian podcast deal. 

“What does Kim know?” The haters whine. 

“You can’t shake your booty on a podcast.” The posers chime. 

“Who’s gonna listen?” The losers pine…

Meanwhile, the stock traded up 13% to another all-time high on massive volume and guess what, Kim Kardashian is a media genius with a wildly successful television show running 18 seasons and still counting.

$SPOT is up 53% since it’s podcast acquisition spree began with Bill Simmons’ The Ringer back in February. The company has also gained about $15B in market cap during that time. 

Spotify is building a Murderers’ Row of talent with Kim, Joe, and Bill batting 3rd, 4th, and 5th. 

This is exactly how you do it.

Kroger Earnings

Kroger reported an earnings beat before the market opened today. The numbers were as follows:

EPS: $1.22 vs $1.09 est.
Revenue: $41.55B +11.5% YoY

Here’s a link to the press release.

Shares initially jumped higher in the pre-market but as soon as the market opened sellers were in control.
$KR closed down 3.05%. Here’s its 2-day performance.

McDonald’s Needs Help

McDonald’s announced that it’s restaurants could hire ~260,000 employees this summer. 

Holy smokes, that’s a lotta jobs. 

But it makes sense, clearly they need help.

$MCD was down -0.68% on the day. 

Read the press release here

Prison Break!

A prisoner escaped Rikers Island today. The fugitive jumped the fence and made a dash for the water. Maybe his plan involved getting to LaGuardia? 

Who knows, but the convict was apprehended by these two gentlemen. Here’s NBC with more on the story.

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