Stock Market Nerd – Market Headlines – June 29, 2024
Morgan Stanley channel checks point to more revenue growth slowing for Celsius in Q2. Analysts were already looking for Y/Y revenue growth to slow from Q1 to Q2, but 2025 revenue estimates did tick a bit lower this week.
UBS sees Disney meeting its path to profitability, sports ad trends staying strong, its parks business enjoying easier comps and box office success as reasons for optimism. It set a $130 price target this week.
CrowdStrike added a batch of selling partners in Latin America to bolster its presence in that region.
Jefferies remains the biggest Lululemon bear on the street by far. It’s talking up the same channel checks and share losses that it cited last quarter, which didn’t lead to any earnings underperformance. They’ve hated this name for years. Disagreement makes markets.
Uber and Lyft settled with Massachusetts on wages and benefits to conclude multiple years of litigation. Drivers will earn $32.50/hour with some benefits and the companies will pay $175 million in fines. This was largely seen as a positive outcome for both companies in a “this could have been a lot worse” takeaway. Both were trying to avoid the full breadth of full-time employee benefits.
