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Daily Scoop

Banking Dreams

By Tue, Aug 4, 2020

Hey Scoopers,

The tech sector keeps giving, and the Nasdaq index keeps leading the market. — More on that in the “Overall Market” section.

Beyond the overall market, the new-found love for home furnishings pushed one stock higher, and sales of disinfecting wipes weren’t enough to satisfy investors. — More on that in the “What’s Up?” and “What’s Down?” sections.

Oh, by the way, all big tech companies dream of being a bank. — More on that in the “Water Cooler” section.

But, first, here is a recap of what happened in the market yesterday:

Market Recap

  • U.S. markets: All three indices started August in the green. Scroll down to the “Overall Market” section to read more.
  • Cryptocurrency: Bitcoin’s price had a small hiccup but maintained its level above the $11,000 mark.

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The Tech Sectors Keeps Giving

The stock market started the first week of August on high notes. As usual, the Technology sector drove the market, and the Nasdaq index was the biggest winner.

Thank You, The New-Found Love For Furnishings!

So, what happened?

Shares of Overstocks.com (Ticker: OSTK) were up 36% on Friday. The company announced its quarterly earnings report were up more than 10% on Monday. Remember, when the company’s ex-CEO was tired of Overstocks.com’s main e-commerce business and decided to create a cryptocurrency marketplace? That was fun (not really). Luckily, the recent growth rate has nothing to do with cryptocurrency and has everything to do with its main e-commerce platform.

The company announced its latest quarterly earnings report on July 31st, and the story was to the liking of investors. Revenue was up by 109%, thanks to the new-found love for home furnishings during the COVID-19 pandemic.

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Selling Disinfecting Wipes Is Not Enough

So, what happened?

Shares of Clorox Co (Ticker: CLX) ended Monday down by almost 2%. The company announced its latest quarterly earnings report, and it beat analysts’ sales expectations. The company painted a lukewarm picture for the rest of 2021. On the one hand, the sales of cleaning supplies can still stay healthy. However, there is downward pressure on overall consumer discretionary spending. Overall, the company doesn’t see rapid sales growth despite the COVID-19 pandemic. Investors tend not to like flat revenue forecasts. It won’t be surprising to see more sell-off of the stock in the coming days. It seems that selling disinfecting wipes is not enough to move the stock of this $25 billion company.

Everybody Wants To Be A Bank

So what happened?

Yesterday, we told you about how big techs all want to be social media. Case and point, Microsoft (Ticker: MSFT) buying Tik Tok. Today, we want to tell you about how all big tech companies want to be a bank.

Case and point, Apple (Ticker: AAPL) buying Mobeewave Inc., a startup tool that can convert your iPhone to a payment terminal. There is no end to these big tech’s aspirations. And, they have the cash to spend overtly to achieve them.

If you have any feedback or questions, let us know via email. Our email address is members@tradestocks.com.

Disclosure: Authors of this Scoop own shares of Authors of this Scoop own shares of Apple (Ticker: AAPL)..
About the Author

The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card