Markets
Nikkei 225
39,054.50
▲ +394.00 / +1.02%
SSE Composite
3,051.28
▲ +2.48 / +0.08%
IBOVESPA
121,159
▲ +392 / +0.32%
Straits Times
3,322.08
▼ -8.69 / -0.26%
BMV IPC
53,256.11
▲ +278.79 / +0.53%
Dow Jones
38,756.62
▼ -42.37 / -0.11%
DAX 30
18,494.25
▼ -61.14 / -0.33%
BSE SENSEX
76,490.08
▼ -203.28 / -0.27%
FTSE 100
8,224.80
▼ -20.57 / -0.25%
JSE Top 40
69,919.66
▼ -611.88 / -0.87%
Last Week’s Highlights
GameStop up on “Roaring Kitty” returns to YouTube
GameStop’s shares surged more than 30% in premarket trading on Friday in anticipation of the return of “Roaring Kitty”, a stock influencer whose social media posts have previously sparked rallies in meme stocks. “Roaring Kitty”, also known as Keith Gill, returned to social media in mid-May after a three-year hiatus, which led to a rally in GameStop’s shares. The rally cooled before gaining momentum again when an upcoming livestream was announced on YouTube. Gill was a key driver of the 2021 rally in GameStop and other meme stocks. The shares of other meme stocks, including AMC Entertainment, and U.S.-listed shares of BlackBerry, Koss Corp, also rose between 6.1% and 13% on Friday.
Lyft forecasts annual growth
Lyft shares rose nearly 10% to $17.03 on Thursday following a forecasted 15% annual increase in gross bookings through 2027 and the expected eight-fold growth in its advertising business during the same period. The company is looking to maintain its position in the North American ride-sharing market, and it is diversifying its revenue streams through advertising and user subscriptions. Additionally, Lyft reported a 250% growth in advertising-related revenue in the recent quarter ended March. In terms of financial projections, Lyft is targeting a gross bookings compound annual growth rate of about 15% between 2024 and 2027 for the full company, and an adjusted core profit margin of about 4% in 2027.
Coming Up This Week
Nvidia may be included in the Dow index
Nvidia has implemented a 10-for-1 stock split to attract retail investors and potentially join the Dow index. The split aims to make shares more affordable without changing the company’s market valuation. Market analysts expect the split to attract individual investors, but historical data shows that recent stock splits have not significantly increased retail trading activity. Nvidia’s stock, which was last trading at $120 per share post-split, is now a potential contender for the Dow index, but S&P Dow Jones Indices declined to comment on this possibility.
Apple focuses WWDC on AI
At the Apple Worldwide Developers Conference (WWDC 2024), Apple is expected to focus on integrating artificial intelligence (AI) across its software suite, including Siri and a possible tie-up with OpenAI. The company aims to demonstrate the practical benefits of AI to its vast user base and reassure investors that it has not lost the AI battle to competitors like Microsoft. Apple’s use of AI has been relatively understated compared to other tech giants, but it is now expected to showcase how AI technologies enhance its devices and services. The company is also anticipated to introduce new AI-focused features for its upcoming products, such as the iPhone and iPad, and potentially discuss its foray into cloud computing with AI capabilities.
