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Good Morning!
Happy Wednesday! Here’s what’s moving the markets today:
👉 Robinhood launches credit card
👉 GameStop earnings are in
👉 Amazon has a new perk
STOCK MARKET MADNESS IS LIVE 📈
Click HERE to view our bracket! 🏀 ROUND ONE was a doozy! 🥊
We had a few SHOCKERS in the first round of the Stock Madness tournament. GameStop took down the #1 seed, Amazon, after easily beating them on Monday AND Tuesday. In that same bracket, Hertz pulled off an upset over #2 seed Alphabet. The upsets didn’t stop there as Microsoft fell to Blackberry. Finally, Apple falls to AMC in an absolute nail-biter. We did not expect our top seeds to fall this quickly! What will happen tomorrow?
Robinhood: Launches Credit Card
Robinhood’s stock jumped 7% early Wednesday after the company announced its first credit card, aiming to grow beyond its trading app roots. The Robinhood Gold Card, designed for its subscription-based service users, offers no annual fees and gives 3% cash back on all purchases.
Source: Bloomberg
Introduced in a live event by CEO Vlad Tenev, the card aims to make financial perks accessible to everyone. It also offers a 5% cash back on bookings through Robinhood's new travel portal, with points that can be used for travel, gift cards, or shopping at major retailers like Apple and Nike. Points can also be converted to cash for investment. The launch follows Robinhood's purchase of X1, a company that offers a fee-free stainless steel credit card, for $95 million last year. Robinhood's stock has seen a 124% increase over the last 12 months, significantly outperforming the S&P 500's 31% gain.
🎯 GRIT TAKE: There are two ways that we are looking …upgrade to VIP now for 50% off to read the full GRIT Take! 🏀
GameStop: Earnings Are In
GameStop announced it reduced its workforce and saw a drop in revenue for the fourth quarter due to strong competition online and decreased spending by consumers in a shaky economy. This led to a 16% fall in its stock price. The company is dealing with high costs and lower demand post-pandemic.
Source: Fox Business
To lower expenses, GameStop stopped its business activities in Ireland, Switzerland, and Austria. The company now has about 8,000 full-time and 13,000 to 18,000 part-time workers, a decrease from last year. Its operating costs fell by 21.2%, mainly from cutting labor and marketing expenses. Revenue for the fourth quarter was $1.79 billion, a decrease from $2.23 billion the previous year. Nonetheless, its earnings per share improved to 22 cents from 16 cents the previous year.
AMAZON: Same-Day Prescriptions
Amazon is now offering same-day prescription drug delivery in New York City and Los Angeles, as part of its Amazon Pharmacy service. This move builds on the service launched in 2020 after buying PillPack in 2018. Amazon Pharmacy lets customers order their medications online for home delivery, with free shipping for Prime members.
Source: WSJ
To deliver prescriptions quickly, Amazon is using smaller, specialized facilities that can handle orders fast. Initially, this service is starting in San Bernardino, Riverside, and Anaheim, with plans to cover the whole LA area by April and expand to more cities by the end of the year. Previously, Amazon started same-day medication delivery in other cities and tested drone deliveries in Texas. In New York, Amazon is also using e-bikes for some deliveries as part of its efforts to reduce emissions.
Headlines You Need To Know: 🎙
Chart of the Day
📊 Number Of Amazon Warehouse Robots
Source: @stockmktnewz
GRIT Meme of the Day 😂
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Source: @wallstreetoasis
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