The Ultimate Meme Stock Is Here

STOCK MARKET MADNESS starts NOW! 📈 

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Each week, we will see which stock performed the best and mark it as the winner! This is going to be good…

Reddit: Goes Live

Reddit's stock soared by 48% on its first trading day, marking the biggest social media company debut since Pinterest in 2019. The company priced its shares at $34 each, raising about $750 million. The shares quickly rose, peaking at a 70% gain, and ended the day giving Reddit a market value of about $9.5 billion.

Trading as "RDDT," Reddit's launch tests the market's interest in new tech stocks amid a dry period for IPOs. After a booming 2021, fewer tech companies have gone public, facing a tougher market due to rising interest rates and inflation. Reddit, which saw its revenue increase to $804 million in 2023, is valued lower than during its private funding rounds, reflecting these broader market challenges.

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EARNINGS: Nike

Nike has warned its sales might drop in the future because it's facing competition from new running shoe brands like On and Hoka, which are challenging Nike's focus on classic basketball shoes like Air Force 1. The company predicts a slight decrease in sales at the start of its fiscal year in June, surprising analysts who expected growth. Nike's stock fell 6.6% before the market opened, and it has been down 16% over the last year.

However, Nike is optimistic about growth in the next fiscal year, even after a short-term slump. One of the things that they are doing is working to clear out old inventory to bring in fresh, new products. One of the most disappointing outlooks for Nike was their sales in China. They keep losing market share, which is hurting its bottom line.

Earnings:

• Earnings per share: 77 cents vs. 74 cents expected

• Revenue: $12.43 billion vs. $12.28 billion expected

DOJ: Lays Out Case

The Justice Department sued Apple, claiming it unfairly dominates the iPhone market, hurting consumers, developers, and competitors. This lawsuit could lead to breaking up Apple, a move not seen since the 1980s with the Bell System. Apple's practices across iPhones, Apple Watches, and its services like advertising and messaging are under scrutiny for blocking competition.

The government's action challenges Apple's strategy of limiting how its devices work with others, potentially forcing changes in key parts of its business. Apple argues that meeting these legal demands could cost money and hinder new products and services. This lawsuit follows previous investigations and cases against Apple, including issues over e-book pricing and employee salaries. The focus is also on the Apple Watch's compatibility only with iPhones, forcing users into extra costs. Despite past antitrust challenges, mainly over the App Store, Apple won against Epic Games in 2021 but had to make some policy changes.

Headlines You Need To Know: 🎙

• Nelson Peltz wins a new supporter

• Lululemon shares plunge 10%

• ESPN business model is under fire

• China middle class is losing confidence

• Germany passes huge bill to ease burden on companies

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The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.