congress, architecture, building-3290054.jpg

Today in the Market (11/7/2022)

Good Evening. Monday’s advance came as investors prepared for another week of potentially market-moving events, including the midterm elections on November 8 and October consumer pricing data.

The S&P 500 increased by 0.96%, while the Dow Jones increased by 1.31%. The Nasdaq Composite increased by 0.85% after posting its lowest weekly fall since January.

AFTER THE BELL EARNINGS

Lyft (LYFT) disclosed poor third-quarter earnings results, with both earnings and sales missing analyst projections. Additionally, the ridesharing business reported 20.3 million active riders, which is less than the anticipated 21.1 million. However, revenue per active rider exceeded projections.

  • Earnings Per Share: $(1.18) vs. $0.09 expected
  • Revenue: $1.05 Billion vs. $1.06 Billion
  • Revenue Per Active Rider: $51.88 vs. $49.94 expected

This is not great for Lyft, which Wall Street has sometimes considered as the younger brother of Uber (UBER). Lyft has had its own struggles leading up to the current earnings cycle. The company stated last week that 13% of its employees would be laid off, continuing the trend of tech corporations that are laying off people in droves.

How is Lyft holding up? Lyft’s stock was down more than 69% year-to-date. During the same time span, the Nasdaq has been down more than 8.50%, while Uber’s stock has fallen around 30%.

MID-TERM DONATIONS

congress, architecture, building-3290054.jpg

As of last week according to Americans for Tax Fairness, which analyzed data compiled by the campaign finance watchdog Open Secrets, American billionaires had contributed $880 million to the elections. This accounts for 7.4% of all money raised by federal candidates, political parties, and political action committees (PACs).

The majority of these contributions have come from Republican billionaires. These ultra-wealthy Republicans have outspent Democrats by $200 million. (However, Democrat George Soros is the election cycle’s leading donor.)

  • The NYT reports that cosmetics heir and philanthropist Ronald Lauder has practically single-handedly helped Republican Lee Zeldin shrink the gap between him and Democratic incumbent Kathy Hochul in the contest for New York governor.
  • Oregon: The endorsement of Nike co-founder Phil Knight for an independent governor candidate in Oregon might spark a historic Republican victory by collecting a portion of Democratic votes. Since 1968, Oregon has not had a non-Democratic governor.

Did you know… The wealthiest 1% of donors, as measured by income, have contributed 38% of the total amount spent on federal elections during this election cycle.

THE WEEK AHEAD

Midterm elections: Tomorrow is Election Day in the United States. According to FiveThirtyEight’s most recent analysis, the Republicans are likely to regain control of the House, while the Senate is up for grabs

CPI and income: The consumer price index (CPI), the inflation figure we dread each month, will be released on Thursday, and it is anticipated that price increase slowed in October (but is still far higher than where the Fed wants it). The earnings season continues with reports from Disney, AMC, Palantir, and Beyond Meat, among others.

Scroll to Top

Where Are You On Your Investment Journey?

Rise

Run

Relax

All investors are unique.  The above characteristics are examples, but may not reflect your particular investor demographics or situation.  An advisor with Edgar Investment Management, LLC will assist you with finding the best type of account for you. 

Investment advisory services are offered through Edgar Investment Management, LLC, an investment advisor registered with the State of Texas. Edgar Investment Management, LLC only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure document.

The content found on this website is developed from sources we believe provide accurate information and is for educational purposes only. The information on this website is not intended as tax or legal advice. Everyone’s tax and legal situation is different, so please consult trusted and knowledgeable legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided on this website are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Material and information found on this website is not intended as an offer or solicitation for the sale or purchase of any specific security, mutual fund, ETF, bond, or investment strategy.  

Investing is risky!  No guarantee as to performance of any investment is implied by this website.  Make sure you have evaluated your options and spoken with trained professionals before you implement any investment strategy.  Past performance is not indicative of future results.  

Please be advised that Edgar Investment Management, LLC is a financial advisory firm specializing in investment management and financial planning services. We do not offer or provide any CPA-related services, including tax preparation, tax planning, or other accounting services. If you require assistance with tax-related matters, we recommend consulting a qualified CPA or tax professional who can provide specialized advice tailored to your individual needs.

Edgar Investment Management, LLC is not a Public Accounting firm.

 

Contact Us

Name
Best time(s) to contact you?
Best method(s) to contact you?

Contact Us

Name
Best time(s) to contact you?
Best method(s) to contact you?

We would love to hear from you! Please fill out this form and we will get in touch with you shortly.

  • About You

    Tell us a little about yourself. Don't be shy. Let's be friends.
  • How Can We Reach You?

    We would love to chat with you. How can we get in touch with you?
  • What's on your mind?

How much do you want to invest?