Good Evening! On Tuesday, U.S. equities declined as the failure of First Republic Bank (FRC) continued to impact bank stocks and the Federal Reserve convened for a two-day meeting.
The S&P 500 decreased by 1.16%, while the Dow Jones and Nasdaq Composite both declined by 1.08%.
UBER FOR 2 PLEASE
Uber (UBER) revealed its fiscal first-quarter report with revenue slightly higher than expected and losses per share in line with analysts’ estimates. Following these results, shares rose more than 11%.
- Revenue: $8.8 Billion vs. $8.7 Billion Expected
- Delivery: $15 Billion vs. $ 14.9 Billion Expected
- Mobility: $14.9 Billion vs. $14.8 Billion Expected
- Earnings Per Share: ($0.08) vs. (0.08) Expected
Delivery in this economy? Uber’s better performance may be a sign of a robust customer base. This is particularly true when it comes to the Delivery industry, which adds a 35% premium to overall food expenses.
However, Watch out UBER… During an interview with Yahoo Finance Live, the newly appointed CEO of Lyft David Risher, stated that the company is striving to regain its previously lost market share from Uber. Risher has expressed his desire to enhance its competitive edge against Uber in terms of pricing.
CHANGES ARE COMING
Pfizer (PFE) exceeded Wall Street expectations for first-quarter results, thanks mostly to the company’s COVID-19 portfolio. Despite the fact that the firm has multiple new treatments in the pipeline, investors are concerned about the company’s future due to its dependence on the pandemic.
Uncertainty lies ahead… The company’s COVID-related product demand is currently unsure, and there exists a potential risk in the company’s 2023 projections due to its forthcoming launch of 12 products in the latter half of the year. This is due to the fact that they still need action and approval from the FDA.
However, there is still some hope! Pfizer is currently engaged in expanding its range of products beyond its core line of vaccines. The company avoided issuing a statement regarding the progress of its oral medications for diabetes and weight loss. However, these medications may potentially compete with branded injectables such as Novo Nordisk’s Ozempic and Wegovy, as well as Eli Lilly’s Mounjaro.