Today in the Market (6/8/2023)

Good Evening! On Thursday, the S&P 500 entered a bull market and stocks concluded the day with an upward trend. This occurred as investors analyzed recent economic data in anticipation of the upcoming Federal Reserve meeting, as well as a leadership transition at GameStop (GME). 

The S&P 500, Nasdaq Composite, and Dow Jones experienced gains of 0.62%, 1.02%, and 0.50% respectively, with the Nasdaq Composite surging the most today.

YOU'RE FIRED!

GameStop stock (GME) experienced a decline after the announcement of the dismissal of CEO Matthew Furlong and the release of quarterly revenue figures that fell below anticipated levels. Oddly enough, the video game retailer declined from conducting a quarterly earnings call, which is conventionally regarded as a standard practice in the industry

  • Revenue: $1.24 Billion vs. $1.34 Billion Expected

Did Gamestop give any reason? Nope… The market expressed frustration with GME’s handling of the situation with the termination of its CEO and did not provide any justification and unexpectedly called off its earnings call. This led to a decline of 17.89% for the day and the reaffirmation of a pessimistic outlook by at least one Wall Street analyst who believes that the video game retailer remains “doomed.”

So who is stepping in? GameStop has announced that Ryan Cohen, an activist investor and board member, will be taking on the role of Executive Chair with immediate effect. In this capacity, Mr. Cohen will be tasked with overseeing management and capital allocation. According to a distinct regulatory submission, GameStop has reported that Furlong’s termination was “without cause.” 

TIMES ARE CHANGING

With the most recent study from Bankrate Survey, only 65% of adults in the U.S. consistently offer a tip to their servers while dining at sit-down restaurants. The percentage has decreased from 73% in the previous year and further decreased from 77% in 2019.

And it’s not only for sit-down restaurants… Tipping rates among Americans have decreased for all types of services, both pre-pandemic and currently. The surveyed workers comprised servers, hair stylists, food delivery personnel, and coffee shop baristas.

So what are the possible reasonings? According to Ted Rossman, a senior industry analyst at Bankrate, the current state of high inflation and economic uncertainty may be contributing to a decrease in tipping frequency or amount among Americans. Additionally, there has been a negative response to the increasing use of technology, such as iPads, which provide pre-set tipping options.

Where do you fit in? There exist variations in tipping practices and attitudes when segmented by generation or income bracket. In various categories, individuals belonging to the millennial and Gen Z age groups, as well as men, exhibit a higher tendency to provide lower tips or none at all. On top of that, A significant proportion of millennials (21%) and Gen Z (18%) express a preference for eliminating the practice of tipping altogether. While only 12% of Baby Boomers share the same sentiment.

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?