Today in the Market (7/28/2023)

Good Evening! On Friday, there was a resurgence in stock prices as they rallied following the release of the Federal Reserve’s favored inflation gauge, which indicated a sustained decrease in pricing pressures within the United States economy.

All three indexes finished the week off up with the Nasdaq Composite surging by 1.90%, the S&P 500 increasing by 0.99%, and the Dow Jones rising by 0.50%.

ENDING THE WEEK OFF STRONG

Roku (ROKU) experienced a significant increase of 31% in value following the company’s announcement of second-quarter earnings that surpassed the projections of Wall Street. However, there are still obstacles to overcome in the latter part of the year, particularly related to the quiet state of the TV advertising market.

  • Revenue: $847 Million vs. $774 Million Expected
  • Earnings Per Share: $(0.76) vs. $(1.27) Expected

Overall… Management reported that the streaming market has exhibited minimal changes since the first quarter, characterized by sluggish digital advertising sales but consistent demand for smart TVs powered by Roku. Certain ad-buying markets exhibited signs of recovery, although the current market sentiment prompted the establishment of conservative guidance targets for the upcoming reporting period.

Going forward… Roku has implemented measures to reduce the expansion of its operating expenses, aiming at mitigating the negative effect on its financial performance. Despite the current revenue trend and the relatively sluggish state of the digital advertising market, Roku exhibited an impressive rise in its sales and marketing growth by 23% compared to the previous year.

LEGAL TROUBLE BEGINS

A number of ex-athletes from Northwestern University have initiated legal actions against the university, alleging instances of emotional, physical, and psychological distress. It is anticipated that additional lawsuits will be brought forth in the future.

Where did it start? Following an investigation that unveiled extensive instances of hazing within the Wildcat football program, the termination of head coach Pat Fitzgerald occurred earlier this month, prompted by both the earlier investigation and firsthand testimonies published in the university’s student newspaper.

It is only the beginning… A group of five ex-Northwestern football players has initiated lawsuits against the university, its president, and both its present and past athletic directors. Football is not the sole focus of this discussion. A lawsuit has been started by a former Northwestern University volleyball player in relation to an alleged hazing incident that occurred in 2021. Additionally, the university’s baseball coach has been terminated from his position. Ben Crump, a civil rights attorney, has expressed his anticipation of starting over 30 legal actions on behalf of former Northwestern athletes, whom he represents.

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