Today in the Market (2/16/2024)

Good Morning! On Friday, all three indexes finished lower for the week. The S&P 500 declined by 0.48%, while the Dow Jones fell by 0.48%. However, the Nasdaq had it rough and decreased by 0.82%

A ROUGH TIME

The stock of Roku (ROKU) saw a decline of over 20% on Friday due to ongoing difficulty in the advertising business and increased competition from digital giants such as Amazon (AMZN), which negatively impacted investor confidence.

  • Revenue: $984.4 Million vs. $967.1 Million Expected
  • Active Accounts: 80 Million
  • Adjusted Earnings Per Share: ($0.55) vs. ($0.55) Expected

What hurt Roku… Although larger technology businesses have had a recovery in the advertising sector, smaller competitors have not enjoyed the same advantages. Roku addressed its issues, stating in its shareholder letter that it is aware of the near-term difficulties in the overall economic situation and the unpredictable recovery of the advertising business.

More streaming services have ads now. Last month, Amazon introduced advertisements on its Prime Video streaming service in the U.S. Wall Street has expressed a positive outlook on the internet giant’s significant impact on the evolving media industry, alongside competitors such as Netflix (NFLX) and Disney (DIS), who are additionally competing for advertising clients.

CAN'T STOP, WON'T STOP!

Last night, the senior point guard from Iowa, Caitlin Clark, achieved a new milestone in women’s NCAA basketball by breaking the scoring record. She surpassed the previous mark of 3,527 points and secured her position as the most accomplished female player in the history of NCAA basketball.

It doesn’t stop there! Clark, who received the prestigious midseason Player of the Year award this week, has garnered exclusive focus for a sport that is sometimes overshadowed by men’s basketball. She has maintained an average of more than 32 points per game and, in December, achieved the distinction of becoming the first player in Division I, regardless of gender, to reach a total of 3,000 points, 900 assists, and 800 rebounds during her career.

A must-see? The average ticket price for yesterday’s game reached a record-breaking $375, making it the most expensive ticket ever sold for a women’s basketball game, whether at the college or professional level. Prices often exhibit a downward trend as the event approaches, aiming to sell tickets. However, this is not the case with Clark’s games. The price of tickets increased by almost $100 over the two weeks before yesterday night.

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