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Today in the Market (4/22/2024)

Good Morning! On Monday, the U.S. equities market had a recovery, with the S&P 500 ending six days of losses, as investors prepared for a surge of earnings reports from major technology companies.

Let’s see the numbers! The NASDAQ finished the first day of the week strong, gaining 1.11%, followed behind was the S&P 500 with an increase of 0.87%, and the Dow Jones increased by 0.67%.

SLOW SEASON

Verizon’s stock (VZ) fell due to the company’s lower-than-expected revenue in its first-quarter earnings report and with the seasonally sluggish quarter, the firm saw a decline in postpaid net customers.

  • Revenue: $33 Billon vs. $33.24 Billon Expected
  • Loss in Postpaid Net Subscribers: 68,000 vs. 100,000 Expected
  • Earnings Per Share: $1.15 vs. $1.12 Expected

What helped? Verizon said it had a significant increase in overall broadband subscriptions, adding 437,000 new customers, which made this the highest number of additions in over ten years. The growth was seen in both the fixed wireless and Fios wired services. The new additions increased the total number of users using the service to 3.4 million, out of the company’s 11.1 million broadband internet subscribers.

How is it performing for the year? Verizon’s shares had a 7.4% increase in value this year before today, surpassing its competitors AT&T Inc. (T), which saw a decline of 1.6%, and T-Mobile US Inc. (TMUS), which had a gain of 1.3% over the same time.

JOIN US!

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The employees at a Volkswagen (VWAGY) facility located in Chattanooga, Tennessee, have decisively chosen to become members of a union. This is a significant milestone as it is the first instance of a nonunion automobile factory in the southern region of the United States aligning itself with the United Auto Workers (UAW) union. The UAW was able to get greater support this time around even though two prior union ballots at the same facility were unsuccessful, mostly due to the significant wage increases it was able to obtain from Detroit’s Big Three automakers last year.

The UAW has a long trip ahead… The union intends to present this proposal to workers at 13 automobile manufacturers around the U.S., including the Southern region, which is home to several international automakers. However, the Southern region has histrionically been a tough place for Unions.  According to the Bureau of Labor Statistics, the rate of union membership is 2.3% in South Carolina, 4.6% in Georgia, and 6% in Tennessee, while it is 10% nationwide.

Where is the UAW heading next? The next upcoming union vote at a Mercedes-Benz (MBGYY) factory in Alabama is the next test for UAW organizers.

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