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Today in the Market (4/30/2024)

Good Morning! On Tuesday, U.S. equities ended the month of 2024 on a negative note, with the market experiencing its worst month this year. This was driven by labor statistics that exceeded expectations, while investors also eagerly anticipated the Federal Reserve’s next decision on interest rates.

The S&P 500 ended the day down by 1.57%, while the Dow Jones fell 1.49%. The NASDAQ slid the hardest by 2.04%.


Starbucks (SBUX) announced its Q2 financial results, revealing that the firm fell short of expectations in all areas. This was due to consumers reducing their frequency of visits and the amount of their purchases.  This marks Starbucks’ first quarterly decrease in sales since 2020.

  • Revenue: $8.56 Billon vs. $9.13 Billon Expected
  • Same-store Sales Growth: -4% vs. 1.46% Expected
  • Foot Traffic Growth: -6% vs. -0.27% Expected
  • Earnings Per Share: $0.68 vs. $0.80 Expected

It was not enough… Starbucks made efforts to attract consumers with midday deals and the introduction of new products such as Lavender Lattes and Spicy Refreshers. However, those initiatives did not seem to have a significant impact on the coffee giant’s performance. Sales in China had it the worst with a significant decline in same-store sales, with a decrease of 11%. Additionally, foot traffic had a decline of 8%, and the average ticket size decreased by 4%.

What does Starbucks plan to do to fix this? According to CEO Rachel Ruggeri, the business is attempting to reverse the dip by concentrating on meeting the demand in the mornings. One of the ways that Starbucks plans to improve its product availability and reduce wait times is by modifying the way it prepares certain beverages. In addition to this, it’s focused on developing new items that would attract clients in the afternoons.


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The shares of Warner Bros. Discovery (WBD) had a decline of nearly 9% on Tuesday after a report by the Wall Street Journal stating that Comcast’s NBCUniversal (CMCSA) is actively considering making an offer for the NBA rights contract

Why does this matter? NBC is reportedly close to reaching an agreement to pay $2.5 billion annually to show a package of NBA games, which is more than twice as much as the $1.2 billion yearly charge that Warner Bros Discovery now pays. This is bad news for Warner Bros. because according to the Wall Street Journal, Warner Bros. was unable to reach a new deal with the league before the end of its exclusive negotiating time (Deadline ended last week).

NBC isn’t the only company Warner Bros. needs to worry about… In recent years, there has been a significant increase in the demand for sports rights, particularly from digital companies like Amazon (AMZN), Apple (AAPL), and YouTube (GOOG, GOOGL), which have made substantial investments in streaming agreements.

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