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Today in the Market (5/1/2024)

Good Morning! On Wednesday, U.S. markets had varied performances as investors analyzed remarks made by Jerome Powell after the decision to maintain interest rates at today’s policy meeting.

So how did the three indexes start off the new month? The S&P 500 and the NASDAQ were mainly in the red and had a small surge before ending the day back in the red by around 0.33%. However, the Dow Jones stayed in the green all day and finished up by 0.23%.

MUCH NEEDED GAIN

Pfizer (PFE) increased almost 7% today after the release of first-quarter earnings for 2024. The company exceeded profit expectations and stated they have no plans to cut the dividend rate anytime soon

Here are the details! Revenue for Pfizer came in at $14.9 billion, representing a 19% decrease from the previous year’s figures, but this was 6.9% higher than the previous projection of $13.9 billion from Wall Street. On top of that, if you exclude COVID-related goods, the company has had an 11% increase in sales, totaling $12.5 billion. Investors aren’t as excited because… the company doesn’t have a pipeline of promising products in the new future.

The dividend! Pfizer came out and stated that it would retain its dividend and does not intend to reduce it in the future. In addition, CFO David Denton stated that the business is making it a priority to sustain and expand the dividend and that the company had returned $2.4 billion to shareholders in the first quarter. The company also intends to reduce its debt and spend $2.5 billion in internal R&D instead of using it for acquisitions and other debt.

FOR ONLY $5

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According to a report by CNBC, the arcade chain Dave & Buster’s (PLAY) intends to allow adults to place a bet of $5 on some well-known games. Customers may enhance the old-fashioned nostalgic experience of playing Skee-Ball by using the D&B Rewards app to engage in competitive betting against one another

They also got some help! The company has joined forces with Lucra, a company that allows cash-based contests for tennis and pickleball enthusiasts. However, Lucra likes to play it safe with the word betting because according to Lucra, the activities are real-money contests or challenges which are not subject to the same regulations as gambling.

But why? D&B’s decision is aligned with the increasing popularity of betting and has been enhancing fan involvement. However, Multiple experts caution that the legalization of betting presents addiction dangers, and the increasing availability of “social betting” that uses virtual money may serve as a gateway to gambling for young individuals.

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