20 May Watchlist 👀

Table of Contents

 

Today we are watching…

1. Spotify (#spotify)

Shares in Spotify went parabolic yesterday as the world’s number one podcast was acquired exclusively for the service, comedian Joe Rogan’s podcast. This was unusual price behavior. If investors are treating this as an acquisition, the acquirer’s stock should’ve plummeted as it weakened its balance sheet to make an uncertain deal. But Joe Rogan’s Podcast is proven, less risky in the eyes of the market, and it validates the more profitable podcast strategy that Spotify is going for. The deal closed for $100 million, according to the Wall Street Journal.

2. Qantas (#qantas)

Cost curves are not looking good for airlines in the near-term. If social distancing measures are enforced, a far lower load factor (how full the plane is) will require fares to increase dramatically. According to Qantas Airlines of Australia, the increase could be nine-fold. You would be fitting 28 people on a 128-seat aircraft. Qantas is now flying about one-twentieth of its flights pre-corona, but chief executive Alan Joyce thinks domestic demand should return significantly in July. There probably won’t be social distancing measures, just masks, but we’ll have to wait for confirmation.

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PGA Tour Enters Investment Talks 💪

As reported on Thursday, both Endeavor Group and Fenway Sports have displayed interest and begun discussions to provide investment in the PGA Tour.

Nike Just Didn’t Do It 📉

Providing one of the biggest earnings reports of the week, $140 billion shoe and clothing retailer Nike posted a significant slip.

Market Recap – September 28th 💰

After the 10-year Treasury yield bond fell off from its 15-year high, investors added some value back into the market, focusing all short-term attention on Friday’s PCE price index reading.

The Crude Oil Bust 🛢

Surging global crude oil prices, driven by factors like OPEC+ production cuts have pushed U.S. West Texas Intermediate futures to over $95 per barrel.

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