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KEY POINTS
OVERALL MARKET
The new Consumer Price Index report showed the largest month-over-month rise in inflation since 2008, bringing the indices into the red.
The stock market closed in the red today, with all 3 major indices taking losses.
The Consumer Price Index report was released today, causing the indices to drop. This report showed the fastest month-over-month growth in inflation during June than any other month since 2008. We haven’t been hearing as much inflation talk the past week or two, but this is surely igniting some fear again. Used car and truck prices particularly saw a sharp 10.5% rise. Investors' old concerns about inflation are back and alive across the markets. GET THE DAILY MARKET RECAP
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Nokia (NOK) announces better financial guidance to come soon, boasting a great second quarter.
Nokia (NOK) sparked some headlines today as management announced that they would revise the company’s financial guidance for the remainder of the year. The company had a great second quarter and is expecting to carry it higher throughout the year, according to the CEO.
You probably recognize Nokia from its indestructible phones that were huge back in the day. I did some research to find out what was driving this optimism in the company. Nokia generates a good chunk of its revenue from the network infrastructure side of its business. With 5G on the rise, the company is using the opportunity to land valuable contracts worldwide. Although the press release is promising, I want to dig deeper into its fundamentals. Looking at the company’s Stock Card, the growth potential is great. Its profitability and sales are a little concerning, but I wonder if the 5G opportunities can bring in enough revenue to get them back on track. It looks like Nokia has underperformed the market in the past as well. I hope this is a new chapter for the stock and its growth. I’ll be waiting until its earnings report at the end of the month to decide if it’s worth buying in. As usual, a winner stays a winner for a long time if you are investing for the long-term. Don't rush it! WHAT'S DOWN?
Affirm (AFRM) shares take a big hit as rumors of a new Apple (AAPL) financial service stokes investor fears.
Today, a rumor broke that Apple (AAPL) is in talks with Goldman Sachs (GS) to roll out a financial loan service through Apple Wallet. This info caused a few stocks in the same lane to tumble. I found Affirm Holdings (AFRM) on Stock Card’s losers list today, down by 10.5% by closing time.
Founded by Max Levchin, former founding member of PayPal (PYPL), Affirm allows people to buy the small stuff they want (like clothing or furniture) through several small installments. This is commonly known as a “buy now, pay later” service. Affirm was one of the earlier players in the game, and already has partnerships with several retailers. Some of its partners include Walmart (WMT), Adidas (ADDYY), and Peloton (PTON). Apple will likely be stepping right into its market, offering an attractive and very similar package. Afterpay (AFTPY) is an Australian-based company offering similar services. Its shares are listed in the U.S. too, and the stock took a 6% dip today after the news. It makes sense that these companies are afraid of the competition Apple could offer. Already one of the largest corporations in the world, it has already begun dipping its toes in the financial world with Apple Wallet. Goldman Sachs is already partnered with the company to support its virtual payment system, and Apple will be implementing this “buy now, pay later” service into the iPhone application. It remains to be seen exactly what features Apple will include in its financial service, typically the news of a big player entering a new space creates an overreaction in the market. Companies like Affirm and Afterpay have already created a large user base and work closely with retailers. The financial services industry is big enough to allow a few players to succeed side-by-side. If you are an investor in those stocks, consider the market's overreaction before selling. It may even be an opportunity to buy the dip. WANT TO RECEIVE THIS DAILY STOCK MARKET RECAP IN YOUR MAILBOX?Comments are closed.
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