Today, we discuss the earnings season for the Second Quarter of this year and things are not looking very hot. It is expected that companies within the S&P 500 will report 44% loss in earnings in the second quarter. First up we have the Big Banks from JP Morgan, Citgroup, Wells Fargo, Goldman Sach, and Back of America reporting their earnings this week. This will be key to tell us if banks believe the economic recovery will be fast or super slow. https://bit.ly/3h1xH04
There is a possibility that we might be going back into lock down due to the recent spikes in the corona virus cases and more importantly. Corona virus deaths. California just announced a shutdown to eating inside restaurants, bars, and all things of that sort. Literally going back to the March period. Big picture on California shutting down is this might cause a domino where other states also go back into a lock down mode. https://cnb.cx/391DyQo
Tesla keeps on flying super high with Elon Musk now being the 7th richest man in the world due to the stock price's explosions. Also along with this, Tesla might be getting into the exclusive stock price of being part of the S&P 500 index. https://bit.ly/2B1KU9M
WeWork the Financial World's favorite punching bag. Just announced that by next year it will be profitable. This is major news because WeWork was on the brink of complete bankruptcy last year. I mean we did multiple stories about how bad things were. But with new leadership. Seems they have managed to right the ship to get them on track to profitability. Turns out that also the pandemic period actually helped them survive as well. As more businesses are going remote and the need for permanent office space changes. More businesses are gonna need offices to lease for their workers to work closet to home. Large companies like Microsoft, Citigroup, and even TikTok have gotten into lease agreements with the company. https://on.ft.com/2C77E97
Extras
-Good News Trump Administration did a double take and remove their stupid law on trying to remove international students. https://bit.ly/2DIVEuF
-SiriusXM/Pandora just bought Stitcher for 325 million dollars. As they try to enter the podcasting game more forcefully. Pandora isn't been cutting it. Btw this podcast is available on Stitcher and any other Podcast platform you may listen on https://bit.ly/32l0BUJ
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Big Banks Report Earnings, Lock-Down Imminent, Tesla in S&P 500