(KRON) – On today’s Winners & Losers, KRON4 financial expert Rob Black discusses the market’s attempt to come back from the recent sell-off, surging airfare, and the Walt Disney Co. missing expectations.
Winner: Market attempts comeback from sell-off
Traders are trying to recover their footing following the recent market decline.
Yesterday, the S&P 500 closed at its lowest level since March 2021, and the Dow posted its fifth straight day of losses.
GameStop and AMC, meanwhile, were up 25.6% and 18.2%, respectively.
Even if you say we’re in a bear market, there’s rallies within bear markets that can be very sharp.
Rents continued to climb in April and—despite some signs that price gains are slowing—it’s unlikely that renters will see relief soon.
Two-thirds of Americans live paycheck to paycheck as inflation continues to climb.
Rising prices are putting household budgets in a vise. Two-thirds of families live paycheck to paycheck.
One good sign: Beyond Meat’s stock slid 20% on weak sales and now turns around as Beyond Meat is now up 5.55%.
Russia has threatened the need to take retaliatory steps if Finland joins NATO.
Loser: Airline fares surge 18.6% in April
Travel demand has picked after two years of pandemic-related travel restrictions. The wave of re-openings has spurred a surge in demand for plane travel.
Airline fares soared 18.6% in April, a jump that marks the largest increase since 1963 and further builds on March’s 10.7% monthly rise in airfares.
Airline fares logged a 33.3% increase from this same time last year.
U.S. airline bookings dropped 17% in April as flights got even more expensive. This is one of the first signs of cooling demand for air travel as ticket prices surpass pre-pandemic levels.
Consumers spent $7.8 billion on domestic tickets in April, down 13% from the previous month.
Traveler satisfaction is down as planes fill up and airfare rises with packed planes.
Loser: Disney earnings miss estimates
The Walt Disney Company reported earnings that missed expectations, but that were 36.7% above last year’s.
Revenues increased 23% year over year to $19.24 billion.
Media and entertainment distribution (70% of revenues) revenues increased 9.5% year over year to $13.62 billion. Parks, Experiences and Products revenues (30% of revenues) surged 109.6% year over year to $6.65 billion.
ESPN+ had 22.3 million paid subscribers compared with 13.8 million at the end of the year-ago quarter.
The number of subscribers for all of its streaming offerings — including Hulu and ESPN Plus — is over 205 million. Netflix has around 222 million subscribers.