🧚 No fairytale ending for Disney

👽 But Reddit shares mooned

I’ll be in Vegas on the 17th and 18th of May. Let me know if you’re in the area and fancy a meetup.

The Crypto winter is over 🙌

Whelp, that was a fun two years spent shivering in the cold. Brrr.... 🥶

But crypto is back now. And whether or not you think this current rally has legs, there's one thing we can all agree on going forward:

We need on & off ramps to Web3.

This is what ​MoonPay​ does. It builds the payments infrastructure sorely needed for this world.

Think of MoonPay as the express checkout for Web3.

MoonPay is your gateway to Web3. It's available on hundreds of apps and sites, acting as a "glue" between worlds.

​MoonPay​ offers a fast and simple way to buy and sell cryptocurrencies, allowing you to buy crypto with your credit card, bank transfer or even Apple Pay.

If you want a seamless, hands-off, fiat to crypto conversion & payment experience, download the MoonPay app or click on the link and create a MoonPay account.

📰 Market Headlines

  • Markets clung onto gains yesterday, extending their recent winning streaks despite some rocky earnings reports.

    • The S&P 500 pushed to a fourth straight higher close, its best run since March.

    • The Dow notched its longest positive streak since December 2023.

  • Disney shares tumbled 9% as streaming profits were overshadowed by declines in TV and box office performance.

  • Minneapolis Fed President Neel Kashkari suggested the central bank might keep rates steady all year due to stagnant inflation and a strong housing market.

  • Reddit shares soared almost 20% after reporting a 48% jump in revenue in its first report since going public.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

Markets have given up on a June cut. November is now the earliest likely(ish) date.

😱 Fear and Greed Index

🎤 What you said last time

We’re so early. Or maybe we’re late. Or maybe we’re not even there at all.

📈 Trends you need to know

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Search traffic for lab-grown meat is up 220%, and nearly half of you said you’d try it. It’s boom time for wooly mammoth meatballs.

🧠 What do you think?

💬 Have your say

Reddit and Disney are moving in opposite directions this week.

If I had to leave $10k in one company for five years, I'd choose:

Login or Subscribe to participate in polls.

📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • Lyft projected higher-than-expected Q2 core profit driven by robust demand; shares soared 10%.

  • Disney sunk 10% after beating earnings estimates but slightly missing on revenue.

  • Ferrari shares declined 6.23% as it stuck to full-year forecasts, despite a 13% rise in Q1 core earnings.

  • Rivian stock whipsawed, jumping 8% premarket on Apple partnership rumors before retreating 0.7% due to expectations of another quarterly loss.

  • Electronic Arts dropped .25% today after missing EPS estimates.

  • Celsius Holdings' latest earnings showed tremendous growth, but it wasn't enough to impress investors; shares fell 1.7%.

  • Match Group topped Q1 EPS estimates but missed on Q2 revenue outlook, dropping stock price by 2.26%.

  • Datadog clocked 27% YoY Q1 revenue growth and beat EPS estimates, but shares plummeted over 10%.

  • Kenvue, the maker of Tylenol and Band-Aid, will cut 4% of its global workforce as it beat Q1 profit estimates; shares climbed 6.36%.

Market movers

  • ByteDance sued the US government in an attempt to block a law forcing the divestiture or banning of the app.

  • Huawei had its export licenses revoked by the US, restricting the sale of chips and other goods to the sanctioned company.

  • Chime Financial was targeted by the CFPB for illegally delaying consumer refunds.

  • Microsoft announced it is closing four Bethesda game studios, including Redfall developer Arkane Austin.

Ideas, trends, and analysis

🌍 Global Perspectives

  • 🇺🇦 🇷🇺 Two Ukrainian colonels were detained for allegedly plotting to assassinate President Zelenskyy.

  • 🇦🇷 Argentina launched a new 10,000 peso banknote that is still only worth around $10 as the country grapples with nearly 300% inflation.

  • 🇪🇺 The European Union approved a $6.45 billion plan to support Western Balkan states.

  • 🇿🇦 Three people were killed and dozens remained trapped after a multi-storey building under construction collapsed in George, South Africa.

📊 Crypto

  • Former Sequoia China exec's fund invested $24 million in BlackRock's bitcoin ETF, over twice its position in Meta.

  • Sudan's central bank warned against using crypto as the country's economy remains in crisis.

  • Grayscale Bitcoin Trust's shares jumped 2.4% after its first inflow since January, but BlackRock's ETF is threatening its top spot.

  • Digital bank Revolut's crypto exchange went live for professional traders.

🧠 Errata

  • Australian engineers have brewed up a way to make cold brew coffee in under three minutes using ultrasonic sound waves.

  • A security guard is in serious condition after being shot outside the gate of rapper Drake's Toronto mansion.

  • An English council sparked a grammar rebellion by removing apostrophes from street signs, with one vigilante using a marker to reinstate them.

  • Boeing's first crewed Starliner mission to the ISS was scrubbed just two hours before launch due to a buzzing liquid oxygen relief valve.

📺 What to Watch Today

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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