…and retailers' counterfeit crackdown
| Not in a museum (Jeff Spicer/Getty Images) | |
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Yesterday's Market Moves | | Dow Jones
33,927 (+0.63%) | S&P 500
4,378 (+1.15%) | Nasdaq
13,556 (+1.65%) | Bitcoin
$30,721 (+1.48%) |
| Dow Jones
33,927 (+0.63%) | S&P 500
4,378 (+1.15%) | Nasdaq
13,556 (+1.65%) | Bitcoin
$30,721 (+1.48%) |
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Hey Snackers, Calling all dolls: Airbnb listed a life-size Malibu DreamHouse ahead of next month's "Barbie" movie release. The hot-pink mansion will be free to book for a few lucky guests, presumably because Airbnb couldn't figure out the going rate for every kid's fantasy sleepover. Stocks finished higher yesterday with the techy Nasdaq leading the vibe shift into positive territory. Apple shares hit a record high, pushing the tech titan closer to a $3T market cap. | |
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Hopes for a smashing summer box office fade heading into the July Fourth weekend | The temple of doom… an "Indiana Jones" title and an apt nickname for struggling US movie theaters. Disney's "Indiana Jones and the Dial of Destiny" opens this week, and early tracking suggests the franchise finale could pull in an underwhelming $60M (well below its 2008 predecessor). The projections have some analysts fearing that in-theater audiences may not return to prepandemic levels. IP's no guarantee: Universal's hit "Mario Bros." movie had the industry hopeful, but Disney's "Little Mermaid" sales disappointed, while "The Flash" from Warner Bros. tanked 72% in its second weekend. Not great, Bob: Flicks released this year have so far pulled in $3.6B at the domestic box, a 31% drop from 2019 based on the same criteria.
Feeling down in front… With the writers' strike heading toward the 60-day mark, Hollywood insiders aren't hopeful about a bounce back: 75% of film-industry pros said ticket sales likely wouldn't eclipse prepandemic #s for at least five years. Investors may be taking note: Cinemark shares are down 15% from their June peak, and IMAX shares have fallen 7% in the same period. Still, July releases including "Mission: Impossible," "Barbie," and "Oppenheimer" could give theaters a much-needed breath of life. |  | THE TAKEAWAY |
| To find strength, Hollywood must search outside itself… International markets increasingly appear to be driving the industry. Overseas ticket sales outnumber North American sales 2-to-1, and 5 of the top 10 films in the first weekend of May were non-English-language movies. In the first quarter, IMAX reported that a third of its global revenue came from foreign content. | |
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From Amazon to eBay, online vendors face increased scrutiny as the "Inform Act" goes into effect | $200 Fucci ≠ $2K Gucci… New legislation dubbed the "Inform Act" went into effect yesterday, marking the latest effort to stamp out counterfeit sales and tamp down retail theft. The law requires major online marketplaces like Amazon and eBay to verify third-party sellers' personal and financial info. Going forward: ID'd: Online vendors who've had 200+ sales and earned $5K+ in any continuous 12-month period in the past two years must provide platforms a gov't and tax ID as well as bank account info. Price tag: Marketplaces that don't comply could be forced to pay $50K+ for each violation, and unverified sellers may have their accounts suspended. FYI: US Customs and Border Protection seized $1B worth of counterfeit items last year — up 38% from 2021. And that's just part of the puzzle…
Retail Whac-A-Mole… As shopping online becomes ubiquitous, retailers from Home Depot to Best Buy have pushed lawmakers to crack down on sites that let resellers set up digi-storefronts with little oversight. Those storefronts can provide additional outlets for IRL thieves to offload stolen goods. An estimated $500B worth of stolen and counterfeit stuff is sold through online marketplaces each year. | | THE TAKEAWAY |
| One loose string can undo a whole knot… While checking IDs may seem like a tiny speedbump, it could trip up bad actors flooding marketplaces with boosted merch or illegal dupes. Meanwhile, in-store retail theft could become less attractive if legislation successfully makes it harder to resell pinched products. | |
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What else we're Snackin' | Brakes: Electric-truck maker Lordstown Motors filed for bankruptcy and sued manufacturing giant Foxconn. Lordstown alleged that Foxconn reneged on a $170M investment deal and an EV collab. IRony: Social app IRL is shutting down after reports said 95% of its users were bots. SoftBank helped IRL reach unicorn status, but the app that aimed to create authentic communities now joins some of SoftBank's other failed investments. WordCloud: Microsoft apparently wants to put its consumer-facing Windows operating system in the cloud (translation: users could stream it to any compatible device). The shift could let Microsoft add more AI tools to its OS. Fireworks: July Fourth BBQs are expected to cost slightly less than last year's (which hit record highs). While beef and potato prices are up, food inflation overall has ticked down on the year. CryptWhoa: Bitcoin-mining giant Riot says it purchased 33K+ rigs for nearly $163M with an option for 66K+ more. BTC's seen its price climb as Wall Street files for bitcoin ETFs and regulators squeeze altcoins.
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Snack Fact Of the Day | Over a quarter of office workers worldwide say they want to change jobs in the next year | | |
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Wednesday | - Earnings expected from BlackBerry, General Mills, and Micron Technology
Authors of this Snacks own bitcoin and shares of: Apple, BlackBerry, Comcast, and Disney | |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more | |
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