Pump & Dump Lawsuit, ETSY Citron Report and More! Exciting Friday Morning News!

Table of Contents

1. Introduction
2. Stock Market News
   1. Foreign US Stock Futures
   2. Etsy's Counterfeit Goods Issue
   3. Moderna's Flu Vaccine Study
   4. Carvana's Lawsuit
   5. Manchester United Takeover Bids
3. Notable Earnings Reports
   1. John Deere's Q1 Earnings
   2. DraftKings' Earnings and Revenue Beat
   3. Doordash's Future Guidance and Revenue Beat
4. Morning's Biggest Gainers and Losers
   1. HubSpot's Earnings Beat
   2. DraftKings' Positive Outlook
   3. XP's Earnings Miss
5. Conclusion

Stock Market News

Foreign US Stock Futures

Foreign US Stock Futures are seeing a decline this morning due to concerns over inflation. Dow futures are down 0.5 percent, S&P 500 futures are down 0.7 percent, and NASDAQ futures are down 0.9 percent.

Etsy's Counterfeit Goods Issue

Shares of Etsy are falling this morning following a negative report from Citron Research. The report claims that Etsy has become one of the largest platforms for counterfeit goods in the world and that the company is not doing enough to police this issue. Etsy has stated that they have increased their investments in tools to protect their community against bad actors, but Citron argues that the percentage of counterfeit goods on Etsy has become too large. Analysts currently rate Etsy stock as a moderate buy with an average upside of over eight percent.

Moderna's Flu Vaccine Study

Moderna has received mixed results from a study of its flu vaccine. While the vaccine generated a strong immune response, it was not proven to be as effective as already approved vaccines. This disappointing outcome dampened hopes that the flu vaccine would help offset the weakening demand for Moderna's COVID-19 vaccine. The Moderna stock is currently rated a moderate buy with an average upside of over 28 percent.

Carvana's Lawsuit

Carvana is facing a lawsuit from two big pension funds accusing the company of a pump and dump scheme. The funds allege that Carvana's leaders fraudulently drove up the company's share price through unsustainable sales growth and then cashed out before the stock tumbled. The lawsuit seeks to recover undisclosed damages on behalf of the pension funds and other investors. Carvana stock is currently rated a hold with a downside of nearly 20 percent.

Manchester United Takeover Bids

There is speculation that Manchester United could be receiving multiple takeover bids. The owners of the club have set a deadline for initial bids, and investors linked to the Qatari royal family and private groups in Saudi Arabia are reportedly preparing offers. Billionaire owner Jim Ratcliffe has also confirmed his intention to bid for the company. The Manchester United stock is currently rated a moderate buy.

Notable Earnings Reports

John Deere's Q1 Earnings

John Deere has reported strong Q1 earnings, beating expectations on both earnings and revenue. The company has also issued solid future guidance, with net income for the year expected to be in the range of $8.75 billion to $9.25 billion. Analysts currently rate the John Deere stock as a moderate buy with an average upside of over 19 percent.

DraftKings' Earnings and Revenue Beat

DraftKings' stock is on the rise after reporting an earnings and revenue beat. The company's revenue of $855 million grew nearly 81 percent year over year, exceeding estimates by $55.75 million. DraftKings also provided guidance for profitability in 2024. Analysts currently rate the stock as a moderate buy with a slight upside of three percent.

Doordash's Future Guidance and Revenue Beat

Doordash has reported favorable future guidance and a revenue beat. While the company reported a loss per share of $1.65, it was not comparable to consensus estimates. Revenue of $1.82 billion grew 40 percent year over year, beating expectations by $60 million. Doordash stock is currently rated a hold with a price target of $66.

Morning's Biggest Gainers and Losers

HubSpot's Earnings Beat

HubSpot is the morning's biggest gainer after posting a solid earnings beat and providing positive future guidance. The stock is up nearly 11 percent, indicating investor enthusiasm for the company's performance.

DraftKings' Positive Outlook

DraftKings is another top gainer this morning, with its stock rising 8.65 percent. The positive outlook is a result of the company's earnings and revenue beat, along with guidance for profitability in 2024.

XP's Earnings Miss

XP is the morning's biggest loser, experiencing an 11.6 percent decline in stock price after reporting an earnings miss for its latest quarter. Investors were disappointed with the company's performance, leading to the downward trend.

Conclusion

In conclusion, foreign US stock futures are in decline due to inflation concerns. Etsy is facing backlash for its counterfeit goods issue, while Moderna's flu vaccine study results have been mixed. Carvana is dealing with a lawsuit accusing them of fraudulent conduct, and Manchester United is receiving multiple takeover bids. Notable earnings reports include John Deere's beat on earnings and revenue, DraftKings' positive performance, and Doordash's future guidance and revenue beat. The morning's biggest gainers are HubSpot and DraftKings, while the biggest loser is XP. Investors should stay informed and stay tuned for further developments.