What we’re reading (12/21)
“How Much Have 401(k)s Lost In 2022?” (U.S. News & World Report). “If you’re concerned by dipping figures on your 401(k) financial statements, you’re not alone. Ongoing market swings have impacted retirement accounts, and the last 12 months indicate losses for many retirement savers. During the last year, 401(k) balances have dropped 22.9%, according to a Fidelity Investments analysis of 24,500 corporate retirement accounts.”
“Disney Stock On Its Way To Worst Year Since 1974 After ‘Avatar’ Sequel Disappoints” (MarketWatch). “Disney shares sank nearly 5% to their lowest level since March 2020 on Monday, after the blockbuster sequel and one of the priciest movies in Hollywood history fell short of the hype in its opening weekend. ‘Avatar: The Way of Water’ hauled in $134 million domestically and had the second-largest global opening of 2022, but fell short of tracking estimates based on advance U.S. ticket sales and disappointed in one of the biggest markets for the franchise, China.”
“Nike Raises Outlook After Making Progress With Inventory Woes” (Wall Street Journal). “Nike Inc. on Tuesday raised its revenue outlook and said that its inventory challenges are abating, signs that the sneaker giant’s efforts to use discounts to clear out excess merchandise are helping the business.”
“Tesla Stock Gets More Cautious Comments From Wall Street” (Yahoo!Finance). “EvercoreISI analyst Chris McNally slashed his price target on Tesla's stock to $200 from $300 on Tuesday, joining bearish takes in the past week from Goldman Sachs, Wedbush, and Oppenheimer.”
“Tech Bros Who Ran $800M Events Startup To Bankruptcy Spent Lavishly On Drug-Fueled Parties: Report” (New York Post). “Two British tech entrepreneurs who led an events and travel startup that was worth as much as $800 million spent hundreds of thousands of dollars on drug- and alcohol-fueled parties and ran a ‘frat boy’ culture rife with sexual harassment before the company imploded, according to a report.”
