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May 08, 2020

Morning Market Report - May 8th, 2020

A record 20.5 million jobs were lost in April as unemployment rate jumps to 14.7%

Non-farm payrolls fell by 20.5 million in April and the unemployment rate rose to 14.7%, both post-World War II records.
Economists had been expecting a loss of 21.5 million jobs and the unemployment rate to surge to 16%.
The “real” unemployment rate, which includes workers not looking for jobs and the underemployed, surged to 22.8%.
In all, the rolls of the unemployed surged to 23.1 million, a jump of 15.9 million over March.
The worst-hit sector was leisure and hospitality, which lost a staggering 7.7 million workers, a total that included a 5.5 million drop in eating and drinking establishments.

Uber Shares Trade Higher on Optimism that Worst is Over

Uber's shares initially dipped after hours, but then shot up as much as 10% as CEO Dara Khosrowshahi expressed optimism that ride volume is picking up again after bottoming out in mid-April.

Loss: $1.70 per share
Revenue: $3.54 billion
Rides (gross bookings): $10.87 billion
Eats (gross bookings): $4.68 billion

The net loss of $2.9 billion, total, included $2.1 billion in impairment charges from companies in which Uber has a stake.

Gross bookings in Uber’s core business segment, Rides, fell 5% from a year ago. However, on the company’s earnings call, Khosrowshahi said that the Rides business was down around 80% in April from last year, but also gave reason for optimism, saying that ride volume had increased in each of the last three weeks.

In addition, gross bookings for its food delivery segment, Eats, were up more than 50% year-over-year as more people ordered food for delivery at home, and a greater variety of restaurants signed up to offer delivery, too. Khosrowshahi said that the company believes these cultural shifts could be long-lasting.

“The big opportunity we thought Eats was just got bigger,” the CEO said. And he hinted at new services to enable retailers to send packages to customers using Uber’s platform.

Disney Trades Higher with Shanghai Tickets Sold Out and Florida Plans to Open May 20th

Shanghai Disneyland will reopen on May 11. Tickets for the first days of the Walt Disney Co.'s Shanghai Disneyland re-opening sold out almost instantly on Friday as the theme park gets ready to next week end a three-month shutdown in response to the novel coronavirus pandemic.

The Chinese government has asked Disney to cap attendance at 30 percent of capacity, or approximately 24,000 people, to help staff and customers adjust to new health and safety measures like social distancing, required mask wearing, more frequent cleaning and temperature checks.

According to the Shanghai resort's website, tickets for May 11 through May 14 were already sold out by Friday afternoon. They also had sold out for the weekend dates of May 16 and 17. Local media reported some days selling out within minutes.

In Florida, Disney will begin a phased reopening of its Disney Springs shopping, dining and entertainment complex, on May 20th in accordance with guidance from government and health officials. The rest of the Walt Disney World Resort will remain closed, including theme parks and resort hotels.

ROKU Trades Lower on Advertising Worries

Roku was down as much as 10% after hours on the report after the company said it saw a greater number of ad cancellations than usual.

Loss per share: 45 cents
Revenue: $321 million

Wall Street anticipated a loss per share of 45 cents on revenue of $307 million.

As more people have been staying inside during the pandemic, Roku said it gained 2.9 million incremental active accounts in the quarter, reaching 39.8 million total, a 37% increase year-over-year. It also saw streaming hours surge by 1.6 billion, bringing it to a record 13.2 billion hours, a 49% increase year-over-year.

ES 15-Min: