“Our LT Weekly Update is a comprehensive weekly analysis aimed at helping our key corporate and investor clients cut through the noise and stay in front of what we view as the most important themes and developments driving the digital economy.”
- Leslie Mallon, Head of LionTree Public Markets

This was a TGIF week for sure. A whopping 85 companies in our LionTree Universe reported, which unearthed an almost never-ending stream of key developments and updates across numerous sub-sectors within the sector. The market backdrop this week also skewed positive on the back of progress on the trade front, which helped the S&P 500 and Nasdaq hold on to most of last week’s gains.

There was a lot to digest this week, but we focused on the below themes:

The Earnings Scorecard – Week 4

If we thought the 40 companies in our LionTree Universe that reported Q1 results was crazy last week…this week, that more than doubled to 85. Similar to the last two weeks, earnings reactions were biased to the upside, with 45 companies (53%) trading up post their prints, and 40 companies (47%) trading down. E-Commerce companies bookended the best and worst performers of the group, with ThredUp shooting up +47.7% in reaction to its results and The RealReal plunging -30.7%.

Several sectors had key prints out this week, and arguably the biggest prints in our Universe came from the media sector. Disney was the first out the gate and started off strong, climbing up +10.6% after reporting (see ). That was followed by both WBD and Paramount, which also saw positive reactions, up +5.3% and +2.2%, respectively (see ). Warner Music Group finished out the key earnings reports for this qtr, though it had a tough reaction from the Street and fell -7.9% (see ). On the video gaming side, Electronic Arts fared a bit better and was slightly up +0.6% (see ).

Moving over to the last-mile/delivery space, it was a tough ride as both Uber fell -2.5% (see ), as did DoorDash down -7.4% (see ). Key prints were also out in the AdTech space with The Trade Desk, which traded up +18.6% (see ), as well as sports betting with DraftKings, which traded up a more modest +2.5% (see ).

Finally, we had a couple of follow-up sector results that we took a quick look at, including Pinterest, which was up +4.9% after its report, TKO, down -5.5%, Expedia, down -7.3%, and Clear, down -7.6% (see ).