The Margin: It’s got Leo and Meryl and the return of Jennifer Lawrence: ‘Don’t Look Up’ is the darkly comedic climate-change film that doesn’t mention climate change

Leonardo DiCaprio has spent and raised at least $100 million to slow climate change in the more than 20 years since suffering his own man-versus-nature defeat in the blockbuster “Titanic.”

From Capitol Hill to red carpets, the Oscar winner has demanded action to save sacred spaces, curb deforestation and shun fossil fuels
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-0.18%
.
Just a few weeks ago, he had the attention of global leaders who converged at the U.N.’s Glasgow summit, drawing tempered acknowledgement for his less-wasteful commercial flight over private.

Now he’s in “Don’t Look Up,” a climate-change feature film billed as satirical sci-fi, that perhaps surprisingly doesn’t once mention the climate or global warming. Still, all the critical attention on the film is on the allegory, with the movie’s fictional killer comet playing the barely veiled role of the real-life climate crisis. And DiCaprio, who walked the New York red carpet for the premiere of Netflix Inc.’s
NFLX,
+2.10%

“Don’t Look Up” earlier this week along with its robust roster of stars, sounds as confident in this formula calling for change as with any one-on-ones with presidents.

“It’s really hard to reinvent the wheel as far as articulating the science of the climate crisis,” DiCaprio told reporters on the red carpet Sunday. “What [writer and director Adam McKay] did here was he created a sense of urgency, and we all wanted to be a part of a movie that, from an artistic standpoint, shifted the paradigm and made us start having conversations.”

McKay, speaking at the premiere, shed the allegorical disguise completely.

“Right this second, the livable atmosphere is collapsing. We’re literally living in the movie. And if we don’t take immediate action, billions of people are going to die and we’re going to see this civilization collapse,” McKay told The Hollywood Reporter.

In the dark comedy, the global-scale threat of extinction takes shape as a comet headed directly toward Earth. Two low-level astronomers, Dr. Randall Mindy, played by DiCaprio, and his PhD. candidate, Kate Dibiasky (Jennifer Lawrence in her first film role in some three years), discover and try to get everyone — anyone — to take the threat seriously.

The two scientists take their evidence of the threat to the president — played by who else than Meryl Streep — and the president’s son (that’s Jonah Hill) an interaction that kicks off a political and media frenzy that real-life climate-change scientists, public-policy advocates and reporters say echoes their experience.

Cate Blanchett, Ariana Grande (acting and contributing an original song), Tyler Perry and Timothée Chalamet are but a few more notables on this film’s pedigreed call sheet.

“Don’t Look Up” opens in select theaters Dec. 10 and streams on Netflix beginning Dec. 24.

Read: Here’s everything new coming to Netflix in December 2021 — and what’s leaving

The scientific adviser on “Don’t Look Up,” Dr. Amy Mainzer, had sway in the actual orbit of the comet portrayed on screen, and also on dialogue about the role of activism in the halls of science.

She, McKay, and producer Kevin Messick said the dark script should still leave viewers with a residual of hope.

“There are plenty of actions that we can take that will help mitigate against the worst effects of climate change, but it really is up to us as a society to jump in with both feet and really tackle the problem,” Mainzer told The Hollywood Reporter. “We need to do it now. So, it is extremely important not to lose hope and just get out there and do the work.”

McKay, who co-wrote 2015’s “The Big Short” screenplay, based on Michael Lewis’s book about the housing and credit default crisis, made the point that much of the science and technology — renewable energy
ICLN,
+3.24%
,
carbon capture and carbon removal, among other efforts meant to thwart climate change — are at hand.

But scaling such solutions is undermined by political sabotage.

“We just don’t have the will or awareness because we’re spiraling off into our clique culture and chasing bright lights,” he said. “That science is out there, but it requires everyone to realize this is a billion times bigger than any other concern you have, and that’s just not happening in our culture.”

Though he has taken some executive action, President Joe Biden has linked much of his climate efforts to a major spending bill that is still slowly working through Congress and has been reduced from original targets.

: Household electricity and gas bills are on the rise — here’s how to reduce your monthly costs

Americans are paying more for just about everything these day. Inflation is the highest it’s been in 21 years.

But unlike pork chops or tickets to a basketball game, where consumers have the option of buying different meat that’s cheaper or watching the game on TV, when it comes to your electricity and gas bill, you’re more or less stuck with the company that services your area. 

But that doesn’t mean there aren’t still opportunities to save money, experts told MarketWatch.

Compared to last October, Americans paid 28.1% and 6.5% more for gas utilities and electricity, according to data from the Bureau of Labor Statistics. For gas, that’s the largest annual increase since 2008, and for electricity, it’s the largest since 2009. 

These increases come as more than 11% of employed Americans continue to work from home because of coronavirus, according to BLS data. And at the same time, demand for gas has gone up but supply has been slower to catch up, which is pushing prices up. 

As a result, Americans can expect to pay 30% more on average to heat their homes with natural gas or 6% more to heat their home using electricity over the course of this winter compared to last winter, according to Energy Information Administration’s “Winter Fuels Outlook” report.

How does your provider calculate your bill?

Besides turning off your heat altogether and unplugging everything, learn how your electricity or gas provider calculates your rate, said George Zavaliagkos, vice president of technology home-energy monitoring company, Sense.

For instance, some providers have a flat rate each season that doesn’t vary as much on a day-to-day basis. While other providers work like Uber
UBER,
-1.07%

or Lyft
LYFT,
-1.29%
,
meaning their rates could vary significantly day by day based on rider demand, traffic and weather conditions.

If your provider takes the Uber/Lyft approach you can almost be certain that electricity or gas costs are going to go up when it’s snowing outside, for instance, given that more homeowners will be at home using the heat, Zavaliagkos said. 

So to avoid being a sitting duck, you should preemptively start heating your home a couple of days before a forecasted snowstorm so that you can lower your thermostat the day of the storm since your house will already be at a comfortable temperature.

Also, it’s worthwhile to inspect windows, vents and doors around your home to see if any cold air is seeping in. If it is, an easy and relatively cheap fix is getting a draft protector that blocks out the cold air coming in. Is your home — that is, the walls and roof — properly insulated?

What is the breakdown of your power usage?

If your provider gives you the option to see a breakdown of what’s contributing the most to your monthly electricity bill you should “absolutely” take advantage of it, Zavaliagkos told MarketWatch.

You may discover that “the 30-year-old beer fridge you have in your garage is an energy hog,” he said. Meaning that it’s very energy inefficient and, therefore, it’s costing you a lot more money to run it than it would if you bought a newer more energy-efficient fridge.

But if your provider doesn’t give you a breakdown, you can install monitors like Sense that will identify your home’s energy hogs.

Are you eligible for federal assistance?

The American Rescue Plan, which passed in March this year, allocated $4.5 billion more funds for the Low Income Home Energy Assistance Program.

The program, which has been around for 40 years, is federally funded but is administered by states. It’s designed to help households pay for heating and power as well as minor energy-related home repairs.

“We have more money to help families this year than we’ve ever had,” said Mark Wolfe, who heads the National Energy Assistance Directors’ Association, the policy organization for state officials who administer federal energy support.

A lot of people who think they wouldn’t qualify may in fact qualify, Wolfe said. Income thresholds vary by state and household size, you can find more information here.

But even though energy costs are higher, Wolfe said he isn’t seeing a big uptick in applications. “That is a concern,” he added. He suspects that people who are eligible for the program aren’t applying “because it’s called a low-income program. When people hear that they’re thinking, ‘Surely I’m not eligible.’”

: Manchin says inflation ‘unknown’ is bigger problem than the need for Biden’s Build Back Better plan

Democratic Sen. Joe Manchin of West Virginia on Tuesday continued to express concerns about President Joe Biden’s Build Back Better plan, citing high U.S. inflation.

Federal Reserve officials are now say saying inflation is “not transitory and they’re hoping it’ll reduce, and we don’t know — we’ll have to wait and see,” Manchin said at The Wall Street Journal’s CEO Council Summit.

“The unknown we’re facing today is much greater than the need that people believe in this aspirational bill that we’re looking at. And we’ve got to make sure we get this right. We just can’t continue to flood the market as we’ve done,” he added.

Manchin’s comments come as Senate Majority Leader Chuck Schumer pushes for his chamber to pass Biden’s $2 trillion social-spending and climate package by Christmas. The legislation already scored the House’s approval last month, so Biden can sign the Build Back Better Act into law if the Senate acts and the two chambers reconcile their versions of the measure.

Democrats need Manchin’s support to advance the legislation through a process known as budget reconciliation because the Senate is split 50-50 and no Republicans are supporting the Build Back Better Act.

When asked Tuesday about Schumer’s goal of passage by Christmas, Manchin said the New York Democrat is “in charge of the calendar, so wherever he’s going to set it, and it’s time to vote, we vote.”

But he also criticized moves to reduce the bill’s price tag by shortening the duration of some proposed programs.

“One goes for three years, one goes for one year, and maybe one other one might go for the full 10 years. Do they not intend for those programs to last the full time 10 years? Well, if you intend for that to happen, what’s the real cost?” he asked.

From the archives (September 2021): Manchin, drawing flak for holding up Biden’s agenda, says Democrats should ‘elect more liberals’ if they want bigger spending

Manchin previously has expressed opposition to parts of the House version of the bill, including a plan for paid leave and a $4,500 tax credit for electric vehicles made in unionized U.S. factories. He’s also has raised concerns before that a big spending package potentially would make high inflation even worse.

Last week, the veteran West Virginia politician reportedly indicated he’s skeptical the measure can pass this year.

Now read: Biden promises Build Back Better plan will slash ‘outrageously expensive’ drug prices as Democrats push to pass bill before Christmas

Also see: Biden’s big social-spending bill probably will pass Senate this month without many cuts to it, analysts say

: Crypto exchange execs to call on Congress to head off SEC crackdown

Executives from some of the nation’s largest and most powerful cryptocurrency companies plan to petition Congress to create a new regulatory framework for digital assets that could help them avoid a costly showdown with the Securities and Exchange Commission, according to prepared testimony published Tuesday.

Executives from Coinbase Global Inc.
COIN,
+8.81%

and FTX Group — the world’s second- and third-largest crypto exchanges by daily market volume, according to CoinMarketCap — plan to suggest that Congress pass laws that would give primary regulatory authority over the crypto industry to a single federal agency, as a means to end what they see as a costly war of jurisdiction between entities like the SEC and Commodity Futures Trading Commission.

“A successful policy framework would allow crypto platforms to offer both spot and derivatives trading on crypto assets under one unified system, with one rule book and one technology platform to manage risks related to all trading activity in customer accounts,” said Sam Bankman-Fried, CEO of FTX, in remarks prepared for a Wednesday hearing before the House Financial Services Hearing on crypto markets.

Under current rules, the SEC oversees spot markets for securities, while the CFTC oversees derivatives markets based on commodities. The two agencies have joint jurisdiction over derivatives markets that are based on securities and other products, like exchange-traded funds that are anchored to the price of a derivative, as in the case of several recently launched bitcoin futures ETFs
BITO,
+3.48%
.

Neither regulator engages in regular oversight of spot markets for commodities, including bitcoin
BTCUSD,
-0.11%

and ether
ETHUSD,
+0.05%
.
Despite intense industry lobbying, the SEC has declined to issue explicit guidance as to which cryptocurrencies it considers to be securities, which must be registered with the agency before an issuer can offer them for sale to the public.

Exchanges that offer securities to the public must also register with the SEC as securities exchanges, which no major crypto exchange has yet done.

In October, Coinbase unveiled a regulatory proposal that urged Congress to create or designate a “digitally native and dynamic regulator” as the single overseer of markets for digital assets.

In his prepared testimony, FTX’s Bankman-Fried will point to his company’s proposal for a system “of joint supervision by the CFTC and SEC, with one of the two market regulators serving as the primary regulator, and the other as the secondary regulator.”

Such a system would likely prove a to be a boon for the CFTC, which the crypto industry has generally seen as a more friendly regulator than the SEC. FTX is already regulated by the CFTC in its capacity as a crypto futures market and clearinghouse, and the CFTC has moved faster to approve crypto financial products, like bitcoin futures, which debuted in 2017.

“FTX Is quite familiar with the CFTC regime…and believes the CFTC’s principles-based approach…makes a lot of sense,” Bankman-Frieds plans to say.

Coinbase Global CFO Alesia Hass will make the case that current “securities exchange regulation does not work for digital asset trading platforms” in her prepared testimony.

“Our federal securities laws, which originally date from the 1930s, include a list of more than 20 financial instruments that are considered securities,” her testimony reads. “None of these categories are a good fit for most digital assets, which have characteristics and functions beyond those contemplated for regulation by securities laws.”

The SEC believes that it already has wide authority to regulate digital-asset platforms, and Chairman Gary Gensler has increasingly singled that the agency could soon bring enforcement actions against platforms that fail to register as securities exchanges.

In a recent discussion with his predecessor Jay Clayton, Gensler urged crypto exchanges to register with the agency so it could ensure investor protection on these forums.

“Platforms, whether they’re trading platforms, lending platforms, whether they call themselves centralized or they call themselves decentralized….are an important place for public policy and investor protection,” Gensler said at the Digital Asset Compliance & Market Integrity Summit last week.

He added that when the SEC and trading platforms cannot come to an understanding, “we’re going to use the enforcement tool,” suing entities that fail to register with the agency. “But I think a better approach for these platforms…is to work to get registered within the law.”

The hearing will also feature discussion of issues including stablecoin regulation and the regulation of banks that custody crypto assets on behalf of customers. In addition to Coinbase and FTX, It will feature testimony by Jeremy Allaire, Chairman and CEO of Circle, issuer of the stablecoin USD Coin
USDCUSD,
-0.01%
,
Brian Brooks, former acting comptroller of the currency and CEO of Bitfury, Chad Cascarilla, CEO of Paxos, and Danelle Dixon, CEO of Steller Development Foundation
XLMUSD,
-1.10%
.

Personal Finance Daily: Mom admits stealing daughter’s identity to run up nearly $20K in student loan debt and high housing costs are one reason behind the ‘Great Resignation’ — here’s where workers want to move

Hi, MarketWatchers. Don’t miss these top stories.

Welcome to the era of Zoom firings: Should Better.com CEO Vishal Garg have handled things differently?

With employees continuing to work remotely, companies may have little choice but to dismiss workers via video Read More

Giving it that old college try: Mom admits stealing daughter’s identity to run up nearly $20K in student loan debt

Prosecutors say Laura Oglesby, 48, posed as a student in her 20s in Missouri while on the run from fraud charges in Arkansas. Read More

One country topped GoFundMe’s list of most generous nations for the third year in a row — and it’s not the U.S.

The most generous user on the fundraising platform made 434 donations in 2021, according to GoFundMe’s 2021 giving report. Read More

These 3 towns should be on every digital nomad’s radar

We are now truly living in the time of the remote worker. Read More

High housing costs are one reason behind the ‘Great Resignation’ — here’s where workers want to move

Roughly two out of five employed Americans said they’d be willing to take a lower-paying job to move to a more affordable area, according to a new survey. Read More

Male doctors earn $2 million more than female doctors over their lifetime — what’s behind the huge pay gap?

Researcher from several universities and medical organizations quantify the pay gap among doctors. Read More

With a sectional sofa and a joystick, is this Hyundai SUV concept a sign of EVs to come?

The Hyundai SEVEN has swiveling lounge chairs and sterilizing UVC lights that “help clean the living space of bacteria and viruses.” Read More

8 places to see beautiful holiday light displays

Hotels, gardens, zoos and even boat docks get into the Christmas lights act with showy decorations to share the festive spirit. Read More

4 ways to save on gas

Biden is taking steps to wrestle down gas prices, but here are some ways you can cut your costs at the pump right now. Read More

My mom’s secret lover paid her mortgage. After they split, she met a con artist on a dating app for seniors who put his name on the deed

‘Their relationship ended in less than 6 months with my mom filing a restraining order against him.’
Read More

The Margin: Welcome to the era of Zoom firings: Should Better.com CEO Vishal Garg have handled things differently?

Is there a tactful way to fire an employee over Zoom?

That is the question many are asking in light of the news that Better.com CEO Vishal Garg terminated the jobs of 900-plus workers last week via the video platform. “If you’re on this call, you are part of the unlucky group that is being laid off,” said the mortgage company executive as he delivered the news.

It may seem a harsh and impersonal approach, but human-resource experts say it’s the new reality of the workplace, especially in the pandemic era. With many employees working from home — and with the expectation that many will continue to do so even as we move past the health crisis — companies will likely do much of their firing (and hiring) via video.

If anything, human-resources experts say it could be even more awkward to ask remote employees to come in to the office unexpectedly, only to then hit them with a pink slip.

“Zoom may be better,” said Peter Cappelli, director of the Wharton School’s Center for Human Resources.

Experts also say there may be benefits for workers to receive the bad news from home, where they can immediately connect with family members and parse the situation. “They’re in a safe space,” said Laurie Ruettimann, a former human-resources executive who now works as a consultant.

Which is not to say there aren’t ways for companies to lessen the blow, human-resources professionals advise. In some respects, the same rules apply whether a business is doing the dismissals in person or via video — namely, it should be handled with a degree of both succinctness and care, experts say: Employees need to quickly understand why they are being let go and what kind of severance package, if any, they are being offered. But they also need to know that the employer understands the enormity of the situation.

“It doesn’t matter what medium you’re using if the person delivering the message is an a—hole.”


— Deborah Copaken

“You must show empathy, that you’ve been on their side of the table,” said Brian A. Marks, a former software-industry executive who is now a senior lecturer in economics and business analytics at the University of New Haven.

But experts also admit it can be harder to provide such emotional support in a video conference. Which is why some suggest finding ways to provide a personal touch. Hema Crockett, one of the authors of Designing Exceptional Organizational Cultures: How to Develop Companies Where Employees Thrive, says a possible approach is for an employer to send a handwritten note of personal thanks and encouragement after the main announcement. “It’s something that shows the humanity piece of it,” she said.

Ultimately, the Better.com situation may have been less about the fact the firings were done via video, and more about the attitude of the company and its chief executive, says Deborah Copaken, an author who wrote a piece last year for The Atlantic about her experience losing a job over Zoom. (Garg declined to reveal in the story the specific company she worked for, although she identified it as a health-tech start-up.)

Copaken told MarketWatch that Garg didn’t pass the empathy test, so the Zoom situation was largely irrelevant. “It doesn’t matter what medium you’re using if the person delivering the message is an a—hole,” she said.

And Garg has come under fire for his often harsh management style, according to various news reports. Forbes reported that he once sent a critical email to staff in which he said: “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS… YOU ARE EMBARRASSING ME.” Fortune also reported that Garg accused some of the recently fired employees of working only two hours per day.

A Better.com spokesperson said the company did provide severance benefits to the newly dismissed workers, including four weeks of pay. And in an email Garg sent to employees that was obtained by MarketWatch, the CEO apologized for his handling of the firings. “I failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better,” he wrote in the email.

Dow Jones Newswires: Toll Brothers sees strong demand drive 20% revenue growth in 2022

By Adriano Marchese


Luxury homebuilder Toll Brothers Inc. said Tuesday that it projects a 20% growth in revenue in fiscal 2022 amid strong demand.

The company said it expects to deliver between 11,250 and 12,000 units in the full year at an average delivered price of between $875,000 and $895,000.

In fiscal 2021, the company said it delivered 9,986 homes, bringing home sales revenues to $8.43 billion.

The company said demand remains strong, as the housing market continues to benefit from favorable demographics, low mortgage rates and a tight resale market.

“We believe these trends will continue to drive strong demand for our first-time, move-up and active adult communities well into the future,” Chairman and Chief Executive Douglas Yearley said.


Write to Adriano Marchese at adriano.marchese@wsj.com


MemeMoney: Trump’s SPAC proves you can now create a meme stock on purpose

On Tuesday, stock in a blank-check company which is under multiple federal regulatory investigations while merging with a non-existent media company closed up 16.6% after naming a former dairy farmer as its Chief Executive Officer.

The stock market does not get any meme-ier than this.

Despite disclosing on Monday that it is also under an investigation by Finra and the Securities and Exchange Commission, shares in Digital World Acquisition Corp.
DWAC,
+16.57%

shot up Tuesday thanks in part to news that the company’s very public merger target, Trump Media & Technology Group, will appoint Rep. Devin Nunes of California as its CEO when he retires from Congress at the end of 2021.

Nunes, who came to prominence as a vocal supporter of Trump’s presidency and fierce opponent of both of Trump’s impeachments, has a professional background in dairy farming. While he has no professional experience working in social media, Nunes is known to engage with it as proven by his well-publicized legal battle against a popular Twitter account called @DevinCow that pretends to be one of Nunes’ cows who is openly critical of the congressman.

What Nunes will be actually be in charge of in January 2022 remains a bit unclear.

TMTG’s current actual business model is still supported by retail investors on social media postulating that Trump’s millions of loyal voters will pay for access to TMTG’s media offerings, none of which currently actually exist.

Nonetheless, that still only notional business model has been rocket fuel for DWAC, sending its shares soaring almost 845% after the planned merger with TMTG was announced in October, thanks to individual retail investors piling into the stock on in the belief that Trump’s political popularity and television fame will be a can’t-miss chance to HODL.

And thanks to a $1 billion PIPE (Private Investment in Public Equity) deal that DWAC also somehow closed on Monday, institutional investors buying into the SPAC are now sitting on some nice piles of discounted shares that they will be more than happy to unload on bullish retail investors the moment SEC chief Gary Gensler lets this deal close.

But while DWAC has moved with the kind of meme stock volatility we’ve become used to watching in names like GameStop
GME,
+6.40%

and AMC Entertainment
AMC,
+7.82%
,
it still has that one major difference from its fellow meme stocks: it’s going to market without any concrete revenue-generating product, making it a pure meme play.

On Reddit, sentiment on the SEC probes and Nunes’ hire fell predictably along political lines with Trump loyalists hailing all the news as bullish for the stock and Trump critics predicting disaster. Along with Tuesday’s gains, short interest on DWAC also grew by almost 6% on Tuesday according to data from Ortex.

All of this activity just offers more proof that the DWAC/TMTG merger is a play to leverage the Trump political brand as an investment-grade product, meaning that in the era of meme stocks the promise of the thing on its own might be more valuable than rushing to actually create some media product.

Simply put, the teams behind DWAC and TMTG don’t need to worry about building a media company because they already built a fully-formed meme stock.

For proof of that concept, one need look no further than an SEC filing DWAC submitted on Monday containing an updated version of the TMTG presentation from October that we were quick to point out at the time felt very, very thin on actual financial/business data.

In Monday’s document, TMTG appeared ready to thicken that thin soup by giving some more details, and the end result was breathtaking.

One new slide in the presentation introduced potential investors to TMTG’s “Technology Team.” The flow chart of 30 people is made up of full first names and initials for surnames –except for one mobile developer named “BJ”– and indicates that they come from companies like Apple, IBM, Netflix, America’s Funniest Videos, and Little Debbie Snacks.

And while it’s hard to learn more about the team, that might be okay as a footnote on the slide makes it clear that “Personnel subject to change”

Two other new slide details TMTG’s “Infrastructure.”

The says the company will have things like “Users” and multiple servers, and then defines what those terms mean.

The second slide shows via a visual how those terms work with each other.

In total, the three new slides provide little insight into what TMTG will actually have to offer potential consumers, but it does prompt us to wonder that if Nunes is starting in January, who is the CEO now? And has there been a CEO at all?

But, again, none of this really matters to DWAC, the first-ever synthetic meme stock.

GameStop and AMC roar back to life

Elsewhere in the world of meme stocks on Tuesday, shares of GameStop and AMC came roaring back to life on Tuesday as broader markets finally began to shrug off fears of the omicron variant of the coronavirus.

AMC’s big bounce of 7.8% came as its memelord CEO Adam Aron has even more full embraced the Reddit Apes who own his float, firing off nine tweets in three days promoting his theatre chains deeper dive into the world of NFTs.

Aron’s embrace even got literal as he retweeted a photo of himself posing with California bartender turned chief Ken Griffin antagonist turned Twitter folk hero Katherine Larsen, aka “Kat Stryker.”

For GameStop, Tuesday’s gain of 6.4% comes one day before the company is set to report third quarter earnings and might provide a nice buffer as short sellers are once again loading up as the video game retailer prepares its presentation.

Ortex data showed that short interest on GameStop crept up almost 3% on Tuesday.

Lesser memes also got in on the action as names like Koss
KOSS,
+2.85%

and BlackBerry
BB,
+2.88%

also closed up with significant gains.

Let’s Go To The Video

But while we’re still talking about GameStop and AMC, why not check out the latest episode of MemeMarkets where we talk to Wedbush’s analyst extraordinaire Michael Pachter about the uncertain futures for everyone’s favorite meme stocks:

Earnings Results: Stitch Fix stock sinks on lower-than-expected forecast

Stitch Fix Inc. shares plunged after hours Tuesday after issuing guidance below expectations.

Stitch Fix
SFIX,
+4.61%

reported an increase in active clients, better-than-expected fiscal first-quarter revenue and a narrower loss, but its shares sank about 20% in extended trading after rising more than 4.6% in the regular session to close at $24.97. 

The company, which sells clothing through subscriptions and more, reported a first-quarter net loss of $1.8 million, or 2 cents a share, compared with net income of $9.5 million, or 9 cents a share, in the year-ago period. Adjusted Ebitda was $38.2 million. Revenue rose to $581.2 million from $490.4 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast a net loss of 14 cents a share on revenue of $570.8 million, and adjusted Ebitda of $17.5 million.

Stitch Fix expects second-quarter revenue of $505 million to $520 million, and adjusted Ebitda of between negative-$5 million and $5 million. Analysts had forecast a loss of 24 cents a share on revenue of $585 million, and adjusted Ebitda of $5.5 million.

The company also lowered its full-year 2022 guidance — its fiscal year ends July 30 — saying it expects revenue growth at a high single-digit rate and adjusted Ebitda margin to be between 1% and 2%.

Shares of Stitch Fix have declined nearly 57% year to date, while the S&P 500 Index
SPX,
+2.07%

has risen about 25% so far this year.

Deep Dive: Semiconductor stocks, led by Nvidia, were on fire Tuesday. Here’s the breakdown

Most boats were lifted in the stock market on Dec. 7, as investors apparently got over their fears of the latest coronavirus variant.

Semiconductor stocks led the way, with gains far outpacing the broader market.

Read: U.S. stock indexes rise Tuesday as omicron fears subside

The Dow Jones Industrial Average
DJIA
rose 492 points, or 1.4%, to 35,719, while the S&P 500 Index
SPX
added 2.1% with 90% of stocks posting gains. The tech-weighted Nasdaq Composite Index
COMP
soared 3%.

The PHLX Semiconductor Index
SOX
topped them all, with a 5% gain and closed with a 43% increase for 2021 after hitting a new record earlier in the session. The benchmark index for chipmakers is tracked by the iShares Semiconductor ETF
SOXX.

Here’s how all 30 stocks in the SOXX portfolio performed on Dec. 7, with Nvidia Corp.
NVDA
leading the way:

Company

Ticker

Price change – Dec. 7, 2021

Price change – 2021

Decline from 52-week high

Date of 52-week high

Nvidia Corp.

NVDA 8.0%

148.4%

-6.4%

11/22/2021

Marvell Technology Inc.

MRVL 7.1%

92.5%

-1.0%

12/07/2021

ASML Holding N.V ADR.

ASML 6.6%

65.3%

-10.0%

09/14/2021

Wolfspeed Inc.

WOLF 6.5%

16.5%

-13.3%

11/15/2021

NXP Semiconductors N.V.

NXPI 6.5%

50.2%

-0.4%

12/07/2021

Applied Materials Inc.

AMAT 6.5%

81.8%

-1.3%

11/16/2021

Microchip Technology Inc.

MCHP 5.9%

28.7%

-0.1%

12/07/2021

ASE Technology Holding Co. ADR

ASX 5.9%

38.7%

-15.8%

08/05/2021

Lam Research Corp.

LRCX 5.8%

49.5%

-0.8%

12/01/2021

Lattice Semiconductor Corp.

LSCC 5.8%

73.3%

-7.1%

11/22/2021

Qorvo Inc.

QRVO 5.7%

-2.9%

-19.9%

04/29/2021

ON Semiconductor Corp.

ON 5.7%

100.0%

-2.0%

12/07/2021

Monolithic Power Systems Inc.

MPWR 5.6%

47.1%

-7.1%

11/22/2021

Entegris Inc.

ENTG 5.4%

59.4%

-3.0%

11/22/2021

KLA Corp.

KLAC 4.9%

61.9%

-2.1%

12/01/2021

Xilinx Inc.

XLNX 4.9%

57.9%

-6.7%

11/30/2021

MKS Instruments Inc.

MKSI 4.8%

8.4%

-18.2%

04/05/2021

Qualcomm Inc.

QCOM 4.7%

20.6%

-2.7%

11/22/2021

Broadcom Inc.

AVGO 4.5%

34.8%

-0.5%

12/07/2021

Teradyne Inc.

TER 4.3%

32.7%

-0.5%

12/07/2021

Advanced Micro Devices Inc.

AMD 4.2%

57.9%

-11.9%

11/30/2021

United Microelectronics Corp. ADR

UMC 4.2%

48.8%

-1.1%

12/01/2021

STMicroelectronics N.V. ADR

STM 4.1%

35.0%

-3.9%

11/22/2021

Micron Technology Inc.

MU 4.1%

14.2%

-11.5%

04/12/2021

Universal Display Corp.

OLED 4.0%

-31.9%

-40.4%

01/20/2021

Skyworks Solutions Inc.

SWKS 3.2%

2.9%

-22.9%

04/29/2021

Intel Corp.

INTC 3.1%

5.5%

-23.2%

04/12/2021

Analog Devices Inc.

ADI 3.1%

26.3%

-2.8%

11/22/2021

Taiwan Semiconductor Manufacturing Co. ADR

TSM 2.7%

12.2%

-14.0%

02/16/2021

Texas Instruments Inc.

TXN 2.3%

21.3%

-1.6%

10/25/2021

Source: FactSet

Nvidia’s stock has risen 148% in 2021, for the best performance among the SOXX 30.

Click on the tickers for more about each company. Click here for Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

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