It’s Tuesday, March 9.
This morning, TheStreet Live will be focusing on the moves in bitcoin, Stitch Fix’s earnings and why Cathie Wood still feels good about her buys during the tech selloff.
Jim Cramer is out on Tuesday, so Jeff Marks, senior portfolio analyst with Action Alerts PLUS, is joining to discuss the markets.
Stitch Fix Earnings
TheStreet’s Martin Baccardax noted that the company reported a loss of 20 cents per share, down from a profit of 11 cents over the same period last year and 2 cents inside the Street consensus forecast. Group revenues, Stitch Fix (SFIX) – Get Report said, rose 11.6% to $504.1 million. Stitch Fix reported nearly 3.9 million active clients, up 12% from a year earlier. Net revenue per active client slipped 7% to $467.
“We are seeing strong new client acquisition trends, healthy auto-ship retention levels and increased client engagement with direct buy. That said, there are also near-term factors that may impact the back half of fiscal 2021 and are reflected in our updated full-year guidance,” CFO Dan Jedda told investors on a conference call late Monday, citing shipping and client delays.
“In addition, there’s still a lot of uncertainty given COVID, and as a result, we’re taking a more measured approach to our outlook,” he added. “As such, we plan to continue testing the (direct buy) product through fiscal Q3 and into Q4 before a full-scale product launch in late fiscal Q4.”
Cathie Wood & ARK
Cathie Wood, the founder and CEO of ARK Investment Management, said she wasn’t worried about the recent drop in her funds, particularly ARK Innovation, which has fallen for three straight weeks. In fact, she said she’s capitalizing on the selloff.
“Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,” Wood told CNBC.
A broadening market “is good news,” she told Bloomberg in a separate interview. “We keep our eye on the prize. We have a five-year time horizon.”
Hear what Marks only told members of Jim Cramer’s Action Alerts PLUS investing club during Tuesday’s Daily Rundown.