Pre-market inventory: What Disney, Airbnb and DoorDash results reveal about the post-pandemic economy
The big question: As the coronavirus situation improves in countries like the United States, which trends of the past 14 months will remain in place and which will be resigned to the pandemic past?
Airbnb: The company said interest in travel was increasing again as vaccines became more widely available, indicating a surge in UK bookings immediately after British Prime Minister Boris Johnson announced his intention to travel in February. gradually coming out of lockdown. For U.S. guests aged 60 and older, searches on Airbnb for summer travel increased by more than 60% between February and March.
The company is also poised for more guests to use Airbnb for longer stays as they enjoy greater acceptance of remote working. He said nearly a quarter of stays last quarter were 28 days or longer, up 14% from 2019. The shares are down slightly in premarket trading.
DoorDash: People are still ordering a lot of food delivery even though restaurants are reopening for traditional meals. DoorDash reported a 198% increase in revenue last quarter to $1.1 billion even as it faced a labor shortage and raised its full-year outlook.
“As markets continued to reopen and in-store dining increased in the U.S., the impact on our order volume was lower than expected, contributing to a strong performance in the quarter,” said the company said, although it warned that this may be partially attributable to stimulus checks. The shares are up nearly 9% in premarket trading.
The company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million expected by Wall Street. This forces investors to ask: is it because people are getting vaccinated and moving away from streaming? Netflix also reported weak subscription growth last quarter.
Down but not out: Disney said it remains on track to meet its long-term subscriber goals despite the apparent slowdown. He’s betting that as the pandemic subsides, he’ll be able to produce more movies and shows, helping to bring in new customers.
Whether that’s right will become clearer in the coming months, which will lay the real test of whether people are actually ditching their sweatpants, getting out of the house and shaking up the economy again.
It might be easier to get a credit card without a credit score
For years, if you didn’t have a credit score, it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation’s biggest banks could help Americans without traditional credit histories get approved.
The push for financial institutions to reach a data-sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed that there is a plan, but the details of the agreement between the banks have yet to be worked out.
If the proposed arrangement goes through, that would mean that if you don’t have a credit score but have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card. with another bank, such as JPMorgan Chase.
“It will give millions of Americans the ability to access the credit that is essential to building wealth – buying a home, starting a business or funding an education,” said Trish Wexler, spokeswoman for JPMorgan Chase, at CNN Business.
The backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who have disproportionate income and people of color, face higher borrowing costs because they are forced to turn to products like payday loans.
Banks and lenders refer to those with no credit history as “invisible credit.” This group may include young people or recent immigrants, as well as people who have not used credit for a long time or who have lost their access due to financial difficulties.
The business angle: Big banks may also be keen to revise their policies as online newcomers reduce demand for their products.
“Some of this cooperation between the bigger banks may be a bit of a reaction to smaller banks and fintech companies encroaching on their space,” said Matt Schulz, chief industry analyst at LendingTree.
Target will temporarily stop selling trading cards amid the frenzy
The details: Last week, a target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.
“The safety of our guests and our team is our top priority,” Target said in a statement. “Out of an abundance of caution, we have decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon Trading Cards in our stores, effective [Friday].”
The cards will still be available online, the company said.
Remember: the value of collectible cards has exploded in recent months during the Covid-19 pandemic. This has sparked the interest of both amateur and professional investors looking to cash in on spectacular returns.
Previously, Target limited card purchases to one item per day, saying guests lined up overnight to get their hands on hot items, according to CNN affiliate WISN.
“We are determining what changes, if any, are necessary to meet customer demand while ensuring a safe and enjoyable shopping experience,” a spokesperson said in a statement.
Data on U.S. retail sales, import and export prices, and industrial production arrives at 8:30 a.m. ET.