WHAT HAPPENED THIS WEEK?

⚡️ Fast Facts ⚡️

📈 First quarter US GDP grew at 3.2%, the Bureau of Economic Analysis announced on Friday, beating expectations and topping 3% in the first quarter for the first time since 2015.

💊 The White House is considering conceding the protection of pharmaceuticals in trade talks with China. US and Chinese trade leaders will meet in Beijing next week to continue the ongoing conversation.

🛢 Oil prices fluctuated heavily this week as Trump demanded that OPEC increase crude demand to lower prices on Friday, dropping the commodity 3%, while also ending the renewal of waivers on the ban of Iranian oil exports on Monday, causing prices to jump.

📉 Intel (INTC) revealed many of its core businesses are slowing, leading to lowering its rest-of-year revenue outlook by $2.5 billion in its earnings report on Thursday. The company’s stock fell over 10% on Friday following the news.

Earnings Szn 🤑

This week was a big one for earnings, mainly led by the Tech giants. Here are several of the highlights from this loaded week:

Facebook (FB) beat expectations while posting record profits, revenue, and user growth numbers. The company also announced that it will pay between $3-5 billion to the Federal Trade Commission for violating a consent decree on user privacy. CEO Mark Zuckerberg said he plans to focus on privacy going forward and his request for the regulation of the internet. The company’s stock surged 7% after-hours following the report.

Twitter (TWTR) beat expectations while posting nearly 200% net income growth since last year. The social media giant also added over 8 million daily active users in the first quarter alone. The company’s stock skyrocketed 15% following the news.

Microsoft (MSFT) beat both expectations on revenue and EPS, its seventh time doing so in the last eight quarters. Revenue growth topped 14% since last year with the highest growth coming from Microsoft’s Intelligent Cloud department. Microsoft surpassed $1 trillion in market cap on Thursday, becoming the third US company to achieve the feat.

Amazon (AMZNdoubled its profits year over year, but the company announced that it will be losing roughly $800 million in cutting delivery time for Prime members from two days to one. The company’s stock increased over 2% on Friday following the news.

Tesla (TSLA) posted worse-than-expected losses as demand decreased due to slowed delivery volumes and pricing adjustments. In addition, CEO Elon Musk targeted Panasonic, the company’s supplier of lithium-ion cells, in one of his tweets over the weekend blaming the company for its slowed Model 3 production. The company’s stock fell 6% following the news.

You get an IPO… and You get an IPO 🎉

Uber (UBER), the ride-hailing giant rivaled only by recently public Lyft (LYFT) announced it will open between $44-50 per share. With the expected per share price, the company would be valued at nearly $90 billion, the largest IPO since Alibaba (BABA) in 2014. The company will offer 180 million shares to the public, in addition to 27 million options to underwriters. The company’s stock is expected to be listed on the NYSE under the ticker “UBER” in the coming weeks.

Slack (WORK), the office-based messaging app, filed paperwork for a direct listing on Friday. Unlike a normal IPO, a direct listing would not be underwritten by investment banks. Slack’s revenue nearly doubled year over year, from $220 billion to $400 billion, and its user base increased from 59,000 paid customers to 89,000 in the same period. The company’s stock is expected to be listed on the NYSE under the ticker “WORK” in the coming weeks.