🎞️ Netflix Launches its own Cinemas & Snacks

MARKET UPDATE

Good Morning Investor! Shares of gene therapy pioneer Sarepta ($SRPT) surged 30% on Friday, after the FDA approved expanded use of the company’s Elevidys, a gene therapy for a rare muscle wasting disease. This treatment is the most expensive treatment in the world and is projected to reach $5 billion in sales by 2027.

TODAY’S BIG HEADLINES

Netflix is Launching its own Cinemas & Snacks

Europe’s Best Fintech Darling is Soaring

Booking is Officially a Big Tech Company

MEGA CAPS

Netflix is Launching its own Cinemas & Snacks🎞️

Box Office Battle: Cinema chain AMC ($AMC) better watch its popcorn as streaming giant Netflix ($NFLX) crashes into the movie-going business with its own "Netflix Experiences." Not only that, Netflix is also cooking up a deal to launch its very own line of snacks. Talk about a plot twist!

Netflix, the Cinema Chain?: Netflix is stepping off the small screen and into derelict department stores, transforming them into "immersive experience" hubs where fans can dive into their favorite Netflix films and shows. After months of suspense, the streaming behemoth is finally revealing the details: the first two locations will be in Dallas, Texas, and King of Prussia, Pennsylvania, opening their doors to fans in 2025.

• These Netflix Experience centers will be housed in two of America's most popular shopping malls, the Galleria Dallas and the King of Prussia Mall, each sprawling over 100,000 square feet. That's a lot of room for binge-watching!

Snacks Print Money: In a deliciously clever move, Netflix is teaming up with Popcorn Indiana to roll out its own line of snacks, perfect for a binge-watching marathon. Dubbed “Netflix Now Popping,” this snack line will debut with two tantalizing flavors: "Cult Classic Cheddar Kettle" and "Swoonworthy Cinnamon Kettle."

• These snacks will hit Walmart ($WMT) shelves and other retailers nationwide, turning every movie night into a Netflix night. An 8-ounce bag of “Netflix Now Popping” will set you back $4.49, according to grocery chain ShopRite.

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FINTECH & PRIVATE COMPANIES

Europe’s Best Fintech Darling is Soaring💸

Unicorn on the Rise: Revolut, Europe’s fintech wonder child, is ready to dazzle the market with an upcoming share sale that could push its valuation to a jaw-dropping $40 billion. That’s a hefty leap from its previous $33 billion tag.

• Fintech Fairytales: Backed by Softbank, Revolut is gearing up to offload around $500 million worth of shares, which would catapult its valuation by 20% to $40 billion from its $33 billion valuation back in 2021.

• This impressive growth would see it outshine heavyweights like UK lender NatWest and Paris-based Société Générale. Not too shabby for a fintech firm in a market that's been feeling a bit under the weather.

Fintech Follies: While Revolut is soaring, not all fintechs are flying high. Take Klarna, the Swedish buy-now-pay-later behemoth, which saw its valuation plummet from $46 billion to under $7 billion in 2022. Ouch! Meanwhile, Revolut has been patiently waiting for a UK banking license for three years. If they snag it, their lending business could skyrocket, turning their fintech fable into an epic saga.

• IPO Ice Age: For all you investors itching to get in on the action, hold your horses. A public debut isn’t on the cards just yet. The IPO markets in the UK and Europe have hit a dry spell, thanks to high interest rates and election jitters. Investors are playing it safe, so the Revolut IPO will have to wait.

Financial Nitty-Gritty: Let’s dive into the digits: In 2022, Revolut’s revenue hit $1.1 billion, marking a 45% year-over-year increase. Their customer base swelled by nearly 10 million users, with deposits shooting up by 71%. Revenue from cards and interchange jumped 105%, subscription income rose by 48%, and interest income on assets soared a staggering 5,000%.

TRAVEL & HOTELS

Booking is Officially a Big Tech Company, At Least in the EU🏨

With Friends like These: Last month, to Booking Holdings’ ($BKNG) absolute horror, the EU crowned them a "big tech company," adding them to its list of “digital gatekeepers.” What does this mean? More regulatory headaches for the holiday bookings platform under the EU’s shiny new Digital Markets Act (DMA).

• Booking's Unwanted Upgrade: Let’s face it, this is one of the rare times being mentioned in the same breath as tech giants like Meta ($META), Alphabet ($GOOG), and Apple ($AAPL) is more of a curse than a compliment. Booking Holdings' CEO Glenn Fogel didn’t hold back, calling these new rules “dumb regulation” just last week.

Classification Conundrum: According to the EU, Booking qualifies as an “intermediation platform,” putting it in the same category as Apple’s App Store and Amazon’s Marketplace. Why? Because these platforms host third-party vendors—hotels and vacation rentals, in Booking’s case.

• On the bright side, Booking has six months to prove it’s playing by the EU's new DMA rules, which dictate how it should interact with these third-party vendors. So, it’s time for Booking to get its compliance game on.

• All this regulatory pressure might just push Booking to consider a dramatic relocation of its headquarters out of the EU. When asked about a potential move, CEO Glenn Fogel coyly remarked, “I never say no to anything that is possible.” Cue the corporate wanderlust!

• Meanwhile, Airbnb’s ($ABNB) European division, not on the EU’s naughty list, is likely smirking at the prospect of Booking packing its bags. Talk about one company's regulatory pain being another’s gain!

MORE NEWS

Additional market-moving events🌎

No AI for the EU: Apple have confirmed that their new Apple Intelligence won’t be launching in the EU in 2024 due to antitrust regulations. (FT)

Satellite Internet on-the-go: SpaceX’s Starlink has unveiled a new backpack-sized satellite labelled “Starlink Mini” which can be powered by a USB battery bank and will cost $599. (The Verge)

Swedish Punishment: Sweden has fined the Nasdaq ($NDAQ) $9.6 million after the country’s investigation found that the exchange failed to prevent and report multiple incidents of insider trading. (Reuters)

AI Model Gold Medalist: AI startup backed by Amazon ($AMZN) and founded by former OpenAI execs has claimed that its new Claude 3.5 Sonnet AI model is the industry’s best. (TechCrunch)

OUR PICKS

Our selections performance👾

On Monday the 11th of March, we released our “two superperformers” stock picks which we believe will provide significant outperformance compared to the S&P 500. Then on the 10th of June we released our next stock selection.

Here’s how the three stocks have performed since:

• Evolution AB: 1,080.50 SEK (📉-17.70%)

• Hims & Hers Health: $22.15 (📈+53.08%)

• PayPal: $60.61 (📉-6.42%)

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