Birkenstock Cites “Modern Feminism” As Propelling Force In Its Growth – She’s Got The Stocks 14 September 2023

Birkenstock Cites “Modern Feminism” As Propelling Force In Its Growth – She’s Got The Stocks 14 September 2023

Every week, “She’s Got The Stocks” brings you the latest stock market updates and insights that matter most to women in tech.

We understand the complex relationship between the stock market, company shares, and the daily decisions made by women in technology every day. Let’s dive into this week’s stock market insights!

Market Insights

On the ASX, most sectors ended with losses on Wednesday, with tech experiencing the most significant drop. This was influenced by an overnight plunge in the Nasdaq, triggered by a deceleration in Oracle’s cloud sales which led to a 13.5 per cent dip in its shares – the steepest one-day decline since 2002.

Investors are anxiously awaiting US inflation data. The recent spike in oil prices has heightened concerns that the Federal Reserve might once again consider hiking rates.

Sector heavyweights WiseTech Global shed 1.7 per cent to $67.32, Xero retreated 1.7 per cent to $119.44 and NextDC shaved off 1.55 per cent to $12.72.

Appen shares sunk to $1.365 as the market continues to have concerns about the company’s turnaround plan and its ability to offset declines in its core business.

In the US on Wednesday’s closing bell, the Nasdaq Composite rose by nearly 0.3 per cent. The August consumer price index was significant for traders. Core CPI saw a monthly increase of 0.3 per cent and a yearly rise of 4.3 per cent, slightly above some estimates. However, the August CPI reading isn’t anticipated to influence the Federal Reserve’s decisions in its upcoming policy meeting, with a 97 per cent probability of rates staying the same next week.

In the world of earnings, Adobe is expected to post quarterly results after the market close Thursday.

Expert Views

Netflix shares fell after Wednesday’s closing bell after CFO Spencer Neumann’s comments on the streamer’s weakened guidance. Mark Mahaney, Evercore ISI, said Netflix’s “cancel rage” is starting to wane after the password-sharing crackdown.

Apple shares fell after unveiling the iPhone 15 and raising the price of the new Pro Max. Apple’s shift to the USB-C connector should have come earlier and at its own volition rather than due to EU rules, Bloomberg’s Dave Lee wrote. Forcing consumers to use proprietary chargers is years past its sell-by date and the change is better for the environment. The company will probably eliminate cables altogether the next time it alters charging methods.

Amazon had a decent pop after announcing it is set to provide a novel logistics solution for third-party vendors, overseeing the shipment of products directly from manufacturers to consumers bringing its Cloud Playbook to Shipping.

Wedbush analyst Scott Devitt said, “Slowly but surely, Amazon is replicating the AWS playbook by broadening the availability of its fulfilment network.” This venture might, in time, resemble the cloud-computing offerings provided via the expansive Amazon Web Services.

Trending Now

Apple announced that its products will no longer come with leather cases, straps, or other accessories, as part of efforts to improve its environmental impact. The decision aligns with Apple’s ongoing substantial modifications to its products and packaging. Notably, the iPhone 15 now excludes mercury, PVC and beryllium and utilises an augmented proportion of recycled metals and boasts packaging that’s 99 per cent derived from fibre.

Apple also announced iOS 17 will be available for users to download on 18 September. This will bring changes to major apps such as Phone, FaceTime, and iMessage.

Amazon is introducing a generative AI tool for vendors, aimed at assisting them in creating product titles and listings. By inputting several keywords or short descriptions about their merchandise, sellers receive a variety of content suggestions, encompassing product titles, bullet points, and detailed descriptions. Amazon’s exploration into AI for its e-commerce operations also includes utilising the tech to condense product reviews.

Citi analyst Atif Malik maintained a Buy rating on Nvidia and set a price target of $630.00. The company’s shares closed at $454.85, after Wednesday’s closing bell.

Final Thoughts

Birkenstock has submitted its IPO paperwork, aiming for a US$8 billion (AU$12.46 billion) valuation. The brand received an extra push from its recent role in the wildly popular movie Barbie. Within the document, the company cited “modern feminism” as a consistent force propelling the brand’s growth. The company stated, “While trends in fashion come and go, we believe women’s increasing preference for functional apparel and footwear has and will prove secular in nature.”

Chip design company Arm prices IPO at US$51 per share, valuing the company at over US$54 billion (AU$84.1 billion). Aiming for a significant entry into the tech IPO landscape after nearly a two-year break, this is set to become the year’s standout technology IPO.

Company Spotlight: Weekly Performance 

Company Name Opening price Closing price Change (%) 
Macquarie Telecom Limited (ASX: MAQ) $67.36 $65.74 -2.40% 
REA Group (ASX: REA) $161.43 $161.15 0.17% 
Atlassian (NAS: TEAM) (USD) $206.40 $208.89 1.21% 
Xero (ASX: XRO) $121.49 $119.44 -1.69% 
Carsales.com (ASX: CAR) $28.39 $29.72 4.68% 
NEXTDC (ASX: NXT) $12.92 $12.72 -1.55% 
WiseTech Global (ASX: WTC) $68.49 $67.32 -1.71% 
Appen (ASX: APX) $1.50 $1.365 -9.00% 
Airtasker (ASX: ART) $0.20 $0.195 -2.50% 
Telstra (ASX: TLS) $3.94 $3.87 -1.78% 
Adobe (NAS: ADBE) (USD) $561.94 $553.56 -1.49% 
Salesforce (NYSE: CRM) (USD) $221.62 $218.80 -1.27% 
Apple (NAS: AAPL) (USD) $182.91 $174.21 -4.76% 
Alphabet (NAS: GOOGL) (USD) $134.46 $136.71 1.67% 
Meta (NAS: META) (USD) $299.17 $305.06 1.97% 
Microsoft (NAS: MSFT) (USD) $332.88 $336.06 0.96% 
Amazon (NAS: AMZN) (USD) $135.36 $144.85 7.01% 
Nvidia (NAS: NVDA) (USD) $470.61 $454.85 -3.35% 
Netflix (NAS: NFLX) (USD) $445.76 $412.24 -7.52% 

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