Manchester United’s (NYSE:MANU) losses to West Ham and Aston Villa over the last week haven’t harmed its share price, which has continued to rise – likely fuelled by the recent signing of Cristiano Ronaldo and a strong earnings forecast.
NYSE-listed Manchester United shares have in fact been on a run since July. We looked more closely at the stock in the fall out from the proposed European super league, but it seems to have been the Ronaldo signing more than anything which has powered the shares since the summer.
Manchester United shares were up from 14.5 to trade close to the 20.5 level today, and we are still seeing further upward momentum in the market Tuesday.
Uber updates financial forecast
“It was Uber (NYSE:UBER) that saw the biggest increase on our platform this week following its updated financial forecast of an adjusted EBITDA to come in between a loss of $25 million and a profit of $25 million,” said Naeem Aslam, Chief Market Analyst, AvaTrade
This is significantly better than the ride-hailing and food delivery giant’s previous forecast for an adjusted EBITDA loss of $100 million. Snapchat (NYSE:SNAP) also performed well this week as it nears buy point and its user base continues to grow.
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Unlike Manchester United, Uber still has a long way to go to claw back losses to the share price experienced over the summer months. Uber shares have rallied sharply in the last week, but they are still down at 47.25. Back in July Uber Technologies stock was at the 60 level. This has been a big disappoint for investors in the last few months.
Other big gainers over the last week include Twitter (NYSE:TWTR), up 7.72%, and Groupon (LSE:0R1H), up 9.76%.
Investors are cutting losses in Alibaba stock
Elsewhere, Alibaba’s (HKG:9988) price fell sharply and came in at first place on the AvaTrade most falling table as it feels the effect of the news that Chinese real estate giant Evergrande Group could be forced into bankruptcy.
This threat to the Chinese economy would see Alibaba impacted in the fallout. “Nike has taken third place on our most falling table after poor results this fiscal year,” Aslam added. “The sportwear giant has been suffering supply chain disruption as a result of the continued COVID-19 pandemic.”
Supply chain problems also seem to have hit shares in sportswear group Nike (NYSE:NKE), which was off 4.3% during the week. Nike reported yesterday, and cited supply chain disruptions as it revised revenue forecasts downwards. Nike has also suffered from forced closures of important manufacturing facilities in Vietnam and Indonesia, as governments in those countries tried to curb the pandemic over the summer.
Another big loser has been Disney (NYSE:DIS), which saw its shares shed some 4.12% over the week. This really followed on from comments made by its CEO Bob Chapek that, inevitably we feel, the subscriber growth the company has been seeing from Disney + is not expected to continue. Chapek said that paid subscribers to Disney + are only expected to continue to grow in the single digit millions which has poured cold water on the hopes some investors had for the service.
Investors were also disappointed by Disney’s announcement that it was not going to immediately reinstate dividends of share buy backs.