**__ Diplomatt’s Daily Digest – April 20, 2022__**
Good morning and happy Wednesday! Stock futures were little changed Wednesday as investors digested disappointing Netflix earnings and looked ahead to a new batch of companies set to report. All the major averages saw strong gains on Tuesday, posting their best day since March 16. Tuesday’s stock market rally was broad-based with 10 out of 11 sectors ending the session in the positive. Some of the biggest gains came from Microsoft and Alphabet, which rose 1.7% and 1.8%, respectively, while airline stocks jumped after TSA lifted mask mandates on planes in response to a Florida court ruling. Investors are looking ahead to a new group of earnings on Wednesday, with Procter & Gamble set to report before the bell, followed by Tesla and United Airlines after the market closes.
Quote of the week: “Ambition is the path to success. Persistence is the vehicle you arrive in.” – Bill Bradley.
• The Biden administration announced it will likely appeal a federal judge’s ruling that struck down Covid-19 mask mandates on planes and other forms of public transportation.
• Shares of Netflix plummeted more than 26% in premarket trading after reporting a loss of 200,000 subscribers in the first quarter. The news led shares of streaming companies Disney, Roku, Warner Bros. Discovery, and Paramount to fall.
• IBM’s stock rose more than 1% following a beat on earnings and revenue.
• Lululemon aims to double its 2021 revenue in the next five years, putting it on track to hit $12.5 billion in sales by 2026, as the retailer rides a wave of pandemic-fueled demand for workout clothes.
• The container shipping industry could see a “very strong” pickup starting late April as the Covid situation in China eases.
• Tesla CEO Elon Musk is willing to invest up to $15 billion of his own cash to take Twitter private and will make a bid within 10 days.
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