Proprietary Data Insights
Financial Pros Top Surging Stock Searches This Month
Blame It On New Yorkers
When I was apartment hunting in San Francisco during the 1999-2000 dot-com bubble, somebody told me a little secret.
Apparently, large numbers of New Yorkers were moving to San Francisco in what was a modern-day Gold Rush. At the time, Manhattan rents were significantly higher than San Francisco rents.
Coming from an environment of cramped living spaces, often with roommates, New Yorkers considered rents we deemed outrageous in San Francisco bargains. Plus they were able to escape cold winters and sticky summers for California’s moderate climate.
So, San Francisco landlords often over-asked on rent by a few hundred bucks, hoping a New Yorker would take the bait. They’d often knock off a few bucks if a local beat a Manhattanite to the punch.
The Same Thing Is Happening In Miami
Dig these year-over-year price increases to rent an apartment in Miami:
In one of Miami’s most posh neighborhoods, Brickell, the median rent for a one- and two-bedroom apartment hit $3,400 and $4,840, respectively, as of May 18th.
While I’m not sure if landlords are offering “deals” to South Floridians, the locals are apparently pissed. The Wall Street Journal recently ran a story with Miami locals saying things like this:
We’re getting pushed out by these people who aren’t native Miamians. It’s happening with everyone I know that’s renting.
The culprits – largely New Yorkers.
Can You Blame Them?
Splitting $6,000 in rent for an East Village room that barely fits your bed.
Or dropping $2,600 to fly solo in a luxury one-bedroom overlooking Biscayne Bay?
A unit that, by the way, rents for more than $4,000 today.
Even at this higher price, still seems like an easy decision for at least some New Yorkers to make the move to Miami, making it the hottest rental market in America today.
Financial Pros Top 10 Surging Stock Searches This Week
A subscription to The Juice includes nuggets from our proprietary Trackstar database of the stocks financial pros and retail investors are searching for. We end the week highlighting a handful of 10 big tickers with the largest increase in interest among investment professionals over the last week.
#1 Affirm Holdings (AFRM)
Week-Over-Week Search Increase: 41,448
As part of a discussion on Buy Now, Pay Later (BNPL) debt, we featured Affirm earlier this week in The Juice.
Source: Google Finance
The reason for the Trackstar surge in searches and pop in the stock this week: A solid earnings report from Affirm.
The company performed well across metrics and upped guidance for the current quarter and end of its fiscal year. It sees profitability by mid-2023.
Nice. However, we’d still stay away from this stock as a long-term investment, opting for bigger names such as PayPal (PYPL) and this week’s #9 surging stock, Visa (V).
#2 Walt Disney Company (DIS)
Week-Over-Week Search Increase: 28,676
Source: Google Finance
Disney has been a wild, mostly down ride over the last month. The stock dropped, popped, and dropped again after its earnings report last week.
We’d strongly consider DIS on weakness.
Here’s the deal with Disney. It’ll get hit when the broad market tanks. Plus, unlike Netflix (NFLX), investors don’t judge it merely on subscriber growth at its streaming platform Disney+. So, even though, Disney+ added 7.9 million subs last quarter, investors are concerned that the company missed on Q2 profits and sales expectations.
#3 Twitter (TWTR)
Week-Over-Week Search Increase: 19,229
Reason for the increased search interest?
Two words – Elon Musk.
#4 Beyond Meat (BYND)
Week-Over-Week Search Increase: 16,894
See our analysis of Beyond Meat stock in a recent edition of our sister newsletter, The Spill.
As for this week, the stock actually performed pretty well (up roughly 25% this week) despite a weak earnings report highlighted by widening losses and significant margin pressure.
#8 Spirit Airlines (SAVE)
Week-Over-Week Search Increase: 6,891
The only time you’ll ever see anyone fight for a seat on Spirit Airlines.
If you’re a frequent traveler or have experienced Spirit, the discount carrier that nickels and dimes passengers for everything, including water, you probably wonder what all the noise is about.
Pretty simple – JetBlue (JBLU) really, really wants to buy the company. Just this week, JetBlue attempted a hostile takeover, driving Spirit stock roughly 17% higher. As it did the initial bid, Spirit rejected JetBlue, favoring a proposed tie-up with fellow discount airliner, Frontier (ULCC).
The Bottom Line: As always, we’ll continue to keep both eyes on our Trackstar database. When a stock, ETF, cryptocurrency or broad sector stands out, we’ll highlight in The Juice or The Spill.
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