00:00Let's start with StubHub, ticker symbol STUB. This stock getting slammed this morning. It's
00:05down 21%. Year to date, it is down 37%. Remember, it went public in September of last year at 23
00:13.50
00:14a share. It now trades at about eight and a half bucks. So here's the latest news. It is a
00:18ticket
00:19seller, as we all know, and it failed to turn a profit in the second quarter. And this is despite
00:24a surge in revenue from the World Cup. So revenue climbed 33%, but total costs and expenses grew
00:31even faster, jumping 37%. Income from operations dropped 29% year over year. Executives on the
00:40earnings call said that top line growth reflected healthy demand for live events like the World Cup.
00:46It said that fans from more than 150 countries attended matches with tickets bought on StubHub.
00:51But yesterday, we were talking about the fact that some people who bought those tickets
00:55never received them. Or they got lesser than tickets than they paid for. Now they're taking
01:00StubHub to court, apparently, to get their refunds back because they've been slow to give people
01:04refunds. I've never been messed up, but the distrust in the system is tangible. They got to fix it.
01:13Yeah, I like to buy from the source whenever possible. Sometimes it's not possible because
01:17these tickets are really hard to come by. Next.
01:19All right, let's move on to Birkenstocks. Does anyone in the room own a pair of Birkenstocks?
01:25Raise your hand.
01:25I have a pair and I wore them with white socks one day and my children threatened to disown me.
01:34Yeah, I don't blame them. So these are the sandals. They have clogs, mostly open toe sandals. I don't
01:40know. My kids love them. I never have found them to be attractive, but that's a whole other story.
01:44Anyway, Birkenstocks, B-I-R-K is the ticker symbol, up 11.5%. Full-year sales growth forecast,
01:51beat quarterly revenue estimates, now expects annual revenue growth of 15%. They're doing well.
01:57But here it is. They are pricier and they seem to be doing okay, even though, you know,
02:02even wealthier folks are pulling back on this discretionary spending.
02:05Do you do the flip-flop open?
02:08Flip-flops from April through October.
02:11When I go get my nails done on Madison Avenue, I get my nails done.
02:15I'm happy to hear.
02:16It's like the scene in E.T.
02:19They're in the house.
02:21Can I just say one thing, Birkenstocks?
02:23I like this trend, direct to consumer. It has become very big, even for Decker Outdoors,
02:28which owns those Hoka sneakers. Everybody in the medical industry, by the way, wears Hoka.
02:34I was at my doctor's office the other day. Everybody's wearing a Hoka.
02:36But direct to consumer accounted for 39% of quarterly revenue at American stocks, so it's huge.
02:41Get one more because I got another one behind you. Stock mover.
02:44Gotcha. Cerebris, C-B-R-S, ticker symbol there, down 18.5%.
02:48Now, this is its second earnings report as a publicly traded company.
02:52Wall Street still setting its expectations.
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