Happy Saturday! Welcome to the 2nd edition of the Accrued Interest TMT Multiple Tracker. Quick refresher for anyone new: a stock price (P) is earnings (E) times the multiple investors will pay for those earnings (P/E). Most screeners only show you the price move. My tracker separates the two so you can decide for yourself whether your stocks are getting cheaper or not.
Now that we are in our second week, I can show week over week (WoW) in addition to month-to-date (MTD).
As always, if any numbers look off, blame me! All models are wrong, but some are useful. The snapshot for the free subs, ranked by month-to-date move is below. Paid subscribers get the full breakdown and more.
Biggest Decliner: Reddit ($RDDT) went from best to worst this week, down 13.4%. Last Friday I wrote that index funds would be forced buyers once Reddit joined the S&P 500. On Monday the 17th the stock opened near $178, and closed at $164.50. This was a textbook “sell the news”. More commentary on Reddit below the paywall.
Meta ($META) was the other big loser, down 7.6% on the week with estimates essentially flat. The stock dropped about 3.5% on Monday ahead of opening arguments in the multistate attorneys general trial in California federal court over teen addiction, which came a few weeks after a $942 million judgment in New Mexico.
Biggest Gainer: Uber ($UBER) led on the week at +3.8% and is now tied with Disney ($DIS) for the top MTD spot at +12.0%. Disney (+2.8%), Netflix ($NFLX, +1.7%) and Duolingo ($DUOL, +1.4%) all ground higher in a week when the S&P 500 fell 1.4% and the Nasdaq fell 2.2%.
Below the paywall: 1) the full multiple grid with 2026 and 2027 estimates, GAAP and adjusted, 2) estimate revisions with both WoW and MTD, and 3) the decomposition that separates what moved each stock, earnings or multiple and a LOT more commentary. Please join me below!
