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Suez Canal Traffic Jam Costs $400M an Hour in Delayed Goods

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Industrial container ship passing through Suez Canal with ship's convoy-Suez Canal-ss-featured

The stranded container ship Ever Given is causing a monster traffic jam in the Suez Canal. Until the ship gets moved, Lloyd’s List estimates the damages at $400 million an hour. The Suez Canal’s daily westbound traffic is estimated at $5.1 billion, while eastbound traffic is $4.5 billion. 

News For Today: Weekly Jobless Claims Falls To Lowest Level In a Year

5 Stocks to Watch Out For Friday, March 26 

GameStop Corp. ▲(GME 183.75 USD +63.25 (52.49%)) stocks rose Thursday (plus another 4.58% after hours) as the famous meme stocks continue to receive support from their core following. Not even the news of disappointing 4th quarter results nor the unclear direction of its restructuring program were enough to discourage investors, who insist they “like the stock.” 

Restoration Hardware Holdings, Inc common stock ▲(RH 529.08 USD +43.97 (9.06%)) continues on its second day of gains Thursday, posting a more than a 9% increase from the previous day. RH reported quarterly earnings of $5.07 per share, beating the consensus estimate of $4.76 a share. The high-end furniture company expects current-quarter revenue to grow by at least 50% and investors are now handing in their cash to get a piece of the action.

Darden Restaurants, Inc. ▲(DRI 144.90 USD +10.97 (8.19%)) stocks went 8.19% during yesterday’s trading and even crept a little bit upwards after hours. The parent company for Olive Garden and other chains reported that more people dined at their restaurants, far more than expected Fourth-quarter earnings per share came to 98 cents versus 69 cents expected, on revenues of $1.73 billion. The latter is 100 million more than what analysts expected for Darden. 

Vir Biotechnology Inc ▲(VIR 52.70 USD +3.83 (7.84%)) share prices rose as demand for Vir’s stock. The biotech firm’s new options, which carry a May 7 due date, begin trading today. The put contract at the $50.50 strike price has a current bid of $4.60. This represents an attractive way to purchase stock instead of buying it at the current price of more than $52. 

Expedia Group Inc ▲(EXPE 174.66 USD +8.52 (5.13%)) shares rose significantly and closed Thursday with a 5.13% gain. This is the stock’s first rebound after four successive sessions of posting losses. There was no major news that explained the rise, save for some shares being unloaded by some officers, and that analysts covering the stock stayed with their “Hold” recommendation. In general, and with vaccinations in full swing, many investors are anticipating a rebound in travel and leisure, both of which play into Expedia’s area of expertise. 

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