The Tale of the Tape
Stocks got mauled today after opening .5% higher. This marks the second day in a row of aggressive selling after a bad Friday last week. Soup to nuts, we’re down 7.5% in the four sessions since an all time closing high last Wednesday on the S&P 500.
They say the market takes the stairs up and the elevator down. This is the case here.
All sectors closed lower today and a few of them like industrials and materials are beginning to look suspect. Energy ETF $XLE was down another 4.4% on heavy volume.
The tenor has changed. Sellers were in control late in the day and a pullback is afoot. And don’t kid yourself, nobody has a clue when the selling might end.
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Bob Iger Steps Down
Disney CEO Bob Iger stepped down after the close today. Bob Chapeck was named the new CEO.
You gotta hand it to Iger. It is so difficult to go out on top. Huge shout-out and massive respect! 🍻
Hey, Here’s An Idea
If the International Olympic Committee has to cancel the Summer Games due to coronavirus, they could replace it with a huge eSports Open Tournament and make it so anyone could enter and represent their country.
The kids would go wild.
Even if they don’t cancel the games. Why not?
Luckin Coffee traded higher today. For those of you who don’t know, $LK is a Chinese Coffee Chain, the Starbucks of China, smack in the middle of coronavirus China panic and a nasty correction in the US. Today, the stock traded 3.5% higher on heavy volume!
We don’t know what to tell you here. Markets are irrational and lunatic noise traders sit on the bid. Have at it junky freaks!
$LK up while $SBUX down over the last 10 sessions… 🤨
Earnings After the Bell:
Revenue: $0.53M misses by $0.22M.
$SPCE -5% after hours.
EPS: $0.66 vs $0.56 est.
Revenue: $4.85B beats by $90M. (+34.7% Y/Y)
The co-CEO, Keith Block has stepped down. Marc Benioff will retain the sole CEO position.
$CRM -2% after hours.
It’s like Uber, but for Tractors
John Deere has partnered with Hello Tractor, the “Uber of tractors”, to bring farming equipment to folks in Ghana and Kenya. This is amazing! Here’s more on the story from Reuters.
Earnings for Tomorrow:
Be sure to know when your stocks are reporting. Here’s the full earnings calendar.
Links that Don’t Suck
What’s it like to lose $1.4 billion? – 25 Years ago to the day: Rogue Trader Nick Leeson tells his story
June 2019 Throwback of Paul Tudor Jones talking Gold and Treasuries
Dimon Says JPMorgan Is Looking ‘Aggressively’ at Acquisitions
“Deglobalization is the most powerful theme in the world” – Josh Brown