Tale of the Tape

Good evening everybody. Today felt quiet compared to the fireworks we’ve had since mid-February. There were no aliens and whatnot, though Elon and Grimes did have a baby. 👶🏼 See pics below.

Stocks closed higher but faded with some gusto during the last hour of trading. The S&P 500 closed up .9% but was up more than 2% before the 3 o’clock shnide.

Tech and health care led the way higher while Financials managed to close lower – bless their hearts.

Small-caps and the Dow lagged.

COVID plays continue to outperform. Peloton ripped 7% ahead of its earnings tomorrow and Chegg rallied 32% on a blowout. More on these two darlings and a boatload more earnings highlights and lowlights below.

Here’s your closing levels on the major US equity indices:

S&P 500	2,868	+0.90%
Nasdaq	8,809	+1.13%
Russell 2000	1,273	+0.75%
Dow Jones	23,883	+0.56%

Earnings After The Close

Disney reported earnings of $0.60 per share, well short of the $0.89 per share estimates. It will forgo its dividend for the first half of this year.

$DIS was trading off 2% after hours.

Here’s a few other tidbits:

Disney+ now has 54.5 million subs. It is now bigger than Canada.
Profit fell 91%. Oof.
$DIS will reopen Shanghai Disneyland on May 11 with limited attendance and temperature screening.

More here on $DIS earnings via Marketwatch.

Pinterest reported a loss of $0.10 per share, worse than the expected $0.09 per share loss. Shares of $PINS were down as much as 19% after hours. Gross margin pressure, apparently.

Activision reported $0.76 per share vs $0.38 expected. Nice. Video games are more popular than ever during quarantine and this stock continues to get bought. $ATVI is one of the few companies to provide guidance. It was up 5% after-hours.

Virgin Galactic reported a net loss of $60 million while revenue fell 87% for Q1. The company said interest in flight reservations increased by 15% since February 23, 2020. $SPCE jumped 4.5% after hours.

Beyond Meat reported earnings of $0.03 per share, coming in well above the estimates of -$0.06 per share. The stock was up 5.3% after hours. We still prefer real beef. Not gonna lie.

Shopify Preview

Shopify reports earnings tomorrow before market open. The company has made its presence known as a staple in the digital economy. $SHOP is up 2300% since its IPO in 2015. Here’s the monthly chart – beast.

Peloton Preview

Peloton reports tomorrow before the market opens and the stock has been hot. It was up 7% today to $36.22 after closing below 20 back in March. Nice move, sport.

$PTON makes a beautiful product, which was already a lifestyle brand play, but it has also turned out to be quite the COVID play too as the well heeled deck out their home gyms and gamify their workouts.

The all time closing high was $36.84 back in December, less than 2% from away and there’s no resistance above that.

Bon chance to the longs!

Airbnb Out of Air?

Airbnb laid off 25% of its employees today. 1,900 people will be without a job due to the “most harrowing crisis of our lifetime”, said CEO Brian Chesky. Airbnb went from raising boatloads of cash plus IPO chatter to this.

Life comes at you fast.

Shoutout to the $CHGG Bulls

Chegg broke out to new all-time highs on redonkulous volume after posting strong earnings last night. It finished the day up a whopping 32%. Plus, $CHGG did 20 times its normal volume with 38 million shares trading hands.

Insane day all around and gorgeous breakout. Is this thing just getting started? Place your bets…