Tale of the Tape
Good evening everyone and happy Friday. Grab yourself a 5 o’clock-tail and check in on the Daily Rip!
The S&P 500 opened 1% lower this morning on the worst economic numbers of all time plus the Trump & Xi spat that looks kinda like a scene from Mean Girls.
The index shook it off and rallied steadily all day to close up 0.4% near the highs. This was the second day in 3 that we saw this open at the lows / close at the highs. Interesting…
Small caps were the big winners today, proving that if you keep trying real real hard, even if you suck, you might grab a W now and again.
Financials were the second worst sector behind Utilities. <Insert joke here about how stupid banks are 😉>
We’ll be adding tables for the Nasdaq 100 and the Russell 2000 to the Stocktwits Top 25 Newsletter and we think you’ll love it so check it out tomorrow and tell your friends!
Worst Economic Data Ever. Nobody Cares
As expected, the economic numbers released this morning were terrible. Nobody seems to care and the markets closed higher on the day. It just goes to show, it’s not the news but expectations that matter.
April’s Retail Sales numbers were worse than a Lana Del Ray album (don’t @ us!), sales dropped 16.4% vs the 12.3% projection.
Here’s a chart shared by Bespoke. Clothing sales are down 90% from highs. Flabbergasted.
Is clothing now optional? These folks think so…
Nude Is In, People
As mentioned above, clothing sales are getting clobbered. In addition to COVID as the obvious cause, maybe more people are getting more naked?
The NY Post has an article up today all about it. Apparently, nude quarantining is the hot new thing. Click.
We got zero problems with this. Who knows, maybe we’re typing this in the buff. 😉 🍑
DraftKings posted an earnings miss this morning but the stock didn’t care. $DKNG closed up 15.49%.
With the lack of sports, DraftKings has been forced to get creative. Here’s a visual from the company’s press release emphasizing how it’s adapting to these times:
Here’s the $DKNG daily chart:
Facebook Buys Giphy
Today, Facebook announced that it purchased Giphy for $400M.
Is $400M a steal?
Here’s a quote from Facebook:
GIPHY makes everyday conversations more entertaining, and so we plan to further integrate their GIF library into Instagram and our other apps so that people can find just the right way to express themselves.
Here’s the full announcement.
$ACB #420BlazeIT 🔥
Last night Aurora Cannabis reported earnings and these folks “cushed” it. The company cited that pot sales grew faster than expected. Here’s more from Investors Business Daily.
$ACB was up a smokin’ 68.67% today. The volume on this stock was also high AF, 101M shares traded. For perspective, on its second highest volume day, $ACB traded 11M shares.
We should note, even after today’s rip, $ACB is down 90% since April 2019.
Is Aurora gonna make a comeback? Place your bets…
In the meantime…
Pile drivers began digging in Germany at the site of Tesla’s new factory in Berlin. Giga Berlin is scheduled to begin operations in July 2021. If that’s the case, they’ve got serious work to do.
Near the end of the day, it was reported that Tesla would build its next factory near Austin, Texas. The company did not confirm the report but a “reliable source” familiar with the company shared the news. What do you think, is Elon heading to ATX?
Links That Don’t Suck
Silicon Valley Rethinks the Home Office
Breakdown of Retail Sales Data Shows Why Amazon Is Leading the Stock Market
How the Reopening of the Historic NYSE Floor Will Work
Can Video Games Make People Care About Wildlife Conservation?
How Albert Einstein’s Son Tamed the Mississippi River
The Misunderstood Python Hunters Saving the Everglades
Movie Theaters Are on the Brink. Can Wine and Cheese Save Them?