Tale of the Tape
Good evening folks and welcome.
Stocks closed mixed today with the S&P 500 falling fractionally and the Nasdaq rising a smidge.
Money center banks were weak with Wells, B of A, and Citi all down 3% or close to it. Too bad for them. 😢
Autos, and Construction Materials were down more than 2%. Energy was weak and no sectors stood out to the upside.
Netflix was up almost 3%. Nvidia was up almost 2%.
US Steel fell 15%. Old world problems…
Here’s your closing prices on the major indices:
No Shares For You
After the SEC publicly shamed the bankrupt car rental company, Hertz Rental Car slammed the breaks on its $500M stock sale. $HTZ was halted most of the day before closing up 2.83%.
Here’s the intraday chart. Notice that flat line from 11:45 AM to 2:45 PM? That was the halt.
Sorry folks, no shares for you.
Here’s more on Hertz from Bloomberg.
Suns Out. Stock Down. 🥵
Solar energy standout and former Stocktwits Top 25 Name, Enphase Energy, got fried after Prescience Point Capital Management issued a report suggesting that the company fabricated its sales. $ENPH dropped 26%. Oof, you better rub some Aloe on that burn.
Read the report from Prescience Point here. You might want to crack the popcorn first. 🍿🍿🍿
$ENPH found support at the $35 level last April. Will that area be significant this time around? Place your bets…
Not a Penny More.
Jack Dorsey’s other company, Square, hit $100 today for the first time since October 2018. The cool thing was that $SQ ticked exactly $100.00 and not a penny more.
Check the intraday chart.
Spotify screamed to all time highs today. $SPOT tapped $199.99 and not a penny more. 😊
Gotta love those big round numbers.
Goodbye Aunt Jemima
File this under The Best News of the Day…
It’s 2020 and the Media Noise Cycle has reached escape velocity. There are 1000 insane stories everyday and most disappear and are forgotten in a blink regardless of how severe or egregious.
Thankfully, it seems like the current global civil rights movement, sparked by the senseless and brutal murder of George Floyd is bucking such systemic ephemerality.
Even some corporations, the ones that don’t need a weatherman to know which way the wind blows, have begun making modest but real changes.
Last week, NASCAR risked blowback and banned the confederate flag at it’s races.
And just today, Quaker Oats announced that it would retire the Aunt Jemima Brand. Better late than never.
This is great news to everyone except the racists. Sorry guys. All peeps are created equal. Amen.
What’s Not To Love About This Fortnite?
Today, Epic released its latest update to the Fornite Juggernaut and it is getting great reviews among the Twitcherati.
We sat down with 12 year-old Fortnite enthusiast Max Pearlman and asked him about the new release and he had this to say,
Chapter 2 Season 3 is one of the best Fortnite updates yet. You can even ride around on sharks but be careful because they won’t hesitate to attack you. Game play has been totally changed and I’m excited to see what comes next.
Rideable Sharks? What’s not to love.
Monday, Bloomberg reported that Epic Games was set to raise $750M at a $17B valuation. Good God.
Today on Stocktwits
Portfolio manager and market technician Andrew Thrasher had a great one today on Stocktwits…
Links That Don’t Suck
🕹 FDA Says Children Suffering From ADHD Can Now Be Prescribed…Video Games???
🍑🎙Kim Kardashian Lands Podcast Deal w/ Spotify
🚲 How Bicycles Transformed Our World
👶 The Tech I.P.O Comes Roaring Back
📈 When Should You Sell Your Stocks?
📚💸 The Need for Financial Education in America