nCino, face ripper IPO

Tale of the Tape

Good evening everyone. Stocks closed higher today so maybe yesterday’s fade and fugly candle was just a one time thing. The S&P 500 rose 1.34%.

Whereas yesterday the index closed 2% plus off its highs, today it closed 2% plus off its lows. Impressive Turnaround Tuesday.

Yet, this was the second day in a row the Nasdaq 100, and big cap tech in general, lagged the broader market. If you’ve been betting on this turn of events, you’ve been murdered and we offer sincerest condolences – but at some point who knows.

This is the most concentrated the S&P 500 has ever been in its top five stocks and they’re all big tech. Check out this chart from Market Ear which tells the tale.

23% of the index is 5 stocks. Could be nothing.

Energy and Materials were the leading sectors which is always amusing.

3 big banks reported earnings this morning and of the three Wells Fargo was the worst. Tough to feel sorry for those guys.

S&P 500	3,155	+1.34%
Nasdaq	10,390	+0.94%
Russell 2000	1,403	+1.76%
Dow Jones	26,085	+2.13%

Bank Earnings

JP Morgan, Wells Fargo, and Citibank all reported earnings this morning.

JP Morgan and Citibank both beat and you guessed it… Wells still smells. 💩

Here are the numbers:

JP Morgan

EPS: $1.38 vs $1.16 est.
Revenue: $32.98B +14.7% YoY

See the press release here.

Wells Fargo

EPS: -$0.66 vs -$0.10 est.
Revenue: $17.84B -17.4% YoY

Here’s more from CNBC.

Citibank

EPS: $0.50 vs $0.40 est.
Revenue: $19.77B +5.4% YoY

Here’s the press release.

Welcome, nCino

nCino, a banking software firm, began trading today. The IPO was priced at $31/share but the stock opened at $71 and closed at the highs of $91.59. Jeepers.

Check out the intraday chart, $NCNO ripped its freakin face off.

$NCNO is now the second IPO that more than doubled on its debut. Remember Lemonade?

Knocking Your Sox Off

The Philadelphia Semiconductor Index ($SOX) is made up of companies that make the chips powering the broader technology sector. $SOX names include Nvidia, AMD, Intel, Broadcom and the like.

This critical industry is on the precipice of an all-time high. It’s worth keeping an eye on for the breakout. You can watch $SMH as well – the semiconductors ETF.

Here’s the chart: