Summer Fridays

Tale of the Tape

Good evening, everyone. It was a quiet Summer Friday in the US stock market.

We saw some selling off the open, but things stabilized as the big dawg traders jet off sippin’ Mai Tais. 🧉

This week marked a notable reversal in big cap tech, which have been leaders until recently. The Nasdaq 100 closed at an all-time high Monday but fell 4.3% since.

Small-caps also sucked today but this is nothing new, dropping 1.5% and giving up all the gains from the week.

Intel got crushed on last night’s earnings. The Tesla reversal could be a thing down another 6% and 260 points off the 1677 high it hit briefly yesterday in the AM.

We’ll keep it kinda brief tonight, enjoy the weekend y’all.

Here are the closing prices:

S&P 5003,215-0.62%
Russell 20001,467-1.52%
Dow Jones26,469-0.68%

Earnings Round-Up

Intel reported earnings last night after the market close. The numbers weren’t great and the stock dropped a quick 16% today after the company said it will have to delay its next gen chips.

Check out the 15-min chart.

$INTC closed at its lowest level since March 23rd.

Boston Beer Company, the parent of Samuel Adams Beer, freakin’ crushed earnings and the stock soared.

EPS: $4.88 vs $2.46 est.
Revenue: $452.14M +42.0% YoY

$SAM jumped 25% on some gnarly volume. Here’s the intraday chart.

EHealth, a former high flyer, reported earnings last night and despite posting decent numbers the stock gapped down big and closed off 30%.

The company announced that profit for its Individual, Family and Small Business segment was down 51% YoY. Maybe the reason for the harsh sell-off?

Here’s the daily chart. $EHTH closed at its lowest level since last November. Oof.

AMD Has 0 Chill

Advanced Micro Devices did not get the memo regarding a light summer trading day. Off the backs of the chip delay from its competitor Intel, $AMD gained another 16.5%, bringing its total weekly gains to 26%. What a freak.

Check out this wild weekly chart.

And speaking of Intel, here’s $AMD vs $INTC. $AMD is winning. Will it last? Place your bets… 

Heads up, $AMD is scheduled to report earnings next Tuesday after market close. 

Good Luck Buying a House

People are buying houses like crazy and the homebuilders aren’t letting up. Check out this chart from Strategas highlighting the strength in the Homebuilders relative to the S&P 500. 

And here’s an article from Colorado Public Radio,

Real Estate Market In Metro Denver Seeing ‘Increased Demand, Few Choices’

And here’s one from Josh Brown,

Oh. My. God.

Maybe there’s not enough supply for the demand. Economics 101. 

Links That Don’t Suck

🌃 Come Build Your Own Empty Town

🛸 No Longer in Shadows, Pentagon’s U.F.O. Unit Will Make Some Findings Public

💸 Swiss Region May Soon Beat Hong Kong as Best Company Tax Haven

🤣 1MDB Settlement: Goldman Sachs to Pay Malaysia $3.9 Billion

🧗‍♂️ Bjarke Ingels’s Copenhill Will Soon Feature the World’s Tallest Climbing Wall