Tale of the Tape
Good evening folks. It was a light summer Friday on the tape.
Big cap tech cooled off. The Nasdaq was the ugly duckling among the major indices. Meanwhile the Russell 2000 closed up 1.59%. Is this market rotation in action?
The S&P managed its 6th straight green day for the first time since April 2019.
Here’s the S&P 500 heatmap for your viewing pleasure.
Datadog and Zillow both reported earnings last night. Today $DDOG dropped 16%. Meanwhile, $Z zipped up an 11% gain closing at all time highs.
Here’s how the major indices closed out the week.
Groupon reported earnings yesterday after the close and blew out expectations. Check out these numbers.
EPS: ($0.93) vs ($2.64) est.
Revenue: $395.65M vs $183.27M est.
Here’s the money quote from interim Groupon CEO, Aaron Cooper,
Despite the continuing challenges created by COVID-19, we have made meaningful progress toward stabilizing our business with the goal of returning Groupon to growth. In the past four months, we have created significant operating leverage by taking substantial costs out of our business, leaned into categories to drive sales and free cash flow, and steadied the company during the pandemic. We have a growth strategy and execution plan to win in the trillion dollar Local market. With a resilient business model, nimble organization, and a relentless focus on executing our growth strategy, we are well positioned for the future.
$GRPN gained 56% closing at its highest level since June 17. Here’s the daily chart.
Jobs Jobs Jobs
This morning we got the July jobs report. Last month the US added 1.76 million jobs vs the consensus estimate of 1.48M. The unemployment rate settled in at an atrocious rate of 10.2% although that number is trending in the right direction.
Here’s the chart from Bloomberg.
NYC Schools Reopening
The public schools in New York City will be open for in-personal classes this fall. New York Governor, Andrew Cumo said the following during a press conference today,
All schools can open.
If anyone can open schools, we can open schools.
We have the best infection rate in the country.
Here’s the NY Times with more.
The MLB is a Hot Mess
A player on the St. Louis Cardinals tested positive for the coronavirus postponing tonight’s game against the Chicago Cubs. The MLBs response to the coronavirus pandemic has not been very successful. We pray to god the NFL is taking notes.
Here’s ESPN with more on the story.
Get your shark on.
SHARKFEST 2020 is in full swim. Sunday through Wednesday National Geographic will air hours on shark-related content. Sunday @ 10PM ET National Geographic will feature 50 Shades of Sharks. Maybe a shark love story??? 🦈 ♥️ 😂
Here’s the full line-up for those interested.
Links That Don’t Suck
🚗 Tesla Giga Berlin’s First Wall and August Update
🏞 The Musical Inspiration of National Parks
🤖 What a Driverless World Could Look Like
⌂ This Renault automotive-inspired architecture is designed for the car to move within the house
🏀 Kevin Garnett Makes It Clear That The Timberwolves Will Not Be Going To Seattle
📺 What The FICC?