Bucking Bull Market

Tale of the Tape

Good evening everyone and welcome back to your regularly scheduled bucking bull market.

The Nasdaq 100 Index bolted out of the chute and finished a full 3% higher. We’re less than 1% from the August 6 all-time high close and the 3 day pull back is feeling like the pause that refreshes 🤞🏼

Tech led the way higher and all is right with the world.

Tesla floored it gaining 12% on the 5 for 1 split news. God Bless ‘em. Apple gained 3%, tacking on like $60B in market cap or whatever.

Semis were fab, up 3%. AMD gained 7.5% and got back all of yesterday’s drubbing. Nvidia gained 5%. Qualcomm gained 6% and broke tf out (see more below).

Hotels, Casinos, Cruise Lines, and Airlines all gave it up. Carnival sank 4%, Las Vegas Sands rolled Craps down 3.5%, American Airlines hit some turbulence off 1.5%. 

Penn Gaming bucked that trend on the Neon Deion news (See  more below).

Here’s your closing prices on the major equity indices:

S&P 5003,380+1.40%
Russell 20001,583+0.52%
Dow Jones27,967+1.05%

Neon Deion ➡ Barstool Sports

Deion Sanders, who recently left the NFL Network, will join Barstool Sports. This is huge media news and should be a lot of fun.

Deion will have a chance to be himself and let loose without having to worry about pesky stuff like television decorum, political correctness, and four letter words.

Barstool, which was acquired by Penn National Gaming in February, is making every right move. It’s a lean personality driven operation built for digital.

Plus, $PENN is gearing up to launch a sport betting app to compete with DraftKings and having the Barstool brand in the middle of it will drive attention in an attention-driven economy.

Here’s Barstool founder Dave Portnoy’s reaction to the deal.

Lyft Earnings

Lyft reported earnings after the close. Here’s how the numbers came out.

EPS: ($1.41) vs. ($1.51) est.
Revenue: $339.3M -60.9% Y/Y

The company realized a 60% decrease in active riders but Lyft also said rideshare rides in July were up 78% vs April. So things look like they’re trending in the right direction.

$LYFT was down 2% after-hours.

Here’s the press release.

Tesla. Freak.

Following yesterday’s announcement of its 5 for 1 stock split, Tesla gained 13%. 

Here’s the daily chart. $TSLA closed at its highest level since July 22. Is this the start of another move? Place your bets… 


Qualcomm traded into new highs today up 6.73%. This comes three weeks after the semiconductor stock broke out of a 20 year base following earnings. 

Here were the earnings numbers from 3 weeks ago:

  • EPS: $0.86 vs $0.71 est.
  • Revenue: $4.89B vs. $4.8B est.

Here’s a monthly candlestick chart showing the massive base b/o.

Other semis such as $NVDA, $AMD, and $SWKS and the Vaneck ETF $SMH have been hot. 

Here’s the $SMH YTD chart trending higher…

Big 12 Football

We hoped there’d be at least one and now our dreams appear to have come true… the Big 12 is still planning on playing football this fall. Bless Up. 🙏

This reaffirming statement comes just a day after the Big 10 postponed its season and the Pac 12 cancelled all fall sports. 

Here’s the New York Post with more.

⛳️ Live From Augusta National

The 2020 Masters will be held this November without spectators. In a press release, Chairman of Augusta National Golf Club, Fred Ridley said the following:

Even in the current circumstances, staging the Masters without patrons is deeply disappointing. The guests who come to Augusta each spring from around the world are a key component to making the Tournament so special. Augusta National has the responsibility, however, to understand and accept the challenges associated with this virus and take the necessary precautions to conduct all aspects of the Tournament in a safe manner. We look forward to the day when we can welcome all of our patrons back, hopefully in April 2021.

It’ll be a little strange to watch The Masters without fans but this change in environment may make for a dramatic silent Sunday.

The 2020 Masters is scheduled to take place November 9-15.

Earnings Tomorrow

Be sure to know when your stocks report earnings. Here’s the full earnings calendar.

Links That Don’t Suck

🌌 Stocktwits After-Hours: Is Tech Back? ~ Spotify | Apple

🎥 The End of the Paramount Decree: How This Impacts Moviegoing

🗲 Nikola Tesla | Inventions of Nikola Tesla

🎞 ‘Fresh Prince of Bel-Air’ Drama Reboot in the Works

🏈 College Football Shutdown Puts $1.2 Billion in TV Ads at Risk

🚙 Buying Cars — and Parking Cars — in New York City

📉 Airbnb Quarterly Revenue Drops 67%; IPO Still Planned

🤖 How a 30-Ton Robot Could Help Crops Withstand Climate Change

🚕 Uber may be forced to shut down California ride services over new driver ruling