$FAANG You Very Much.

Tale of the Tape

Good evening friends and welcome back to The Daily Rip.

Stocks rallied today and, surprise, the Nasdaq was out front again gaining 1.09%.

All of the FAANG stocks were up 2% or more, which is freaking incredible, relentless, magical, and please feel free to add your favorite superlatives here ($FB, $AMZN, $AAPL, $NFLX, $GOOGL).

This is one of the great momentum plays in history and you are either in or you are not. But listen, even if you are just indexing in your 401K, you’re still getting a share as these names dominate the indices.

Oh and Tesla and Zoom both gained over 6% – icing on the momo cake.

Meanwhile, Fiserv and Ulta Beauty got hammered both down 3.5%. Ugly.

Energy was the worst sector as if this even needed saying.

Former White House Chief Strategist Steve Bannon was arrested this AM on a $150M yacht owned by a Chinese Businessman. Can’t wait to see this movie. See more below.

$LYFT and $UBER are today’s drama queens – down then up on California meshugas. See more below.

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

S&P 5003,385+0.32%
Russell 20001,564-0.49%
Dow Jones27,739+0.17%

Earnings Round-Up

Alibaba Group reported earnings today before the open. Its strong results were led by the ecommerce business which rose 34% to $14.3 billion. Earnings grew 15% along with revenue up 34%.

Here are the numbers:

EPS: $2.10 vs $1.99 est.
Revenue: $21.76B vs $21.3B est.

$BABA traded down 1% for the day bringing it to +21.63% YTD. It’s only 3% away from all-timers. Can the e commerce giant reclaim ATHs? Place your bets…

Estee Lauder’s earnings weren’t great. Might need some makeup to cover that black eye…

Net sales were down 31%. 📉

Here are the results:

EPS: ($1.28) vs ($0.19) est.
Revenue: $2.43B vs $2.45B est.

$EL fell 6.70% for the day, now down 3.83% YTD.

Synopsys reported earnings late Wednesday evening and obliterated Wall Street’s estimates. The chip design software maker saw earnings rise 47% YoY along with sales jumping 13% YoY.

Here are los numeros:

EPS: $1.74 vs $1.34 est.
Revenue: $964.1M vs $894.1M est.

Here was a statement from Co CEO Aart de Geus in the company’s earnings release: 

Even as the world navigates through the pandemic and economic challenges, global design activity and customer engagements are flourishing. Due to our very strong fiscal third quarter, confidence in our outlook and resilient business model, we are raising 2020 revenue, operating margin, non-GAAP earnings-per-share and operating cash flow targets.

$SNPS flew 8.55% higher into all-time highs. Here’s the YTD chart, up 54.5%. 💪

Did Uber and Lyft Win?

Wild day for Uber and Lyft. 

Around 10:30AM ET, Lyft announced that its service in California would be suspended effective tonight following the court ruling requiring the reclassification of drivers.

Only minutes after the press release the California Repeals Court issued a temporary reprieve of the court ruling mentioned above. This new ruling allows Uber and Lyft to continue to operate in California but it will require the companies to submit written statements agreeing to new procedures by 5PM PT August 25th.

Here’s the intraday $LYFT chart.

Uber and Lyft traded down by 3.5% and 8% respectively but then closed up around 6%. lol.

Not A Good Look

Let’s face it. It’s not a good look to get arrested on a $35M yacht owned by the exiled Chinese businessman Guo Wenguo – especially when you’re a “populist.”

Former White House Chief Strategist Steve Bannon along with three others were taken into custody early today and charged with conspiracy to commit wire fraud and conspiracy to commit money laundering.

Prosecutors said the motley crew created a campaign titled, We Build the Wall, ran digital ads, then siphoned hundreds of thousands of dollars. 


The campaign received more than $25M in donations. Each charge if convicted fully could result with 20 years in prison.

Mr. Bannon was arrested on Wenguo’s yacht off the coast of Connecticut by the US Postal Service.

The Postal Service has investigators? Good for them…

Mr. Bannon was arrested on a boat near Connecticut by investigators from the U.S. Postal Service, said Nicholas Biase, a spokesman for the Manhattan U.S. attorney’s office.

Here’s a tip for all of you would be political scumbag villains – Don’t get caught. 🤣

Here’s the Wall Street Journal with more.

Call of Duty: Cold War 

Activision officially announced Call of Duty Black Ops: Cold War with a full reveal scheduled for August 26th.

Black Ops: Cold War will embody the feud between the United States of America and USSR. 

Check out this gnarly graphic.

And here’s IGN with more. 

Earnings Tomorrow

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

Links That Don’t Suck

🏟 Barstool Sports founder Dave Portnoy ‘very serious‘ about buying naming rights to Bills Stadium

📸 Kodak’s $765 Million Moment: How It Happened—And How It Went Wrong

✈️ To Build a Plane That Can Fly Itself, Start With a Pilot in the Cockpit

🌊 This Breathtaking Oceanfront House in Oregon Lists for 5.8M

🏀 Portland Trail Blazers vs. Los Angeles Lakers Game 2 Preview

🏗 The U.A.E. and Israel Agree to Terms That Could Mean a Boom in Tourism