Hotter than Death Valley

Tale of the Tape

Good evening everyone and happy hump day.

The Nasdaq closed at all-time highs for the 5th consecutive day.

Tech stocks were hotter than Death Valley.

Facebook +8%
Salesforce +26%
Roku +11%
Netflix +11%
Amazon +3%
Adobe +9%
ServiceNow +6.5%
Tesla +6%

Energy was the weakest sector. The energy ETF, $XLE closed at its lowest level since July 13th. Should we be concerned?

Here are the closing prints.

S&P 5003,478+1.02%
Russell 20001,560-0.70%
Dow Jones28,331+0.30%

Earnings Round-Up

Salesforce reported killer earnings after the bell on Tuesday. The cloud-computing company saw earnings rise 118% with revenue up 29%. $CRM also raised full-year revenue estimates.

The stock will join the Dow Jones Industrial Average on Aug 31 replacing Exxon Mobil.

Here are the numbers:

EPS: $1.44 vs $0.67 est.
Revenue: $5.15B vs $4.9B est.

And here’s the incredible intra-day chart.

$CRM is now up 67.5% YTD.

Dick’s Sporting Goods crushed the Street’s estimates as online sales soared 194%. Net sales grew 20% YoY with earnings up 148% YoY.

CEO Ed Stack had this to say,

During this pandemic, the importance of health and fitness has accelerated and participation in socially distant, outdoor activities has increased. There has also been a greater shift toward athletic and active lifestyle product with people spending more time working and exercising at home. The majority of our assortment sits squarely at the center of these trends. We are in a great lane right now.

Here are the numbers:

EPS: $3.21 vs $1.30 est.
Revenue: $2.71B vs $2.46B est. 

$DKS closed up 15.66% following the report. 

Anaplan topped both earnings and revenue estimates for Q2.

The San Francisco-based company partnered with technology consultants and info technology service providers such as Deloitte, EY ($BCSF), Bain, Accenture ($ACN), and Wipro ($WIT).

Here are the numbers:

EPS: ($0.04) vs ($0.12) est.
Revenue: $106.5M vs $103.5M est.

$PLAN soared 21.6%.

He’s a Feisty CEO 

Palantir Technologies filed to go public via direct listing. The data analytics company whose customers include the CIA and other government agencies reported a loss of $518M in 2019.

The direct listening is only half of the story. In the IPO filing, Palantir CEO, Alex Karp wrote a scathing piece about the culture of Silicon Valley. Here’s what he said,

The engineering elite of Silicon Valley may know more than most about building software. But they do not know more about how society should be organized or what justice requires. Our company was founded in Silicon Valley. But we seem to share fewer and fewer of the technology sector’s values and commitments. For many consumer internet companies, our thoughts and inclinations, behaviors and browsing habits, are the product for sale. The slogans and marketing of many of the Valley’s largest technology firms attempt to obscure this simple fact.

Here’s Axios with more.

Another One.

Buckle up folks, we’ve got another SPAC on the horizon. 

FTAC Olympus Acquisition will list on the Nasdaq with the intent to acquire a fintech company.

The $750M blank check company is led by Betsy Choen, founder of The Bancorp, and Ryan Gilbert, general partner at Propel Venture Partners.

Here’s CNBC with more.

California Fires

Here’s an incredible time lapse of the fire engulfing the Santa Cruz Mountains in California.

h/t The Dark Side of Nature

Earnings Tomorrow

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

Stocktwits After-Hours

Here’s the latest episode of Stocktwits After-Hours.

The Behemoths of FAANG absolutely RIPPED.

Listen Here: Spotify | Apple

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