Tale of the Tape
Good evening folks.
The S&P 500 & Nasdaq closed at record levels once again. Y’all having fun yet?
Individual stocks had some asinine moves. More on this below.
Zoom Zoom’d 40% following last night’s earnings.
Each of the FAANG names traded higher. $NFLX and $AAPL were up 5% and 4% respectively.
Basic Materials were up nearly 3%. Utilities and Healthcare were the weakest sectors.
The US Dollar Index hit new lows. We’ll continue to update y’all with this.
Here are the closing prints.
There were some insane moves in individual stocks today.
Here are just a few:
At Home Group, $HOME +22% 16-month high.
DocuSign, $DOCU +20% all-time high.
Smith and Wesson Brands, $SWBI +15% 4-year high.
Crowdstrike, $CRWD +14% all-time high.
Chewy, $CHWY +13% all-time high.
Penn National Gaming, $PENN +13% all-time high.
Walmart’s new Amazon Prime competitor, Walmart+ will launch on September 15.
The service will cost $98/year giving customers free shipping on orders over $35, Scan & Go shopping, and fuel discounts.
Monthly subscriptions will also be available for $12.95.
We can only assume Prime members are canceling their memberships for this screamin’ deal. 😂
Walmart is 15 years behind Amazon Prime so we’ll give them time.
$WMT was up 6% today.
Here’s the official press release.
Following Tesla’s 5-1 stock split on Monday, the EV giant plans to raise up to $5B via stock offering. Because, why not… lol
Since the announcement of the stock split on August 11, $TSLA is up 72%.
Tesla passed Visa as the 7th largest US company and Elon Musk skirted past Lord Zuck to become the 3rd richest human on Earth.
Best of luck on your journey to Mars, Elon.
The Kodak Saga Continues
Eastman Kodak had its best day since July 29th after it was revealed that hedge fund DE Shaw has taken over a 5% stake in the “pharmaceutical” company.
Here’s the daily chart.
According to Shaw’s 13G filed yesterday, it owned 3,967,690 shares of $KODK. This doesn’t mean the company is currently holding that stock.
Who’s to say that DE didn’t sell today? 🤷♂️
Here’s CNBC with more.
Wall Street Bound Is Cookin’
Check out WSB in the news!
In case you forgot, Wall Street Bound is a non-profit org dedicated to creating a pathway for talented black and brown youth to access career opportunities in financial services.
WSB founder Troy Prince was quoted on Bloomberg in a post about financial services firms broadening recruitment. Here’s the money quote:
Students from colleges that banks didn’t used to recruit from will need cultural preparation if they want to succeed in the industry, said Troy Prince, founder of Wall Street Bound Inc., which connects students from non-target schools in the New York City area with financial firms.
“No matter what technical skills you come prepared with, unless you’ve been exposed to that thing, you’re not ready,” he said. When Prince was starting out in the finance industry, he said he used his parents’ address, in Westchester, rather than his own, in the Bronx, in an attempt to fit in. “That social-capital piece is something that gets overlooked, but it’s probably the crux of this conversation.”
WSB’s Prince was interviewed on the Social Innovation Podcast. Check it here:
If you are interested in hiring talented people and increasing diversity at your firm, please email firstname.lastname@example.org.
You can donate to the cause HERE.
Old Dow Theory New Dow Theory
Great post up on All Star Charts today from our Key West homie Steve Strazza.
Here’s a chart Strazza drew with Transports (Old Dow Theory) and Semis (New Dow Theory) both breaking out.
With both Transports $DJT and Semiconductors $SOX now making new highs, is it finally time for Dow Industrials to pick up their game and reclaim their record highs from Q1?
Place your bets…
Should We Be Worried?
The weakness in Energy has been a 2020 theme. Oil literally went negative. Things have been weird. The Energy ETF, $XLE fell another 0.67% today. Exxon Mobil made new 6-month lows. Chevron closed at its lowest level since July 9 and it is teetering.
Should we be worried?
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the full earnings calendar.
Links That Don’t Suck
🌌 Stocktwits After-Hours: Lockdown-Dandies Ripped Today
🚌 Public Transit and the Postal Service Have the Same Problem
🖼 Windows 95 & the Web made each other a hit
🃏 To Play Poker in a Pandemic, Americans Flee the U.S.
🙃 Dealing With FOMO
💽 Nvidia’s new RTX 3090 is a $1,499 monster GPU designed for 8K gaming
🔥 Edward Jones new matchmaking tool takes cue from Tinder