You Go, Girl

/ Stocktwits

Tale of the Tape

Good evening y’all. 🤠

Today marks a historic day. Jane Fraser becomes the first woman CEO of a major Wall Street bank. You go, girl. See more on this below.

Stocks finished the day lower as Washington struggles to advance on a stimulus deal. 

Every sector was down, energy and tech were the weakest. 

The whole FAANG gang fell. Apple and Netflix both sank over 3%. 

Today wasn’t all bad, though. $RH closed up 20%, $PENN jumped 7%, and NFL football is back. 🙏

Here are the closing prints:

S&P 5003,398-1.76%
Nasdaq11,141-1.99%
Russell 20001,526-1.23%
Dow Jones27,940-1.45%

🌌 Stocktwits After-Hours

Today on After-Hours:

-Sellers are in control
-Is Nikola a Fraud?
-Earnings Quick Hitters

🔊 Listen here: Spotify | Apple

You Go, Girl 

Citi Bank appointed Jane Fraser as its new CEO, making her the first woman to officially lead a major Wall Street bank. 

YES QUEEN. 👏 👸

Fraser will replace current CEO Michael Corbet in February 2021. 

Citi’s chairman John C. Dugan applauded the decision and said:  

Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well.

Fraser is now 1 of 32 female executives leading a company in the S&P 500. 

Here’s the press release.

Panic with Friends

Stocktwits’ founder Howard Lindzon interviews Jason Robins, CEO of DraftKings, on the latest episode of Panic with Friends.

Lindzon and Robbins discuss DraftKings’ IPO journey, sports, and the future of betting. 

Don’t miss this conversation, listen here.

Earnings Round-Up

Pelton reported earnings after the close. The company grew revenue by 172% YoY while fitness subscribers were up 113%.

Here are the numbers:

EPS: $0.27 vs $0.09 est.
Revenue: $607.1M +172% YoY

$PTON was up after hours.

Read the press release here.

Chewy.com reported second quarter results after the close. 

Here’s what Chewy CEO Sumit Singh shared in the press release:

Chewy’s advantageous positioning in the pet industry’s race towards e-commerce, our culture of innovation, and our singular focus on customer experience resulted in another quarter of outperformance. 

EPS: ($0.08) vs ($0.17) est.
Revenue: $1.7B +48% YoY

$CHWY was down after hours.

Oracle reported better-than-expected earnings. The company cited strong growth in its cloud.

Here’s Oracle CEO, Safra Catz:

Our cloud applications businesses continued their rapid revenue growth with Fusion ERP up 33% and NetSuite ERP up 23%. We now have 7,300 Fusion ERP customers and 23,000 NetSuite ERP customers in the Oracle Cloud

Here are the numbers: 

EPS: $0.93 vs $0.86 est.
Revenue: $9.37B +1.6% YoY

$ORCL was up after hours.

Read the press release here.

Martha Stewart’s CBD

Martha Stewart launched a line of CBD products in collaboration with Canopy Growth (CGC). 

Stewart was inspired by Snoop Dogg’s hemp products for humans and pets. She will sell CBD gummies, gels, and oil drops. 

When interviewed about the decision to partner with Martha, Canopy’s CEO David Klein said: 

Martha brings that trusted voice.

😂😂😂

Here’s Bloomberg with more.

What’s Goin On?

We hate to beat a dead horse but the weakness in energy is alarming. The oil and gas exploration ETF, $XOP dropped 5.6% closing at its lowest level since April 21.

$XOP is now down 53% YTD. 

Maybe the world is actually shifting to renewables?

Here’s a 1-year ratio chart of iShares Clean Energy ETF, $ICLN relative to $XOP:

Clean energy is making new highs relative to Oil and Gas.

Mother Earth should be happy. 😇🌎

Links That Don’t Suck

😬 Alan Greenspan Lists Inflation and the Budget Deficit as his Biggest Concerns

🏈 The NFL Will Look Very Different when the Chiefs and Texans kick off in Kansas City

🥊🎙Chuck Palahniuk, Author of Fight Club — A Masterclass in Creative Living and Dangerous Writing 

🍥 Meet 9 Rising Stars Taking the Design World by Storm 

📈 JPMorgan Top Brass Tell Trading-Floor Staff to Come Back to the Office

🚙🔌 Cobe Unveils Pair of Tree-like Timber Charging Stations for Electric Cars in Denmark