Stocks Move Many Ways

Tale of the Tape

Good evening, y’all and happy 21st night of September.

Today we saw blood in the streets and wicked reversals.

Small-caps got crushed. The S&P 500 finished -1% after being down as much as -3%. Energy unplugged and lost 5%. Financials fell 3%.

Despite the weakness, there was plenty of strength.

The Nasdaq-100 went from red to green. Roku and Peloton closed at all time highs. 

Nikola continues to make the news for all the wrong reasons. More on this below.

Here are the closing prints:

S&P 5003,306-1.16%
Russell 20001,517-3.35%
Dow Jones26,828-1.84%

Stocktwits After-Hours

Tonight on After Hours:

Big Midday Reversal
Are We Locking Down?
The TikTok Saga Lives 

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Market Charts

Today we saw both incredible rallies and pathetic weakness.

Here are the Roku and Peloton daily charts. Both closed at a new all time high.

$PTON +5.69%

$ROKU +17.67%

And here’s the Energy ETF, $XLE and Financial ETF, $XLF.

$XLE closed at a 5-month low.

$XLF made at a 1-month low.

Peace Out, Girlscout ✌️

Trevor Milton, founder and executive chairman of Nikola Corp., stepped down from the EV startup yesterday.

Former General Motors Co. executive Stephen Girsky will succeed Milton.

$NKLA and Milton came under heavy scrutiny after Hindenburg Research released a report accusing the CEO of overstating claims on the readiness of Nikola’s technology and misinforming investors.

Rumors swirled this morning that Milton got arrested. They weren’t true, but what a mess. 

$NKLA closed down 19.33% today.

Microsoft Buys Zenimax

Microsoft will buy ZeniMax Media, maker of Fallout and The Elder Scrolls games, for $7.5B. 

The deal is $MSFT’s biggest gaming acquisition, topping the $2.5B acquisition of Minecraft creator Mojang in 2014.

Thanks to the pandemic, the video game industry is now worth $159.3B. 

Microsoft said: 

With the addition of Bethesda, Microsoft will grow from 15 to 23 creative studio teams and will be adding Bethesda’s iconic franchises to Xbox Game Pass. This includes Microsoft’s intent to bring Bethesda’s future games into Xbox Game Pass the same day they launch on Xbox or PC.

Show Me the Monet

Banksy’s Show Me the Monet could sell for £3-5m at Sotheby’s art auction house in London next month. 

Show Me the Monet, a spin off of Claude Monet’s The Water Lily Pond, will be featured in New York and Hong Kong exhibitions before October’s auction. 

Banksy’s Devolved Parliament earned £9.9m at Sotheby’s last year.

Earnings Tomorrow

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

Links That Don’t Suck

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🏊‍♂️ Timber Aquatic Centre for Paris 2024 Olympics

🔋 What to Expect at Tesla’s Battery Day Event

🙄 TikTok and Oracle Spar Over Ownership, Threatening Deal

😷 CDC Removes Guidance About Airborne Virus Spread From Website

🏈 College Football Week 4 Bowl Projections: Big Ten’s Return Shakes Up Playoff Picture