Nobody Wants Gas Anyway

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Tale of the Tape

Good evening, everyone. It was a rough day in the markets. 

The Russell 2000 and Nasdaq both lost 3%. The Dow dropped nearly 2%. 

Every sector gave up at least 1%. Energy was the weakest. $XLE lost 4.5%. Tech wasn’t too far behind, $XLK -3%. 

Here’s the bloody S&P 500 heat map:

Tesla died. The stock dropped 10%.

Oil giant, Exxon Mobil is within 10% of its March 23 low. Should we be worried? Time will tell.

A few stocks showed strength. Twitter gained 6%. Zoom zipped and closed above $500 for the first time. 

Here are the closing prints:

S&P 5003,236-2.37%
Nasdaq10,633-3.02%
Russell 20001,451-3.04%
Dow Jones26,763-1.92%

Stocktwits After-Hours

Today on After Hours:

More Blood in the Streets! 
JNJ COVID Vaccine Update
Is California Going Electric?

Listen: Spotify | Apple Podcast | Google

ANT IPO

China’s Ant Group is reportedly seeking to offer a $30B IPO.  

The tech giant is currently valued around $200B, which would make the deal the largest IPO in the history of the universe. 

Jack Ma, Chinese billionaire and CEO of Alibaba (BABA), filed Ant Group’s shares in Hong Kong and Shanghai exchanges this week. Alibaba is a financial affiliate of Ant Group with 33% ownership in the company. 

Ant Group declined to officially comment on the deal. 

Read more about the gigantic IPO here. 

JinkoSolar Earnings

JinkoSolar, a China-based solar company reported second-quarter earnings and the stock popped to a 6-year high. The company saw its total solar module shipments jump 32% year over year.

Here are the numbers:

EPS: $1.20 vs $0.75
Revenue: $1.2B +18.8% YoY

And here’s the daily chart. $JKS +21% 

California To Ban Gas Cars

Today, California Governor, Gavin Newsom signed an order to end the sale of new gas and diesel-powered passenger cars by 2035.

Newsom said the following:

This is an economic opportunity, the opportunity to transform our economy across sectors, the opportunity to accelerate innovation and the entrepreneurial spirit.

Ford agreed:

We agree with Gov. Newsom that it’s time to take urgent action to address climate change. That’s why we’re proud to stand with California in achieving meaningful greenhouse gas emissions reductions in our vehicles as we electrify our most iconic nameplates like the F-150 and the Mustang Mach E.

We’ll see if any other state follows suit. 

We’d prefer it if they did. Filling up is a hassle.

Here’s the Wall Street Journal with more.

Meet ID.4, Volkswagen’s New EV 

Speaking of electric vehicles…

Volkswagen announced ID.4, the company’s first all-electric vehicle available to US markets in early 2021. 

The EV features VW’s modular drive architecture (MEB), 201- horsepower to give 228-lb-ft of torque to its rear wheels, and a driving range of 250 miles. 

The ID.4 starts at $39,995, but US buyers qualify for a $7,500 tax credit. 

Here’s the Verge with more. 

Earnings Tomorrow

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

Links That Don’t Suck

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📈 Companies That Focus on Their Customers Outperform Their Peers During The Recovery

🎶 CCY Architects Adds Extension with Musical Facade to Victorian house in Aspen

🎷 The Church Of St. John Coltrane Has Preached Jazz Gospel For 50 Years

🌎 How the Travel Industry Can Bounce Back More Sustainably

🚙 Is the Ford F-150 Partially Responsible for the Retirement Crisis?

🌄 Patagonia’s New CEO Talks about the Future of the Beloved Brand