Tale of the Tape
Good evening, y’all. Welcome back to the market of stocks.
All the major indices closed green. The small-cap Russell 2000 led closing up 2.4%.
Every sector was positive. Financials, energy, and consumer discretionary all gained 2%.
Jfrog, Sunrun, and DraftKings closed at all time highs.
Virgin Galactic took off. $SPCE gained 25%. See more below.
Inovio dropped 28% after regulators held the Phase 2 & 3 test of its Covid-19 vaccine.
Here are the closing prints:
Richard Branson’s space tourism company, Virgin Galactic, gained 24.83% after Bank of America and Susquehanna issued positive statements.
Bank of America gave the stock a $35 price target and said:
While Virgin Galactic is not yet operational, the company is gearing up to begin serving customers in early 2021. We believe SPCE’s growth potential is unparalleled vs. our coverage and the current nascent stages of the company provide investors with a unique entry point into the stock.
$SPCE took off and closed above $20 for the first time since 8/5/2020.
Here’s the daily chart:
✈️ FedEx Wants Drones
FedEx is testing package delivery in autonomous cargo planes.
$FDX partnered with Silicon Valley’s Reliable Robotics, an aviation startup operated by former SpaceX and Tesla engineers.
The startup completed test flights for its remote-piloted aircraft models in August. Here’s what FedEx CEO Fred Smith had to say during the annual stockholder meeting:
This initiative deals with smaller turboprop airplanes and in this case the single-engine C208, which we are looking at putting in very remote and uninhabited areas as part of our network.
$FDX closed at a 2-year high. Here’s the daily chart:
Ford EVs in Canada, Eh 🇨🇦
Ford announced a $2B investment in Canadian automakers.
The deal was negotiated with Ontario’s Unifor Auto Workers Union to give $1.8B to the production of 5 new electric vehicle models. The EVs will come out between 2025 and 2028.
Unifor President Jerry Dias said:
You don’t make that type of commitment and make a minor splash and move on. This is going to be key facilities for Ford … a decades-long commitment.
Looks like Ford and Canada are BFFs now. Here Reuter’s with more.
🌌 Stocktwits After-Hours
Today on After Hours:
Monday Morning Gap-Up
$SPCE Takes Off
Listen: Spotify | Apple Podcast | Google
🍿 Panic With Friends 🍿
Need more Panic in your life?
Today on Panic With Friends Howard Lindzon is joined by Ross Mason. Ross is the founder of Mulesoft which was acquired by Salesforce for $6.5B in 2018. The two discuss how we are in the early stages of the software revolution.
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
📄 The President’s Taxes – The New York Times
🏝 Heatherwick Studio Designs Flood-Resilient Park for San Francisco
🤫 Secret Sauce Behind Ark’s Success Is Cathie Wood’s Diverse Team
📺 Roku is Adding Support for Apple’s AirPlay 2 and HomeKit Later This Year
🚫 U.S. Likely Exceeded Authority in TikTok Ban, Judge Says
📸 Surf Photographer Paul Greene Wins 2020 Follow the Light Contest
🏄 Inside the JPMorgan Trading Desk the U.S. Called a Crime Ring