Where Do We Fly Next?

Tale of the Tape

Good evening, everyone. We made it through another week. 

The futures were ugly this morning.

President Trump tested positive for the coronavirus and received a single dose of Regeneron’s polyclonal antibody cocktail.

The September jobs report was released. The US added 661,000 jobs while the unemployment rate fell to 7.9%. 

Small caps rallied to close green, but they’ve been sluggish all year. We’ll need further confirmation. 

Tech lagged. Real Estate led. Energy nearly gained 1%. 

JinkoSolar, a Chinese solar panel manufacturer, has finished higher 17 out of the last 19 sessions. Hot damn.

Here are the closing prints:

S&P 5003,348-0.96%
Russell 20001,539+0.53%
Dow Jones27,682-0.48%

Where Do We Fly Next?

The airlines caught a bid after House Speaker Nancy Pelosi said a relief deal is coming.

Here’s how the major airliners finished:

American Airlines +3.34%
United Airlines +2.36%
Southwest Airlines 2.19%
Delta Airlines +2.09%

The airline ETF $JETS gained 1.23%. The ETF has traded in a ~10% range since it gapped down Monday, September 21. Where do we fly next? North or South?

Here’s the daily chart: 

Tesla Buys Battery Supplier

Tesla acquired Germany’s ATW Automation, the battery supplier for BMW and Mercedes. ATW was close to liquidation before Tesla’s buyout. 

The acquisition will help Tesla manufacture higher battery capacities for the Cyber Truck and Tesla Semi. 

Tesla announced its delivery of 139,300 EVs in its third quarter. By the end of 2020, the company hopes to reach 500,000.

Here’s Reuter’s with more.  

Twilio’s Strong Quarter 

Last night Twilio hinted at better-than-expected earnings. The stock popped. $TWLO gained 13% and closed at an all-time high.

Here’s the daily chart:

Strength in Numbers?

The small-cap Russell 2000 ETF $IWM rallied from -2% early this morning to gain 0.44%. 

The Russell 2000 has underperformed every major index so far this year. Was today’s performance a change of trend or a one day stand? Time will tell.

Here’s the daily $IWM chart:

Global Payments Potential Sale

Global Payments is looking at a $2B+ sale of its prepaid debit card business, Netspend.

The company began working with investment bankers last month. Nothing is official yet.

$GPN dropped 0.45% today.

Here’s Reuters with more. 

Dubai Expo Main Pavilions

The Dubai Expo 2020 was supposed to be held later this month. Due to the coronavirus pandemic, the expo is now postponed until next October. 

Photos of buildings that were constructed for the event have been released. The designer behind the build wanted to deliver an inspirational message about the natural world, ecology and technology to a global audience.

Check these wild things out.

Links That Don’t Suck

💰Richard Branson’s Virgin Turns to SPAC to Raise Cash

🚘 Tesla Q3 2020 Vehicle Production & Deliveries

🏈 Dave Portnoy on the Business of Sports Media

🇺🇸 House Passes $2.2 Trillion Democratic Coronavirus Stimulus Bill

🎮 What’s Coming to ‘Call Of Duty: Modern Warfare’ And ‘Warzone’ In Season 6

🏀 How the Lakers’ NBA Title Odds Have Changed after One Win over the Heat

📖 A New Book on Nike Pulls No Punches