Tale of the Tape
Good evening, y’all. Stocks ripped today.
The small-cap Russell 2000 led. Every sector finished green.
The Dow Transportation Average ETF $IYT closed at a 2-year high.
Here’s the weekly chart:
Here are the closing prints:
🌌 Stocktwits After Hours
Today on After Hours:
Stocks Rallied. Did We Get A Stimulus?
GoPro’s Greatest Day
GoPro surpassed 500,000 paid subscribers following strong demand for the HERO9 Black.
Content is king in 2020.
Nicholas Woodman, founder and CEO of GoPro said this:
Thanks to a stellar global launch of HERO9 Black, our paid GoPro subscriber count is ahead of where we expected to be at this time and bodes well for us to exceed our previously-stated target of 600,000 to 700,000 paid subscribers by year-end. GoPro.com has seen substantial year-over-year sales growth during the post-launch period across all regions, globally. Demand for HERO9 Black and the GoPro subscription at GoPro.com are accelerating our shift to a more direct-to-consumer business.
Read the press release here.
GoPro had its greatest daily gain ever on a percentage basis. $GPRO +29%.
Here’s the daily chart:
Eli Lilly Positive Data
Eli Lilly reported positive data from its mid-stage trial testing combination antibody therapy. The company is looking for emergency use authorization from U.S. health regulators for its COVID-19 antibody monotherapy.
The combination therapy met the trial’s goal of reducing the virus load 11 days following treatment compared with placebos.
Baird analyst Brian Skorney commented:
We believe that Lilly’s data provides some real evidence that the combo mAb (monoclonal antibody) approach may provide meaningful clinical benefits.
$LLY expects 100,000 doses of LY-CoV555 to be accessible in October and roughly one million in the fourth quarter. The company aims to supply 50,000 doses of the combination therapy in the fourth quarter.
The US Investigates Ant Group
The US is investigating Chinese billionaire Jack Ma’s Ant Group and Tencent Holdings.
Ant Group, an affiliate of Alibaba Group Holding Ltd, recently announced the world’s largest IPO ($35B).
Tech giant Ant Group is valued at ~$250B.
The Trump Administration considers restricting Ant Group and Tencent to avoid national security threats, claiming the companies’ e-pay apps could tap into US banking and financial data.
Here’s Bloomberg with more.
Wells Fargo Layoffs
Wells Fargo cut 700 jobs in commercial banking. The company plans to reduce its workforce by tens of thousands of employees.
Katie Ellis, a company spokeswoman said:
We are at the beginning of a multiyear effort to build a stronger, more efficient company for our customers, employees, communities and shareholders. As part of this work, we will have impacts, including job reductions, in nearly all of our functions and business lines, including commercial banking, where we have started displacements.
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
🎧 Upside Down Markets – Understanding Fiscal and Monetary Policy – Invest Like the Best, EP.194
🚫 Unqork’s $207M Series C Underscores Growing Enterprise Demand for No-Code Apps
👩🔬 Nobel Prize in Chemistry Is Awarded for Crispr Gene-Editing Technology
📉 Covid-19 Fuels World’s First Rise in Extreme Poverty Since 1990s
👩⚖️ Google And Oracle’s Decade-Long Copyright Battle Reaches Supreme Court