Tale of the Tape
Good evening, y’all. We made it to Friday. Cheers! 🥂
The White House drew up a $1.8T relief proposal. So far it seems like both parties are interested in working things out. We’ll see what develops over the weekend.
Every major index finished green. The Nasdaq led to close the week.
Tech was the strongest sector. Energy was the weakest.
Peloton peddled to all time highs. $PTON +7%
GSX Techedu ripped 12%. JinkoSolar surged 14%. Hot damn.
Here are the closing prints:
The $SHAQ SPAC
Shaquille O’Neal, MLK’s son, and three former Disney executives are creating a SPAC.
Forest Road Acquisition will make deals in tech and media.
Former Disney COO Tom Staggs will oversee the SPAC’s strategic-advisory committee, which includes TikTok’s former CEO Kevin Mayer.
Shaquille O’Neal will also be a strategic advisor. After all, he owns Papa John’s, Auntie Anne’s, and several Vegas clubs.
Martin Luther King III is the assigned director.
During its filing, the company said:
We believe that our team’s experience in building and executing strategies that combine capabilities and expertise in consumer preferences and technology/product development will differentiate our ability to source a successful partner.
It’s the end of the week and every major index closed just off its weekly high. That’s strong. 💪
Will we see follow-through on Monday? Time will tell.
Here are a few weekly charts:
S&P 500 ETF, $SPY
Nasdaq 100 ETF, $QQQ
Russell 2000 ETF, $IWM
Utilities Sector ETF, $XLU
China Technology ETF, $CQQQ
Hurricane Delta 🌀
The 25th storm of the 2020 Hurricane season, Hurricane Delta, shut down oil production in the Gulf of Mexico this week.
The Category 4 storm’s 140 mph winds forced Shell, Chevron, BP, Equinor, BHP, W&T, and other companies to evacuate offshore rigs.
The Gulf makes up 17% of all US crude production and 5% of natural gas production.
8.6% of U.S. natural gas is currently shut off.
Does 2020 even surprise us anymore?
Here’s the weekly $XLE chart. Energy was the only sector to lose more than 1%.
The Wall Street Journal said AMD is in “advanced talks” to acquire rival chip maker, Xilinx.
Nothing is for certain yet, but we might get an official update next week.
Citibank and Jim Cramer both cast doubts on the deal but the stocks made strong reactions following the news. We’ll see what happens.
$XLNX gained 14%. $AMD dropped 4%.
2020’s Nobel Peace Prize Winner
The World Food Program won the Nobel Peace Prize for fighting world hunger during the pandemic.
Chainman Berit Reiss-Anderson of the Nobel Committee said:
In the face of the pandemic, the World Food Program has demonstrated an impressive ability to intensify its efforts. The combination of violent conflict and the pandemic has led to a dramatic rise in the number of people living on the brink of starvation.
Mirrored Mountain Cabins
These mirror mountain cabins look like the future. They’re visually appealing and the structures are designed to bring minimal damage to the landscape. Very neat.
Here’s Dezeen with more.
Links That Don’t Suck
🤷♂️ Who Pays For This?
💡 JC Parets and Howard Lindzon: What Is A SPAC?
🇨🇦 Walmart Canada to Hire 10,000 Staff to Meet Surging Demand
📱 Twitter Slows Down Retweets Ahead of U.S. Election
🏈 Why Does a Patrick Mahomes Football Pass Look So Beautiful? These Physicists Believe They Have the Answer
🌎 Chinese Military Spokesperson Tells U.S. to Halt Provocative Actions
🚨 13 Charged in Plots Against Michigan Governor, Police