Today Is The Day

Tale of the Tape

Good evening, everyone.

Today is the day we vote in America. Be safe, y’all. 🙏 

Stocks cruised into the close. The S&P 500 lagged, it was only up 1.78%. Every other major index finished higher. 

Industrials nearly gained 3%. Financials weren’t too far off. $XLF +2.26%. Energy was the only red sector.

The China Technology ETF $CQQQ closed at an all-time high.

Solar sucked. Solar Edge sank 23% after earnings. Maybe the sun will come out tomorrow. 

$RIDE rallied and the pot stocks grew again. $MJ +2%.

General Electric settled above its 200-day moving average for the first time since March 4, 2020. Can $GE finally get going? Place your bets…

We expect overnight futures to freak out a little once election results pour in. Will we know the winner when we wake up? IDK. Tomorrow is a new day.

Here are the closing prints: 

S&P 5003,369+1.78%
Russell 20001,614+2.91%
Dow Jones27,480+2.06%

Earnings Round-Up

Wayfair reported strong Q3 earnings before the market open this morning. Revenue was up 67% YoY.

Here are the numbers:

EPS: $2.30 vs $0.80 est.
Revenue: $3.8B  +67% YoY

Niraj Shah, CEO of Wayfair said this:

Our long-term mindset and strategic investments in merchandising, selection, service and delivery both in North America and in Europe are translating to share gains, sustained profitability, and positive free cash flow generation. While today’s unique environment has accentuated these trends, we are confident that there is a long runway for continued strong profitable growth ahead for Wayfair — well beyond when the current circumstances have passed.

$W closed up 7.23% today.

Ferrari raced ahead and gained 7% today. Revenue grew 2.6% helped by deliveries of the Ferrari Monza SP1 and SP2

Here are the results:

EPS: $1.08 vs $0.96 est.
Revenue: $1.04B  -3% YoY

$RACE is up 19% YTD.

Zebra Technologies’ Q3 earnings beat on both top and bottom lines.

Here are the numbers:

EPS: $3.27 vs $2.81 est.
Revenue: $1.13B vs $1.08B est.

Zebra Technologies’ CEO Anders Gustafsson shared this:

Demand from our large strategic customers continues to be at record levels driven by accelerated trends to digitize and automate workflows as a result of the pandemic, while demand through the channel is recovering from the peak global macro pressure that we saw in the second quarter. Our strong order backlog, sales momentum, and encouraging pipeline of business gives us confidence in a strong finish to the year.

$ZBRA gained 9% and closed at a new all-time high.

Ant Botched It’s IPO 

Jack Ma’s Ant Group IPO was suspended on Tuesday. 

The offering was supposed to generate $34.4B and raise a $300B company valuation. Now it’s cancelled. 

The world’s biggest-ever IPO will have to resubmit filings after meeting with the People’s Bank of China and other Chinese regulatory agencies.         

It’s unclear what exactly halted the IPO, but Jack Ma’s October forum might have upset the Chinese government and killed the deal. Last month Ma said: 

We cannot regulate the future with yesterday’s means…There’s no systemic financial risks in China because there’s no financial system in China. The risks are a lack of systems.

$BABA dropped 8%.

Here’s Bloomberg with more. 

VR, Except It’s Real Life

London’s Space Popular studio will host the first-ever VR architecture conference

Attendees will be able to explore an entirely virtual space inspired by Barcelona’s street plan and even network with other architects in virtual rooms.

Conference curator,  Gonzalo Herrero Delicado said this when asked about having a Zoom event instead:

I found them very boring and you cannot really engage either with the speakers or with other people attending.

I was thinking, how we can do something that is more social, where people can talk to each other, discussing, bitching or gossiping about what is happening?

This feels like the future. Here’s Dezeen with more.

🧙‍♂️ Unknown Market Wizards

Jack Schwager is back! The legendary author behind the Market Wizards series released his latest hit, Unknown Market Wizards

Jack interviewed the best traders you’ve never heard of. These folks have some incredible stories.

Here are a few of the chapters:

Peter Brandt: Strong Opinions, Weakly Held
Chris Camillo: Neither.
Richard Bargh: The Importance of Mindset.
John Netto: Monday Is My Favourite Day.
Pavel Krejčí: The Bellhop Who Beat the Pros.

You can purchase the book here and here’s a link to the entire Market Wizard Series.

Great job, Jack. 👏 We’ll see you on the tables.

🌌 Stocktwits After Hours

Tonight on After Hours:

Election Day in America
Where Will We Open?
Will Ant Group trade in 2020?

Listen here: Spotify | Apple | Google

Earnings This Week

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

Links That Don’t Suck

🚫 Across U.S., City Storefronts Boarded Up Ahead Of Election

🚀 Elton John – Rocket Man (Official Music Video)

🏡 The Capital of Sprawl Gets a Radically Car-Free Neighborhood

🛫 World’s Best-Performing Airline Stock Is Bankrupt Indian Carrier

🛢 Saudis, Other OPEC Producers Consider Deeper Cuts Amid Pandemic

💰 SEC Whistle-Blower Gets $28 Million in Another Huge 2020 Payout