Peloton Popped

Tale of the Tape

Good evening, y’all. Today is Tuesday and stocks were mixed.

The S&P 500 finished flat, the Nasdaq gave up 1.3%, and the Russell rallied. $IWM was up 1.83%.

Energy was the strongest sector for the second day in a row. Who knows the last time that happened.

Here’s a daily chart of $XLE:

Technology was the biggest loser. $XLK dropped 1.85%.

Semiconductors struggled. $SOX stumbled 3%.

Apple held its “One More Thing” event. The company showed off many things, most notably the M1 chip. Here’s Apple with details.

Eli Lilly lept 3% after the FDA approved its COVID-neutralizing antibody. See more below.

GM jumped 5% and closed at its highest level since June 2018. The company wants to hire 3,000 to speed up EV production. Rock on. 🔋🤘

Here are the closing prints: 

S&P 5003,550-0.14%
Russell 20001,705+1.88%
Dow Jones29,157+0.90%

Earnings Round-Up

Datadog beat estimates for Q3 thanks to solid demand for its cloud monitoring software.

Here are the results:

EPS: $0.05 vs $0.01 est.
Revenue: $155M vs $144.3M est.

Olivier Pomel, Co-founder and CEO of Datadog, said:

We are pleased with our strong results for the third quarter, which demonstrated continued high growth at scale. The pandemic has driven organizations globally and across industries to prioritize their digital operations like never before, further strengthening the cloud’s position as the IT architecture of choice. Datadog continues to be a trusted partner in enabling digital transformation and cloud migration.

$DDOG dropped 9% after hours.

Rocket Companies’ Q3 earnings came in better than expected after the bell. The company also announced a $1B share repurchase authorization. 

Here are the numbers:

EPS: $1.21 vs  $1.09 est.
Revenue: $4.74B  +163% YoY

Rocket Companies CEO Jay Farner said:

In the midst of the pandemic, we were able to help an unprecedented number of Americans buy and refinance homes, providing financial relief through our tech driven platform and award-winning service. Rocket Companies assisted more clients in the third quarter of 2020 than any quarter in our 35-year history. More importantly, the Company did this while maintaining industry-leading margins and profitability, demonstrating the sheer power of our platform as Rocket executes at incredible scale.

$RKT fell 3.5% after-hours. 

Lyft earnings are still in the dumpster, but the company did see ridership increase significantly compared to the previous quarter.

Here are the numbers

EPS: ($1.46)
Revenue: $499.7M vs $486.6 est.
Active riders: 12.5M

Lyft’s CEO, Logan Green, said:

Lyft’s third quarter results reflect our focused execution and business resilience. We are encouraged by the ongoing recovery in ridesharing and the performance improvements we saw across bikes, scooters and fleet. We remain confident that demand will continue to return as we progress through the recovery.

$LYFT rose 5% after hours.

FDA Approval for Eli Lilly

Eli Lilly got FDA approval for its COVID-neutralizing bamlanivimab antibodies

Bamlanivimab is an antibody that can help prevent hospitalization for high-risk COVID patients. 

The U.S. government will provide 300,000 bamlanivimab doses to infected patients for no out-of-pocket cost. 

Lilly’s CEO David A. Ricks said: 

This emergency authorization allows us to make bamlanivimab available as a COVID-19 treatment for recently diagnosed, high-risk patients – adding a valuable tool for doctors fighting the now-increasing burden of this global pandemic. 

Are things looking up at the end of 2020? At this point, only time will tell. 🕑🦠

Peloton x Beyonce 

Peloton and Beyoncé just announced their world-class workout collaboration. 

Beyoncé will team up with Peloton to create uplifting workouts that celebrate Homecoming season at Historically Black Colleges and Universities.  

Beyoncé’s inspiring workouts will advocate equality and promote individual wellness through her music. Queen B said this about the collab: 

Peloton and I both believe that the power of music can help uplift, motivate and inspire those on their fitness journeys. I’ve been a Peloton member for several years, and I’m excited to partner with a company that helps people, young and old, be the best versions of themselves, in an innovative and adaptable way. I’m proud to celebrate the students at HBCUs with this donation, to encourage them to find and embrace their own wellness regimens.

$PTON popped +5.2% after briefly trading below yesterday’s low. Here’s the daily chart:

bp Goes Green 💚

Ørsted and bp will collaborate to develop a renewable hydrogen project at bp’s Lingen refinery in North West Germany.

The goal is to replace 20% of the refinery’s current fossil-based hydrogen consumption. That’s equivalent to emissions from ~45,000 cars in Germany.

Here’s a quote from Martin Neubert, Executive VP and CEO of Offshore Wind for Ørsted:

Heavy industries, such as refineries, use large quantities of hydrogen in their manufacturing processes. They will continue to need hydrogen, but replacing the currently fossil-based hydrogen with hydrogen produced from renewable energy can help these industries dramatically lower their CO2 footprint. 

But first, renewable hydrogen has to become cost-competitive with fossil fuel-based hydrogen and, for that, we need projects such as this with bp’s Lingen refinery, which will demonstrate the electrolyser technology at large scale and showcase real-life application of hydrogen based on offshore wind.

The green hydrogen project is expected to operate by 2024.

Here’s the press release from bp and the press release from Ørsted.

🌌 Stocktwits After Hours

Tonight on After Hours:

Sector Rotation Continues
AirBnB Postponed Its IPO
DataDog Is Down After Beating Earnings Estimates

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

📈 The Rise of Community-Curated Knowledge Networks

😷 Covid-19 Pandemic Updates for Nov. 10, 2020 – Bloomberg

📰 Some Good News

🚆 First Human Passengers Travel in BIG-Designed Hyperloop Pod

💰 What a Biden Presidency Means for Your Finances – Of Dollars And Data

🎙 Spotify Announces Strategic Acquisition of Podcast Technology Leader, Megaphone