Sonos Soared

Tale of the Tape

Good evening, folks. Another day, another dollar. 

Stocks were strong as every major index closed higher. The Nasdaq is nestled under all-time highs. Will it break out or break down? Time will tell. Here’s the daily chart:

COVID cases continue to climb. Jobless claims increased week-over-week for the first time in 4 weeks, and now Washington will resume talks regarding relief. 🙃

Sonos soared 30% on earnings and closed at its highest price ever. Tesla ticked $508 and closed at an all-time high. Roku ripped and recorded a record close as well. Bili bopped +22% on earnings early this morning. These stocks were strong. 💪

Bitcoin broke a record. The cryptocurrency’s market cap made a New York end-of-day all-time high at $334B. Check this out:

Here are the closing prints: 

S&P 5003,581+0.39%
Russell 20001,784+0.84%
Dow Jones29,483+0.15%

Earnings Round-Up

Macy’s reported same-store sales fell > 20% during the coronavirus pandemic.

Here are the stats:

EPS: ($0.19) vs ($0.79) est.
Revenue: $3.99B vs $3.86B est.

Jeff Gennette, CEO of Macy’s, said:

Macy’s, Inc. third quarter results reflect solid performance across all three brands – Macy’s, Bloomingdale’s and Bluemercury. Our results were driven by disciplined cost management, strong execution by our colleagues and an early start to the holiday shopping season.

$M gained 2%.

Bilibili missed on earnings but beat estimates. Shares of the Chinese internet company took off.

Here are the numbers:

EPS: ($0.41) vs ($0.37) est.
Revenue: $475M vs $454M est.

$BILI ripped 22% into new highs. Here’s the YTD daily chart.

Workday’s Q3 profits were led by subscription revenue, up 21% YoY. 

Here are the numbers:

EPS: $0.86 vs $0.67 est.
Revenue: $1.11B vs $1.09B est.

Workday CEO Aneel Bhusri said:

It was another strong quarter across our product portfolio with continued momentum in financial management – which has now reached 1,000 customers. We also had some of our largest Workday Human Capital Management go-lives to-date and record customer demand on the strategic sourcing front.

$WDAY was up 4.5% after hours.

Sonos was strong after it reported Q4 earnings last night

$SONO ripped 30% to close at an all-time high. The stock traded ~45M shares. That’s 9x the 20-day average. Holy smokes. 🔥

Here’s the daily chart:

Charge It 🔋

General Motors doubled down on its EV ambitions.

In March, GM said it would invest $20B in electric and autonomous vehicles between 2020 and 2025. Today, the company increased the financial commitment by an additional $7B.

General Motors Chairman and CEO Mary Barra said:

Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle. We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.

Read the press release here.

$GM gained 0.23% and closed at its highest price since June 2018.

Here’s the unfinished weekly chart:

Media Mixup

Verizon Media and BuzzFeed announced a new strategic partnership. 

BuzzFeed will acquire HuffPost from the wireless provider. Additionally, Verizon made an investment to become a minority shareholder in BuzzFeed.

Both parties are pumped for the partnership.

CEO Guru Gowrappan of Verizon Media commented:

Verizon Media’s strategy has evolved over the past two years to focus on our core strengths- ads, commerce, content and subscriptions. We’ve created a powerhouse ecosystem, built on a trusted network, that delivers an end-to-end experience for consumers and advertisers. The partnership with BuzzFeed complements our roadmap while also accelerating our transformation and growth.

BuzzFeed’s CEO and Founder, Jonah Peretti, said:

I have vivid memories of growing HuffPost into a major news outlet in its early years, but BuzzFeed is making this acquisition because we believe in the future of HuffPost and the potential it has to continue to define the media landscape for years to come. With the addition of HuffPost, our media network will have more users, spending significantly more time with our content than any of our peers.

See the press release here.

Another SPAC

Arrival, an EV company, announced it will list on the NASDAQ via SPAC.

Arrival is expected to trade in Q1 of 2021 under ticker $ARVL.

The company is creating EVs with game-changing technologies through a $5.4B agreement with CIIG Merger Corp. The deal is estimated to provide $660M in gross cash proceeds to the company. 

Denis Sverdlov, Founder and CEO of Arrival, said:

With Arrival’s products our clients are not forced to compromise between being green and being cost efficient. Our focus on the whole EV ecosystem, new methods of design and production and our enabling technologies are the key to driving down the cost of EVs and accelerating the transition to zero-emission transportation globally. CIIG’s leadership team has invaluable experience building businesses globally across a wide range of industries. We are excited to partner with them as we begin our journey to being a publicly-listed company and delivering our products to customers and cities around the world.

Here’s $CIIC’s explosive intraday chart, +27% today: 💪 

🌌 Stocktwits After Hours

Tonight on After Hours:

Tech Led The Way
What Happened To GM and Nikola’s Partnership?
What’s Got Sonos So Strong?

Listen here: Spotify | Apple | Google

Earnings This Week

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

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🦃 NY Times Covid-19 Live Updates: C.D.C. Urges Americans to Avoid Thanksgiving Travel

🏜 Southwest Deploys Team to Bring 737 MAX Jets Out of Desert

📻 Retail Entrepreneurs Buy Twice-Bankrupt RadioShack with Plans for Online Revival