Tale of the Tape
Good evening, folks. It’s finally Friday and tomorrow is tournament time! 🥂
Stocks were calm to close the week. The Russell 2000 barely finished higher while the Dow dropped less than 1%.
Here’s the S&P 500 heat map. Today was boring af.
Utilities was the only positive sector. Tech was the worst. $XLK dropped 1%.
The Nasdaq 100 ETF closed with an inside week. Is this the calm before the storm? Who knows. Time will tell. See the weekly charts below.
The sun was hot. The solar ETF $TAN closed at its highest price since May 16, 2011. 🌞
$GSX caught a bid after it gapped down double digits on earnings early this morning. $DADA dashed to all-time highs. $PTON popped 5%.
Here are the closing prints:
| S&P 500 | 3,557 | -0.68% |
| Nasdaq | 11,854 | -0.42% |
| Russell 2000 | 1,785 | +0.07% |
| Dow Jones | 29,263 | -0.57% |
Earnings Round-Up
Dada Nexus reported earnings late last night. The company saw revenue increase 85% YoY and the stock soared.
$DADA dashed to a new all-time high. Here’s the daily chart:
See the unaudited results here.
GSX Techedu reported unaudited earnings early this morning. The Chinese tutoring service grew revenue by more than 250% and expects Q4 revenue to also increase by more than 100%.
Despite the impressive numbers, the stock got sold. $GSX gapped down and closed at its lowest price since July 2, 2020.
Here’s the daily chart:
Foot Locker fell after it reported Q3 earnings. Comp-store sales grew 7.7% vs the -1.2% estimate, but the stock struggled to stay above water.
Here are the numbers:
EPS: $1.21 vs $0.63 est.
Revenue: $2.11B +9.3% YoY
Lauren Peters, Executive Vice President and Chief Financial Officer, is optimistic about the future of Foot Locker. She said:
With close to $2 billion in liquidity, we believe our company is well prepared both financially and operationally to continue navigating the ongoing pandemic. Looking ahead, with over 10 percent of our store fleet temporarily closed due to COVID restrictions, we are taking proactive measures for the upcoming holiday period to deliver outstanding experiences both in our stores and online, while ensuring the safety of our team members and customers.
Weekly Charts
We made it through another week. Here are a few weekly charts:
The Qs were quiet. The Nasdaq 100 ETF traded in its tightest weekly range (weekly high – weekly low) since early this year. Is this the calm before the storm? Place your bets…
Invesco’s WilderHill Clean Energy ETF closed the week at its highest price since September 2008. $PBW is up 269% since its March bottom. Nice.
Bitcoin broke $17,000 and $18,000 this week. The cryptocurrency soared 16% for its best week since June 2019.
Will $BTC.X break $20K? Who knows. Here’s the weekly chart:
Seeking Approval
Today, Pfizer and BioNtech asked the FDA to authorize use of their COVID-19 vaccine.
Earlier this week, Pfizer met the FDA’s safety criteria for distribution.
Industry officials project the vaccine’s distribution by sometime in mid or late December, following FDA approval of course.
Pfizer CEO Albert Bourla said:
Filing in the U.S. represents a critical milestone in our journey to deliver a Covid-19 vaccine to the world and we now have a more complete picture of both the efficacy and safety profile of our vaccine, giving us confidence in its potential.
According to U.S. health authorities, vaccination is the key to fully returning to work and school. Let’s hope this pandemic ends soon. 🙏
Here’s the WSJ with more.
Toronto → Tampa??
The Toronto Raptors announced their new home in Tampa, Florida as Canada tightens U.S. border restrictions.
Two days ago, Canada declared its borders closed to the U.S. until December 21. In response, the Toronto Raptors became the Tampa Snowbirds. lol
Team President Masai Ujiri said this about the switcheroo:
The Raptors worked diligently with public health officials at the local, provincial and federal level to secure a plan that would permit us to play our 2020-21 season on home soil, and on our home court at Scotiabank Arena. Ultimately, the current public health situation facing Canadians, combined with the urgent need to determine where we will play means that we will begin our 2020-21 season in Tampa.
Here’s Bloomberg with the details.
Ball Out
Louis Vuitton and the NBA teamed up to present Madison Square Garden like you’ve never seen before.
The luxury fashion design house created a 360° interactive experience inside the “Mecca of Basketball.”
Here are a few phenomenal photos:
And for those who posted a profitable week, check out the LV x NBA collection here.
Links That Don’t Suck
📈 CWS Market Review – November 20, 2020
🦠 The Halfway Point – The Big Picture
🌳 Raised Circular Cycling Path Gives 360-Degree Views of Belgium Forest
💰 Big Banks Take Baby Steps Toward Commercializing Blockchain
💪 Even Jay-Z and Beyoncé Have Hopped on the Virtual-Fitness Bandwagon
🏝 Work From Anywhere
