Tale of the Tape
Good evening, folks. We open another week on a green note.
Every major index finished positive. The Russell 2000 continued its rally but the Nasdaq barely closed higher.
Energy was electric. $XLE surged 7%. Financials, industrials, and consumer discretionary all closed up over 1%. Tech, healthcare, and real estate were all negative. The FAANG gang all fell:
Former Fed Chair Janet Yellen is Biden’s pick for Treasury secretary. See more on her below. 👑
Today is Fibonacci Day… 11/23. Fibonacci fans everywhere are freaking out. We’ll let them have their day in the sun.
Palantier pierced through $20. $PLTR is now up 121% since its IPO. POW! 🚀
Snap gapped up after it unveiled its plan to topple TikTok. Will Snap succeed? Place your bets…
Here are the closing prints:
Korn Ferry reported earnings this morning before the bell. The management consulting firm gapped up 7%, but filled the gap before the close.
Check out the numbers:
EPS: $0.54 vs $0.49 est.
Revenue: $435.4M -13% YoY
Here’s the daily chart. $KFY +1.18%
DQ dropped after it reported unaudited Q3 earnings early this morning.
Here are the results:
EPS: $0.33 vs $0.32 est.
Revenue: $125.5M + 49.6% YoY
Mr.Longgen Zhang, CEO of Daqo New Energy, commented:
Solar is now becoming one of the most competitive sources of energy, even compared to traditional power generation methods. Globally, we are seeing strong momentum around the world in adopting and implementing renewable energy policies that would strongly benefit the solar end market. Last month, Mr. Xi Jinping, President of China, announced China’s initiative to scale up the national contributions to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. We believe favorable policies benefiting solar will be implemented during the upcoming 14th five-year-plan, driving a substantial increase in solar installations in China… We are strongly committed to contributing our efforts as a raw material provider for mainstream solar PV modules and are fully confident we will benefit from this fast-growing market.
$DQ is still up 271% YTD. Here’s the daily chart:
Niu Technologies fell after it reported Q3 earnings. The company missed earnings estimates and lowered its forward- looking guidance.
Here are the numbers:
EPS: $0.17 vs $0.18 est.
Revenue: $131.74M vs $139.37M est.
$NIO dropped 9%. Here’s the daily chart:
Snap Taking On TikTok?
Snap announced the launch of its new feature “Spotlight,” a function similar to TikTok and Instagram Reels.
Snappers 16+ have the opportunity to earn part of a $1M daily pool paid to users creating quality content.
Top submitted snaps will be displayed to 249M daily active users. Spotlight does not include ads, but Snap expects to introduce advertising in coming months.
Read the press release here.
Madam Treasury Secretary
President-elect Joe Biden plans to appoint Janet Yellen as the next Treasury secretary, making Yellen the first woman to hold the position.
Janet Yellen will lead the Biden administration in tackling the financial consequences of the coronavirus pandemic. She said this about rising infections and unemployment:
There is a huge amount of suffering out there. The economy needs the spending.
Yellen will also be the first person ever to lead the U.S. Treasury, central bank, and Council of Economic Advisors. We love to see it! 🥳
Here’s the WSJ with more on Yellen.
The AstraZeneca Situation
AstraZeneca announced its COVID vaccine. The results varied as a handful of participants accidentally received inconsistent dosages.
The vaccine on average prevented 70% of COVID-19 cases in late-stage trials in Britain and Brazil. The success rate rose to 90% in a group of trial participants who accidentally received a half dose followed by a full dose. The efficacy was 62% if the full dose was given twice, as it was for most study participants.
AstraZeneca CEO Pascal Soriot shared this following the results:
Today marks an important milestone in our fight against the pandemic. This vaccine’s efficacy and safety confirm that it will be highly effective against COVID-19 and will have an immediate impact on this public health emergency. Furthermore, the vaccine’s simple supply chain and our no-profit pledge and commitment to broad, equitable and timely access means it will be affordable and globally available, supplying hundreds of millions of doses on approval.
Read the press release here.
🌌 Stocktwits After Hours
Tonight on After Hours:
The Market Loves a Janet Yellen Treasury Secretary
Are You Surprised To See The Small-Caps Rally?
What’s the Deal with AstraZeneca’s Vaccine?
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
🇮🇹 How To Find The Fibonacci Statue in Pisa
🇨🇦 World’s Tallest Passivhaus Building Set to be Built in Canada
💳 Bigger Problem: Student Loans or Credit Card Debt?
💊 Merck to Acquire OncoImmune