Tale of the Tape
Good evening, y’all. The market made money moves today.
Every major index finished higher while small-caps led the crusade— $RUT rallied 1.4%. The S&P 500 closed above 3700 for the first time ever. Here’s to all-time highs!! 🥂 🤑
Energy was the strongest sector. Real estate was the weakest, $XLRE lost 0.5%.
Big-cap tech has been BIG. The Nasdaq 100 ETF closed positive for the 11th straight day. Can the Qs count to 12? Place your bets…
We still don’t have a stimulus deal. Who knows what’s going on in Washington. Hear about the status of the stimulus on tonight’s episode of After Hours.
Stitch Fix soared 40% after last night’s earnings. $SFIX closed at its 3rd highest price ever. Will $SFIX see new highs soon? Time will tell.
Yeti yeeted to all-time highs. The cooler company is up 330% since its March low. Maybe the stock is bear proof too?? lolz.
Here’s the daily chart:
Gambling stocks gained on turnaround Tuesday. $PENN popped 8.8% and $DKNG dipped, then ripped, and closed up 6%.
Etsy etched a new all-time high. What a time to be alive.
Here are the closing prints:
| S&P 500 | 3,702 | +0.28% |
| Nasdaq | 12,582 | +0.50% |
| Russell 2000 | 1,917 | +1.40% |
| Dow Jones | 30,173 | +0.35% |
Earnings Round-Up
Chewy chewed up third quarter 2020 results after the close. The online retailer of pet food saw sales grow 45% YoY.
Here are the results:
EPS: ($0.08) vs ($0.15) est.
Revenue: $1.78B +45% YoY
Active Customers: 17.79M +40% YoY
Sumit Singh, CEO of Chewy, said:
Chewy’s relentless focus on execution and inventiveness resulted in record net sales and another quarter of positive adjusted EBITDA. Over the past few quarters, our team has been hard at work to reformat our proprietary brands and overall assortment strategy by introducing compelling merchandise, improving discoverability, and delivering a tremendous value proposition for our customers.
We are also proud to take a leading role in making pet healthcare more affordable and accessible with the recent expansion of our healthcare offerings to include medicinal compounding and telehealth.
$CHWY chopped -3% after hours.
MongoDB Inc. beat top and bottom line estimates for Q3. Subscription revenue increased 40% YoY.
Here are the stats:
EPS: ($0.30) vs ($0.46)
Revene: $150.8M +38% YoY
$MDB moseyed down 2% after hours.
AeroVironment blew out Q2 2020 consensus estimates after the close. The aircraft company achieved major milestones this quarter, including successful stratospheric flight of the solar HAPS Sunglider and the introduction of their loitering missile systems.
Here are the details:
EPS: $0.48 vs $0.31 est.
Revenue: $92.7M +11% YoY
Here’s a visual of AeroVironment’s family of UAVs:
$AVAV was flat after hours.
GameStop may wish its Q3 earnings were in a simulation. The video game retail company saw net sales fall 30% YoY as there’s been limited availability of hardware and accessories. Oof.
Here are the numbers:
EPS: ($0.53) vs ($0.81) est.
Revenue: $1B -30% YoY
$GME dropped 12% after hours.
Tesla To Raise A Breezy $5B
Tesla announced in an SEC filing today that it’s looking to raise $5B in a stock offering, just one day after its market cap hit $600B.
This will be the second time in the past three months that the soon-to-be S&P 500 member has done a share sale. In September, the company raised $5B to ease future debt pressure.
This comes as Tesla’s finance chief, Zachary Kirkhorn, said that he expects CapEx to be between $2-$2.5B for each of the next two years.
We’re just not sure why Elon didn’t just open his wallet for this one — he gained almost $10B in net worth yesterday.
Also, Elon confirmed his move to the Lone Star State.
The Game Is Cancelled 😐
Today revealed a competitor that neither Michigan nor Ohio State could beat — Covid-19.
Michigan announced earlier that it cancelled the 117th edition of “The Game” due to Covid cases in their program.
This cancellation means that Michigan will officially go more than 10 years without beating their rival. 🤣
Ohio State’s football twitter account had the best take on the day with this one word tweet. 🙊
Apple Takes Headphones To The Max
Apple revealed its new Airpods Max headphones this morning. The beautifully-modified Beats will cost $549. Classic Apple.
These new headphones will feature “high-fidelity audio, Adaptive EQ, Active Noise Cancellation, and spatial audio.” Not to mention, the whole slate of AirPod and AirPod Pro features.
Only Apple could sell headphones for the same price as a PS5. 😉
Even Everest Is Growing 📈
Mount Everest got taller. 🏔️
On Tuesday China and Nepal agreed on a new measurement for the legendary mountain — 29,031.7 ft.
Everest’s height has been debated for years. China’s last measurement was 15 feet off, and Nepal’s was 2.8 feet too short.
President of the Nepal Mountaineering Association, Santa Bir Lama, said:
This is a milestone in mountaineering history which will finally end the debate over the height and now the world will have one number.
Not that we can hike it yet, though. S/o 2020.
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
👟 UCLA Signs Deal With Nike After Acrimonious Under Armour Breakup
▼ New York City’s Credit Rating Outlook Lowered to Negative
🌊 California Water Futures Begin Trading Amid Fear of Scarcity
✈ Chuck Yeager, Pioneer of Supersonic Flight, Dies at Age 97
Goldman Sachs to Acquire 100% of China Securities Joint Venture
✇ Uber Is Giving Self-Driving Car Project to a Start-Up
