Tale of the Tape
Good evening, y’all. Today was a wild Wednesday.
Every major index finished lower. The Nasdaq lagged while the Nasdaq 100 ETF $QQQ tumbled 2.2%. All good streaks must come to an end..
Energy, industrials, and basic materials were the 3 positive sectors. Technology and communication services both dropped over 1%. Is the lockdown trade coming to an end? Place your bets…
DoorDash began trading and $DASH closed 87% above its IPO price. The food delivery app is now worth a breezy $60B. 🤯
$GSLI closed up 1000% after the company posted positive phase IIb results for its breast cancer treatment. Did Greenwich Life Sciences cure cancer? Time will tell.
Check out the daily chart:
Lowe’s lept 5.8%. Earlier today, the company unveiled its strategy to drive market share and announced a $15B stock repurchase program. Read the press release here.
Facebook got hit with lawsuits from The Federal Trade Commission and 46 states. The company may be forced to unwind Instagram and WhatsApp. Listen to the latest on After Hours.
Tesla tumbled 7%. The stock ticked its lowest level dating back to last Friday…
Here are the closing prints:
| S&P 500 | 3,672 | -0.79% |
| Nasdaq | 12,338 | -1.94% |
| Russell 2000 | 1,902 | -0.82% |
| Dow Jones | 30,068 | -0.35% |
I Didn’t Know $DASH Delivered To The Moon
Man, $DASH missed on its initial price range of $90-$95. The company priced its IPO at $102, but the stock opened at $182.
Here’s the freaky 5-min chart:
As of today’s close, the food delivery app is worth a whopping $60,000,000,000. Delicious. 😋
Tomorrow, Airbnb will follow the march of the Unicorns. $ABNB is expected to price its IPO above the initial range ($56 – $60). Sound familiar?
This week could get wild. 🤭
Earnings Round-Up
Restoration Hardware beat Q3 earnings estimates with ease. Turns out people like to buy expensive furniture during lockdown. 🤷♂️
Revenue grew 25% YoY with expected double-digit revenue growth in 2021.
Here are the numbers:
EPS: $6.20 vs $5.42 est.
Revenue: $844M +25% YoY
The Company shared:
The emergence of RH as a luxury brand generating luxury margins has arrived years sooner than expected and we now believe we will reach 21% adjusted operating margin in fiscal 2020 with revenue growth of approximately 7%. If revenues grow at a higher than forecasted rate in the fourth quarter, adjusted operating margins could expand beyond 21%, and we now see a clear path to an adjusted operating margin of 25% in the coming years.
$RH was flat after hours.
nCino reported third quarter fiscal 2021 results after the close. The fintech company beat on top and bottom lines. Revenue increased 43% YoY.
Here are the stats:
EPS: ($0.10) vs ($0.16) est.
Revenue: $54.2M +43% YoY
Pierre Naudé, CEO of nCino, commented:
We continue to see strong global demand for our platform from financial institutions of all sizes, with several significant deal signings in the third quarter, along with numerous go-lives in the U.S. and international markets. With the pandemic further accelerating the demand for digital transformation of financial institutions, our pipeline continues to grow and we are raising our full year guidance. We are excited about the increasing adoption of our cloud-based software across the global financial services industry to meet this demand.
$NCNO stumbled 3% after hours.
Vaccine Updates: UK and Canada
Today, Canada approved Pfizer’s COVID-19 vaccine for patients ages 16+.
That makes Canada the third country to officially grant the vaccine’s EUA, eh. 😉 🇨🇦
Canadian health officials expect vaccines to be administered by next week. The country’s public health regulator said:
The approval of the vaccine is supported by evidence that it is safe, effective and of good quality.
Meanwhile, the UK started vaccinating yesterday — only 2 patients experienced adverse allergic reactions. British Medical Director Stephen Powis said:
Two people with a history of significant allergic reactions responded adversely yesterday. Both are recovering well.
Overall, though, looks like things are headed in the right direction… Here’s Reuters with more on Canada and the UK.
Who Wants It!
DirecTV’s for sale!
Currently valued above $15B, AT&T’s DirecTV satellite-TV service could be sold at auction as early as Q1 2021.
The deal will relieve AT&T of satellite TV’s tumbling business. In the last 2 years alone, over 7M subscribers switched to streaming services.
5 years ago, AT&T bought DirecTV for $49B. Now, bidders won’t dish out more than $15B. AT&T Chief Executive John Stankey said this about the auction:
We still have opportunities to do some things around rejiggering our portfolio. We’ll continue to force ourselves to look at those hard decisions.
Streaming is taking over. 🤯 Not surprising though, since telecom secretly runs Hollywood.
EVs or FCVs?
Toyota updated its Mirai hydrogen fuel cell car today with 30% greater range than its predecessor (800 km — 497 mi).
The update comes as Toyota struggles to get consumers to buy fuel cell technology over EVs — the first-gen Mirai only sold 11,100 units in its first six months. Oof 😖
That may have to do with the price. Even after tax breaks, the car is still a cool $48K.
All we know is that if Elon produced this car, the market cap would be ~$500B. 🤷
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
📺 The Great White Hope of Media – On my Om
😂 Jerry Seinfeld — A Comedy Legend’s Systems, Routines, and Methods for Success
☕ Starbucks Announces the Appointment of Mellody Hobson as Non-Executive Chair of the Board
🆘 FireEye, a Top Cybersecurity Firm, Says It Was Hacked by a Nation-State
🎞️ Timeless Themes From the Movie Wall Street
🎶 AirPods in the Shower: Accident or Innovation?
💰GE to Pay $200 Million to Settle SEC Accounting Probe
