Back to Basics?

Tale of the Tape

Good evening, folks. Happy Tuesday!

The market of stocks bounced back after Monday’s minor meltdown — every major index finished higher. 

Energy surged again. ⚡ Yesterday, it was the only sector to finish positive. Today, $XLE rallied 4.5%. Utilities and real estate both closed negative, but basic materials finished at a fresh all-time high.

Crude crossed $50 for the first time since February 26, 2020. See more below.

Cryptos continued their crazy streak. Bitcoin bounced +6% while Ethereum hovers around $1,100. Maybe $BTC.X will break $35K? Time will tell… 

Freeport McMoRan ran 4.5% and closed at its highest price since November 26, 2014. The basic material stock is up 434% since its March low. 

The China Technology ETF $CQQQ closed at a new all-time high. $BILI bopped another 8% while $JD jumped 10%. Oh, and Jack Ma isn’t missing… He’s ‘laying low.

We await the results of Georgia’s runoff. Will Washington welcome a blue wave? Place your bets

Here are the closing prints: 

S&P 5003,726+0.71%
Russell 20001,979 +1.71%
Dow Jones30,391+0.55%

Energy Surged 

The energy sector surged today after the Saudis announced oil output cuts. One million barrels per day (bpd) will be cut in February and March.

Crude futures ticked above $50 for the first time since February. Remember when it went negative?? Lol

Here are a few notable energy names:

ExxonMobil $XOM +4.82%
Occidental Petroleum $OXY +10.21%
Royal Dutch Shell $RDS.A +6.88%
Chevron Corp. $CVX +2.65%
ConocoPhillips $COP +5.74% 

$XLE popped 4.5% and filled its gap from Dec. 21. Is this the fuel energy needed to turn a positive 2021? 🤔 Time will tell…

Amazon Tries to Take Off

Bezos got one step closer to world domination today. Amazon bought 11 used Boeing 767-300 jets from Delta and WestJet.

This move marks Amazon’s first purchase in the sky (although the company has leased jets before). In a statement, Amazon said it expects to have more than 85 planes by the end of 2022.

There’s already speculation that Amazon hopes to end relations with UPS and FedEx one day, and this certainly helps that situation. Amazon’s $1.5B air hub in Kentucky is set to be open later this year — it’ll be able to handle more than 200 flights a day.

We’re just over here waiting for same-day delivery…

QCOM CEO Steps Down

Qualcomm CEO Steve Mollenkopf announced that he will be retiring in June. Mollenkopf will be succeeded by current president, Christiano Amon.

The move comes shortly after all the $QCOM drama, including business model scrutiny from the Federal Trade Commission, a takeover attempt from Broadcom, and a legal battle with Apple.

Qualcomm Chair Mark McLaughlin said: 

Steve navigated through unprecedented circumstances during his tenure, facing more in his seven years as CEO than most leaders face in their entire careers.

$QCOM gained 2.65% and sits less than 5% away from all-time highs. Here’s the daily chart:

Beamer, Benz, or Bentley? 

Uhh the latter, of course. Most of us had a rough 2020, but Bentley Motors certainly didn’t

The automaker sold a record number of its luxury cars last year— 11,206 total vehicles. That’s the highest number of cars the company has ever sold in its 101-year-long history. 

Bentley’s sales in the Americas increased by 4.2%. But its strong performance actually came from China, which bumped the country’s Bentley purchases up 48.5%. 💰

The luxury automaker’s CEO, Adrian Hallmark, said: 

“[He is] cautiously optimistic regarding business in 2021, as much remains uncertain.”

Baseball Boss Bianca 

The Boston Red Sox just hired the first Black woman ever to coach professional baseball!! 🙌 🥳

A huge congratulations to Bianca Smith, the 29-year-old former hitting coordinator at Carroll University. Smith also previously held the Director of Baseball Operations title at Case Western. 

Smith played softball at Dartmouth. She commented: 

“I think it’s a great opportunity also to kind of inspire other women who are interested in this game. This is not really something I thought about it when I was younger. I kind of fell into it being an athlete. So I’m excited to get that chance to show what I can do.” 

The Red Sox hired Bianca Smith to work with Minor League position players. Already some great news in the new year! ⚾

Earnings This Week

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

Links That Don’t Suck

🌌 Stocktwits After Hours: Today is the Day. When Will We See Runoff Results?

💸 Coin Metrics’ State of the Network: Issue 84

🔋 Rivian Is Close to Raising Funds at $25 Billion Valuation

📈 The Best and Worst Performing Sectors of 2020

🌎 The 23 Most Famous Art Deco Buildings Around the World

⏳ Pete Weishaupt – The Golden Age for Creators

💰 Of Dollars and Data: Why I’ve Changed My Mind on Bitcoin

♻️ Kyoto University Develops World’s First Wooden Satellite in Bid to Reduce Space Waste