When Life Gives You Lemons… Trade $LMND? 🍋

Tale of the Tape

Good evening, everyone. We’re through another Thursday. The market of stocks rallied to its highest levels in history. 

Every major index closed at a new all-time high. Bitcoin bopped— $BTC.X broke through 40K. Where to next? Time will tell. 

Tech was the strongest sector, followed closely by consumer discretionary. Utilities lost just over 1%. 

Tesla ticked a new all-time high and Elon is the richest person on the planet. 🚀 How many shorts are left?? Place your bets… 

When life gives you lemons…trade $LMND? 🍋 The recent IPO insurance agency ascended 26% and closed at a new all-time high. Here’s the luscious daily chart:

$PLUG chugged 35% after the company received a $1.5B investment from SK Group to accelerate hydrogen as an alternative energy source in Asia.

Here’s its wild weekly chart:

Solar and social stocks were strong. Invesco’s solar ETF $TAN ran 5.5% and set its highest price since November 2008. Global X Social Media ETF $SOCL snapped 2.3% and closed at a new all-time high.

Just after the close, it was announced that Boeing agreed to pay $2.5B to settle criminal charges associated with its 737 MAX. Here’s the WSJ with the latest

And here are the closing prints: 

S&P 5003,803+1.48%
Russell 20002,096 +1.89%
Dow Jones31,041+0.69%

Sofi in the public eye

Social Finance Inc, better known as SoFi, is approaching a deal to IPO through a SPAC led by Chamath Palihapitiya.

The current valuation discussed is more than $6B, though sources caution that the deal could still fall apart.

Shares of $IPOE jumped more than 58% today on the news and trading had to be halted for more than an hour and a half. Think people are excited?

Jobless Claims Beat Estimates

The US reported jobless claims this morning, with results showing 787,000 total claims— better than predictions. 

Data shows a 126,000-claim drop. The number of individuals receiving unemployment benefits also fell 420,000 to 2 million, but still remains above pre-pandemic levels. 

Check out the chart: 

Here’s Crossing Wall Street with more info.

Done Deal 💎

Luxury conglomerate LVMH has finally accepted the reasonable $15.8B price tag for its acquisition of Tiffany & Co.

Last year, LVMH tried to back out of the sale. Both companies ended up sueing each other for months. 

Now, LVMH has finally agreed to acquire Tiffany at a 2.6% discount of the company’s original price. LVMH has also appointed Anthony Ledru as Tiffany’s new CEO (Ledru is the son of LVMH Founder Bernard Arnault, no bias there).  

Ledru commented:

I am delighted to rejoin Tiffany. I have deep confidence in LVMH’s commitment to protect the brand, drive its growth strategy, and apply the highest standards of retail excellence.

Now we just sit and wait for limited edition, diamond-encrusted, LV-patterned Moët and Hennessy bottles. 🥃 💎 🍾 

“Well, back to work …”

Believe it or not, that’s exactly what Elon Musk said when he found out on twitter that he is officially the richest person in the world.

His net worth is now approximately $188B, which means that if you stacked up his net worth in $100 bills, the stack would be 142 miles high. That’s …. a lot.

Musk’s recent jump in net worth is tied to his equity in Tesla, which is up over 535% since he tweeted the stock price was too high last year.

Elon – never change.

DOJ Fines Boeing 

The Justice Department fined Boeing $2.5B today to settle charges of concealing information about the two deadly  Boeing 737 MAX plane crashes in 2018.

The settlement includes a $243M fine and $2.2B in compensation to airline customers and the families of 346 people who were killed in the crashes.

Boeing’s CEO, David Calhoun, said:

This resolution is a serious reminder to all of us of how critical our obligation of transparency to regulators is, and the consequences that our company can face if any one of us falls short of those expectations.

$BA shares buzzed 0.8% higher.

Earnings Round-Up

$MU ( 🔼 2.59% )Micron Technology $0.78 EPS vs $0.71 est, Rev — $5.77B, +12.2% YoY growth

$BBBY ( ▼  10.94% )Bed Bath & Beyond $0.08 EPS vs $0.19 est, Rev — $2.62B, -5% YoY growth

Links That Don’t Suck

🌌 Stocktwits After Hours: Plug Power Popped 35%

📈 JC & Howard Lindzon: The Evolution of Markets

💰 Robinhood Weighs Selling its Shares to Clients in IPO

🇨🇳 U.S. Considering Adding Alibaba, Tencent to China Stock Ban

💪 Brevan Howard Hedge Funds Gain Up to 99% in Best-Ever Year

🔋 Saudi-Backed Lucid in Talks for Electric Car Factory Near Jeddah

💸 Robinhood Wants More Female Investors. So Does Everyone Else.

♻️ Virgil Abloh Designs Recycled Bottle as Emblem of Evian’s Circular Ambitions