Tale of the Tape
Good evening, folks. The market of stocks struggled to start the week.
Every major index closed in the red as the Nasdaq fell over 1%. The small-caps finished flat. Can the Russell 2000 continue its recent rally? Time will tell.
Energy was today’s strongest sector. $XLE surged 1.5% and closed at its highest price since June 10, 2020. Healthcare and financials also finished higher. Consumer discretionary, communications, and real estate all lost more than 1.5%.
Crypto crashed. Bitcoin broke back to 30K while Ethereum briefly dipped under 1,000. Where will crypto crack next? Place your bets…
Lordstown Motors charged up 23% after the company said it received over 100,000 pre-orders from commercial fleets for its all-electric pickup truck. See more below.
Crocs crossed $70 and closed at a new all-time high. The company raised its 2020 revenue guidance. Read more here.
$PENN popped through $100 for the first time ever and Portnoy posted this to celebrate. 😂 As if that wasn’t enough, The Barstool Fund has raised over $22M already.
Lemonade lept 14% — $LMND is up 53% in the last 3 days.
Walmart plans to pivot to fintech but will Walmart make you wealthy? See more below.
Here are the closing prints:
Save Money, Bank Better?
Walmart (that’s right, Walmart) announced plans to launch a fintech startup with Ribbit Capital, a VC firm backing Robinhood.
The startup will offer money management and other financial services, targeting underbanked individuals in the US. Walmart CEO John Furner commented:
For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs. And they’ve made it clear they want more from us in the financial services arena.
The retail giant hasn’t released details about its latest venture, but we’re sure it’ll help us save money and live better. 💸
New NIO Day
This past weekend, NIO had its aptly named “NIO day” where the EV maker introduced its biggest battery pack ever. Today, investors rewarded NIO in kind with the company’s highest recorded stock price. $NIO hit $69.57 within the first 10 minutes of trading, and while that was the high of the day, $NIO still closed up 6.42%.
Here’s the daily chart:
Things only got more interesting from there— after the close, the company proposed offering $1.3B in convertible notes, with half due in 2026 and the other half due one year later. The stock was down 3% after hours.
If you get your investment advice from TikTok, you already know this is the stock to watch. 😂
Today Pfizer and BioNTech announced plans to manufacture 2 billion vaccines this year, increasing the companies’ original production goals by over 50%.
With several contracts to different countries already in place, Pfizer and BioNTech expect to deliver 600M vaccines to the EU and 200 doses to the US.
The biotech companies also plan to open a new vaccine manufacturing plant in Marburg, Germany to keep up with spiking demand.
With the US struggling to organize vaccination programs and new strains on the rise, effective vaccine production is needed now more than ever. Pfizer and BioNTech respectively rallied 1.72% and 8.48%.
Here’s Bloomberg with more.
Only the cES-sentials
The largest tech conference in the world kicked off virtually this morning for the first time in its 54-year history.
New featured products include a rollable computer chess board, a mask with built-in headphones, and an AI toothbrush. Ya know, the important things.
The highlight of the conference isn’t until tomorrow, though — Billie Eilish will lead a talk, with a performance following. Who knew she was so versatile?
Unprecedented in Automotive History
Lordstown Motors said it has received more than 100,000 reservations for its Lordstown Endurance™ all-electric pickup truck. This isn’t your neighbors pre-order, either— the average order is ~600 vehicles per fleet.
Steve Burns, CEO of Lordstown Motors, said:
Receiving 100,000 pre-orders from commercial fleets for a truck like the Endurance is unprecedented in automotive history. Adding in the interest we have from federal, state, municipal and military fleets on top of that, I think you can see why we feel that we are about to revolutionize the pickup truck industry.
The Lordstown Endurance is a full-size EV pickup with a range of 250 miles and the ability to tow up to 7,500 lbs. The company is on track to begin production in September 2021.
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
🤝 Meet symbol: ETHE – an easy way to get Ethereum exposure in your brokerage account*
🎤 Daniel Schmachtenberger’s Talk at Emergence
🏌 PGA Removes 2022 Championship From Trump’s N.J. Golf Course
👢 Dr. Martens Explores London IPO
☁️ Completed Angular Floating House as Part of Sustainable Amsterdam Community
⚖️ Parler Sues Amazon After Tech Giant Kicks Site Off Its Servers
🎧 Dr. Jim Loehr on Mental Toughness, Energy Management, the Power of Journaling, and Olympic Gold Medals
⏳ Trends Shaping the Future of The Fan Experience