Tale of the Tape
Good evening, folks. It’s the first day of February and the market of stocks marched to a high note.
Every major index closed positive. The Nasdaq Composite and Russell 2000 both rallied more than 2.5%.
Every sector finished higher as Consumer discretionary led the crusade, $XLY advanced 2.6%. Tech and real estate also gained more than 2%. Consumer staples struggled. $XLP only gained 0.09%.
Silver surged 7%. $SLV ticked its highest price since April 2013. Check out the unfinished weekly chart:
The cryptos were quiet. 🤫 Bitcoin bounced between 34,700 and 32,300. Ethereum still sits within 10% of its all-time high.
Novavax ticked a new 5-year high. The stock is up 6,640% since the start of 2020. 🚀
GoPro gained 17% and the stock is up another ~10% after hours. The action camera company is expected to report earnings on Thursday after the close.
Virgin Galactic took off as $SPCE soared another 21%. After hours, Elon’s space exploration company, SpaceX, announced plans for the world’s first all-commercial flight to Space. See more below.
GameStop dropped 30%. The stock is down 53% from its intraday last Thursday.
Alibaba advanced 4.2%. The company will report earnings early tomorrow morning. Here’s a link to the conference call scheduled for 7:30 AM ET.
And here are the closing prints:
Next Stop, Space?
SpaceX announced today that it will launch four people into rotation around Earth aboard the world’s first all-commercial orbiting astronaut mission. The Inspiration4 is set to launch in Q4 of 2021.
Jared Isaacman, CEO of Shift4 Payments, will command the spacecraft. He’s offering three seats next to him to the general public.
Inspiration4 is the realization of a lifelong dream and a step towards a future in which anyone can venture out and explore the stars. I appreciate the tremendous responsibility that comes with commanding this mission and I want to use this historic moment to inspire humanity while helping to tackle childhood cancer here on Earth.
SpaceX wasn’t the only space exploration company to make headlines, though. Virgin Galactic soared 21.5% and closed at an all-time high. 🚀 🌙 Here’s the daily chart:
Robinhood Rushes to Recover
After the fast-paced chaos from last week, Robinhood is still reeling.
This comes as Robinhood continues to restrict stock purchases on some securities. The company is facing tremendous backlash from politicians and Dave Portnoy alike.
With that being said, Robinhood is doing all it can. Last night on Clubhouse, the company’s CEO had a conversation with Elon Musk where he explained last week’s chaos. Robinhood is also still raising capital to process a full slate of trades for its users.
Last week, Robinhood raised an emergency $1B. Today, the company announced another $2.4B in funding to have the necessary collateral at its clearinghouse.
Oh, and Robinhood also posted a job listing for a “Corporate Communications Manager,” aka an expert in dealing with crises. 😂 We’re sure this isn’t related to last week, right?
Read Robinhood’s press release here.
Exxon + Chevron, Together as One?
Chevron and Exxon were supposedly in talks for a gigantic merger last year. If the companies follow through, the deal would shock the oil industry and the Biden administration.
While oil struggled during the pandemic, Chevron CEO Mike Wirth and Exxon CEO Darren Woods discussed the possibility of a merger, though the talks were called ‘preliminary.’
A deal like this would be a hot topic of antitrust debate. It would consolidate the descendants of the Rockefeller Standard Oil monopoly of 1911 for an estimated combined market cap of $300B. 🤯
Nothing is certain yet, but we do know this— Exxon + Chevron would be a dramafest under President Biden as he pushes a “transition away from the oil industry.”
Storm Surge in the Northeast
New York City declared a state of emergency today in response to ‘Orlena,’ the giant snowstorm expected to dump on NYC. ❄️ 🥶
NYC Mayor de Blasio encourages the city’s residents to stay home and non-essential travel to and from NYC is banned, effective today.
Mayor de Blasio said:
This is a very dangerous storm… New Yorkers should stay home, keep the roads clear for emergency vehicles and let our plows work to keep us safe.
Today might be the first time in 5 years the Big Apple gets more than a foot— 18-24 inches of snow are expected to fall tonight and tomorrow.
Nike Goes Hands-Free
Tying shoes may be a thing of the past… Nike announced its GO FlyEase shoes today.
According to Nike, these shoes feature a “bi-stable hinge that enables the shoe to be secure in fully open and fully closed states.”
The shoes are initially available only to select Nike members. Don’t worry, though, a full-scale release of the shoe will come later this year.
We can’t wait until this technology hits dress shoes suitable for the office. 🙌
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
📈 Robinhood, Market Structure, and the Impact of Social Media on Trading
🏀 Ryan Smith: The NBA’s Next Great Owner
🌊 ‘House on a Cliff’ by Kerimov Architects in Portugal Enjoys Rocky Scenery & Ocean Views
🏙️ Durbach Block Jaggers Reveals Pencil Tower Hotel Sydney Skyscraper
⚔️ Facebook to Counter Apple Privacy Update With Its Own Prompt
💡 What Investors Need to Know about Research and Inspiration in the COVID-19 Era