Tale of the Tape
Good evening, everyone. The market of stocks continues to streak!!! 🔥
Every major index closed at a fresh all-time high. The Russell 2000 and S&P 500 have both rallied higher in six consecutive sessions. Can the streak stretch to seven straight?? Time will tell…
Energy was today’s strongest sector. $XLE is already up 13% in the month of February. Financials and technology both gained more than 1%. Utilities was the only negative sector.
Bitcoin broke to all-time highs after Tesla dropped $1.5B on the cryptocurrency. See more below.
Futures contracts for Ethereum began trading on Sunday as the crypto cracked another all-time high. 🚀 💰
Pot stocks popped and biotech bounced another 4.3%. The US Cannabis ETF $MSOS marched 4.3% and closed at an all-time high.
Nvidia surged 6% and closed at its second-highest price of all-time. Check out this daily chart:
And here are the closing prints:
| S&P 500 | 3,915 | +0.74% |
| Nasdaq | 13,987 | +0.95% |
| Russell 2000 | 2,289 | +2.53% |
| Dow Jones | 31,385 | +0.76% |
$TSLA Breaks The Bank…On Bitcoin
Elon Musk is crypto-crazed at the moment. After hyping up Dogecoin all week, Tesla’s CEO finally pulled the trigger on Bitcoin: the company added $1.5B of the cryptocurrency to its balance sheet.
Here’s what the company had to say in its SEC filing:
We hold and may acquire digital assets that may be subject to volatile market prices, impairment and unique risks of loss.
In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.
Bitcoin broke out to all-time highs, ticking nearly 45K on the news. Tesla’s paper gains today were over $190M— if it sold the coins right now, this quarter would be its second-most profitable ever. Woah. 😯
Here’s the Bitcoin daily chart:
What’s next? Will more companies follow in Elon’s footsteps?? Place your bets…
Clean Energy Fuels Flies To 9-Year Highs
Clean Energy Fuels Corp inked a deal with the Los Angeles County Metro today for an estimated 47.5M gallons of its renewable natural gas. ♻️
The agreement completes Metro’s 5-year goal to move its diesel fleet to cleaner fuel. Clean Energy’s RNG comes from biogenic methane produced when organic waste decomposes in dairies, landfills, and wastewater treatment plants. RNG reduces climate-harming greenhouse gas emissions by 70-300%, making it a negative carbon fuel. 😁
Metro Chief Sustainability Officer Cris Liban said:
Metro is committed to ensuring a seamless path towards a carbon neutral future. Our use of RNG alongside our ultra-low NOx engines on our existing CNG fleet provides the most cost-effective, equitable, and clean air strategy as we continue to transition to a 100% zero-emissions bus fleet by 2030 and a net zero-emissions agency by 2050.
$CLNE reacted well to the deal, poppin’ 38% to 9-year highs.
Denmark’s Giant Wind Island 🇩🇰
Denmark just announced plans to build a $34B wind energy island. Yep, you read that right— a wind island.
The island will house hundreds of offshore wind turbines in the North Sea to provide energy to surrounding countries. The construction project is about to be the largest in Denmark’s history. 🇩🇰 🙌
Officials commented on the country’s ambitious attempt to replace its current oil and gas extraction:
The artificial island will offer the best opportunities to expand the project, for example by building a harbor and facilities for storage and conversion of green electricity from the nearby wind turbines in the sea. It is the long-term ambition to be able to store green electricity on the island, convert it to liquid green fuel, and send it via subsea cables to Denmark and neighboring countries.
Read more about the clean energy island here. 💚 And check out its design plan:
Birkenstocks Break The Bank 💎
What do you get when you cross designer handbags with granola footwear? Birkinstocks, of course!
The Brooklyn-based design company MSCHF will craft Birkenstock-style sandals with leather from Birkin bags. The limited-edition sandals are available for purchase by request only…not surprising, since they’ll cost between $34K and $74K. 🤭
MSCHF Co-Founder Daniel Greenberg commented on his inspiration for the new shoes:
For a while, there was this joke going around the office. My crunchy cousin Jimbo stepped on my rich aunt’s Birkin bag in his dirty Birkenstocks, and for whatever reason, that led me to pitch doing Birkinstocks as a drop.
Future and Kehlani both already bought Birkinstocks, but are the sandals as cool as MSCHF’s holy water-filled Nike sneakers?
We’ll let you decide.
Earnings Round-Up
Chegg crushed Q4 earnings as remote learning continues to rise. The company had 6.6M subscribers ending Q4, up from 3.7M in Q3.
Here are the stats:
EPS: $0.55 vs $0.51 est.
Revenue: $205.7M, +64% YoY
$CHGG chugged 4% after hours.
Take-Two Interactive Software reported earnings today after the close. The video game publisher beat Wall St. estimates and guided higher for the current period.
Here are the numbers:
EPS: $1.24 vs $0.96 est.
Revenue: $814.3M, -7.5% YoY
Strauss Zelnick, CEO of Take-Two, said:
The outperformance of Grand Theft Auto Online, Grand Theft Auto V, NBA 2K, the Mafia: Definitive Editions and Mafia: Trilogy, and Red Dead Redemption 2 reflects our development teams’ boundless passion, creativity, and commitment to captivate and engage audiences.
$TTWO tumbled 4% after hours.
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
💪 Kenyan Woman’s Startup Recycles Plastic into Bricks That Are Stronger than Concrete
🌊 Floods and Winds Plague Residents of Rafael Viñoly’s 432 Park Avenue
🏎️ The Mach-E is Ford’s Most Important Mustang in 56 Years
♻️ KLM Makes First Regular Flight With Sustainable Synthetic Fuel
💚 Green Hydrogen Plant in Saudi Desert Aims to Amp Up Clean Power
🖥️ Computer Science Is For Everyone
✌️The How & Why of Jeff Bezos’ Exit from Amazon
