MemeStock Madness Part ✌️

Tale of the Tape

Good evening, folks. Happy hump day!! 🐪

The market of stocks marched higher after yesterday’s reversal. Will we bounce back to all-time highs??? Time will tell… ⏳

Every major index closed higher. The Russell rallied 2.4%, while the Nasdaq managed a 1% gain. 

Energy surged for its 4th straight day— $XLE is now up 7 out of the last 8 sessions, but who’s counting. 😉

Financials flew another 2%. Industrials inched 1.87% as $XLI closed at an all-time high. 💸 Tech snapped back and gained 1.5%. Utilities was the only sector to stumble more than 1%.

The regional bank ETF $KRE cranked 3% and closed at an all-time high. $JETS jumped another 2.3%. 

Boeing bounced back 8% and closed at its highest price since December 15, 2020. Deere dashed another 2.5%.  

Goldman Sachs gained 3.6%, JPMorgan jumped 1.76%, and Berkshire bounced 1.2%. 

Maybe the game won’t stop… 🎮 🔥 GameStop gained 104% and is up another 80% after hours. Here’s the daily chart:

Will we see March MemeStock Madness?? Place your bets… 

Here are the closing prints: 

S&P 5003,925+1.14%
Russell 20002,284+2.38%
Dow Jones31,961+1.35%

Flying Taxi SPAC

Who else is excited about a flying taxi SPAC?! 

Joby Aviation (or Joby, for short) spent the last 10 years developing piloted ‘electric passenger aircrafts.’ So basically flying taxis. 

The company was just granted airworthiness approval by the US Air Force. Not only that, Joby also entered a deal with SPAC Reinvent Technology Partners (NYSE: RTP) to publicly list Joby Aviation on the NYSE. 

Joby CEO JoeBen Bevirt said: 

…But our long-term vision has always been to build a global passenger service, helping a billion people to save an hour every day, while contributing to the protection of our precious planet.

Joby hopes to have a commercial air fleet in operation by 2024. Crazy to think we could have flying taxis by then, but Joby Aviation is the first to get FAA and Air Force approval for its eVTOL technology. Anything can happen. 🤷

Fisker and Foxconn Fuse Forces

Fisker’s stock shot off the starting line after this morning’s announcement of a signed agreement with the infamous Apple manufacturer, Foxconn. 

The joint venture has the two companies working together to produce 250k+ vehicles each year. While a location still hasn’t been finalized, Fisker CEO Henrik Fisker commented:

They’ve got a factory there [Wisconsin] and quite a lot of land with quite a lot of possibility for expansion. We haven’t made a final decision on that, but that’s an obvious one.

Don’t get too excited, though— this deal is for Fisker’s second car, slated to enter production in Q4 2023.

$FSR flew 38.6% on the news as the stock closed at an all-time high. Here’s the daily chart: 

Heads up! $FSR is scheduled to report earnings tomorrow after the close. 

Another Day, Another Covid Vaccine 💉

Another vaccine joined the ranks today— Johnson & Johnson’s single-dose Covid-19 vaccine was just deemed safe and effective by the USFDA. 

J&J’s vaccine has 66.1% efficacy in preventing moderate to severe disease, making the shot the third to be approved for use in the US. 🙌

While the shot isn’t technically as effective as the other two approved, it is just a single dose, and it has been successful in preventing severe illness among 44,000 trial participants. 

The vaccine could even be effective in preventing asymptomatic cases, but that’s not confirmed yet.

Here’s the WSJ with more details. 

Barrack, The Sheep 🐑

What’s the wildest haircut you’ve ever had? We bet you can’t beat our friend, Barrack.

Barrack, a sheep in Australia, was recently found in the wild sporting a ~78-pound fleece coat (which, an Australian newspaper kindly pointed out, is about half the weight of an adult kangaroo). 

His ear taggings indicate he used to have an owner, but wandered away and got lost for a long, long time.

We’re sure he’s feeling fresh after his first new fade in a while. We have to admit, he’s handsome:

Earnings Round-Up

Nvidia reported earnings after the close. The company posted record quarterly and full-year revenue, growing 61% and 53% respectively. 

Here are the numbers:

EPS: $3.10 vs $2.81 est.
Revenue: $5B +61% YoY

Jensen Huang, founder and CEO of NVIDIA, shared:

Q4 was another record quarter, capping a breakout year for NVIDIA’s computing platforms. Our pioneering work in accelerated computing has led to gaming becoming the world’s most popular entertainment, to supercomputing being democratized for all researchers, and to AI emerging as the most important force in technology.

$NVDA was up ~3% after hours. 

Earnings This Week

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

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