Tale of the Tape
Good evening, folks! The market of stocks turned lower on Tuesday, unless your name was Rocket… 😉 🚀
Every major index closed negative. The Russell 2000 lost 2% while the Nasdaq dropped 1.69%.
Basic materials was the only sector that didn’t struggle. Tech tumbled 1.6%.
Rocket rallied 71%. 🚀🚀 The stock gapped up to $27 before blasting off to blue skies. $RKT spent the entire day Trending on Stocktwits.
Here’s the ridiculous daily chart:
Starting next Wednesday in Texas, masks will no longer be mandatory, and businesses can operate at 100% capacity. The state’s governor announced:
It is now the time to open Texas 100%. State mandates are no longer needed.
Moments after Texas’ announcement, Mississippi also lifted its mask mandate. The state will allow businesses to operate at 100% capacity— not next week, but tomorrow. We can hear Mississippi Governor Tate Reeves: “take that Texas.” 🤣
Zoom Video zipped back and filled its earnings gap, closing down 9%. Maybe the reign of the lockdown stocks has come to an end?? 🔓 🔑 Time will tell…
Volvo was the next automaker to announce EV plans. The car company wants to be fully electric by 2030.
Ford and GM both showed signs of relative strength. $F flew 4.76% and closed at its highest price since January 2018, while $GM gained 2.99%.
Car talk always seems to revolve around $TSLA. But in 2021, Elon’s EV maker is significantly underperforming compared to its peers. Is $TSLA getting ready to charge higher, or did the car come unplugged?? Place your bets…
Here’s a YTD performance chart featuring $F, $GM, and $TSLA:
And here are the closing prints:
Buy the $BUZZ?
Chances are, if you’re a Stocktwits user, you understand the power of the market community. Today, Dave Portnoy and VanEck Vectors launched the new ETF $BUZZ with this community in mind.
In a tweet, Portnoy announced his partnership, explaining the ETF’s utilization of internet investors by incorporating social sentiment from sites like (yours truly) Stocktwits, Twitter, Reddit, and more.
The company claims Buzz is a “new era of investing.” What do you think? If you’re interested, you can check it out here.
Instacart, The Unicorn 🦄
Have you heard of Instacart? 🤔 🦄
If you haven’t, it’s a grocery delivery company that just became one of the US’ most valuable unicorn startups… at $39B, Instacart is second in valuation only to Elon’s SpaceX ($74B).
A little less than 5 months ago, the startup was valued at $17.7B. The pandemic played a huge role in demand for Instacart’s services— CFO Nick Giovanni commented:
This past year ushered in a new normal, changing the way people shop for groceries and goods.
Following the trend of similar private tech companies and IPOs (Snowflake, Airbnb, Stripe, etc), Instacart will probably go public soon. Goldman’s reportedly leading the listing. 💸 💰 Here’s CNBC with more info.
The Goose is Loose
In 1995, the NBA inducted its first-ever Canadian teams: the Torono Raptors and Vancouver Grizzlies. In 2021, the league announced a partnership with one of the coolest companies in the frozen north— Canada Goose. ❄️
Canada Goose will become the outerwear partner of the NBA All-Star weekend. The coat company will also collaborate with a new brand each year for both players and fans. 👀 Launching on March 4, this year’s partner is RHUDE.
Canada Goose CEO Dani Reiss had this to say:
Canada Goose has been a coveted brand across the influential arenas of film, entertainment and sport for decades. This multi-year partnership is a significant milestone for Canada Goose and the NBA. . . While this year looks different, we are proud to celebrate the players who have always supported us.
Our thoughts on the NBA x Canada Goose deal? It’s pretty fly. 😏
Square… But Make it a Bank
Square, Inc. just announced the opening of Square Financial Services, a bank and independently-governed subsidiary of Square, Inc. 🏦 🙌
Square Financial Services finished its charter approval process with the FDIC and Utah Dept. of Financial Services (Square’s headquartered in Salt Lake City).
The bank will primarily offer business loans, deposit products, underwriting, and loans for Square Capital’s current lending product. In the future, Square Financial Services will be a primary finance provider for US Square sellers.
The company’s CFO, Amrita Ahuja, said:
We thank the FDIC and Utah DFI for their partnership enabling us to reach this milestone, and look forward to continuing to expand access to financial services at this critical time for small businesses.
Target stumbled 6.7% despite exceeding earnings estimates. The company shared this beautiful infographic to showcase its FY2020:
Here are the numbers:
EPS: $2.67 vs $2.54 est
Revenue: $28.34B, +21.1% YoY
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
📝 *Free investing workshop: IBD is hosting a virtual event on the basics of fundamental analysis, technical analysis and market timing
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📈 Back on Solid Ground— Coin Metrics #92
🎨 Best of Banksy
👟 Nike Executive Leaves Following Report About Son’s Business
🍿 SPAC Week Continues…Why We Launched A SPAC
✈️ The Rolls-Royce All-Electric Airplane is Ready for its Spring Take-off
💥 NFTs Are Booming, But They’re Nothing New in the Art Market
🏝️ We Had Marlon Brando’s Island Utopia to Ourselves