Tale of the Tape
Good evening, everyone, and happy hump day! 🤩
The markets got worked this Wednesday. Every major index finished lower. The Nasdaq Composite dropped 2.70% and closed below 13,000 for the first time since January 15, 2021. 👎
Energy, financials, and industrials managed to close in positive territory. Consumer discretionary and tech tumbled more than 2%.
Crypto crept higher as Bitcoin bounces around 50K.
Rocket got wrecked. 🥊 💢 $RKT retraced 33% and closed just above yesterday’s opening price.
Peloton plopped 8.4% while TTD tumbled 12.8%. Both stocks closed at their lowest price since last November.
Zoom zipped back another 8.5%— the stock has dropped more than 20% from yesterday’s opening print. Are the lockdown stocks on lockdown…?
Despite the tech turbulence, travel stocks sailed higher. ✈️ $JETS jumped 1.2%, while Carnival and Norweign both closed at 1-year highs.
$DKNG gapped up to all-time highs after the company announced a deal with Dish. The stock snapped back and closed down 4%. See more below.
Lyft lept 8.2% and closed at its highest price since 2019. Uber advanced 2.67%. As the world reopens, will rideshare reach new heights?? Time will tell…
Here are the closing prints:
Watch and Wager
Betting just got easier. Now you don’t even have to put down the remote to pick up your phone. Woohoo!
Today, Dish and Draftkings announced a partnership to allow users (in legal states, of course) to see live Draft King lines and wagers right over the game in question. 👀 But it doesn’t stop there— you can also place a bet straight from your TV!
Paul Liberman, President of Product and Technology/DraftKings’ Co-Founder, said this:
Our deal with DISH TV and the technology behind it immerses customers within a next-generation viewership experience and reaches these fanbases in a completely new way.
If only you could bet on the success of this idea…
$DKNG gapped up above $70 for the first time before sliding down the rest of the day. Here’s the daily chart:
The Fresh Squeeze 🍊
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Earnings? We got ’em.
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FedEx Joins the Wave 🔋♻️
FedEx joined the EV wave. 🔋 🌊
The company announced its plan to invest $2B in becoming globally carbon-neutral by 2040. FedEx’s vehicle fleets will be zero-emission EVs, with 50% of the new eco-friendly fleet purchased by 2025.
FedEx also signed a contract with GM for the EV600, a commercial electric truck. 500 of the electric trucks will be purchased by the end of this year. The company’s CEO said:
We have a responsibility to take bold action in addressing climate challenges.
FedEx is also looking into alternative fuels for its aircrafts, as well as more sustainable packaging options. Right on, FedEx. ♻️ 💪
No More Incriminating Ads!
You know how you search for a water bottle once and then you have ads for water bottles every day for the next year? 😒 That’s no more!!!
Today Google announced that they’ll stop selling ads utilizing browser histories via tracking software. What does this mean? Advertisers won’t be able to follow you across sites anymore, something that has been under increased scrutiny from politicians.
For a company that currently represents 52% of all digital advertising ($292B), this is a pretty big decision.
Now you can search for weird things in peace. lol. 😌
Apollo Global Management will acquire The Michaels Companies (aka Michaels, you know, the artsy store) in a merger which values Michaels at $3.3B.
The deal grants Apollo all outstanding Michaels shares for $22/share in cash— a 47% premium to the company’s closing stock price on 2/26, and a 78% premium to its 90-day moving average.
Michaels CEO Ashley Buchanan said:
Our Michaels strategy and the work that we have done in the past year have led to phenomenal business results, strengthened our core business and positioned Michaels for long-term sustainable growth.
Read more about the deal here.
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
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