Tale of the Tape
Good evening, folks, and happy freakin’ Friday!!! 🍻
The Dow Jones Industrial Average dashed higher every day this week, closing at another all-time high. The Nasdaq was the only major index to finish in negative territory.
Real estate rallied 1.7% while utilities, industrials, and financials all flew 1%. Tech and communications tumbled.
Bitcoin and Ethereum continue to creep toward all-time highs. Will the cryptos crack record levels during the weekend break?? Place your bets… 🎲 🎲
Ford flew 4.4%, $GM gained 5.2%. Airbnb advanced 4.5%.
Lordstown Motors dumped double-digits after Hindenburg Research issued a short sellers report. $RIDE tumbled 16.5%.
Here are the closing prints:
| S&P 500 | 3,943 | +0.10% |
| Nasdaq | 13,319 | -0.59% |
| Russell 2000 | 2,352 | +0.61% |
| Dow Jones | 32,778 | +0.90% |
Weekly Candles 🕯
We had another wild week on Wall Street. The Dow dashed higher every single day, and real estate was this week’s strongest sector. Are we finally getting ready to reopen?? Time will tell…
Here’s the sector weekly performance:
And here are a few notable weekly charts:
Dow Jones Industrial Average surged every day this week. $DJIA dashed 4% for the week.
Financials flew 3.1% and closed at another all-time high. 🙏
Industrials inched 3.5% as $XLI continues to break out to blue skies. ☁️ ☀️
Real Estate rallied 6%. It was $XLREs best week since June, 2020.
iShares 20-Year Treasury Bond tumbled 2% this week.
The Nasdaq-100 ETF $QQQ clapped back and cruised 2.2%. The Qs posted an inside week— to break out, or break down…? 🤔 That is the question.
Bitcoin bopped near all-time highs. The crypto crept to 58K this week and is less than 2K from its all-time high.
Boeing bounced 20% and had its best week since June 2020 as well.
$JETS jumped 7.66% as the airline ETF continues to creep towards its pre-covid highs. ✈️
Hindenburg’s Hit List
First, the firm exposed Nikola. Now, Hindenburg Research shines light on Lordstown Motors. 🔦 🔍
Hindenburg claims:
Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities… The company has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy.
For example, Lordstown recently announced a 14,000-truck deal from E Squared Energy, supposedly representing $735 million in sales. E Squared is based out of a small residential apartment in Texas that doesn’t operate a vehicle fleet.
Lordstown Motors tumbled 16% on the news. 😬 🤨 $RIDE is expected to report earnings on March 17, 2021. We’ll see if the company responds to Hindenburg’s hit piece.
Here’s the $RIDE daily chart:
Rocket Mortgage Makes The Starting Lineup
It’s not every day a mortgage company gets involved in college basketball. 🏀 😅
Yesterday, Michigan State’s basketball team announced that Rocket Mortgage will become the team’s presenting sponsor. They’ll now be marketed as “MSU Spartans, Presented by Rocket Mortgage.” Yes, we’re serious.
The deal is a five-year arrangement with Rocket Mortgage getting “highly-visible” branding on TV, throughout the Breslin Center (basketball), and the Spartan Stadium (football). Rocket Mortgage will appear on team benches, clipboards, and even coach’s headsets. While financials weren’t disclosed, analysts expect the deal to be in the multi-millions. 💰💰
There’s so much debate over this that MSU’s athletic department issued a statement on Twitter:
This is nothing new for the school or the industry.
Here’s Huddle Up with more.
Mini EVs
Mini Coopers will be all-electric by 2030, according to BMW. ⚡ ⚡
The last combustion-engine Mini model is set for release in 2025… but after that? It’s all-EV for the tiny British cars. 🚗 🔋
The move comes as other luxury brands like Jaguar and Volvo share their plans to go electric. BMW also seeks to compete with Tesla, releasing models like the iX SUV and i4 sedan for sale sometime later this year.
BMW’s Minis are currently manufactured in the UK, Germany, and the Netherlands. The brand just established a joint-venture partnership to start producing Mini EVs in China, too. Here’s Bloomberg with more on Minis.
Hermés’ Mushroom Purse
Hermés just unveiled its newest bag, and it’s made out of… mushrooms. 🍄 🍄
MycoWorks, a biomaterials company, has partnered with luxury fashion brand Hermés to develop a mushroom-based faux leather bag. The bag is mycelium, a material made from organic mushroom threads.
MycoWorks CEO Matt Scullin said:
Hermès related to our story: that fine mycelium was rooted in artistic practice and craftsmanship. At the same time, Hermès recognized that MycoWorks’ unique biotechnology approach to enhancing a natural material meant that fine mycelium had the potential to be the highest quality mycelium in the world.
MycoWorks just raised $45M in a series B round, and we’d say its partnership with Hermés is probably a sign the company’s doing well— what do you think? Are mushroom bags the next big thing?
Some Facts About Daylight Savings
- It’s this Sunday at 2am. We’ll be “Spring”-ing forward, and losing an hour… but gaining daylight!! ☀️ ☀️
- Daylight Savings wasn’t invented by Benjamin Franklin. He did write an essay about it, but the idea was actually Englishman William Willett’s.
- Germany was the first country to adopt DST. They did so in 1916 to conserve electricity during World War I.
- Daylight Saving Time was not actually created to help farmers out. In fact, the agriculture industry actually lobbied against the change because their schedule was controlled by the sun, and not the clock.
- Not every state follows Daylight Saving Time—both Arizona and Hawaii stick to their own schedules, and a couple of other states have bills in their legislation to follow that same path.
- It’s “Daylight Saving Time”, not “Daylight Savings Time” because the word “saving” is an adjective as opposed to a verb.
Don’t forget to change those clocks this weekend!
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