Tale of the Tape
Good evening, everyone, and happy Monday! 🤗
The market of stocks continued to march. Every major index closed in positive territory as the Nasdaq was the best of the bunch. The Dow and Russell 2000 both rallied for their 7th straight day. 🙌
Energy and financials were the only sectors to close lower. Consumer discretionary, utilities, real estate, and tech all rallied more than 1%.
The cryptos clapped back after Bitcoin broke through 60K on Saturday. $BTX.C bounced back ~5% while $ETH.X tumbled ~3.5%.
Penn Gaming gained 4.5% following Friday’s announcement that it would be added to the S&P 500. 🕹️ 🔥 Meanwhile, NXP Semiconductors flew to a new all-time high.
Pot stocks popped— $MJ marched 4% and closed at its highest price since February 17, 2021. Can NYC finally secure cannabis legislation? Time will tell… ⏳
Shift4 flew 4.75% and closed at a new all-time high. The payment processor stock is up more than 38% since it reported earnings on March 4th. 💰 💰
Stitch Fix surged 11% as the stock attempts to fill last week’s earnings gap.
AMC advanced 26%, but GameStop dropped 17%. 🤷
$JETS jumped 3.72% as the airlines flew to recent highs. American accelerated 7.7%, United soared 8.3%, and Delta dashed 2.3%… perhaps it’s time to take off?? 🛫
Here are the closing prints:
| S&P 500 | 3,968 | +0.65% |
| Nasdaq | 13,459 | +1.05% |
| Russell 2000 | 2,360 | +0.32% |
| Dow Jones | 32,953 | +0.53% |
Life Is Just a Game
And Elon Musk is enjoying every second of it. 😂
In an SEC filing today, Tesla indicated that both Elon Musk and Zachary Kirkhorn have new titles at the company. Musk will now also be called “Techoking of Tesla,” and Kirkhorn will get to add “Master of Coin” to his LinkedIn profile.
While official reasons for the changes are unknown, it’s probably just Elon being Elon. 🤷
Musk changed his Twitter bio to reflect the new position. While he was at it, he also tweeted about selling an NFT… of a song about NFTs. 🤦♀️ 😅
Snowstorm of the Century
First the East Coast, then Texas, and now Colorado… Denver just had its worst snowstorm in 90 years over the weekend. 🥶 ❄️
The Denver Airport shut down this weekend to clear 27.1 inches of snow off its runways. Today, though, at least 4 runways are fully clear, and some air travel can resume to and from Denver.
Between Saturday and Monday, over 2,800 flights were cancelled and more than 500 people slept at DIA. An airport spokesperson said:
…travelers may see delays and cancellations continue Monday night into Tuesday morning as airlines ramp back up to full capacity.
If you’re planning a flight to or from DIA in the next couple of days, check your flight status before going to the airport. And stay safe/warm out there, ya’ll. 🙏 🌡️
Take…Takeoff
Despite Denver getting dumped with snow, airline stocks soared higher. ✈️ ✈️ The airline ETF $JETS flew 3.72% to close at its highest price since its February 2020 gap down.
Check out the daily chart:
4 major airlines make up nearly 50% of the $JETS ETF. Here are their daily changes:
American Airlines Group Inc. △ 7.70%
Southwest Airlines Co. △ 1.77%
Delta Air Lines, Inc. △ 2.31%
United Airlines Holdings, Inc. △ 8.30%
And the daily charts:
Southwest Airlines is the only major airline to make it above February 2020 highs. American, Delta, and United are still stuck below overhead resistance.
That’s a Lot of Horses in One EV
The Audi RS E-Tron GT is fast. Very fast. In fact, it’s roughly 637 horses fast. 🔥 🔥 🐎 Oh, and it’s an EV, too.
The new Audi’s impressive specs don’t end at horsepower, though. The car also has a 93.4-kilowatt-hour battery pack, dual electric motors, and a two-speed transmission. It boasts an eye-watering 0-60 mph time of 3.1 seconds, making it Audi’s fastest production car ever. And with a range of 232 miles, you’ll be getting a LOT out of each charge. ⚡⚡
Unfortunately, the pricing is also a bit eye-watering. The base model starts at $100,995, and the RS model at $140,995.
Will you be whipping around in this when it comes out? We definitely want to. 😎
VW Power Day ⚡ ⚡
Today, Volkswagen held its “Power Day” (not to be confused with Tesla’s “Battery Day”), and the company unveiled some pretty cool new plans.
First off, VW announced its development of batteries which cost 50% less than current EV batteries, incentivizing other automakers to go all-electric, too. The automaker also shared plans to produce EV batteries with 240 GWh of capacity.
VW Board Member Thomas Schmall commented:
We aim to reduce the cost and complexity of the battery and at the same time increase its range and performance. This will finally make e-mobility affordable and the dominant drive technology…It is set to be launched as of 2023 and will be installed across brands in up to 80% of all electric vehicles in the Group in 2030… We will use our economies of scale to the benefit of our customers when it comes to the battery too. On average, we will drive down the cost of battery systems to significantly below €100 per kilowatt hour. This will finally make e-mobility affordable and the dominant drive technology.
Volkwagen’s ambitious goals mean 6 new battery gigafactories throughout Europe. China, Canada, and North America are also planning similar ventures to join the all-EV wave by 2030. 🔋 🌊
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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🚚 Electric Truck Maker Rivian Opening Showroom in Brooklyn
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