Is Big Cap Tech Back??

Tale of the Tape

Good evening, everyone. Today wasn’t a terrible Tuesday, but the Dow and Russell 2000 snapped their 7-day winning streak. ☹️

The Nasdaq was the only major index to close in positive territory. Despite the poor tape, the Nasdaq-100 ETF clapped back 0.56%. 👏 👏 Is big-cap tech back?? Place your bets… 

Communications cruised to new highs. $XLC advanced 1%. Tech wasn’t too far behind— $XLK carried 0.8%. Energy stumbled 2.89%. Industrials, consumer discretionary, and financials all flopped more than 1%.

The cryptos remained quiet. Ethereum is chilling under 2K while Bitcoin bopped around 55K. 😎 Could the cryptos crack to the level? Time will tell… 

The FAANG gang all gained. Amazon was the weakest of the bunch, bouncing 0.33% while Facebook flew 2%. See more below.

Discovery continues to dash higher. 🏃 🏃 GoPro galloped 4.73% as the stock is up more than 50% in the last 5 days. 👀

Crowdstrike reported earnings after the close. Listen to the earnings review on tonight’s episode of After Hours.

Here are the closing prints: 

S&P 5003,962-0.16%
Russell 20002,319-1.72%
Dow Jones32,826-0.39%

Big Cap Tech Clapped Back

Big cap tech clapped back despite today’s tough tape. The FAANG Gang all gained. Can big cap tech bounce back to all time highs? Nobody knows, but here are a few daily charts:

Facebook flew 2.02% and closed at its highest price since January 26, 2021.

Amazon was the FAANG Gang’s weak link. 🔗 Bezos’ baby has barely budged since last July. Will Bezos break out?? 

Google gained 1.26%. The stock is less than 40 points away from its all-time high.  

Apple advanced 1.27%.

Netflix nestled up 0.73%, but closed at its intraday low. 

A Bullseye Valuation 🎯

Death, Taxes, and SPACs.

eToro, the Israeli site that calls itself “The world’s leading social trading and investing platform,” announced its decision to go public via a SPAC with FinTech Acquisition Corp. V. 

The deal would value the company at $10.4B— about a 13x increase in their 2018 valuation. That massive multiple can be attributed to the platform’s US introduction about 2 years ago. Thanks to its US penetration, eToro has added over 5M users in the past 12 months, and generated $605M in revenue.

Shares of $FTCV (FinTech Acquisition Corp. V) were up 42.76% on the day. It looks like investors are certainly bull-ish on eToro. 🐂 😁

Moderna For Kids 💉

Moderna just launched its ‘KidCOVE’ study, the company’s first Covid-19 vaccine trial for kids.

The trial aims to test the efficacy of mRNA-1273, Moderna’s Covid-19 vaccine candidate, in kids between 6 months and 12 years. Moderna also hopes to eventually enroll 6,750 child participants from both the US and Canada. 

Moderna CEO Stéphane Bancel commented: 

We are pleased to begin this Phase 2/3 study of mRNA-1273 in healthy children in the U.S. and Canada and we thank NIAID and BARDA for their collaboration. It is humbling to know that 53 million doses have been administered to people in the U.S. We are encouraged by the primary analysis of the Phase 3 COVE study of mRNA-1273 in adults ages 18 and above and this pediatric study will help us assess the potential safety and immunogenicity of our COVID-19 vaccine candidate in this important younger age population

 Check out Moderna’s press release

Intel’s New Chips

Intel’s done it again… the company’s 11th Generation Core desktop chips (aka Rocket Lake-S) are faster, and with fewer cores. 

Intel will debut its Core i9-11900K— at 8 cores, 16 threads, and faster speeds of 5.3 GHz, the chips are the perfect pair to complement Intel’s simultaneous launch of its first new core desktop architecture in over 5 years. 

Intel’s new desktop core architecture, called Cypress Cove, will incorporate the company’s 11th Gen Rocket Lake-S chips. While some of the company’s previous chip releases have included more extreme core updates, Intel argues that core count isn’t good enough on its own anymore. Frequency speed and performance matter just as much. 💁‍♀️

The desktop chips will even be partnered with a high-end discrete graphics card for 50% better graphics. Read more about the new chips here

Earnings Round-Up

$CRWDCrowdStrike Holdings, Inc.

EPS: $-0.09 vs $0.08 est
Revenue: $264.9M, +77% YoY

George Kurtz, CrowdStrike’s Co-founder and CEO, reflected on the quarter:

Our go-to-market engine has gained incredible momentum with both marquee enterprises and small businesses alike as we expand our partner ecosystem and leverage our frictionless sales motion and leading technology to deliver immediate value to our customers.

$CRWD was up 6.21% after hours

$COUPCoupa Software

EPS: $0.17 vs $0.11 est.
Revenue: $134.9M, +36.7% YoY

CEO Rob Bernshteyn said this about last year’s results:

This year, we delivered record financial results across all key measures admit a difficult macroeconomic environment. As part of our strategy to develop and own the Business Spend Management market, we continued to invest meaningfully into all areas of our business.

$COUP was up 5.5% after hours

Earnings This Week

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

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