Tale of the Tape
Good evening, and happy Monday, y’all!! 😁
The market continued its march to all-time highs. The S&P 500 rallied 1.44%. The Nasdaq led, gaining 1.67%. We ask the question— is big cap tech back??
Consumer discretionary dashed 2.27% as $XLY closed at a new all-time high. Communications and tech both tacked on another 2%. Energy was the only sector that struggled. $XLE stumbled 2.4% and closed just off last week’s low. 🤷
The cryptos chilled just under their all-time highs. Bitcoin is a stone’s throw away from 60K— Ethereum is just 50 points away its all-time high.
The FAANG Gang came back in full force. 💪 Apple and Amazon both advanced 2%, Google galloped 4%, and Facebook flew 3.4%. Check out the charts below.
GM gained 5.6% and closed at a new all-time high. 🚗 Ford jumped 4.3% on its own. Tesla turned up 4.4% after last Friday’s Q1 Vehicle Production & Deliveries press release.
GameStop announced an At-The-Market Equity Offering which allows the company to raise ~$1B in cash over time. $GME only dropped 2.3% after being down as much as 14%. See more below.
Here are the closing prints:
| S&P 500 | 4,077 | +1.44% |
| Nasdaq | 13,705 | +1.67% |
| Russell 2000 | 2,264 | +0.49% |
| Dow Jones | 33,527 | +1.13% |
FAANG You Very Much 👏
The FAANG Gang flew in fabulous fashion. 💸
Google led the way with its 4.2% gain to close at a new all- time high.
Facebook followed suit, flying 3.4% to finish at a new all-time high for the first time since August 26, 2020. 🏆
Amazon and Apple both advanced ~2%, but the stocks are down 8.6% and 12% respectively from their all-time highs.
Netflix lagged and barely finished in positive territory. 💔
Here’s a YTD performance chart of the FAANG Gang:
Gamestop Buys New Lives
Early this morning, Gamestop announced a $1B share offering. $GME dropped as much as 14% on the news, but recovered enough to finish down just 2.35%.
The offering capitalizes on the historic internet short squeeze from earlier this year, mimicking AMC’s February share sale. Gamestop commented on its fundraising attempts:
The Company intends to use the net proceeds from any sales of its Common Stock under the ATM Offering to further accelerate its transformation as well as for general corporate purposes and further strengthening its balance sheet.
In a separate release, Gamestop also disclosed the 11% YoY increase in its global sales for the first 9 weeks of the fiscal year.
Will new lives let GameStop level up?? 🎮 👾 Time will tell…
Global Money Move$ 🌎
Madam Treasury secretary Janet Yellen is now advocating a global minimum corporate tax rate. 🌎 💰
The move comes as President Biden pushes his $2.3T infrastructure proposal to raise corporate tax rates (from 21% to 28%) and prevent US-operating foreign companies from moving funds to lower-tax countries.
Treasury secretary Janet Yellen commented:
Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids. It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.
Scheduled to meet with foreign leaders later this week, Ms. Yellen also promised to return the US to its former position of economic power. She said:
Over the last four years, we have seen firsthand what happens when America steps back from the global stage. America first must never mean America alone.
Here’s the WSJ with more info. 🇺🇸
Subaru’s Flying Motorcycle
It’s a bird! It’s a plane! No, it’s a… Subaru?
Subaru just filed a patent for a flying motorcycle— yes, a “land-and-air vehicle” that works like an airplane, but has VTOL vertical take-off and landing capabilities.
The patent’s blueprints show a literal motorcycle in an airplane fuselage. It even looks like the vehicle’s wings fold and wheels retract depending on whether or not it’s flying… wowza.
Subaru’s design merges flight and driving controls, combining internal combustion and electric power to accommodate dual flight and driving capabilities. Take a look:
Read more about the real-life flying cycle here. 🏍️
A Tradition Like No Other
It’s only been 5 months since the 2020 Masters, the shortest gap ever between two tournaments. Nonetheless, golf fans around the world will rejoice this Thursday for the 2021 edition of the Masters. 🏌️♂️ 🏆
Defending champion Dustin Johnson (+900) will have his hands full. Jordan Spieth (+1100), Jon Rahm (+1300), Rory McIlroy (+1800), and Bryson DeChambeau (+1200) are all in peak shape and ready to tackle Augusta National. 🥊 Even Brooks Koepka (+3000) is able to play less than a month after knee surgery.
Keen-eyed fans will also notice the azaleas’ momentous return after disappearing during fall’s tournament. 🌸 The 13th hole is named after the azalea, the tournament serves a famous azalea cocktail, and both Masters fans and golfers alike enjoy colorful flowers lining the course.
Who’ll be slipping on the green jacket this year? Place your bets…
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
💰$OBTC provides low cost easy access to bitcoin from your brokerage account or IRA. Check It HERE.
💸 The Mythology of Red Bull
💻 Hubspot— AVC
💫 Virgin Galactic’s SpaceShip III Is the Stunning Future of Space Travel
📚 3 Good Reads (For Today)
🚀 The ISM Services Index Hits All-Time High
💭 Out of Office: Andreesen Horowitz & Cultural Leadership Fund’s Chris Lyons
🛍️ Alex Danco – Shopify: The E-commerce On-Ramp
