Tale of the Tape
Good evening, y’all! One more day till Fri-yay!!
Today’s market was manic. 💥 The S&P 500 gapped up, gave it back to undercut yesterday’s low, reversed, then ripped to close just below today’s opening print. 😅
Here’s the $SPY intraday chart. $420 close. Nice:
The Russell 2000 was the only major index to inch lower.
Communication services cruised 2.74% and closed at a new all-time high. Financials followed up 1.8% as $XLF bopped to blue sky. ☀️ ☁️ Energy and consumer staples both gained more than 1%.
Tech finished flat— healthcare came in +0.4%.
Facebook flew 7.3% while Apple gapped and crapped to close flat. 💩
Amazon and Twitter dropped earnings after the close. Hear Shake’s take on tonight’s episode of After Hours here.🌌
1-800-FLOWERS.COM cranked up 20.48% after reporting earnings early this morning. $FLWS closed at its highest price since March 17, but the stock had its 3rd-heaviest volume day EVER. The two higher sessions were the company’s August 1999 IPO and the day after. See the round-up below.
Logistics stocks surged. $FDX flew to its highest close since December 8, 2020. $UPS delivered another all-time high. 📦
Here are the closing prints:
Earnings Round-Up 🤠
Amazon — $AMZN
Bezos and Co. smashed earnings expectations on both the top and bottom lines thanks to a massive pandemic-fueled increase in online shopping demand.
Here are the numbers:
EPS: $15.79 vs $9.54 est
Revenue: $108.52B, +44% YoY growth
Two of our kids are now 10 and 15 years old—and after years of being nurtured, they’re growing up fast and coming into their own. As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year. Amazon Studios received a record 12 Academy Award nominations and two wins. Upcoming originals include Tom Clancy’s Without Remorse, The Tomorrow War, The Underground Railroad, and much more. In just 15 years, AWS has become a $54 billion annual sales run rate business competing against the world’s largest technology companies, and its growth is accelerating—up 32% year over year. Companies from Airbnb to McDonald’s to Volkswagen come to AWS because we offer what is by far the broadest set of tools and services available, and we continue to invent relentlessly on their behalf. We love Prime Video and AWS, and we’re proud to have them in the family.
Twitter — $TWTR
Twitter barely topped estimates despite increasing revenue to a billion+. $TWTR provided weak guidance for Q2.
Here are the numbers:
EPS: $0.16 vs $0.14 est
Revenue: $1.04B, +28% YoY growth
Here’s what @Jack had to say to investors:
People turn to Twitter to see and talk about what’s happening, and we are helping them find their interests more quickly while making it easier to follow and participate in conversations. Average monetizable DAU (mDAU) reached 199 million, up 20% year over year and up 7 million sequentially, driven by ongoing product improvements and global conversation around current events.
1-800-Flowers.Com — $FLWS 💐 🌻
Here are the numbers:
EPS: $0.02 vs $-0.09 est
Revenue: $474.2M, +70.1% YoY growth
CEO Chris McCann was excited about the company’s performance:
The record top and bottom-line results for our fiscal third quarter reflect the strength of the ecommerce platform that we have built to drive solid, sustainable growth. The strong results for the quarter represent a continuation of the momentum that we have been building over the past several years.
Check out the daily chart:
And the monstrous monthly chart:
Jobless Claims 📣
Jobless claims are in! At 553,000, this week’s claims mark another COVID low. And not only that— recent GDP boosts and increases in consumer spending show significant economic progress since Q2 2020. 🙌
Here’s Eddy Elfenbein from Crossing Wall Street:
Gross domestic product, the sum of all goods and services produced in the U.S. economy, jumped 6.4% for the first three months of the year on an annualized basis. Outside of the reopening-fueled third-quarter surge last year, it was the best period for GDP since the third quarter of 2003.
The boost in GDP came across a spectrum of areas, including increased personal consumption, fixed residential and nonresidential investment and government spending. Declines in inventories and exports as well as an increase in imports subtracted from the gain.
The latest numbers reflect an economy that has made major strides since the 2020 lockdown that sent more than 22 million American workers to the unemployment line and saw GDP plunge an unprecedented 31.4% in Q2 of 2020.
The Bureau of Economic Research still hasn’t declared an end to the GDP recession, but hey— progress is progress!
Here’s a chart showing jobless claims since September:
And here’s a chart of the US’ Real GDP:
Will Allbirds Take Flight on the NYSE?
According to the company’s close sources, Allbirds (one of the hippest eco-friendly shoe brands) plans to go public on the NYSE. 😮 👟
Tim Brown, a New Zealander and former All Whites pro soccer player, started Allbirds in 2016, and since then it’s been a constant success. The company’s shoes are a fashion staple, yes, but there’s also a laundry list of celebrities endorsing the product—including Former US President Barack Obama.
Despite its success, Allbirds generally resisted the urge to go public. In February, Brown said he turned down SPAC deals with no plan to IPO. Oddly enough, though, the company currently has a job listing on its website for an accounting manager with “IPO experience, including knowledge of the S-1 filing process.”
Will Allbirds leave the nest to take flight? Or will it continue to stay warm, cozy, and private? Place your bets…
India’s 2nd COVID Surge
India’s total number of COVID cases officially reached 18 million yesterday as the country struggles to keep up with demand for oxygen and gravedigging.
Yesterday, India recorded 379,257 new infections and 3,645 new deaths, the highest-ever number of COVID deaths in a single day. As hospitals are packed, gravediggers work 24/7 and struggle to keep up with demands. Mumbai gravedigger Sayyed Munir Kamruddin said:
I’m not scared of COVID, I’ve worked with courage. It’s all about courage, not about fear. This is our only job. Getting the body, removing it from the ambulance, and then burying it.
The Indian government’s principal scientific advisor commented:
The ferocity of the second wave took everyone by surprise… While we were all aware of second waves in other countries, we had vaccines at hand, and no indications from modelling exercises suggested the scale of the surge.
President Biden spoke with Indian health officials earlier this week to offer testing kits and other medical supplies. How can you help? Check out this article.
Stay safe, y’all. 😷
The Big Apple Is Back! 🍎
Today, NYC Mayor Bill de Blasio said New York City will fully reopen on July 1. That’s right, 100% back to normal. Can we get a hip hip, hooray?! 🥳 🍾
As of last Wednesday, more than 6M COVID vaccines had been administered, and ~36% of the city’s adult population is fully vaccinated. Mayor de Blasio said:
We are ready for stores to open, for businesses to open, offices, theaters, full strength.
Meanwhile, NY Governor Andrew Cuomo says he’d like to see the city open even sooner. Cuomo commented “I don’t want to wait that long. I think if we do what we have to do we can reopen earlier.”
Either way, The Big Apple is back on track for restaurants, gyms, shops, hair salons, arenas, and schools to operate full-capacity by September. 🙌
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
💰$LGIQ Receives Conditional Approval to List on the NEO, Following Major Acquisition & Revenue Growth*
🌿 Jim Belushi Is Chasing the Magic in Cannabis
📈 Osprey Funds Launches Polkadot Trust
🏙️ The Bryant Concrete Skyscraper by David Chipperfield Completes in New York
❄️ Antarctica’s First Flag Aims to Give the Uninhabited Continent a Voice in the Climate Crisis