Tale of the Tape
Good evening, y’all! Talk about a tough Tuesday… but May the fourth be with you. 😁
The market had a minor meltdown. The Nasdaq dropped 1.88% and closed >1% off its intraday low. Will the selling continue? Nobody knows.
The Dow dashed during power hour to reverse and close in positive territory. 💚
Here’s today’s S&P 500 heat map. What a mess:
The sectors were scrambled. 🍳 Basic materials, financials, industrials, healthcare, and energy all closed higher. Utilities, consumer staples, real estate, communications, consumer discretionary, and tech tumbled.
So— what about crypto? Ethereum chillaxed after yesterday’s +16% attack. Bitcoin bopped down ~5%. Doge, however, ticked a terrific $0.61. Who’s a good boy?
Solar stocks struggled. $TAN slipped 6%. See more below.
1-800-FLOWERS flew another 5.7%. The stock is up 16% since last week’s earnings release. Don’t forget— Mother’s Day is THIS Sunday, May 9. 🌷
Lyft and Activivison reported earnings after the bell. Hear Shake’s take on tonight’s episode of After Hours. 🌌
Johnson and Johnson jumped 1.55% to close at the company’s highest price since January 28th.
Here are the closing prints:
Activision Blizzard reported Q1 earnings after the bell, beating on top and bottom lines. The video game company raised its full-year outlook. 🎮 💰
Here are the stats:
EPS: $0.95 vs $0.76 est.
Revenue: $2.28B, +29% YoY
Bobby Kotick, CEO of Activision Blizzard, said:
Our employees continue to demonstrate exceptional performance under challenging circumstances. That relentless drive across our franchises produced strong first quarter results that were well ahead of expectations. Our continued overperformance enables us to raise our outlook for the full year.
$ATVI ascended 4.35% after hours.
Lyft continues to show signs of life as the ridesharing platform steadily recovers from the pandemic. 🚗 Lyft posted better-than-expected earnings and revenue.
Here are the details:
EPS: ($0.35) vs ($0.53) est.
Revenue: $609M, -36% YoY
Active riders: 13.49M vs 12.8M est.
Lyft CFO Brian Roberts shared:
We had an exceptionally strong Q1 as more people started moving again. Our results meaningfully exceeded our outlook driven by elevated demand across our network.
$LYFT lifted 4% after hours.
Read some books, y’all. Knowledge is power! 🧠 💪
Today, Seth Levine (a partner at the VC firm Foundry Group) released a book co-authored with Elizabeth MacBride— The New Builders.
Sounds great, but you might have to wait to start reading. The book nearly sold out just hours after claiming the top spot in Amazon’s Entrepreneurship book sales.
Axios business editor Dan Primack commented:
[Seth Levine] is out with a new book about how entrepreneurship has been redefined by Silicon Valley in ways that are dangerous to the broader economy. In short, he argues that American entrepreneurship is dying.
America Aims for a C Average??
Cs do get degrees, after all (or in this case, basic herd immunity).
Earlier today, President Joe Biden disclosed the US’ vaccination target: the administration hopes 70% of all American adults will receive at least one dose by July 4 (the date that has also been called a potential ‘reopening’ of the country). To hit this target, more than 160M adults have to get vaccines. The President is aware this could be a struggle, though:
We’re going to have to bring the vaccine to people who are less eager. We’re going to make it easier than ever to get vaccinated. Walk into your local pharmacy without an appointment. Every adult is eligible. Go get the shot as soon as you can.
Currently, ~56% of US adults have received at least their first dose. Nearly 41% are fully vaccinated. 🏆 💉
Sometimes you just have to pass the class…
So Long, Solar…?
The solar sector got slammed Tuesday after businesses expressed concern over supply chain bottlenecks and partial shortages. 🥊 💥
The Invesco Solar ETF $TAN closed red for its sixth straight session, declining 6% today.
Here’s the daily chart of $TAN, down 25% YTD:
SolarEdge CEO Zvi Lando said:
Ocean freight prices have increased by more than 100% over the last months and our pre-negotiated prices have gradually expired and exposed us to higher freight costs worldwide.
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
💰 Osprey Bitcoin Trust has the lowest management fee of any bitcoin fund in the U.S. No wallets or keys required. Check It HERE.*
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🌆 The Future of Live Events – Introvoke
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🏀 Nuggets Lose Heartbreaker to Lakers
🌱 See the World’s Biggest Greenhouse at Venice Architecture Biennale 2021
📱 Twitter Scrolls – On my Om