MemeStock Madness— The Sequel ✌️

Tale of the Tape

Good evening, y’all!! Happy Friday Jr!

The market of stocks was mixed. The small-caps cruised 1.06% to close at their highest level since May 3rd. The Nasdaq composite barely stumbled. 

Industrials was the strongest sector— $XLI increased 1.4%, followed by financials up 1.15%. Basic materials bopped +0.8%. 

Utilities, consumer staples, and tech all tumbled more than 0.5%. 

Crypto was quiet. Bitcoin bounced below 40K while Ethereum lost 4.69%. 

The Memestock madness carried on. 🤪 AMC soared 35.6% to close at its highest price since summer 2017. Here’s the wild weekly chart:

How long can AMC run?? 🏃‍♂️ Time will tell… 

Virgin Galactic shot to its highest close since March 22. 🚀 $SPCE raced 15.15%— the stock is up 80% in the last 6 sessions. 

Roblox ripped another 9%. $RBLX has rallied 50% since May 11. 

Here are the closing prints:

S&P 5004,200+0.12%
Russell 20002,273+1.06%
Dow Jones34,464+0.41%

Memorial Day Motorists, Beware! ⛽

Memorial Day weekend this year will see the US’ highest gas prices in over seven years. Wonderful. 🙃

Currently, US gas averages $3.04/gal— our highest price per gallon average since 2014. Those prices won’t go unnoticed, either. With 34 million Americans expected to drive long distances this holiday weekend, that’s 53% more drivers on the road than last Memorial Day. 

AAA spokesperson Devin Gladden said: 

Ahead of Memorial Day, gas demand is expected to rise as more Americans take to the roads for trips that may have been delayed or avoided because of the pandemic.

Earlier this month, 16,000 gas stations across the Southeast were completely emptied after Colonial Pipeline’s ransomware attack. Unfortunately, it appears price hikes caused by the cyber attack aren’t subsiding. 

Been thinking about that new Tesla recently? Maybe now is the time to invest. 😅 🔋

Nintendo’s Switch-Up 

Nintendo is already planning a switch-up of its 4-year-old Switch console. 🙌

New Switches will be assembled sometime in July, and consoles should be available for sale in September or October 2021. An announcement on the console’s status is tentatively planned before the E3 Conference on June 12

Nintendos’s new console could be priced ~$299 higher than its older counterpart. The company will also offer a $199 Switch Lite.

Everyone but the semiconductor industry is excited for Nintendo’s new console— yes, even the Switch is hurting from semis. Here’s Bloomberg with more.

$5.3M for Web 3 🤑

Curious about Web 3.0

Blockchain development platform QuickNode is one step ahead of you. The company just raised $5.3M in its recent funding round to provide more tools for the upcoming web version. 💰

QuickNode aims to help developers easily create blockchain-based apps. With increasing cryptocurrency awareness, the company hopes to expand its product range. 

Are we well on our way to decentralization? With whopping funding rounds like this, it certainly looks like it. Cheers to QuickNode! 🥂

A Change of Heart ❤️ 💸

Wall Street legend (and former crypto skeptic) Carl Icahn has had a change of heart. ❤️ Now, the billionaire wants to be involved in the digital assets spacein a big way.”

In 2018, the 83-year-old investor called cryptocurrency “ridiculous.” But Mr. Icahn’s paradigm completely shifted. He even threw shade at the dollar:

Well, what’s the value of a dollar? The only value of the dollar is because you can use it to pay taxes. I’m looking at the whole business, and how I might get involved in it.

Why is this U-turn so important? Icahn’s estimated net worth is $22B, and other investors heed his advice. Will his latest crypto stand influence other high-powered investors? Time will tell. 😇

Earnings Round-Up

Salesforce reported accelerated growth and raised guidance in its Q1 earnings release. 🔥

Here are the stats:

EPS: $1.21 vs $0.88 est.
Revenue: $5.96B, +23% YoY

Salesforce CEO Marc Benioff shared:

We had the best first quarter in our company’s history. We believe our Customer 360 platform is proving to be the most relevant technology for companies accelerating out of the pandemic. With incredible momentum throughout our core business, we’re raising our revenue guidance for this fiscal year by $250 million to approximately $26 billion and non-GAAP operating margin to 18 percent. We’re on our path to reach $50 billion in revenue in FY26

$CRM climbed 4.2% after hours. 🧗

Costco crushed earnings and sales expectations today after the close. The big-box store company grew sales 22% to $44.4B.

Here are the details:

EPS: $2.75 vs $2.28 est.
Revenue: $44.4B, +22% YoY

$COST was flat after hours.

Earnings This Week

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

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