Tale of the Tape
Good evening, everyone! Happy Tuesday— summer is here! ☀️ 🥳
The markets were mixed. Small caps scrambled +1.14%. The S&P 500, Nasdaq, and Dow all finished flat.
Energy surged as crude cleared its highest level since October 2018. ⚡
Real estate rallied 1.7%, followed by basic materials +1.4%. Healthcare cratered -1.6%.
Crypto was quiet. 😴 Since Friday, Bitcoin bopped between 39,000 and 33,300. Ethereum has chopped between 2,750 and 2,200.
Memestocks carried on. $AMC advanced 23% and $GME gained 12%. 🚀 🚀
Hackers have struck again. Listen to the latest on tonight’s episode of After Hours. 🌌
American Express broke out to blue sky. ☀️ $AXP advanced 2.27%— the stock is up nearly 140% from its March 2020 low.
Zoom Video dropped earnings after hours. Read the round-up below.
Here are the closing prints:
| S&P 500 | 4,202 | -0.05% |
| Nasdaq | 13,736 | -0.09% |
| Russell 2000 | 2,294 | +1.14% |
| Dow Jones | 34,575 | +0.13% |
Earnings Round-Up
Zoom Video Communications beat on both its top and bottom lines today after the bell. Sales grew 191% YoY.
Here are the stats:
EPS: $1.32 vs $0.99 est.
Revenue: $956.2M, +191% YoY
Zoom CEO Eric S. Yuan said:
We kicked off the fiscal year with a very strong first quarter, posting 191% total year-over-year revenue growth combined with strong profitability and cash flow. Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results. With this solid start, we are pleased to raise our total guidance range to $3.975 billion to $3.990 billion for the full fiscal year.
$ZM zoomed 1% after hours.
A Homerun for NFTs ⚾
A tribute to Lou Gehrig, the late and great American baseball star, was just announced. 🏆
MLB and digital collectible company Candy Digital will release an NFT of one of baseball’s biggest moments. The NFT is Gehrig’s iconic Luckiest Man speech, which was delivered at Yankee Stadium.
In his famous speech, Gehrig shared:
Fans, for the past two weeks, you’ve been reading about a bad break. Today, I consider myself the luckiest man on the face of the Earth. I have been in ballparks for 17 years and have never received anything but kindness and encouragement from you fans. ❤️
The NFT will be released on the weekend of July 4th. The auction aims to raise awareness and funds to combat amyotrophic lateral sclerosis (ALS), the disease that took Gehrig’s life.
Another W for the wild world of NFTs. 👏 ⚾
BP’s Sustainability Attempts
Oil giant $BP is kicking off yet another effort to diversify away from its fossil fuel roots with the acquisition of a $220M solar project. ♻️
The acquisition is BP’s largest since the company bought a stake in Europe’s biggest solar developer, Lightsource.
These projects will add 9 gigawatts of output to the company’s renewables portfolio; BP aims to have 50 gigawatts of renewable capacity by 2030.
BP’s latest investment comes at an opportune time for the oil and gas industry. With oil prices crushed by COVID-19 and climate change pressures, many investors doubt fossil fuel investments. Last week, activist investors pillaged Exxon for two board seats to move the company towards a more renewable business strategy.
Meet Makara, Your Crypto Robo-Advisor 🤖
Anyone else overwhelmed by the world of crypto investing??
Makara, a crypto robo-advisor, was just launched to assist investors in the crypto space. Makara claims to be the first SEC-registered crypto robo-advisor.
Unlike traditional robo-advisors, Makara will focus solely on crypto. Depending on clients’ appetite, there are a variety of investment categories available. Makara is also partnering with Gemini to handle buying, selling, and storing of underlying assets.
Soo… who’s ready to buy the crypto dip and sell the rip? 😈 💰
#2 World Tennis Star Leaves The French Open
Unfortunately, tennis star Naomi Osaka has pulled out of the French Open.
After missing a news conference, Osaka was fined and decided to pull out of the tournament. On instagram, the athlete wrote that she had been struggling with depression for months and needed to “take some time” away from competing.
23-year-old Naomi Osaka is the world’s highest-paid female athlete and 2nd-ranked in the world for women’s tennis. Osaka shared:
I never wanted to be a distraction and I accept that my timing was not ideal and my message could have been clearer. The truth is that I have suffered long bouts of depression since the US Open in 2018 and I have had a really hard time coping with that.
Giles Moretton, president of the French Federation of Tennis, commented:
We are sorry and sad for Naomi Osaka. We remain very committed to all athletes’ well-being and to continually improving every aspect of players’ experience in our tournament, including with the media, like we have always strived to do.
Here’s the WSJ with more on Naomi Osaka.
Links That Don’t Suck
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