Tale of the Tape
Good evening, y’all, and happy hump day!! 🐪
The major indices were quiet as the S&P 500, Nasdaq, and Dow all maintained yesterday’s range.
Energy excelled. $XLE cranked +1.8% to close at its highest price since January 28, 2020.
Here’s the daily chart:
Real estate ripped +1.4% as $XLRE flies to blue skies. ✈️ Basic materials bopped -0.84%.
‘Big Crypto’ was quiet. Bitcoin and Ethereum both bopped ~3%.
The Memestock Saga streaked to new heights. $AMC almost doubled (+95%) while $GME galloped 13%. 💯 Hear more on tonight’s episode of After Hours. 🌌
Celsius Holdings broke out to blue skies. 🥤 $CELH climbed 15%— the energy drink maker is up 55% YTD.
$AI and $SPLK dropped earnings after the bell. 🔔 Read the round-up below.
Here are the closing prints:
| S&P 500 | 4,208 | +0.14% |
| Nasdaq | 13,756 | +0.14% |
| Russell 2000 | 2,297 | +0.13% |
| Dow Jones | 34,600 | +0.07% |
Earnings Round-Up
C3.ai reported earnings today. The enterprise software company missed earnings expectations, but beat on revenue and subscriptions. 🤖
Here are the numbers:
EPS: -$0.23 vs -$0.27 est.
Revenue: $49.11M, +26% YoY
The company’s CEO, Thomas M. Siebel, shared:
We achieved strong business and financial results in the fourth quarter and full fiscal year, as we advance our leadership position as the enterprise AI application software pure play. The enterprise AI software market is rapidly growing, and we see accelerating interest in enterprise AI solutions across industries, geographies, and market segments. We are aggressively investing to extend our product and technology leadership and to expand our market-partner ecosystem and associated distribution capacity. As we continue to execute on delivering high-value outcomes for customers, we are increasingly well-positioned to establish a global market leadership position in enterprise AI application software. Bottom line, performance was strong across the board and we are planning for accelerating growth in the coming year.
$AI sank ~9.2% after hours.
Splunk Inc. also reported earnings after the bell. $SPLK beat on both its top and bottom lines— the “Data-to-Everything” platform nearly doubled its number of $1M+ cloud customers. ☁️
Check out the numbers:
EPS: $0.38 vs -$0.70 est.
Revenue: $502M, +16% YoY
Splunk CEO Doug Merritt commented:
Our first quarter success was defined by customers accelerating their move to the cloud. Data became an essential service in the past year as the pandemic solidified the urgent importance of digital transformation. Splunk delivers the only cloud data platform that is able to simultaneously serve the multitude of teams tasked with driving this shift for application development, infrastructure management and cyber security.
$SPLK is down 4.08% after hours.
The Doge Days of Summer
Dogecoin isn’t just soaring… it’s ROARING. 🚀
The original meme asset jumped Wednesday when Coinbase announced that the exchange would list Doge on its platform this week.🔥
Dogecoin skyrocketed 30% on the news, trading at $0.42. With a $54B market cap, it’s now the sixth-largest cryptocurrency by market value.👏
#DogeCoinTo1Dollar was among Twitter’s top trending topics today. These really are the Doge Days of Summer. 🤑
Memestock Madness 🚀
Memestocks marched higher on Wednesday in spectacular fashion. 🤩
After numerous halts throughout the day, $AMC shares nearly doubled to close at all-time highs. The stock spiked more than $72 per share before closing at $62.55. 🍿
The trading action comes after AMC announced on Tuesday that it sold 8.5M freshly-issued shares to Mudrick Capital. According to its regulatory filing, AMC raised $230.5M with this stock sale. AMC’s new funds will be used for possible acquisitions, theater upgrades, and debt reduction.
Here’s the daily chart:
Here’s the hourly chart:
And here’s the daily performance of other Memestocks:
- Koss Corporation – $KOSS +68%
- Bed Bath & Beyond – $BBBY +62%
- BlackBerry Ltd – $BB +32%
- GameStop – $GME +13%
- Tilray Inc – $TLRY +12%
Modernize…Or Die 💀
A couple weeks ago, the European Investment Bank announced it would offer €100 million in “digital bonds” on the Ethereum blockchain.
Now, Europe’s central bank issues a warning to its member countries: launch your own digital currency, or else. 💀 At least, that’s according to the ECB’s latest report on the international role of the Euro.
Interestingly, the report issues a warning about “artificial currencies” created by tech giants and “non-domestic providers,” arguing these currencies could disrupt the financial system to make consumers vulnerable.
The warning could be targeting projects like Facebook’s Libra (now Diem) stablecoin or the USD Tether, the world’s largest stablecoin, offered by Bitfinex. It might also be a warning that consumers are increasingly governing their own money on the blockchain using platforms like MakerDAO’s $DAI.
One thing is for sure— while some countries (like the United States, China, and Iran) attempt to resist the world of crypto, Europe knows all-too-well that crypto is an unstoppable force. 💪
We (Don’t) Got The Meats
In line with the recent trend of cyber security breaches, JBS (the world’s largest meat producer) was just forced to shut down all of its US-based beef plants after a cyberattack on Sunday. 😬
The shutdown means that America temporarily lost its biggest supplier of meat products. JBS produces 23% of America’s beef, followed by other suppliers like Tyson (22%), Cargill (18%), and Leucadia (10%).
The attack comes less than a month after the Colonial Pipeline was targeted by a ransomware attack which shut down America’s biggest gasoline pipeline.
Thankfully, JBS says most of its plants will be up and running again on Wednesday! 🥩 The company hasn’t specified the extent of the attack, and it hasn’t offered details on how many plants were affected by the ransomware.
Links That Don’t Suck
🚴 Lyft’s New E-Bike Aims to Conquer the Post-Pandemic City
📈 The Economic Recovery Is Here. It’s Unlike Anything You’ve Seen.
🏠 Look out Boomers: Young People Are Quitting If They Can’t Work Remote
🎶 Love Hultén’s MDLR-37 Synthesiser Takes the Form of a Fold-Out Wooden Toolkit
🧠 Elon Musk Says Neuralink Brain Chip Will Make Language Obsolete in 10 Years
❄️ Naturally Cooled ‘Groundfridge’ Is a Sustainable Alternative to Refrigerated Cellars
