Tale of the Tape
Welcome to Wednesday, y’all. It was a peaceful summer day out there in the markets. 🏖️ ☀️
The Nasdaq and small-caps tacked on another green day, 3/3 this week. The Dow and S&P 500 each fell < 0.25%.
Three sectors closed green. Here were today’s top-performing sectors: $XLY +0.77%, $XLE +0.28%, and $XLF 0.19%.
Crypto cranked back for a second day of gains. 💪 Bitcoin bounced 1.5% to $33K. Ethereum earned 2.8%, but stayed below $2K.
$TSP spiked 11.5%, $CLOV climbed 9.5%, and $FSR flew 9.2%.
Here are the closing prints:
Winnebago Industries announced Q3 results before the bell today. The motorhome manufacturer reported record revenue. 💪
Here are the stats:
EPS: $2.16 vs $1.76 est
Revenue: $960.7M, +138% YoY
$WGO lost 0.81% today.
KB Homes beat earnings expectations and grew revenue 58% YoY. 🏗️ 🏡
Here are the details:
EPS: $1.50 vs $1.29 est
Revenue: $1.44B, +58% YoY
Jeffrey Mezger, CEO of $KBH, said:
Our second quarter results reflect the sustained strength and health of our business. In particular, our ability to optimize our assets was evident in our gross margin rising above 21%, which drove our operating margin to exceed 11%, both of which represented the best quarterly margins we have generated in many years.
$KBH climbed 0.32%.
FTX Is Ballin’ 💰 ⚾
Crypto and sports— previously two different planets, but now they share common ground. FTX just became the official cryptocurrency exchange partner of Major League Baseball. ⚾
The partnership aims to increase awareness for FTX and crypto. FTX can now do international marketing under MLB’s brand, and the exchange’s logo is a patch on umpire uniforms.
This isn’t the first time FTX’s 29-year-old CEO, Sam Bankman-Fried, has dabbled in sports. FTX bought naming rights to the Miami Heat stadium. 🏀 🔥 The 19-year deal is worth $135M.
And last month, the crypto exchange signed a 10-year, multimillion-dollar partnership with TSM. The $210M deal gave FTX naming rights to the eSports company FTX TSM.
Bankman-Fried is quite the baller. ⚾ 🏀 💰
Financial news has been buzzing recently about some upcoming IPOs. 🐝
In the coming months, Krispy Kreme will make its return to the stock market. The company seeks a $4B valuation, and looks to raise over $640M in its market debut.
Second up is Warby Parker, which confidentially filed its own IPO after years of rumors. The company was valued at $3B for its raise in 2020. 👓 🤑
Finally, the salad chain Sweetgreen also confidentially filed for IPO on Monday. The company was valued at $1.8B earlier this year.
Overall, the IPO rush shows an insane level of demand for new stocks in capital markets. 🔥 🔥
Bitcoin’s BFF ❤️
ARK CEO Cathie Wood is keeping her faith in Bitcoin. After Tuesday’s harsh sell-off, Cathie bought the Bitcoin dip. Call her BTC.X’s BFF. ❤️
Ark Investment Management added 1,046,002 shares of the Grayscale Bitcoin Trust to the Ark Next Generation Internet ETF (ARKW). Now, the fund’s total GBTC holdings are ~8.5M shares, worth just under $239M. Cha-chiiiing. 🤑
Wood also bought shares of Coinbase. The Ark Innovation ETF (ARKK) added 214,718 $COIN shares. ARKK now holds 3.6M shares of Coinbase, worth over $801M.
Cathie Wood is a crypto believer, and she’s aiming for a price target of $500K. 🎯
Links That Don’t Suck
🚕 Local Delivery Alternatives Eat Up DoorDash and Grubhub
🚀 Virgin Galactic Rebounds Over 95% in Last Month
♻️ Amazon and Other Tech Giants Race To Buy Renewables
🎶 Bill Ackman Makes His Case For The Business of Music
👏 Embark CEO Alex Rodrigues, Just 25, Is Taking His Driverless Truck Startup Public Via SPAC
💰 NFT Marketplace Startup Rarible Closes $14.2 Million Series A📺 Comcast’s CEO Built a Cable Giant. Can He Build a Streaming Giant?