Keep the 'Fate'!

Jun 29, 2021

Good morning,

When was the last time an antitrust lawsuit propelled a company to a $1Trillion market cap? Facebook stock jumped to a record high on Monday, making it to the elite club, after a US District judge dismissed two antitrust lawsuits against them.

In another twist of fate, the company that Tesla booted from S&P 500, Apartment Investment and Management Company, in Dec 2020, has grown 40% since, while Tesla gained 5% in the same timeframe.

By the way, if you hold AMC shares, Vin Diesel just got you luckier! His “Fast and Furious 9” fuelled an uptick in AMC’s theatre traffic and the meme stock jumped 10%.

US Markets:

Communications (1.1% ▲) and Technology (1.0%▲) powered yet another upward rally at the broad-based index S&P 500 (0.23%▲) and the Tech heavy Nasdaq (0.98%▲), to record highs.

Tech giants Nvidia Corporation (NVDA, 5.01%▲), Apple Inc. (AAPL, 1.25%▲), Microsoft Corporation (MSFT, 1.40%▲), Facebook Inc. (FB, 4.18%▲), and Amazon Inc. (AMZN, 1.25%▲) were the major force behind an uptick in the sector.

Energy (-3.33%▼) had a tumble and every single one of the 22 stocks forming this sector in the S&P 500 was in the red. APA Corporation (APA, -5.27%▼), Nov Inc. (NOV, -6.00%▼) and Occidental Petroleum Corporation (OXY, -5.07%▼) were amongst the stocks with heavy losses in this sector.

Mixed Futures!

As of 06:30 ET, the US Index futures were mixed with S&P Futures (-0.04%▼), Nasdaq Futures (-0.11%▼), and Russell 2000 Futures (-0.03%▼) in the red. Dow, the index that has been in the sub-zero levels looks green with Dow Futures (0.10%▲) in the positive territory.

Key Movers in Small Cap:

We can now ‘edit’ genes inside the human body. This news made investors pounce on Intellia Therapeutics (NTLA, 50.21%▲), who develops biopharmaceuticals using a CRISPR gene editing system. The relative volume of the stock was 11.89.

Another Biotechnology firm testing drugs for Cancer, Cel-Sci Corporation (CVM, -45.41%▼), plunged on Monday after it’s the treatment for Squamous Cell Carcinoma missed its primary endpoint in a phase-3 study. The relative volume was 24.07.

Despite a slump in the Financials (-0.81%▼) sector, the New Senior Investment Group (SNR, 28.72%▲) stock soared following news of its acquisition by Ventas Inc, for $2.3 Billion. The relative volume for the publicly traded real estate investment trust was 18.58.

Key Movers in Large Cap:

Exelixis Inc (EXEL, -23.06%▼) tumbled after the oncology focussed biopharmaceutical company shared “disappointing” results of a clinical trial, pertaining to liver Cancer treatment. The relative volume was 8.71.

Carnival Corporation (CCL, -7.04%▼), a Cruise Operator, slid after they decided to sell shares worth $500 million, as they restart operations following a long Covid break. The relative volume of the stock was 2.51.

NRG Energy Inc. (NRG, 6.11%▲), an energy company involved in retail electricity, outperformed its competitors following the addition of its stock to the Conviction Buy List at Goldman Sachs, also increasing the stock’s target price. The relative volume of the stock was 2.20.

Earnings:

Herman Miller Inc. (MLHR,-0.68%▼), the office furniture equipment company, reported earnings of 56 Cents a share on sales of $621.5 million, beating estimates. The stock, however, went from $48.51 to $47.50, only to regain some strength at $47.95.

Led by continued strength in investment banking, the Jefferies Financial Group (JEF, -0.84%▼) reported a record second-quarter earnings, in the post-market report on Monday. The revenue of the company jumped 56% from $1.03 billion last year. The net earnings of the company for the quarter have increased by a whopping 147%

On the Lookout:

Consumer Confidence Index (CCI) data is due today.

The Solar energy stocks have moved higher in unison following introduction of legislation that will give tax credits to manufacturers throughout the Solar Energy supply chain.

Electric Last Mile Solutions (ELMS, 13.4%▲)was an addition to a growing list of EV start-up companies going public through SPAC deals. The stock popped 13.4% on its debut trading day!

Another one to make a debut was the online payment provider Payoneer (PAYO, -1.49%▼). The stock price opened at $11.5 and ended the day at $10.6.

Unusually high shorter-term CALL options activity seen on GAP (GPS, -3.91%▼), Facebook Inc. (FB, 4.18%▲), Zynga (ZNGA, 1.22%▲), and Norwegian Cruise Line (NCLH, -6.15%▼) among others.

On the other hand, unusually high shorter-term PUT options activity seen on Activision Blizzard (ATVI, 3.40% ▲), Royal Caribbean Cruises (RCL, -6.47%▼), Carnival Corp (CCL,-7.04%▼), and Petrobras (PBR,-0.71%▼), among others.

Stocks that are ‘talk of the’ Social Media: Coinbase Global Inc. (COIN, 9.86%▲), Virgin Galactic (SPCE, -1.9%▼), Nvidia Corporation (NVDA, 5.01%▲), Lattice Semiconductor Corporation (LSCC, 2.38%▲), and Kulicke and Soffa Industries Inc . (KLIC, 2.6%▲).

Other Asset Classes:

The US dollar Index (92.05, 0.18%▲) is back in business! Concerns around a spike in Covid cases, threatening to blow out economic recoveries in many nations, and ahead of the US Jobs report, the greenback index is hovering below a 3 month high against some major currencies.

Crude Oil Prices, after touching 2018 high, have fallen considerably as Covid cases surge in Europe and Asia, just ahead of the OPEC+ meet, scheduled for July 1.

The Treasury Yields, ahead of the key employment data, due this week, rose a little Tuesday morning.

Global Markets:

The major bourses in Asia Pacific ended in red for the second consecutive day on mounting concerns about the pandemic and low levels of the vaccination rollout in the region.

European Markets made gains early Tuesday morning following an uptick in Industrials, Banks, and the Retail sectors. The sectors made gains between 0.4% and 1.1%.

Meanwhile on Researchfin.ai

There are 11 new trade setups identified by the AI today. Please sign-up for our app, if you already haven’t, to learn about these setups.

That’s about it for today! Have a pleasant day trading!

See you tomorrow!

Warm Regards

Team Researchfin.ai