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KEY POINTS
OVERALL MARKET
Investors mostly interpret the 3.5% rise in personal consumption expenditure price index as a sign of economic growth.
The NASDAQ was the only index ending Friday in the red, while the other two indices wrapped the week in the green.
One economic indicator that led to the market's mixed results is the personal consumption expenditures price index. This is an indicator used by the Fed to track inflation. The latest report shows a 3.4% increase since May of last year. On the one hand, it confirms investors' concerns around inflation. On the other hand, it can be a confirmation that our economy is growing. GET THE DAILY MARKET RECAP
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Two-for-one special: SPCE gets approval for commercial flights, while NKE reports impressive earnings through online sales.
Today's winner section is a two-for-one special, folks. We’re looking at two stocks that were high up on both of Stock Card’s most-viewed and winners' lists. One is space tourism company Virgin Galactic (SPCE), and the other is athleticwear giant Nike (NKE).
With a new corporate space race unfolding in front of us, all eyes are on which company can get commercial space flights up and running first. Virgin Galactic crossed a major milestone today, announcing their FFA approval for commercial passengers. This was great for the company, as regulatory measures are often large roadblocks for companies entering the space industry. The price of SPCE shares jumped 39% today before close. While an FFA approval doesn’t guarantee success, it sure cleared up some uncertainty for investors. Now, the company only needs to get its tech working and it is officially in the space travel business. The 600 pre-ordered tickets for a $250,000 ride each is surely a sign of confidence in the company's success. I own a few shares after buying and selling a few times through my Windmill Portfolio, which is a more short-term portfolio with more short-term buys and sells. I plan to hold the rest of the shares I own as a bet on Virgin Galactic's success. Nike is the other headliner today, as it jumped 15% before the market closed. The price jump is due to the earnings report released yesterday, which blew previous estimates out of the water. Fourth-quarter revenue was up 96 percent compared to the prior year. Despite China’s heavy presence in its production and retail’s pandemic woes, the company has emerged as strong as ever. The CEO was confident that this growth is due to the continued evolution of its business model, which is now coming through Nike’s Direct and online sales. The closure of physical stores tested their online systems, and the results were great. With this new business model transition, Nike is building an even more formidable company you may want to own in your portfolio, especially if you look for reliable stock picks that also pay a small dividend. WHAT'S DOWN?
SoFi (SOFI) stock tumbles after an SEC filing spooks investors, should you buy the dip?
Two days ago we discussed SoFi Technologies (SOFI). Today the stock price fell 11%. So I thought, it's a good idea to see why.
The company had a 424B3 filing to conclude its SPAC merger. For those of you unfamiliar with this, a 424B3 filing provides regulatory notice of a change in merger terms. In this case, based on our team's research, it was related to the lock-up period for about 5% of its shareholders and executives on June 28th. Somehow, this filing spooked investors who were already watching a downtrend, and the negative momentum was only strengthened. If you have a better understanding of why the stock sold off, let me know. When we covered the stock on Wednesday, I was impressed by its low-cost customer acquisition business model. I’m sticking to my guns with this one. This SEC filing is unlikely to affect the company’s success going forward. As long as this FinTech company can handle managing all the financial products it’s offering, it can be a major competitor to traditional banks. This is a dip that if it continues may make the stock worth a small spot in our portfolios as a bet on future banking. WANT TO RECIEVE THIS DAILY MARKET RECAP REPORT IN YOUR MAILBOX?Comments are closed.
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