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Market Snapshot

What's Ripe

AMC Entertainment ($AMC) – Congrats kings, you did it again - sending AMC well on its way back to the moon with a solid 7.7% rise yesterday. Things were looking spooky for a while, with shares dropping almost 40% in the past month. However, the stock bounced right off its 50-day moving average, back in the right direction. You ever think about how someday you might watch a movie about the AMC saga...in an AMC theater?

Lordstown Motors ($RIDE) – Why anyone would buy a company that *allegedly* faked pre-orders for their EVs and has AN ONGOING DOJ PROBE is beyond me. But, as you’ll see in our quote of the day, opinions can be wrong. Lordstown Motors, the EV stock that dropped 76% from February to May, popped up 10% yesterday with literally no bullish news. Don’t you just love the financial markets?

Qualtrics International ($XM) – If you’ve ever taken a “research” class at a business school, you know Qualtrics far too well. The software company focused on surveys saw a 5% boost after a whale purchase of 511,725 shares at 4:14pm on Wednesday together with a new product announcement. The new product will help businesses design hybrid work plans, for those employees that work some days in the office and some days in their underwear.

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What's Rotten

Marin Software ($MRIN) – On a day where tech stocks largely lead the market lower, meme tech stocks largely sank like rocks. One of the deepest sinkers of all was recent retail favorite Marin Software, falling 27%. The marketing software platform ate the dirt, as a poorly received preliminary earnings release included lower than expected revenue guidance. Maybe take a page from Lordstown’s playbook and just bold face lie next time?

Just Eat Takeaway.com ($GRUB) – Are we living in Bizarro World? International online food ordering and delivery firm Just Eat Takeaway, the owner of Grubhub, slumped 10% yesterday. This came after announcing in a press release that overall order growth in the first half of the year had slowed to a measly 51%. Imagine increasing your total orders by over 50% and still losing 1/10th of your value.

Nvidia Corp. ($NVDA) – The stalwart of silicon, the gatekeeper of graphics cards, the mining rig king, otherwise known as Nvidia Corp, took a 4.4% tumble yesterday. Despite receiving a bump in its price target from Mizuho to $900/share, NVDA suffered on account of its linkage to the digital currency world. Not only did coin prices slump, but the lack of computer chips needed for the growing consensus mechanism, proof-of-stake, appears to be on investors' minds.

Macro Monkey Says

Inflated Inflation? On Wednesday, we hit you with some facts around the latest inflation reading. While it is true that the last 3 months of CPI (inflation) have come in hotter than expected, digging into the data reveals that for now, it’s not so bad. For example, it’s a great time to make that switch to your dream career as a car salesman with ⅓ of price increases due to new and used cars alone. It's as simple as it gets, low supply + high demand = skyrocketing prices.

Food for Thought:

The U.S. Gov't vs. Binance: Like biting into a buffalo chicken wing, things are getting spicy between the Department of Justice and Binance. Bloomberg reports that Binance, the world’s largest digital currency exchange, has been actively soliciting praise from U.S. government agencies such as the FBI, IRS, and Secret Service for the company’s help in stopping and catching digital criminals. As Binance is legally (and ethically) required to assist investigations, the DoJ gave them a fat “f*ck off” in the form of telling the U.S. agencies to ignore the requests for praise.

Meme Meditation

Wise Investor Says

Happy Investing,

Patrick & The Daily Peel Team

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