Silver Banana goes to...
Stocks were looking like the Irish countryside yesterday as U.S. indices showed a lot of green. The S&P rose 0.3% alongside the Nasdaq and Dow's 0.35% and 0.04%, respectively. Let's get into it.
Palantir ($PLTR) – We'll need our tinfoil hats apes. Palantir, the government data analytics / citizen stalker company, reported stronger than expected earnings in their most recent quarter. Peter Thiel's big data beast beat on revenue and raised outlook for the next quarter, taking in $375mm and projecting $385mm next quarter. The $0.06 EPS beat was a nice cherry on top, altogether sending shares up 11.4% yesterday.
Asana ($ASAN) – Asana has been on an absolute tear this year, hitting an all time high yesterday of $80.45, a 5.8% gain. The workplace collaboration software firm is set to announce earnings on Sept. 1, but investors are getting excited already. As shares experienced a 28% increase in average daily volume yesterday, not only does price going up generally lead to more price going up, it also attracts more interest. Surely great news for now, but with the way things are going, they may need to release a cure for cancer to beat current estimates.
Clover Health ($CLOV) – Chamath was in a good mood yesterday. Clover Health, his Medicare advantage health plans SPAC, rose 10.8% yesterday on an increased sales forecast in their quarterly earnings release. Revenue was the only line item to surpass estimates, beating by 101% while EPS was slightly off by 366%. Who cares though? Projections for next quarter stole the show, and with President Joey B's plans around Medicare in the recent budget proposal, it's almost like this firm found a four leaf...clover.
If you're anything like us, you're probably wondering WTF is an NFT. And why are folks spending millions of dollars on avatars, trading cards and…virtual apes. It's great that you can invest in anything nowadays, but should you?
Despite the monkey business, even fewer people understand this "untouchable" investment that makes BTC seem like small potatoes.
We're talking about art, a gargantuan $6 trillion asset class loved by hedge fund gurus and non-squillionaires alike.
Sounds crazy? Take a look at this:
- Contemporary art prices outperformed the S&P by 174% from 1995–2020
- Total wealth in art is projected to explode by another $1 TRILLION by 2026
- In 2017, a single painting sold for $450 MILLION
That's huge. No wonder, 86% of wealth managers believe in including art in their offerings.
But unless you have $20 million lying around to buy a Picasso, you can forget about channeling your inner Rockefeller.
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GrowGeneration ($GRWG) – We always knew Wall Street was a bunch of nerds, but I never realized they were narcs too. It's clear as cannabis and agriproducts maker, GrowGeneration, slammed down 17.1% yesterday. Apparently a "fundamentally robust" quarter, as described by one analyst, wasn't good enough. Analysts are shook over an implied slowdown in sales growth for next quarter, with full year guidance coming in $8-$28mm short of expectations. You know what that means, we all gotta hit the dispensary more to help out.
Blink Charging ($BLNK) – Blink and you may have missed Blink's fall yesterday. Shares fell 5.3% on a mixed earnings report with extreme results on both ends. First, the bad news - EPS missed estimates 80% wider than expected and several price target downgrades followed. On the positive side, revenue grew 177% YoY with the charging services segment growing at a coked-out rate of 572% (no, not a typo). Obviously, investors did not care one bit about the good news.
Zymergen ($ZY) – Let's check back in with Zymergen. Spoiler: it's not going well. Shares were sent down another 7.9% yesterday, totaling a loss of 70.7% in the last 8 trading days. The only thing growing with this company is the number of lawsuits it's facing from shareholders, because you know, saying "yeah, we're actually gonna pass on making money for a while" is typically not something investors like. Let this be a reminder apes, investing in young industries is a risky endeavor.
Macro Monkey Says
Home Prices – R.I.P. if you just bought a home but congratulations if you just sold one. Existing home prices have popped even further in the last quarter, rising 23% YoY to the highest level on record, averaging $357,900. 94% of metro areas studied have seen double digit surges, the largest being the greater Albany area and specifically the town of Pittsfield, Massachusetts. Still, there remain some weirdo cities like Springfield, Illinois that actually saw home price declines. Meanwhile, one of the best known stocks in housing, Zillow, has been underperforming miserably, dropping 50% since February.
Find out how we're playing this with WSO Alpha.
Food for Thought:
$3.5 Trillion – There appears to be one sole thing Republicans and Democrats can still agree on - spending money, and a lot of it. The $3.5tn budget proposal promises to ease burdens faced by the elderly, young families, and the economically disadvantaged through vast and creative spending over the next decade. Highlights of this new budgetary plan include $135bn to climate change efforts, $332bn to low income housing, and of course, $726bn to universal pre-K, tuition free community college, and others. While the bill still remains to go through the House, I for one am sick of these freeloading preschoolers constantly taking advantage of the system. Get a job, Billy.
"To buy when others are despondently selling and sell when others are greedily buying requires the greatest fortitude and pays the greatest reward."
– Sir John Templeton