November 12, 2023

The Weekend Rip: November 12, 2023

Stocks continued to rebound this week, but not all indexes participated equally. 📈

Let’s recap and prep you for the week ahead. 📝

What Happened?

😮 The spread between technology-heavy Nasdaq 100 and the small-cap Russell 2000 continues to expand as investors focus on the “relative safety” they perceive large-caps can offer. However, not all tech stocks are doing well, as investors avoid those not growing revenues.

🤩 This week’s Stocktwits Top 25 report showed outperformance relative to the indexes.

📉 Recent initial public offerings (IPOs) ARM Holdings, Klaviyo, and Instacart all failed to impress with their first public earnings reports.

📺 It was a big week for media and entertainment news and corporate shakeups. On that note, Dish Networks fell to 25-year lows on worse-than-expected subscriber numbers.

😞 Meanwhile, it was a rough week for popular stocks among retail investors. Several energy stocks, Fisker, and Robinhood, all fell sharply after earnings. And two space companies saw shares rise after providing some bittersweet news.

📰 Several other stocks made headlines, including Uber and TripAdvisor, Aurora Cannabis and Canopy Growth, and Groupon.

🔥 Several names were on the Stocktwits trending tab for most of the week, including $AMC, $MULN, $LIFW, $MARA, and $SOL.X.

Here are the closing prices:

S&P 500	4,415	+1.31%
Nasdaq	13,798	+2.37%
Russell 2000	1,705	-3.15%
Dow Jones	34,283	+0.65%

Bullets

Bullets From The Weekend

🚢 Cyberattack keeps Australian ports offline. The country is still assessing the logistical impact of a cyberattack that’s paralyzed several of its biggest ports since Friday, expecting interruptions to continue for several more days. The mass closure threatens to disrupt global supply chains if it takes significant time to resolve. DP World Australia says it hasn’t received a ransom demand, nor does it know which organization is responsible for the attack. It’s the latest of several high-profile attacks. Yahoo Finance has more.

⚡ Polestar bets on new tech to spur electric vehicle (EV) demand. The Swedish EV company showcased its vision for the future this week, saying that new tech and next-generation cars will spark sales and spur a new era of growth for the company. Its inaugural Polestar Day painted an optimistic picture relative to a day before, where executives cut delivery targets for 2023, announced a fresh investment from Volvo and Geely, and said it will need $1.3 billion in external funding to reach cash flow breakeven levels in 2025. More from TechCrunch.

◀️ Tumblr scales back site after a failed turnaround attempt. A leaked memo by Automattic CEO Matt Mullenweg says that “the majority” of Tumblr’s non-support, safety, and moderation staff will “switch to other divisions.” The company has put 600+ person-years of effort into Tubmlr since the acquisition in 2019 but has failed to achieve its engagement and monetization goals. As a result, the site may soon say goodbye to Tumblr Live and other features as its parent company downsizes the team and refocuses efforts on other ventures. The Verge has more.

The Brief

Need a concise summary of what’s going on this week? Look no further. Here’s an overview of important earnings and economic data for the trading week ahead.

Economic Calendar

It’s a busier week of economic data, with investors focused on new inflation readings. In addition to the above, check out this week’s complete list of economic releases.

Earnings This Week

Earnings season is still in full swing but down from its peak, as 403 companies report this week. Some tickers you may recognize are $FSR, $WKHS, $HD, $WMT, $CSCO, $BABA, and more.