Episode 40: Columbus day Tech Rally.
Welcome to another episode of Pandocap market recap and happy Columbus Day (and Indigenous Peoples' Day).
Today hit a 6 week high with big cap names like Apple, Facebook and Twilio leading the gains. While many expected losses at the companies to be somewhere in the range of 25% lower, we are seeing current earnings come in at a slightly better than expected 20% loss, with early reporting showing 20 companies beating their targets. Some reasons for the better-than-expected outcome is owed to the previous stimulus package helping with the economic bridge to the vaccine. Analysts are upbeat that support continues as companies progress into the end of the year with investors having less concerns about election uncertainty and a possible blue sweep providing a clear transition path forward.
We have Apple's hardware event tomorrow to debut its iPhone 12 which everyone is waiting to see. Though still nascent, 5G promises to deliver much faster connection speeds when it's fully deployed. Beyond phones, It will pave the way for more connected devices: Advances like self-driving cars, virtual reality, smart city technologies and networked robots could be powered by the new network. It’s truly the next generation of technology.
In the biotech and medical market, Astrazeneca is moving into Phase 3 trial on Covid and striking a deal with the US government. As President Trump touts the supposed ‘miracle‘ effects of Regeneron’s antibody treatments on Twitter and Fox News, the federal government is upping its investment in the technology, putting a half-billion dollars behind a third company developing antibodies to fight Covid-19.
Market Closed
Dow 30 28,837.52 +250.62(+0.88%)
S&P 500 3,534.22 +57.09(+1.64%)
Nasdaq 11,876.26 +296.32 (+2.56%)
IPO
On the IPO side there are nine companies that are scheduled to go public this week. Five biotechs, two medical device makers, a solar panel mounting manufacturer, and a Chinese retailer are scheduled to raise $2.0 billion in the week ahead. Wow, that’s a lot of companies!
We have a busy week at Pandocap as we are releasing an interview with Aquiles Larrea , our wealth advisor in Spanish on Friday, we have another interview scheduled with Jonathan Hunter who is a leading expert in all things drone and defense, and we finish off the week with a Vote with Love watch party on FB.
Have a great week.