A New Pegasus $2 Trillion
By Fri, Jun 25, 2021
Hey Scoopers,
Although the Dow Jones index and the S&P 500 index ended lower, the Nasdaq index reached a new record high. — More on that in the “Overall Market” section.
Beyond the overall market, an EV maker’s CEO guaranteed its investors would have a preference when its space company goes public. Meanwhile, a hydrogen fuel cell company’s investors realized that maybe the earnings report was not all that exciting — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, Microsoft became a new Pegasus. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: The stock market ended positive on Thursday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price increased to $33K per coin.
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Biden’s Agreement
The stock market ended in the green zone on Thursday.
After a volatile session with inflation concerns, the markets digested an announcement from President Biden. According to Biden, he reached a bipartisan infrastructure agreement with Senate lawmakers. Following the announcement, the Nasdaq index and the S&P 500 index each set new record intraday highs.
Loyalty Is Everything
So, what happened?
Shares of Tesla (Ticker: TSLA) were up by almost 4% on Thursday. The spike came after its CEO Elon Musk made an announcement regarding SpaceX, the rocket company he has founded and run too. In the statement, Musk said he would make sure to give the electric vehicle maker’s shareholders preference when SpaceX’s subsidiary goes public. Despite trying to merge the two companies before, it seems that it is not happening anytime soon. So, Elon is looking for other was to keep investors excited.
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The Dark Side of the Report
So what happened?
Shares of Plug Power (Ticker: PLUG) were down by almost 3% on Thursday. Although the stock is still up 12.8% this week, investors started digesting the clean energy company’s earnings report. The revenue growth compared to last year was impressive. However, a $60 million loss vanished the excitement for the stock. Furthermore, Plug is charging less than half of what it needs to reach gross profit. It seems that the enthusiasm is fading away.
A New Pegasus
So what happened?
Microsoft (Ticker: MSFT) reached a $2 trillion market cap value this week. After the tech giant’s stock soared more than 65% since March 2020, the company joined the so-called “Platinum Pegasus Club.” It was the second American company to hit the milestone. The achievement came just before Microsoft announced its new Windows OS version. Despite still being the operating system’s king with a 73% market share, the company has lost share to other competitor’s systems.
Although many expected companies like Amazon (Ticker: AMZN) to reach the milestone before, Microsoft’s productivity and business applications helped it get there first. Welcome to the new Pegasus!
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
About the Author
Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.
