🍨 Daily Scoop: Is the Cult Okay? | Trade Stocks

Is the Cult Okay?

By Tue, Feb 23, 2021

Hey Scoopers,

Investors started to sell their tech stocks before it got too late. — More on that in the “Overall Market” section.

Beyond the overall market, one streaming stock jumped up despite the overall market sell-off, while a cult-like stock stopped its rocket-like rally. — More on that in the “What’s Up?” and “What’s Down?” sections.

Oh, by the way, from the list of the companies that release their earnings this week, what are you watching? — 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 three indices started the week with mixed results. Scroll down to the “Overall Market” section to read more.
  • Cryptocurrency: Bitcoin’s price took a breather and dropped to $53K per coin, at least for now.

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Tech Sell-Off

The stock market started the week with mixed results, with the Nasdaq index ending Monday more than 2% lower than where it began. The tech stocks had an even more difficult start to the week, with the Nasdaq 100 technology index dropping by more than 3%.

On the one hand, the House is working through the $1.9 trillion stimulus package, which would likely boost the market. On the other hand, investors are getting nervous about Chairman Powell’s bi-annual testimony at Congress later this week. It’s surprising because, earlier in February, the Fed reiterated that it wouldn’t move the interest rate before achieving its target 2% inflation rate. Nevertheless, the market is selling the high-flyer tech stock because investors are worried about losing the fantastic return the tech stocks have amassed in the last few quarters.


Streaming War Winner

So, what happened?

Shares of The Walt Disney (Ticker: DIS) were up by almost 5% despite the overall sell-off. The company is getting close to the launch of its Star streaming service on Feb 23rd (today). The Star streaming is also dubbed at Disney+ for adults and comes with a lineup of original content and favorite adults-only series such as Family Guy and would boost the Disney+ Subscription by 30% or so higher. Disney is on its way to become the streaming war’s winner.


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Is the Cult Okay?

So what happened?

Shares of Tesla (Ticker: TSLA) were down by more than 8% on Monday. The price drop started last week or so, and the stock has fallen from the all-time high of $900 per share to around $716 per share. Beyond the general sell-off, there are rumors that Model Y orders can’t be filled as per specifications the customers were looking for. Even the website known as Teslarati is not happy with the lack of transparency and surprised about the apparent lack of available cars as per customers’ preferred specification. Can it be that the cult of Tesla has stopped believing?!


This Week’s Earnings

So what happened?

Here is a list of some of the most important earnings you may want to have an eye on:

(Source: Stock Card’s Earning Calendar)

Investors have moved on to the next exciting thing.

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

The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card