The Biden Effect
Hey Scoopers,
The new unemployment claims report dampened the mood. — More on that in the “Overall Market” section.
Beyond the overall market, solar stocks benefited from the so-called Biden effect, while issuing new shares disappointed a gene-editing stock’s investors. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, can you Moneyball the stock market? — 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 indices didn’t agree on the direction. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price fell below the $30,000 per coin level and lost almost all it has gained in its crazy rally late last year.
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More Unemployed People
The Dow and the S&P 500 indices took the opposite directions, although both ended Thursday nearly flat. As is customary on Thursdays, the Labor Department reported the new number of jobless claims. Although the absolute number was lower than last week, still more than 900,000 people filed for unemployment.
The Biden Effect
So, what happened?
The solar stocks had a good day on Thursday. One day after President Biden decided to rejoin the global effort to combat climate change, several solar stocks, including Enphase Energy (Ticker: ENPH), Sunrun (Ticker: RUN), First Solar (Ticker: FSLR), and Sunworks (Ticker: SUNW) popped up quite drastically. While there weren’t any new announcements from the Biden administration, the solar and renewable energy sectors enjoyed a Biden effect.
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No More New Shares
So what happened?
Shares of Editas (Ticker: EDIT) were down by more than 10%. It dropped after the company announced a secondary stock offering. New share offerings typically lead to a price drop that recovers after a while, assuming nothing else changes about the company’s operations. Of course, there is always the risk of losing money in these types of trades.
Can You Moneyball the Market?
So what happened?
A new SPAC or a Special Purpose Acquisition Company grabbed our attention. It’s called RedBall (Ticker: RBAC), and it is a SPAC partially managed by Billy Beane, the man who applied data analytics to baseball and you may have watched the movie starring Brad Pitt based on Billy’s story.
The SPAC plans to invest and merge with a company that focuses on sports entertainment and analytics. While we don’t know which company that is, it is a stock worth watching.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.