Welcome to TheSum #7. Flat day on news, and also for markets (but not for meme stocks, obviously). First of all, thank you to all the new subscribers. You’re amazing! If you’re not subscribed yet, Subscribe for Free.
Indexes are near the all-time highs despite the high inflation numbers. In fact, the inflation data stats released yesterday showed CPI with a +5% in May, against the 4.7% expected from analysts.
Meme stocks had a bloody day. GameStop [GME] scored a -30%, AMC Entertainment Holdings Inc. [AMC] loss around 10%, and the “new” meme Clover Health [CLOV] fell -14%.
Tesla [TSLA] scored a +1.89% but still near the low price for 6 months. [NIO] was flat, and scored a boring +0.06% ( better than a loss btw). Microsoft [MSFT] did well with a +1.44%. Twitter [TWTR] continues to take points slowly, with a +0.99% in the last session. Paypal Holdings Inc [PYPL] scored a +2.23% after reporting strong earnings results. Crowdstrike Holdings Inc [CWRD], which scored a +29% in the past 6 months, closed another session with a +6.85%. As said in the past letter, “keep an eye on Merck [MRK], that in the past session did a +2.84%. The drugmaker struck an agreement to supply the government with molnupiravir, an oral treatment designed to treat mild to moderate cases of Covid-19. It’s currently being evaluated in a phase 3 trial.
Oracle Corporation [ORCL] fell a -2.63% (still +35.79% in the past 6 months). Caterpillar Inc. [CAT] is dropping (or retracing) after touching a new all-time high. Rocket Companies Inc [RKT], fell a lot, scoring a bloody -5.2%.