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- 🎈 Inflation Is Back
🎈 Inflation Is Back
And better than ever — or at least the market seems to think so. Plus, is this company going to acquire TikTok?
Brooks Dyroff
March 12, 2024
Happy Tuesday, Zingers! February inflation came in hotter than expected, and the market dipped — for all of five seconds. Traders bought the dip just as quickly, sending the S&P 500 up to a new all-time high. In this economy, even bad news is good news.
Today’s Price Action:
$SPY: +1.08%
$QQQ: +1.43%
$DIA: +.61%
Also, check out the company that’s using AI and DNA modifications to treat diseases with cutting-edge technology.
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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: After a two-day sell-off, investors came rushing back to NVIDIA, sending the stock higher by more than 7% today.
The Context: NVIDIA experienced a notable drop on Friday, stirring concern among investors who had been enjoying the stock's ascent.
The Takeaway: This decline highlights the volatility and risks tied to high-momentum stocks, shining a light on the recent AI-driven rally in the market.
Be Warned: This decline, following a period of remarkable growth, serves as a cautionary example of the swift and sometimes unpredictable nature of stock market fluctuations.
That Said: The dip was short-lived. Traders had a big appetite for NVIDIA stock today, with the stock closing up more than $60.
PRESENTED BY IPA
Anyone familiar with the intricacies of life science knows how truly complicated DNA is; without a full understanding of the language of DNA, scientists are often at a standstill when it comes to advanced medicine. That’s why the work of companies like ImmunoPrecise Antibodies (NASDAQ: IPA) (“IPA”) is important to identifying, preventing and treating diseases.
IPA’s subsidiary BioStrand has created a Foundation AI Model that uses fingerprint patterns found throughout the biosphere to connect different areas of knowledge. This technology forms the backbone of BioStrand's platform, which encompasses a vast knowledge graph mapping billions of relationships across millions of data objects. By linking genetic, structural and functional data with scientific literature, BioStrand provides a comprehensive understanding of the connections between genes, proteins and biological pathways.
FIVE MOVERS
Nike shares moved slightly lower today ahead of its earnings report, following bearish coverage from an analyst.
Rumble shares soared higher, closing up nearly 20% on news that it made an offer to be involved in a TikTok acquisition.
Clover Health shares moved higher after the healthcare company reported better-than-expected earnings results.
Asana stock closed lower by more than 10% today as analysts weighed in on the SaaS play’s disappointing earnings report.
Workhorse shares weren’t working for investors today, trading down after the company missed EPS estimates.
ONE TRADE IDEA FOR TOMORROW
Briefly: Rivian held its R2/R3 launch event last week and shares raced higher as key strategy changes were received well by investors. Here’s a look at RBC Capital’s main takeaways from the launch.
So Basically: Following the Rivian event last week, RBC Capital analyst Tom Narayan reiterated Rivian with a Sector Perform rating and price target of $15.
Back Up: Rivian will offer two battery sizes with the R2 platform. The larger battery will offer more than 300 miles of range and RBC expects the smaller battery and lower-priced vehicle to have a range of about 250 miles.
So Then: In a note to clients, Narayan wrote, “Most investors viewed the event favorably and in particular the capex savings from the plant delay … There is a consensus that Rivian designs beautiful products.”
But Still: Although Rivian stock received a favorable response to the company’s R2/R3 event last week, Narayan recommended that clients remain on the sidelines until there is clear evidence that Rivian is capable of making its vehicles profitably.
PRESENTED BY IPA
Anyone familiar with the intricacies of life science knows how truly complicated DNA is; without a full understanding of the language of DNA, scientists are often at a standstill when it comes to advanced medicine. That’s why the work of companies like ImmunoPrecise Antibodies (NASDAQ: IPA) (“IPA”) is important to identifying, preventing and treating diseases.
IPA’s subsidiary BioStrand has created a Foundation AI Model that uses fingerprint patterns found throughout the biosphere to connect different areas of knowledge. This technology forms the backbone of BioStrand's platform, which encompasses a vast knowledge graph mapping billions of relationships across millions of data objects. By linking genetic, structural and functional data with scientific literature, BioStrand provides a comprehensive understanding of the connections between genes, proteins and biological pathways.