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Happy Tuesday Zingernation! I’ve only been fired once, and on the drive home, my car got rear-ended and totaled. It was my introduction to Murphy’s law: What can go wrong will go wrong. But as rough as my introduction was, it’s nothing compared to Boeing’s. Just a week after the door of an Alaska Airlines 737 MAX flew off mid-flight, the windshield on a Japanese 737-800 cracked. Boeing shares proceeded to dive almost 8% today.
Ironically, Murphy’s law originated with a U.S. Air Force experiment gone wrong. To test the results of G-force on the human body, Capt. Murphy brought a rocket sled to 200 MPH, then hit the brakes. The first test came back with no data — fortunately, not because the test driver had been blown to smithereens, but because every single sensor had failed at the same time.
A reporter asked how they managed to avoid fatalities. The experimenters said they simply assumed, “If anything can go wrong, it will.” So hey, maybe it’s a good thing Boeing is becoming well-acquainted with Murphy’s law, after all.
Today’s Price Action:
$SPY: -.37%
$QQQ: -.01%
$DIA: -.60%
Also, learn more about the company that's using cutting-edge technology to reshape the industrial space.
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TODAY’S MOST VOLATILE STOCKS
ONE TOP MOVER
Briefly: Who knew the Iowa caucus results would be so PHUN?
Back Up: Mobile software company Phunware (NASDAQ: PHUN) helped run Trump’s social media app during the 2020 presidential election.
So Then: PHUN shares closed up more than 400% today as investors rushed to the company following the former president’s win at the Iowa caucus.
That Said: It wasn’t all well-done steaks and Diet Coke for investors. Phunware announced a public offering after the close, and the stock dropped more than 60%, from its closing price of $0.42 to $0.15 in the after-hours session.
What Next: Is the PHUN already coming to an end? Read more here.
PRESENTED BY LASER PHOTONICS
Laser Photonics Corporation (NASDAQ: LASE), a leading global industrial developer of CleanTech laser systems for laser cleaning and other material applications, has recently provided an update on its strategic and operational direction for shareholders.
This comes in the wake of Wayne Tupuola, CEO of Laser Photonics, expressing the company's commitment to long-term expansion, growth, and increasing stockholder value. He acknowledged that LPC has only scratched the surface of the market's potential and technological capabilities.
FIVE MOVERS
Spirit Airlines stock dropped more than 40% today after a U.S. judge blocked the company’s planned merger with JetBlue over antitrust concerns.
Tilray stock moved higher after the U.S. government released documents Friday related to its ongoing review of cannabis.
XPeng shares moved lower today amid ongoing investor concern with China and economic uncertainty.
Morgan Stanley shares dropped Tuesday after the company’s earnings report failed to impress investors.
NVIDIA stock might not seem like it can go any higher, but it did just that today, after an analyst upgrade from KeyBanc.
ONE TRADE IDEA FOR TOMORROW
Briefly: BMO Capital Markets analyst James Fotheringham maintained the Market Perform rating on Bank Of America, lowering the price target to $36 from $37.
So Basically: Following BAC’s 4Q23 fees and cost-driven miss, the analyst lowered the near-term estimates by 7%.
So Then: Fotheringham cited higher-than-previously-modeled operating and credit costs, in tandem with lower expected share repurchases.
So What? Investors haven’t been making bank off the big banks in the last week. The $XLF, an ETF that tracks the banking sector, is down more than 1% in the last few trading days.
Price Action: Bank of America shares closed down more than 2% today.
What Next: Read the full breakdown here.