US equities open moderately higher, with the SPX and Nasdaq breaking new hist’ highs. VIX has been ground to the mid 14s.
sp’60min
VIX’60min
Summary
Producer Prices (PPI):
Headline y/y: 2.6% vs 3.3% prior
Core y/y: 2.8% vs 3.7% prior
Hmm… what to make of that?
The micro 5/15min cycles are overbought, with the market prone to cooling into 11am.
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notable stock: ORCL
Headline earnings were a fractional double miss…
EPS $1.47 vs 1.48est. Rev’ y/y +12.2% to $14.92bn vs 15.03est.
… but the market hyper ramped the stock on talk of a strong order backlog.
Yesterday afternoon… I noted the technical setup as bullish… which has played out…. if far beyond what was expected.
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notable stock: AVAV
Earnings were fine…
EPS 32cents vs 34est. Rev’ y/y +139.9% to $454M vs 439est.
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notable car: NIO
Secondary stock offering… 181M at $6 ? … so roughly $1bn.
Another company (wisely) raising money, whilst the market is in #everythingisfine mode.
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notable stock: NBIS
The stock is naturally lower on a monstrous capital raise!
$1bn via stock, and $2bn via two tranches of convert’ corp’ debt.