Your Monday Blip 12/14/20

Your Monday Blip 12/14/20

Vaccine news helped boost markets at the opening but as the day wore on the Dow slipped into the red while tech stocks held up and boosted the NASDAQ. Dow was lower by 186 at 29,861 while the NASDAQ gained 62 to 12,440. Both exchanges experienced higher trading volume.
Late Friday the FDA granted emergency authorization for Pfizer and BioNTech’s covid-19 vaccine and within short order 3 million doses were being transported around the country to 145 sites in the US today with plans to ship to 500 sites by Wednesday. The goal is to vaccinate 100 million folks by the end of March.
Last week Costco (“Costco’s” as my mother-in-law called it) reported earnings which beat analyst estimates with a 17% increase in sales and a 32% jump in net profits. Comp store sales were up 15.4% and e-commerce sales posted an incredible gain of 86.4%. Jim “Mad Money” Cramer called Costco one of the best retailers out there because they have this crazy ability to keep prices low and boost both sales and margins through storm or shine.
Shares of Seattle based online real-estate tech firm Redfin hit a new high as the company rolled out its iBuying service called RedfinNow in both the Seattle and San Francisco housing markets. The service lets homeowners sell directly to Redfin for cash and avoid having to fix up the house or engage a realtor and pay the commission. Sellers can even chose their closing date to be anytime within 60 days of accepting Redfin’s offer. Redfin prices homes based on data spit out from an algorithm of relevant details about the property and neighborhood. Redfin offered this service in parts of California beginning in 2017 and is now expanding it. In the Seattle area however only home built after 1930 are eligible for the program.