Your Thursday Blip 8/20/20

Your Thursday Blip 8/20/20

Stocks opened the day lower on weak unemployment claim data then drifted higher in typical trading fashion which saw techs do well while value stocks (banks, materials) continue to languish. At the close the Dow gained 46 points to 27,739. Trading volume was lower and IBD continues to show markets in rally mode.
Boeing announced it had booked an order for four 737 Max jets to Polish air carrier Enter Air SA. It’s a miracle! This is the first order for the jet in 2020 and stands in contrast to the 400 737 Max orders that have been canceled so far this year. Meanwhile the 737 Max recertification process grinds on Boeing is setting up to offer a second round of voluntary layoffs as CEO Calhoun sees a smaller market for planes in the years ahead.
Airbnb filed to go public by submitting a draft registration to the SEC. There was no financial data in the registration but in April the company was said to be valued at $18 billion. In May when the pandemic hit, Airbnb laid off 1,900 employees or about 25% of its workforce but then a surge in rentals in rural areas like Darrington began as people bolted from the cities allowing Airbnb to recover somewhat.
Tesla announced the Nevada Giga Factory will get a $100 million investment from Panasonic to increase battery production by 10%. They also noted that new batteries will have 5% more energy capacity. The move to increase Gigafactory output marks the first expansion at the factory since 2017. Tesla is holding a “Battery Day” event on September 22nd to bring investors up to speed on its latest battery innovations.

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