Your Wednesday Blip 12/9/20

Your Wednesday Blip 12/9/20

Stimulus, vaccines and IPOs all worked to push markets higher at the opening bell but as the day wore on stocks fell and the NASDAQ in particular was hit thanks to a pullback in tech and an announcement that the FTC was suing Facebook for acting as an illegal monopoly. At the close the Dow was off 107 or 0.36% to 30,066 while the NASDAQ fell 1.94%. Trading volume was higher in what was counted as a distribution day. Both IBD and BTS indicators are positive.
December is usually a nonevent for companies coming public but this year is different. DoorDash, a food delivery service which has benefited from the pandemic lockdown priced its IPO at $102 per share and well above original estimates. When trading began it bolted to $182 per share. Up next will be Airbnb which is scheduled to price this afternoon and begin trading tomorrow. Following them will be video game company Roblox and ContextLogic which is the parent of online retailer Wish.
At a Wall Street Journal CEO council summit Elon “Meglomaniac” Musk announced that he has “left the building!” Elon has confirmed his move from California to Texas citing displeasure with the state’s regulatory environment. Flight from California appears to be on the rise lately as Hewlett Packard Enterprise and Palantir have also recently left the nest of the golden state.
The Scoutmaster of Troop 100 recently sent a congratulatory email to the scouts that worked the Christmas Tree lot. I thought it was worth passing on. He said It has been great to see so many of you at the tree lot. The year to year growth in the scouts is fantastic to see. Scouts that would only reluctantly talk to customers a few years ago are now leading the way in working with customers, unloading trucks, and tying trees to cars. I agree with our SM with how our tree lot is a great opportunity for kids to grow from being a lunkhead to a fine young man or woman.