Today is Tuesday, November 16, 2021.
Lucid's “Accelerating” Demand Highlighted During Earnings
Shares of Lucid Motors (Nasdaq: LCID) popped 0.98% in after-hours trading on Monday after the electric vehicle manufacturer posted positive earnings results.
Financials: On paper, Lucid did not report any revenue or earnings per share. Instead, the company mentioned that it added $4.4 billion to its balance sheet when it went public in July via a de-SPAC reverse merger.
Quote: “We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona.” - Lucid Motors CEO and CTO Peter Rawlinson.
Lofty Goals: Lucid said that its customer reservations increased to 13,000 in the quarter and it has a target of producing 20,000 units in 2022.
Challenges: Despite Lucid’s aspirations, there are some ongoing issues that Lucid pointed out in its earnings release, including global supply chain disruptions. These challenges could hurt the company.
Final Thoughts: Also on Monday, Lucid won the 2022 MotorTrend Car of the Year award.
Notable Earnings Today: Home Depot (NYSE: HD), Walmart (NYSE: WMT), Jumia Technologies (NYSE: JMIA), StoneCo (Nasdaq: STNE), Sea Ltd. (NYSE: SE), La-Z-Boy (NYSE: LZB), NetEase (Nasdaq: NTES), TransDigm Group (NYSE: TDG), Zepp Health (NYSE: ZEPP).
Notable IPOs Today: SportsMap Tech Acquisition Corp. Common Stock (Nasdaq: SMAP), Energem Corp Unit (Nasdaq: ENCPU).
Notable Equity Crowdfunding Campaigns Ending Today: Ponto Footwear (Wefunder).
Notable Economic Events Today: Retail sales (8:30 a.m. ET), Industrial production (9:15 a.m. ET), Business inventories (10:00 a.m. ET).
Black Friday Stock Picks
With Black Friday next week, here are a few stocks that investors should keep an eye on.
Eye on the Target: Target (NYSE: TGT), which is up 48% this year, offers holiday shopping deals before and during Black Friday.
Magic Believer: Macy’s (NYSE: M), has offerings for consumers online and in-person this year. Up 176% in 2021, can Macy’s stock continue to grow after strong Black Friday sales?
Luxury Look: As a sneaky Black Friday play, Nordstrom (NYSE: JWN) is trying to lure in customers with holiday shopping deals. The stock is up 9% this year.
Final Thoughts: In-person retailers are usually a strong bet before Black Friday. However, unlike previous years, most retailers plan to be closed on Thanksgiving Day. This could hurt overall sales.
Infrastructure Bill Signing Signals Start of Crypto Taxes for Traders
President Biden signed the $1.2 trillion bipartisan infrastructure bill on Monday, which contains tax reporting requirements for cryptocurrency.
Forms: Brokers, which are effectively exchanges, now have to issue 1099-B forms to both the IRS and its users. Investors in the stock market are used to these forms, but now these forms will also be included for crypto transactions.
$10,000 Level: The bill also included a requirement that people who get over $10,000 in cryptocurrency report it to the IRS.
Going Forward: Even after the signing of the bill, there’s still a lot of uncertainty for crypto traders. It is critical now for crypto traders to keep track of every transaction.
Final Thoughts: Two senators recently proposed a bill to backpedal some of the crypto requirements in the newly-signed infrastructure bill.
Trends to Watch
Meme Coin Meets Movies: AMC to accept Shiba Inu for payment within 120 days (Seeking Alpha)
Work It Out: WeWork shows more losses in its first quarterly report as a public company (CNBC)
Investors Can Now Sleep Easy: After all those podcast ads, Casper sells to a private equity firm (The Verge)
Heed the Warning: Steer clear of US equities next year, warns Morgan Stanley (AFR)
Bitcoin is Still on Top: Steady Interest in Bitcoin Keeps Money Flowing Into Crypto Funds (CoinDesk)
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