TradePasta Weekend Summary 12/6/20
Markets, Oil, Semis, Lemonade, Pagers, IPO's
The S&P 500 closed up 2.1% this week. Energy continued to lead the market. Exploration company Pioneer Natural Resources (PXD) surged over 8% on Friday, after announcing its carbon reduction plan. Shares reached their highest level since August of this year. Institutional money came back into tech stocks in a big way, enabling the sector to outperform the broad market by 1%. Semiconductor company Micron Technology (MU) hit a 52 week high on Friday.
“Insurtech” company Lemonade (LMND) closed the week up 15% after receiving multiple upgrades and a positive sentiment shift towards news issues and technology companies this week. The company aims to disrupt the insurance markets they serve through a new business model, and the use of artificial intelligence to cut down on waste that can hinder legacy players in the space.
Investors seemed to know the importance of PagerDuty (PD), a cloud computing company that specializes in SaaS incident responses for IT departments. The company rocketed 26% on Friday after posting better-than-expected results for Q3 and raising guidance.
Highly anticipated IPO’s DoorDash, C3ai, and AirBnB are set to trade this week.
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