Let’s see if I can get this out before the NFLX call….
QQQs rallied 40bps with SOX outperforming +65bps. Yields were up 1-4bps across the curve. China rallied 4%+ on stock market stimulus.
In internet, slow news day pre-NFLX. AMZN rallied 1% on the back of Mizuho’s note calling out an acceleration in Ad spending in Q4. CART -7% as they announced IPO lock up and market stand off agreements will terminate at the opening of trading Feb 14. Benchmark downgraded on “supply/demand imbalance that is likely to weigh on the stock near term.” Huh? Yes, I’m as confused as you are after they initiated at buy yesterday. META up 90bps as Citi called out better Reels ad load. GOOGL +70bps hitting new highs. DASH +1% as heard 3p data upticked slightly but still shows a decel from Q4. China names ripped with BABA +8% after news came out that Ma and Tsai were buying shares. But other names were strong too: BIDU +7.5%, JD +7%. Only PDD lagged as L PDD S China unwound, with stock finishing flat.
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