Good afternoon . QQQs finished up 1% with SOX +1.6% and ARKK +1%. BTC was up 2%, while China gave back some of yesterday’s gains -2%. Yields were up 1-2 bps across the curve.
In internet, SNAP was the big loser down 35% as some hate selling trumped any sort of talk of downside support, despite some taking up their EBITDA numbers post yesterday’s debacle. META +3%+; post GOOGL and SNAP, META ad numbers stand in a league of their own. PINS finished down 50bps after being down 4-5% at one point as investors realized not much read-through from SNAP idiosyncratic problems — Edgewater was also out positive on PINS calling out better DR and 2024 budget allocations. RBLX was the big winner +10%. We wrote our thoughts to TMTB Pro this morning:
Earnings print better than bulls expected and I’ll take it, but not sure what to do with stock here. With a better hook/narrative, this print should mean 20%, but find it hard to figure out what incremental buyer is playing for. Not negative by any means and this print is clean and solid and deserves 10%+ imo, but need something more to want to hold this medium term.
So we took our earnings win and moved on.
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