QQQs -20bps after quite a volatile first day of the year; QQQs were up 1%+ pre market, went dn 1% mid day, then finished the day close to flat. Treasuries didn’t do much and Fed expects stayed steady. SOX +1% led the way today as investors added to their favorite AI names ahead of CES. Internet +1.5% also outperformed. BTC +2.5% getting close to $100k. Still fairly low liquidity/volume as many still on vacation in this shortened week.
Let’s get to it…
Internet
UBER +4.7% / LYFT +5.8%: GS added Uber to conviction list citing expanding markets, improving profitability and platform synergies driving sustained growth - also shook off a JMP dg which didn’t have much new in it. LYFT strength attributed to TheInformation article predicting AMZN will buy LYFT in 2025. Both names likely helped by TSLA weakness as L TSLA has been a proxy for AV enthusiasm.
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