Trading Insights
Tuesday Morning Rebel Brief — Stocks Soar: Believe the Rally?
Equities are rallying this morning as the S&P 500, the Nasdaq and the Dow Jones all tack on roughly 1.5%. Unlike some recent rallies, crypto is participating. Bitcoin has retaken the $21,000 level, and Ethereum has retaken the $1,100 (after both sinking to fresh lows in the $18,000’s and $800’s, respectively). Or, in the words […]
Equities are rallying this morning as the S&P 500, the Nasdaq and the Dow Jones all tack on roughly 1.5%. Unlike some recent rallies, crypto is participating. Bitcoin has retaken the $21,000 level, and Ethereum has retaken the $1,100 (after both sinking to fresh lows in the $18,000’s and $800’s, respectively).
Or, in the words of one Wall Street Bettor…
“Bear market is over, right?”
The question for readers (feel free to give us your take on Twitter), is do you believe the rally, or is this just another chance to sell the rip?
At least one analyst (Chris Verrone of Strategas) has chimed in with his opinion. What’s yours?
And speaking of rip, here are three stocks that are making big moves to the upside this morning.
Kellogg (K) Rises 8% On a Different Kind of Split
Shares of Kellogg (K) are meaningfully higher this morning after announcing plans that they intend to split into three companies. Those three segments: A snack and international cereal business, a U.S. cereal business, and a plant-based food producer.
This is similar to moves made in the past by Johnson & Johnson (which intends split its consumer business from its pharmaceutical business), and GE (which is splitting into three companies).
Market Rebellion saw this unusual option activity in Kellogg just two weeks ago:
Spirit Airlines (SAVE) Soars 7% On A Sweetened Offer From JetBlue (JBLU)
Low-cost airline Spirit Airlines will likely be bought out by somebody by the end of the month. For a while, JetBlue has been trying to make sure it’s them. When JetBlue’s $31.50/share offer early in June sent the stock surging, Spirit Airlines exec’s urged shareholders not to “take the bait”, and that Frontier Airlines would be a “much better” option for Spirit Airlines’ business to align with.
But JetBlue isn’t going down without a fight. Today, they’ve increased the offer from $31.50/share to $33.50/share. Spirit Airlines plans to announce their decision within the next couple of weeks.
Valneva (VALN) Nearly Doubles On Pfizer Stake
You don’t see moves like this every day. Shares of Valneva (VALN) are up more than 80% in the premarket this morning on news that Pfizer (PFE) has agreed to buy an 8.1% stake in the company.
In the words of Market Rebellion Co-Founder Jon Najarian: BANG!
Valneva is a French vaccine producer which has already been working closely with Pfizer in the fight against Lyme Disease. Shares of Pfizer are trading flat on the news — against a market that is firmly rallying.
For more quick takes on this morning’s market-moving news, check out 60 Seconds With Jon Najarian!
https://twitter.com/jonnajarian/status/1539231313823256576
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