Get Fit People
With last Friday’s drop, all three induced gave up more than what they have gained in the last month or so. But the losses are not surprising. — More on that in the “Overall Market” section.
Beyond the overall market, one stock recovered because it’s not only a COVID-19 testing kit stock, while a cruise stock dropped because it decided to sell a few ships. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, Singaporeans should get fit because their government pays them to do so. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: All three indices lost a bit more of their value and ended last week in the red. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price stayed below $11,000 per coin price tag all weekend long.
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The downward arrows didn’t reverse direction, and after Friday’s red day, the one-month return of all three indices ended in the red too. However, it’s not surprising to see the drop. As we have been discussing all along, there is no fundamental strength to back up the market except the heightened level of liquidity and trading activities such as massive options bets by large funds and institutions. The U.S. election and the COVID-19 pandemic news add volatility too. We may have more weeks like what we experienced last week. Don’t be surprised!
Not Just A COVID Stock
So, what happened?
Shares of Quidel Corp (Ticker: QDEL) were up more than 10% on Friday. This developer, manufacturer, and marketer of rapid diagnostic testing solutions has been moving up and down with the market’s wave of excitement and fear about its COVID-19 testing kit development. The stock was hit hard after Abbot’s (Ticker: ABT) testing kit launched. Since then, the fear of winner-take-all has subsided, and the market has gone back to loving Quidel. The excellent news about Quidel is that it is not a one-trick-pony stock, and even without the COVID-19 testing kit product, it is already a profitable, well-managed company worth watching.
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Volatile Foreseeable Future
So, what happened?
Shares of Carnival Corp (Ticker: CCL) were down by more than 5% on Friday. The company announced it is selling a few ships from its fleet, which could be the reason for the fall. Until the world goes back to normal, travel and tourism companies would continue to struggle. Investing in Carnival is only a good idea if you believe you can wait for a long time to benefit from the beaten-down prices. Otherwise, volatility would continue for the foreseeable future.
The Government Wants You To Be Fit
So what happened?
Apple is casting a wide net to expand beyond phones, and this is an excellent initiative if it can be replicated elsewhere in the world.
For now, while we watch Apple’s stock reacting to the news, hey Singaporeans, your government wants you to pay you to get fit. What are you waiting for?
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Disclosure: Authors of this Scoop own shares of Apple (Ticker: AAPL).