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NEWS
Small-Caps Finally Make Their Move

The small-cap Russell 2000 closed at a new year-to-date high as investors and traders continue to bet on further breadth expansion. Earnings and individual company news continue to drive the most significant moves in stocks across sectors, market cap segments, etc. 👀

Today's issue covers United Airlines helping the sector gain altitude, the beauty industry’s latest blemish, big tech’s big beg on nuclear energy, and other noteworthy pops and drops. 📰

Here’s the S&P 500 heatmap. 2 of 11 sectors closed green, with utilities (+1.98%) leading and consumer staples (-0.07%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $QNRX, $ATNF, $SAIH, $SMR, $KRRO 📉 $JBHT, $ASML, $NVAX, $RENB, $LRN*

*If you’re a business and want to access this data via our API, email us.

STOCKS
Airline Stocks Finally Take Flight ✈️

Record travel numbers have occurred for much of the last two years as people globally turned their discretionary spending away from goods and toward experiences to make up for time lost during the pandemic.

Still…despite record prices and volumes, Airline stocks still traded poorly, with many of them sitting well below pre-pandemic levels. Today, however, United Airlines finally jumped to new heights, showing just how far investors and traders are going to take advantage of the bull market’s “catch-up” plays. 📈

The company led the S&P 500 today with a 13% gain, closing at its highest level since February 2020, just before COVID was declared a pandemic.

Management said domestic unit revenue turned higher during August and September than last year as the industry adjusted to the glut of flights weighing on fares. The airline expanded capacity by 4.1% in the third quarter, with corporate revenue rising 13%, premium revenue rising 5%, and basic economy revenue rising 20%. 💸

Overall, its 2.50% YoY revenue growth topped analyst estimates, even as net income of $965 million was down 15% YoY. It painted an optimistic picture of the future, saying Q1 yield strength will be possible due to significant schedule changes and business model changes implemented by low-margin competitors.

That helped boost its fourth-quarter earnings per share estimate well above the consensus estimate and fuel a strong rally that was further boosted by a $1.5 billion share buyback announcement. 💵

Hotels, cruises, and now airlines are all breaking out as investors and traders bet on the consumer continuing to spend at the strong clip they have been. With other airlines reporting in the coming weeks, we’ll have to wait and see if the sector’s momentum can continue. But for now, bulls are partying on. 🐂

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