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This EV Name is Surging as Tesla Tumbles

by | Jun 3, 2022 | Watchlist

We’re looking to close the books on another choppy week, which means it’s time to talk about our book and set traders up for Monday with the New Money Crew Weekend Watchlist!

Thursday’s relief rally set the stage for markets to see back-to-back weeks of gains — though Friday’s jobs report spoiled the party.

Regardless of whether the major indexes finish in the red or green, we’re starting to see some good signs in the market.

If you were trading chip stocks or the EV names this week, then odds are the market has been good to you…

Of course, the New Money Crew strategies were right on top of the action, taking profits in Rivian Automotive Ins. (Nasdaq: RIVN) for Wiretap Alerts, and Nikola Corp. (Nasdaq: NKLA) for Weekly Blitz Alerts!

We talked about the strength in semiconductors and the bigger picture it could be signaling in Wednesday’s WealthPress Live Roundtable

And our old friend Advanced Micro Devices Inc. (Nasdaq: AMD) killed it this week!

We covered the AMD June 3, $105 calls in Tuesday’s Blitz Daily, and pointed readers of New Money Minute a little closer to the money with the $103 strike calls* — just look at that price action!

If any of you out there took either of those trades, don’t hesitate to let me know! Drop me a line at lance@newmoneycrew.com.

It’s been an eventful week of trading for sure, but Monday will be here before we know it… So let’s jump right into our latest New Money Crew Weekend Watchlist!

New Money Crew Weekend Watchlist: June 3, 2022

Kicking off the Weekend Watchlist, New Money Crew is headed to beautiful, balmy Brazil with StoneCo Ltd. (Nasdaq: STNE)

OK, so it’s almost the dead of winter in Sao Paulo, but this fintech’s first-quarter figures were scorching hot! Riding a surge in payments volume, StoneCo posted year-over-year growth in revenue and EBITDA of 138% and 116%, respectively — and it’s expecting even better results for Q2! 

This is fantastic news for StoneCo and an encouraging sign for the payments space that has struggled against inflationary headwinds. Shares of STNE are up over 20% since Wednesday’s close, and it saw some big short-term call buying.

Next, New Money Crew and the Weekend Watchlist looks to Smith & Wesson Brands Inc. (Nasdaq: SWBI). The past few weeks have turned up the heat on the gun debate in the U.S. after a series of tragic shootings in Buffalo, Uvalde and Tulsa. 

It’s also an election year, which means every elected official from the president to your local dog catcher is champing at the bit to tell you what they think about it. 

Like it or not, whenever the political pressure ramps up over gun violence or during election cycles, firearm stocks tend to see spikes in trading volume and volatility. 

So it isn’t a surprise that we’ve seen unusual bullish activity in short-term SWBI options in the past two weeks.

Our final addition to the New Money Crew Weekend Watchlist is ChargePoint Holdings Inc. (NYSE: CHPT). If you’ve been keeping up with Blitz Daily, then you already know about its surprising 102% jump in revenue from Q1 2021, and Thursday’s move that settled for a 12% gain…

But what you may not know is that shares continued to climb Friday, even as other tech and EV names saw massive sell-offs.

New Money Crew Weekly Watchlist

Leaked emails from Tesla Inc. (Nasdaq: TSLA) CEO Elon Musk about wanting to cut his staff by 10% at the top EV company hit headlines Friday…

Musk’s email paints a wildly different picture of EV prospects just a day after Ford Motor Co. (NYSE: F) announced it will commit around $5 billion to bolster manufacturing facilities and add over 6,000 jobs.

Even with the markets down, ChargePoint added another 6% to an already stellar post-earnings breakout Friday — if the EV space can build on its momentum, don’t be shocked if ChargePoint makes a move toward its 200-day moving average.

*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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