Diamonds and Dogs
Big cap tech finishing on a high note. Apple (AAPL) is up 4% to new all-time highs anticipating strong demand for iphones next year. Facebook (FB) and Amazon (AMZN) are also up over 3%, lifting the Nasdaq composite up a percent for the day and up over 40% for the year. The 10-year annual return for the Nasdaq 100 (QQQ) is 20%. Not bad.
Lock up is expiring. Recent IPOs like Lemonade (LMND) and fuboTV (FUBO) are down over 12% today as both face another lock up expiring allowing insiders to sell. FuboTV was downgraded with an $8 price target last week or 78% below current levels. Lemonade will have 44 million new shares to trade after the lockup or nearly doubling the amount of shares outstanding.
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