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COVID-19 Continues to Impact the Market and SPACs Are On the Rise

Happy Monday and welcome back to Bullish Rippers 🔥

Stocks in major indices are trading at notable premiums, fueling concerns that no new stimulus from Washington might be the fire that upends the stock market rally. Major indices traded up mildly today, but outside of them several big movers are the stars of today’s Rippers ⬇️

📈 The rise of SPACs, also known as “blank check companies,” has upended the traditional IPO market. Our biggest mover today is Tortoise Acquisition, a shell company planning to merge with electric truck company Hyliion in an effort to bring it to market. This isn’t the first EV company going public with the unorthodox SPAC merger: five other EVs have used SPACs to go public this year. That said, the idea of any of these prospects being nearly as big as $TSLA has attracted thousands of investors. $SHLL jumped 33.7% today, and it’s up nearly 101% since the announcement August 12.

💉 Our second biggest mover of the day is an Israeli specialty drug maker aiming to create therapeutics for blood disorders. $KMDA is up a little over 17% due to news that one of its treatments for rabies might make it through the rigorous clinical trials. In other biotech news, Revance Therapeutics also made our list. $RVNC was up 10.5% today. Not only has biotech and medicine had a pronounced presence on our lists in the last two weeks, but also largely for the bulk of the pandemic.

😷 Another Ripper today was insurance company BRP Group, which provides personal, commercial, life, and health insurance in many U.S. markets. $BRP reported its earnings a week ago, but it has been rising steeply over the last month. This is presumably because of the idea that “insurance is in” due to the pandemic.

🏡 There were three returning stocks on today’s list: Rocket Companies, iClick Interactive, and Sunrun. We extensively covered $RKT last week and it’s back near the top of our list today with a 12.5% jump. Investors are rushing into $RKT after a bullish home buyers report suggested home sales are through the roof. Just below $RKT is $ICLK , which operates an online marketing tech platform. Yesterday, $ICLK reported in their Q2 2020 that their revenue had increased 322% year-over-year. Lastly, $RUN is up nearly 6%. $RUN made the list just under a month ago after a flurry of good news for the solar panel installation market.

Thanks for joining us for today’s Rippers list. Check back on Wednesday to see more stocks making moves 🕺 🕺

Bullish Staff

Words from the whole team here at Bullish. We're starting a new conversation about money with the greatest investors and most existing creators.

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