SPACs Just Aren’t Slowing Down
Happy Wednesday and welcome back to Bullish Rippers 🔥 Today markets netted big gains. The Dow closed above 29,000, making it one step closer to the all-time highs that preceded the COVID downturn in March.
To get started — SPACs are once again making an appearance on our list in a big way:
🦅 Flying Eagle Acquisition Corp. is acquiring a mobile gaming platform for their merger. Skillz is expected to make billions by servicing the esports segment of the gaming market. $FEAC expects its current CEO, Harry Sloan, to remain in his role. Sloan is most known for his role as a founding investor of ZeniMax, the company which helped produce famous game franchises like Quake, The Elder Scrolls, and Fallout.
🥕 Forum Merger II is acquiring the plant-based food company Tattooed Chef. For this SPAC merger, $FMCI aims to eat up a market booming at the cross section of health conscious food and vegetarian/vegan options.
🐢 Tortoise Acquisition returns to our list after jumping on news of their confirmed merger with Hyliion. $SHLL will complete its merger in the third quarter of 2020, so basically that means anytime this month.
As SPACs are continuing to raise funding on markets, it’s fairly to extremely likely they will continue to have a place on the Rippers list in big ‘take public’ schemes. This is almost the opposite of the sentiment last year, due in-part to the new fervor toward liquidity and valuation boosts on markets.
However, today’s Rippers list isn’t just SPACS. We had some other players too ⬇️
⛽️ Whiting Petroleum Company leads the Rippers pack today after emerging from Chapter 11 bankruptcy. $WLL filed for bankruptcy after the crash of oil and shale prices throughout March and April. But now the company is back with an apparent 3,320% jump after the market opened today (a result of the beginning of trading in the newly reorganized $RLL.
✈️ If you’ve ever been on a plane, odds are you’ve used Gogo In-flight Wi-Fi. But, this company is making moves on the ground too. GoGo made our list due to a 28.6% jump occurring after they sold their lucrative commercial aviation business to Intelsat. This is not to be confused with their business aviation segment. $GOGO also operates products for ground, residential, and commercial internet. They are also expected to invest in a 5G-centric offering in the months ahead.
🥣 Tupperware Brands, a multi-level marketing company focused on producing and selling plastic food containers, is up 14.6% today, weeks after analysts upgraded the stock’s price target. I’m guessing the bull case for $TUP is that people think this MLM is making big money with everyone being at home, but I’m not really sure – MLMs are a mystifying business model.
That wraps the Rippers list for the day. Check back on Friday for the last recap of the week and a glimpse of what other stocks are ripping 📈📈📈