The View from 5th Avenue

The View at Two – 31 August 2020

Out with the old – Actually, today’s action is looking just like the 1st day of the month.  Growth (as in Mega Tech) is outperforming Value by 100bps (for SPX), and both Apple (+4.5%) and Tesla (+9.6%) are doing what they did pre-split.  Microsoft is down 1.58% after China announced over the weekend that they could block and foreign buyer of artificial intelligence.  Outside of Tech, Biotech is the best sector (IBB +1.97%) with the group seeing more M&A.  Nestle announced a takeover of Aimmune Therapeutics (AIMT +171%), paying $2.6bn in cash for them.  Energy and Banks have had a tough year, so it shouldn’t be a surprise that they are the laggards today, given the focus on Tech. 

The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.

Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.