To say that this week is boring is an understatement when it comes to the market.
That's obviously sarcasm as we head into one of the biggest earnings weeks of this quarter.
So, excluding Tesla's earnings, here are three of the top stories that I'm watching on Monday.
The Debut of Lucid Motors
On the same day that Wall Street gets Tesla's earnings, we also had the debut of Lucid Motors (LCID) - Get Lucid Motors Report. The company went public via a special purpose acquisition company with Churchill Capital.
The startup received about $4.4 billion in cash from the transaction, after expenses, according to reports. Saudi Arabia's Public Investment Fund has invested more than $1 billion in Lucid. It will own about 60% of the company.
The deal values Lucid at around $24 billion.
It's been such a busy year of SPACs. I mean, according to SPAC Analytics, we're looking at over 370 SPACs in 2021 alone. To put that into context, there have been over 580 IPOs this year.
Lucid is trading above $26 a share in the last hour of trading.
This is going to be a stock that earns a spot on my watchlist as we see heavy hitters such as Ford (F) - Get Ford Motor Company Report and General Motors (GM) - Get General Motors Company (GM) Report enter the space.
The Bitcoin Boost
Bitcoin's price was being boosted by the speculation that Amazon could be getting involved in cryptocurrency.
Okay, let's walk this back. Amazon posted an opening for a digital currency and blockchain product lead.
"The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap. You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities," the job posting says.
What's interesting is that this position is involved with the Payment & Experience Team is "responsible for how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe."
The speculation around the listing sent Bitcoin up over $40,000.
This is the first time that Bitcoin has soared over $39,000 since mid-June.
And this comes after Tesla (TSLA) - Get Tesla Inc Report CEO Elon Musk and Twitter (TWTR) - Get Twitter, Inc. Report and Square (SQ) - Get Square, Inc. Class A Report CEO Jack Dorsey have made bullish comments at things such as The B-Word event just last week.
Musk even said that Tesla could start accepting Bitcoin again in the near future.
And, Finally, Here's What I'm Watching on Real Money
Real Money's Stephen Guilfoyle has a trade idea based on an earnings report.
Lockheed Martin reported that earnings for the three months ending in June came in at $6.52 per share, one penny shy of the consensus forecast. Revenues, Lockheed Martin said, rose 5% to $17.03 billion, just ahead of analysts' estimates of a $16.94 billion tally.
"In my first year leading our company, I'm proud of the extraordinary resolve demonstrated by our 114,000 team members to rise above the challenges of the pandemic in support of our customers, our nation, and our allies. This is reflected in our solid sales growth across each business area this quarter," said CEO James Taiclet. "Our teams continue to deliver on key platform programs while also advancing technologies critical for 21st-century deterrence and scientific discovery."
"Still looks okay. Cash is a touch lower than it was six months ago, but still rather large. Total Current Assets are higher, however, as Net Receivables, and Contract Assets, have increased. There has been no adjustment to the entry for goodwill. Total current liabilities are higher mostly due to increased accounts payable but are still dwarfed by current assets. Reliance upon long-term debt has not increased, and the current ratio is still comfortably above the one level, which would be where we become concerned," Guilfoyle noted.