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Chewy, which reported net income of $38.71 million in its latest quarter, compared with a loss of $47.87 million a year ago, said it expects to report net sales of $8.9 billion to $9.0 billion for its current fiscal year, and an increase in its margin on adjusted earnings before interest, depreciation and amortization by between 0.8 and 1.2 percentage points from a margin of 1.2% in fiscal 2020. To break even on a net-income basis, Chewy needs not only to keep adding new customers, but also to entice existing customers to spend more on its platform while tightly managing expenses.

$12B is the largest figure Nike has hit in its 50 year experience. The firm says the result derives from pent-up consumer demand for sneaker and sportswear. Nike's direct sales, orders processed via its apps and websites or even its own store, climbed 73% to $4.5B. Its net income was $1.5B compared with a net loss of $790M same time last year.

The $579 billion infrastructure plan approved by President Biden yesterday has made Caterpillar  surge 2.6% after having already jumped 3.8% in Thursday trading. U.S. Steel Corp. climbed more than 3% and Nucor Corp., the largest U.S. steel producer, rose 2% amid a similar increase by the Bloomberg Americas Iron/Steel Index. All these stocks are more than happy that the government is planning to build new roads and bridges. 

Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. That stake was worth $730 million at the end of March 2020. The shares have gained almost seven fold since then and closed up 3.5% at $679.82 apiece on Thursday.

While buying shares at 40 times their earnings might not seem to be the greatest deal, the head of equity derivatives at Barclays urges investors to buy more FAAMG (Facebook, Amazon, Apple, Microsoft, Google). Although these stocks look stretched with a 35% premium over the S&P 500, it would be wrong to assess their valuations on the same basis as that of other stocks, because it would be neglecting their outstanding growth potential and vastly superior earnings power.