With the /ES up 1/10th of a point and the /RTY down 1/10th of a point, there is precious little fodder regarding the edge-of-your-seat dynamism of the market this morning, so I’ll just share a couple of small financial anecdotes.
The first is an ad I stumbled upon this morning from 40 years ago. This packs a one-two punch. First, it shows how, even by the mid-1980s, you could get insane amounts of interest with a risk-free CD, and second, you could get it at a place that makes today’s Walmart look like paradise: a K-Mart store. Anyone here remember those? I sure do.
The other tidbit is about a little company called Silexion, which was far and away the biggest gainer last night. On the heels of a positive FDA report, the stock almost doubled after hours. One can imagine how excited the SLXN shareholders must have been, in anticipation of this morning’s big win.
Well, don’t count your eggs until they’re in the pudding, because look at this morning’s chart. The entire gain has been laid waste, and the stock is now at lifetime lows. Why? Because the company wasted no time in announcing a new equity offering to take advantage of the price spike. I suspect management regrets this now, because they’ve instantly popped their own bubble, and the stock they sell will be at much cheaper prices.
Although, considering the history of the company to date, it isn’t a shock.
