Markets React To THON
The financial world has its eyes on THON this weekend for obvious reasons. As the largest student-run philanthropy organization in the world, the Bryce Jordan Center is the center of the investing universe this weekend. Even the Nittany Lion has his stockbroker life vest on.
As the 46-hour dance marathon unfolds, we’ll have updated reactions to the different THON traditions that make it so special.
Party City Holdco Inc.
Party City is the destination for buying tutus, and the company had a great first day of THON. After closing at $10.96 on Thursday, Party City opened up at $11.22 on Friday morning — the first day of THON.
Talk on The Street is that the demand for tutus from Penn State students has increased the forward guidance presented by the company. BUY, BUY, BUY!
E-mini S&P 500 Index Futures4
At 4:11 p.m., S&P 500 futures sat at 2,775.250 after a day-long rally. By 4:43 p.m., after the THON dancers entered the BJC, futures had risen to 2,777.000.
If you needed any more indication that all eyes are on the Bryce Jordan Center, investors took a bullish tone on the 500 biggest companies in the country after the dancers entered. That’s the power of THON right there.
PNC Financial Services Group
PNC played a major role in bringing Andy Grammer to THON, and it appears that the markets saw the bank’s role in the dance marathon as a major plus.
PNC closed on Thursday at $120.60, but closed at $124.10, which is a 2.94% gain on the day. In the industry, we like to call that the Andy Grammer effect.
E-mini Crude Oil Futures
It certainly takes a lot of energy to keep the BJC going strong for 46-straight hours. Investors seemed to this into account as oil futures rose throughout Friday, likely due to the increased demand.
Futures added 2.62% on Friday. If you’re trading with a margin, you probably made a killing.
The moral of the story is to go long when THON is happening. The magic emanating from the BJC is great for investing.
*Note: Onward State is not responsible for any loses associated with taking these positions. We are in no way qualified to give financial advice.
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