Entering text into the input field will update the search result below

Wall Street Brunch- September 30

Sep. 30, 2020 7:37 AM ET19 Comments
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.


  • Please keep all political comments out of the comments section- Thank you for your consideration.
  • Thanks to @SowingAlfalfa for daily contributions and to all of you who read and comment here.
  • History brought to you by www.history.com.

Let's start with a little history, shall we?

On this day in 1954, the USS Nautilus, the world’s first nuclear submarine, is commissioned by the U.S. Navy.  The Nautilus was constructed under the direction of U.S. Navy Captain Hyman G. Rickover, a brilliant Russian-born engineer who joined the U.S. atomic program in 1946. In 1947, he was put in charge of the navy’s nuclear-propulsion program and began work on an atomic submarine. Regarded as a fanatic by his detractors, Rickover succeeded in developing and delivering the world’s first nuclear submarine years ahead of schedule. In 1952, the Nautilus‘ keel was laid by President Harry S. Truman, and on January 21, 1954, first lady Mamie Eisenhower broke a bottle of champagne across its bow as it was launched into the Thames River at Groton, Connecticut. Commissioned on September 30, 1954, it first ran under nuclear power on the morning of January 17, 1955.  Much larger than the diesel-electric submarines that preceded it, the Nautilus stretched 319 feet and displaced 3,180 tons. It could remain submerged for almost unlimited periods because its atomic engine needed no air and only a very small quantity of nuclear fuel. The uranium-powered nuclear reactor produced steam that drove propulsion turbines, allowing the Nautilus to travel underwater at speeds in excess of 20 knots.  In its early years of service, the USS Nautilus broke numerous submarine travel records and in August 1958 accomplished the first voyage under the geographic North Pole. After a career spanning 25 years and almost 500,000 miles steamed, the Nautilus was decommissioned on March 3, 1980. Designated a National Historic Landmark in 1982, the world’s first nuclear submarine went on exhibit in 1986 as the Historic Ship Nautilus at the Submarine Force Museum in Groton, Connecticut. 

The first volume of Louisa May Alcott’s beloved children’s book Little Women is published on September 30, 1868. The novel will become Alcott’s first bestseller and a beloved children’s classic.  Like the fictional Jo March, Alcott was the second of four daughters. She was born in Pennsylvania but spent most of her life in Concord, Massachusetts, where her father, Bronson, associated with Transcendentalist thinkers Ralph Waldo Emerson and Henry David Thoreau. The liberal attitudes of the Transcendentalists left a strong mark on Louisa May Alcott. Her father started a school based on Transcendentalist teachings, but after six years it failed, and he was left unable to support the family. Louisa dedicated most of her life and writing to supporting her family. In 1852, her first story, the Rival Painters: A Tale of Rome, was published in a periodical, and she made a living off sentimental and melodramatic stories over the next two decades. In 1862, she worked as a nurse for Union troops in the Civil War until typhoid fever broke her health. She turned her experiences into Hospital Sketches (1863), which earned her a reputation as a serious literary writer.  Looking for a bestseller, a publisher asked Alcott to write a book for girls. Although reluctant at first, she poured her best talent into the work, and the first volume of the serialized novel Little Women became an instant success. She wrote a chapter a day for the second half of the book. Her subsequent children’s fiction, including Little Men (1871), An Old-Fashioned Girl (1870), Eight Cousins (1875) and Jo’s Boys (1886), were not as popular as Little Women. She also wrote many short stories for adults. She became a strong supporter of women’s issues and spent most of her life caring for her family’s financial, emotional, and physical needs. Her father died in March 1888, and she followed him just two days later at the age of 55. 

At 5:45 PM on September 30, 1955, 24-year-old actor James Dean is killed in Cholame, California, when the Porsche he is driving hits a Ford Tudor sedan at an intersection. The driver of the other car, 23-year-old California Polytechnic State University student Donald Turnupseed, was dazed but mostly uninjured; Dean’s passenger, German Porsche mechanic Rolf Wütherich was badly injured but survived. Only one of Dean’s movies, “East of Eden,” had been released at the time of his death (“Rebel Without a Cause” and “Giant” opened shortly afterward), but he was already on his way to superstardom–and the crash made him a legend.  James Dean loved racing cars, and in fact he and his brand-new, $7000 Porsche Spyder convertible were on their way to a race in Salinas, 90 miles south of San Francisco. Witnesses maintained that Dean hadn’t been speeding at the time of the accident–in fact, Turnupseed had made a left turn right into the Spyder’s path–but some people point out that he must have been driving awfully fast: He’d gotten a speeding ticket in Bakersfield, 84 miles from the crash site, at 3:30 p.m. and then had stopped at a diner for a Coke, which meant that he’d covered quite a distance in a relatively short period of time. Still, the gathering twilight and the glare from the setting sun would have made it impossible for Turnupseed to see the Porsche coming no matter how fast it was going.  Rumor has it that Dean’s car, which he’d nicknamed the Little Bastard, was cursed. After the accident, the car rolled off the back of a truck and crushed the legs of a mechanic standing nearby. Later, after a used-car dealer sold its parts to buyers all over the country, the strange incidents multiplied: The car’s engine, transmission and tires were all transplanted into cars that were subsequently involved in deadly crashes, and a truck carrying the Spyder’s chassis to a highway-safety exhibition skidded off the road, killing its driver. The remains of the car vanished from the scene of that accident and haven’t been seen since. 

Now for some stock and investing news-

FAA Administrator Steve Dickson is in Seattle today to conduct an evaluation flight at the controls of a Boeing (NYSE:BA) 737 MAX, which has been grounded for 18 months following two fatal crashes that killed 346 people."I'm not going to sign off on this airplane until I fly it myself," he has repeatedly said. Boeing not only rewrote the software for the MCAS control system, which was faulted for the crashes, but also the entire flight computer software. Other steps that remain before the 737 MAX can return to the skies include airlines drafting their own pilot training, getting it approved and training their pilots.

Disney (NYSE:DIS) is laying off 28,000 workers in response to the pounding its theme parks have taken in the COVID-19 pandemic. "We've cut expenses, suspended capital projects, furloughed our cast members while still paying benefits, and modified our operations to run as efficiently as possible, however, we simply cannot responsibly stay fully staffed while operating at such limited capacity," Parks chief Josh D'Amaro said in a note seen by CNBC. D'Amaro also took a shot at California Gov. Gavin Newsom, noting the "State's unwillingness to lift restrictions that would allow Disneyland to reopen."

Walmart Canada (NYSE:WMT) says it more than tripled its reservations of Tesla (NASDAQ:TSLA) Semi trucks to a total of 130. Walmart Canada reserved 10 Semi trucks following Tesla's reveal of the new truck back in 2017, and then ordered 30 more in 2018.  Walmart cites that the Tesla Semi consumes less than two kilowatt-hours of energy per mile at gross vehicle weight and highway speed in a feature that could significantly reduce operating costs per mile in comparison to diesel. The 500-mile range of the Tesla Semi is also seen as plenty for many routes 

Wedbush Securities raises its rating on Shopify (NYSE:SHOP) to Outperform from Neutral after taking into account the new product launches for the e-commerce platform.  Shares of Shopify are up 1.88% premarket to $1,045 vs. the 52-week trading range of $282.08 to $1,146.91. 

Royal Dutch Shell (RDS.A, RDS.B) will slash up to 9,000 jobs, or over 10% of its workforce, as it nears the end of a global restructuring review designed to position it for a green energy transition.  "We have to be a simpler, more streamlined, more competitive organization," CEO Ben van Beurden declared. "We feel that, in many places, we have too many layers in the company: too many levels between me, as the CEO, and the operators and technicians at our locations." 

Where is Jon Corzine and will MF Global order any Tesla semis?

Where is Marissa Mayer and what odds has she placed on the NBA finals for her online sports betting company?

Where is Elizabeth Holmes and why doesn't wearing a mask work for her?

Where is Trevor Milton and will GM move forward with the Nikola deal?

Have a great day everyone. Stay safe out there.

This is the day The Lord has made. Let us rejoice and be glad in it.

I can do all things through Christ who strengthens me.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.