"There is no force on earth more powerful than an idea whose time has come." - Victor Hugo
Bots in the News:
While the broader market gained only 60 basis points in last week’s trading, the robotic companies jumped almost 2 1/2%. The primary impetus of the Bot Index was the continuing strength of the flying taxi company Joby Aviation. Joby has been on a parabolic upsurge since its movement from concept to actual production. With funding and expertise in vehicle manufacturing by Toyota, Joby is reacting to positive developments in commercial venture with Dubai where it is expected to commence operations next year. Consequently, this week the company announced it was doubling its manufacturing capability and is building out a facility within the Dubai International Airport.
The stock rose 47.67% last week to complete a remarkable 201% gain for the past quarter. The CEO of Joby anticipates the company can record revenue growth of 65% for the years following operation.
Other contributors to the outperformance of the Bot Index relative to the S & P 500 were ABB (+9.42%) and Teledyne (+6.20%) due to reported earnings that exceeded expectations.
