Good morning. For retail traders interested in sticking it to the hedge funds, this week's selloff
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.
 | | |  | DOW 31,055.86 | +1.08% | | | | S&P 3,871.74 | +1.09% | | | | NASDAQ 13,777.74 | +1.23% | | | | | *As of market close | | | • | Stocks pushed higher on Wednesday, coming back towards the last all-time high. | | | • | Oil advanced 1.1 percent, closing at $56.30 per barrel. | | | • | Gold traded down 2.2 percent, hitting $1,795 per ounce. Silver declined 1.7 percent to $26.42. | | | • | Cryptocurrencies rallied, with Bitcoin last trading at $37,531. | | | | | | |
| | | A Defensive Play that Just Got Short Squeezed Is Back to Buying Territory | | | | Many heavily shorted companies are done so due to their weakness to potential bankruptcy. However, sometimes a company gets a heavy short interest without any apparent weakness. That still makes shares susceptible to a squeeze.
That may be what happened last week with shares of Tootsie Roll (TR). The confectionary firm saw its price soar to nearly $60 per share in intra-day trading, only to come back to its more recent price trend near $30.
» FULL STORY | | | | |
| | Insider Trading Report: Fastenal Co (FAST) | | | | Daniel Johnson, a director at Fastenal Co (FAST) recently picked up 1,080 shares of the company. The buy increased his holdings by over 14 percent, and came to a total price of just over $50,000.
Director Stephen Eastman was also a recent buyer, with a 1,000-share pickup in late January. Overall, insiders are both active buyers and sellers, with C-suite executives cashing out of stock options while directors keep buying.
» FULL STORY | | | | |
| | Unusual Options Activity: Bed Bath & Beyond (BBBY) | | | | Shares of Bed Bath & Beyond (BBBY) were one of many companies caught up in the recent retail short squeeze. While shares have been volatile in recent days, at least one trader now sees shares as oversold, and likely to bounce higher.
That's based on the March 2021 $42 call options. With 42 days until expiration, over 8,060 options traded yesterday, a 52-fold rise from the prior interest of 166.
» FULL STORY | | | | |
| | • | Payment for Order Flow Under Scrutiny After Retail Trader Rally
Companies like Robinhood were able to lower customer trading fees to zero in part due to their decision to sell customer data to funds that could front-run the trades. Following the GameStop squeeze, that policy is now under fire. It's likely that free trading is here to stay, but it's also likely that some changes are on the horizon to mitigate future retail traders from moving individual stocks so quickly. | | | | • | McKinsey Reached a $573 Million Settlement Over Opioid Advice
Consulting firm McKinsey advised companies like Purdue Pharma on how to best market their painkillers— and were subsequently investigated for their role in rising levels of opioid abuse. The $573 million settlement has been reached with 47 states and the District of Columbia, in exchange for avoiding civil lawsuits. | | | | • | Instacart Will Make Food Deliveries for Family Dollar
With soaring demand for home delivery, low-cost retailer Family Dollar is turning to Instacart to offer the service. With over 6,000 locations, the company expects that it will be able to process and deliver orders in as little as an hour. Family Dollar joins the growing list of retailers offering the third-party service. | | | | • | Costco Reports a 15.9 Percent Rise in Same-Store Sales
The cryptocurrency trading platform, founded in 2012, has raised over $540 million. It filed an S-1 form with the SEC last month, but has opted out of a traditional IPO process, instead looking to make a direct listing. A direct listing removes the needs to price and sell new tranches of equity, and has been a growing source of IPO listings among companies that already have a strong following. | | | | • | Venmo Will Add Crypto Integrations This Year
Payment app Venmo joins the growing list of companies that will allow its users to buy, hold, and sell cryptocurrencies this year. The news comes as PayPal looks to increase the cryptocurrency business it started last year. Venmo will also add in functions to better help users save and budget, making for a potential one-stop financial app. | | |
| | | | TOP | | | ALGN | 12.63% | | | | LB | 9.349% | | | | PYPL | 7.356% | | | | SNA | 6.508% | | | | CDW | 6.376% | | | | BOTTOM | | | QCOM | 8.829% | | | | IP | 7.645% | | | | APD | 7.195% | | | | CI | 6.403% | | | | CLX | 6.325% | | | | |
| | |  | | We believe that we are still in the early stages of a new bull market, transitioning from the 'hope' phase to a longer 'growth' phase as strong profit growth emerges. | | - Peter Oppenheimer, chief global equity strategist at Goldman Sachs, on why stocks are at the start of a new bull market, which could last for years, following last year's short-lived bear market, the first since 2009.  | |
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