Good morning. On Friday, Robinhood opened back up trading in GameStop (GME) shares. However...
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 29,981.10 | -2.03% | | | | S&P 3,714.20 | -1.93% | | | | NASDAQ 13,070.69 | -2.00% | | | | | *As of market close | | | • | Stocks dropped on Friday, as popular retail stocks recovered from their drop Thursday. | | | • | Oil declined 0.2 percent, closing at $52.24 per barrel. | | | • | Gold rose 0.3 percent, hitting $1,847 per ounce. | | | • | Cryptocurrencies rallied, with Bitcoin last trading at $34,523. | | | | | | |
| | | This Industrial Play Looks Attractive Following Earnings | | | | The overall stock market dropped last week amidst a deluge of corporate earnings. Among a sold-off name is an industrial giant that has been making some modern pivots. While sales dropped last year, the company managed to grow earnings year-over-year.
Even better? The firm gave a buoyant outlook that indicated a move towards higher growth in the year ahead.
» FULL STORY | | | | |
| | Insider Trading Report: Norwood Financial Corp (NWFL) | | | | William Davis, Chairman of the Board at Norwood Financial Corp (NWFL), recently picked up 1,800 shares. The buy increased his stake in the regional bank by nearly 4 percent, and came to a total purchase price of just over $45,000.
This marks the first insider buy of the year. However, a number of company directors were active buyers late last year. A number of C-suite executives have been mild sellers in the past year as well.
» FULL STORY | | | | |
| | Unusual Options Activity: Walgreens Boots Alliance (WBA) | | | | Pharmaceutical chain Walgreens Boots Alliance (WBA) has been in a strong uptrend for months. Shares spiked higher last week before starting to decline, but at least one trader sees shares continuing to trend higher.
That's based on the March 2021 $57.50 calls. With 46 days left until expiration, over 17,470 contracts traded, a 34-fold rise in volume from the prior open interest near 500. The buyer of the contracts paid about $1.02 on average.
» FULL STORY | | | | |
| | • | Household Income and Savings Grew in the Final Quarter of 2020
Although spending declined in the last two months of the year, household income and savings increased. Part of the reason may have been additional stimulus measures that started hitting bank accounts at the end of the year, as well as the continued, but slowing, recovery in the job market. | | | | • | Robinhood Raises $1 Billion to Meet Cash Demands.
Trading App Robinhood, which saw outrage from traders and regulators alike with its decision to curb certain retail trades on Thursday, announced that it raised $1 billion in capital. That will allow it to meet cash demands, as brokerages often provide the capital for shares before cash can clear a trader's account. | | | | • | Bitcoin Prices Jump as Elon Musk Gets on Board
The world's wealthiest person, Tesla Motors CEO Elon Musk changed his Twitter bio with a #Bitcoin and tweeted about it as well. That caused the cryptocurrency to jump nearly 18 percent higher. Traders are also chatting up cryptocurrencies this week as an alternative to investing in stocks via brokerage funds that can arbitrarily shut down their ability to trade. | | | | • | Coinbase Will Go Public Via a Direct Listing
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. | | | | • | Chevron Posts a Surprise Loss
Energy giant Chevron (CVX) posted a loss in its most recent earnings report. Analysts were expecting a gain, as energy prices have been trending up in the most recent quarter. With an adjusted loss of just one cent per share, the selloff in shares on Friday looks a bit exaggerated. | | |
| | | | TOP | | | WDC | 7.18% | | | | SWKS | 5.92% | | | | BIIB | 5.503% | | | | HOLX | 5.213% | | | | DGX | 4.389% | | | | BOTTOM | | | MAC | 17.412% | | | | CHTR | 7.193% | | | | ROP | 7.076% | | | | TRIP | 6.913% | | | | RMD | 6.65% | | | | |
| | |  | | Typically a short squeeze ends with a sharp sell-off, but there are buyers in waiting, often those covering shorts. That can provide temporary support in a stock that's unwinding a short squeeze. | | - CC Lagator, co-founder of brokerage Options AI, on why GameStop shares have remained resilient in spite of buy order flows being cut off by brokerage accounts. | |
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