 | | |  Good morning. After a few days of Elon Musk posting about meme cryptocurrency Dogecoin on Twitter, Tesla Motors (TSLA) filed with the SEC that it has invested $1.5 billion in Bitcoin. That caused Bitcoin, not Dogecoin, to rally over 12 percent, to $43,000 per coin.
Tesla joins a number of companies that have moved to embrace Bitcoin in the past few months. It's this rising institutional and corporate demand that makes the cryptocurrency, like all currencies, an accepted medium of exchange. And, oddly enough, that's also why cryptocurrencies are becoming less risky. The more parties that accept them, the easier it is to buy and sell. That's why crypto-related stocks have also been exceptional market performers lately, and why that trend is likely to continue. It's still an early trend, but with big companies and institutions getting on board, now's the time to take a closer look at crypto if you haven't yet.
Now here's the rest of the news:
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| | |  | DOW 31,385.05 | +0.76% | | | | S&P 3,915.58 | +0.74% | | | | NASDAQ 13,987.64 | +0.95% | | | | | *As of market close | | | • | Stocks continued higher on Monday, with all three indices hitting record intraday highs. | | | • | Oil rose 2 percent, closing at $57.98 per barrel. | | | • | Gold rallied 1.2 percent, hitting $1,835 per ounce. Silver rallied 2.2 percent to $27.62. | | | • | Cryptocurrencies broke higher, with Bitcoin last trading at $43,967. | | | | | | |
| | | An Overlooked Tech Play Back in the Buy Block? | | | | Tech stocks have performed exceptionally well in the past year. Pandemic-driven trends have pushed higher e-commerce, remote work, and other trends that play well to tech over other sectors.
However, not all companies have gone along for the ride. A global chipmaker shortage has been an issue preventing physical technological products from being made. Another bottleneck? Networking infrastructure. But those trends are improving.
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| | Insider Trading Report: Harley Davidson (HOG) | | | | Jochen Zeitz, President and CEO of Harley Davidson (HOG), recently picked up 30,800 shares. The buy increased his holdings by nearly 14 percent, and came to a total cost of just over $1 million.
Insiders have generally been sellers of shares two to three years ago, but in the past year, buyers have started to emerge, led in part by Zeitz. Shares of the company have rebounded from last year's big drop, but are essentially flat over the past year.
» FULL STORY | | | | |
| | Unusual Options Activity: Penn Gaming (PENN) | | | | Shares of casino operator Penn Gaming (PENN) have been in a strong uptrend the past few months. Even with a slight pullback Monday, at least one trader sees shares continuing to trend higher.
That's based on the April 2021 $140 calls. With 66 days to expiration, over 9,700 contracts traded, a 51-fold rise in volume over the prior open interest of 190 contracts. Shares would need to rise about 15 percent from their current price of $122 for the trade to move in-the-money.
» FULL STORY | | | | |
| | • | 30-Year Treasury Yields Rise to 2 Percent
The highest rate since the pandemic, investors in 30-year US Treasury bonds can now earn 2 percent annually. Rising yields may start to attract capital out of the stock market, especially after its spectacular run, which is why many traders are watching the move closely. For now, it may just be a smaller move as the economy continues to recover, but still needs substantial help. | | | | • | Broadway May Reopen With Extensive Covid Testing
The state of New York is looking to reopen its economy to venues such as Broadway shows, provided that attendees obtain a negative Covid test beforehand. The theater industry in New York has been shut down for nearly a year, which has had a massive impact on local and state tax revenues as well. The earliest possible open would likely be in June. | | | | • | Startup Getaway Raises $41.7 Million
Shifting travel trends away from large venues like resorts has been a boon to companies like startup Getaway, which builds tiny cabins its calls "Outposts." The firm recently raised another $47 million in series C funding to continue building collections of cabins in locations within a few hour drive of several major American cities. | | | | • | Chevron CEO: We May Not be an Oil-First Company by 2040
The $170 billion energy giant is looking to rethink its model away from fossil fuels, particularly oil. Given the improving technology and reliability in green energy technologies, some shift is likely, even if oil and natural gas won't completely go away. The company's CEO points to moves already underway investing in green hydrogen, renewable natural gas, and carbon capture, rather than the more obvious solar and wind. | | | | • | SoftBank makes an $11 Billion Profit
Fueled by massive profits from companies that went public last year, notably DoorDash, SoftBank managed to book a $11 billion profit. The company's Vision Fund also hit a $100 billion in assets undermanagement. Overall, SoftBank is invested in early-stage investments in 164 companies around the world, and expects 10-20 of them to go public in a given year, at which time the company looks to harvest its profits. | | |
| | | | TOP | | | AMG | 17.516% | | | | MRO | 13.098% | | | | OXY | 12.81% | | | | FANG | 6.951% | | | | APA | 9.988% | | | | BOTTOM | | | HAS | 4.246% | | | | ALGN | 2.903% | | | | ES | 2.608% | | | | SBAC | 2.501% | | | | KSU | 2.5% | | | | |
| | |  | | Higher wages would increase the cost to employers of producing goods and services. Employers would pass some of those increased costs on to consumers in the form of higher prices, and those higher prices, in turn, would lead consumers to purchase fewer goods and services. Employers would consequently produce fewer goods and services, and as a result, they would tend to reduce their employment of workers at all wage levels. | | - The non-partisan Congressional Budget Office, on proposals to raise the federal minimum wage to $15 an hour from the current level of $7.25, and the potential impact on the economy.  | |
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