Good morning. The stock market volatility in recent weeks has left the stock market still near..
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 3,084.42 | +1.43% | | | | S&P 3,974.52 | +1.66% | | | | NASDAQ 13,138.72 | +1.24% | | | | | *As of market close | | | • | Stocks surged into the close on Friday, with the Nasdaq reversing an intra-day loss. | | | • | Oil prices rose 3.3 percent, last trading at $60.80. | | | • | Gold rallied 0.3 percent, changing hands at $1,730 per ounce. | | | • | Cryptocurrencies moved higher, with Bitcoin last at $54,007. | | | | | | | |
| | | Rising Dividend Payout Shows This Hot Sector Isn't Overheated Yet | | | | Thanks to lower interest rates and a demand for housing outside of dense urban areas, homebuilders have been a top-performing sector. Most companies in the space have trounced the market in the past year, and have been reporting incredible earnings and sales numbers.
KB Home (KBH) is one such play. However, last week shares dropped on lower-than-expected sales. With the strong trends in place, however, analysts have been quick to upgrade shares.
» FULL STORY | | | | |
| | Insider Trading Report: PennyMac Financial (PFSI) | | | | MFN Partners, a fund with a director's seat at PennyMac Financial (PFSI), recently added to their stake with a 344,322 share buy. The purchase came to just under $21.5 million, and increased their holdings by nearly 40 percent.
Other directors have been buyers this year as well, however, there have also been some insider sales. Over the past three years, insider sales have topped insider buys, despite the recent switch. Overall, insiders own over 44 percent of shares.
» FULL STORY | | | | |
| | Unusual Options Activity: Micron (MU) | | | | Semiconductor giant Micron (MU) has been hovering near all-time highs, even with the recent volatility in tech. One trader sees the potential for a move higher.
That's based on the April $98 calls. Expiring in 18 days, the trade is a bet that shares will move over 15 percent higher from their current price in the mid-$80 range. Over 11,000 contracts traded against a prior open interest of 116, for a 95-fold rise in volume.
» FULL STORY | | | | |
| | • | Household Spending Drops 1% In February
Household income dropped 7.1 percent in February and total spending dropped 1 percent. The move came before the latest stimulus package was passed and amidst cold winter weather. Economists expect a bounce back on improved weather in March as well as targeted stimulus checks of $1,400 to many lower-income households. | | | | • | WeWork Plans to Go Public Via SPAC
Valued at nearly $9 billion, privately-held WeWork is looking to go public via a SPAC, or special purpose acquisition company. The move comes about two years after the company failed to attract sufficient interest in a traditional IPO. WeWork, a provider of flexible office space, faced criticisms for its business model and for the large stake its founder was holding onto, until the company nearly imploded. | | | | • | Suez Blockage Costing $400 Million Per Hour
Oil prices bounced higher as a cargo container ship became stuck in the Suez Canal. Several days in, the blockage is now costing nearly $400 million per hour, given that the canal moves roughly $9.6 billion in cargo per day. The blockage may also contribute to global supply chain problems for weeks to come. | | | | • | SoFi Looks to Give Retail Investors First Crack at Equity
SoFi, a privately held FinTech company looking to go public, is looking to underwrite its own IPO. That will allow the company to have shares to provide to retail investors first. Typically, an IPO deal benefits investment bankers first, who can then turn around and sell shares at an inflated price to clients. SoFi clients with at least $3,000 in their accounts will have the first crack at buying shares at the IPO price. | | | | • | Chainalysis Raises $100 Million at $2 Billion Valuation
Blockchain analysis company Chainalysis has raised $100 million in series D funding, at a valuation double its prior level. It's the company's fourth raise in two years. Chainalaysis was founded after the Mt. Gox hack, so that it would provide data and services to key players in the cryptocurrency market. Among its customers are some big-name players in FinTech, traditional finance, and pure-cryptocurrency businesses. | | |
| | | | TOP | | | NUE | 8.889% | | | | AMAT | 7.451% | | | | ASML | 7.135% | | | | KLAC | 6.857% | | | | FTNT | 6.74% | | | | BOTTOM | | | DISCK | 29.546% | | | | DISCA | 27.446% | | | | VIAC | 27.31% | | | | FOXA | 6.204% | | | | FOX | 5.856% | | | | |
| | |  | | When you think about infrastructure, it's a classic example of the kind of investment that has a return on that investment. That's one of many reasons why we think this is so important. This is a jobs vision as much as it is an infrastructure vision, a climate vision, and more. | | - Transportation Secretary Pete Buttigieg on a mileage tax proposal, which could be used to fund some of the massive infrastructure spending proposals. Such a tax would disproportionately impact rural and suburban residents over more urban ones. | |
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