 | | |  | DOW 32,862.37 | -0.46% | | | | S&P 3,915.50 | -1.48% | | | | NASDAQ 13,116.17 | -3.02% | | | | | *As of market close | | | • | Stocks dropped on Thursday, with all indices sinking into the close. | | | • | Oil saw an 8.7 percent drop, last trading at $59.00. | | | • | Gold rose 0.3 percent, changing hands at $1,731 per ounce. | | | • | Cryptocurrencies slightly dipped, with Bitcoin last at $57,518. | | | | | | | |
| | | Commercial Operations This Year Bode Well for this New Tourism Market | | | | There's high-flying stocks on Wall Street… and then there's space tourism stocks. Launched just two years ago, Virgin Galactic Holdings (SPCE) has been a popular name with retail investors.
And with the company looking to finally launch commercial spaceflights, it's gotten its highest analyst rating yet with a $50 price tag. That's about a 50 percent increase from the current price of shares in the low $30s.
» FULL STORY | | | | |
| | Insider Trading Report: General Electric (GE) | | | | Paula Reynolds, a director at General Electric (GE), recently added another 5,000 shares to her stake. That increased her holdings by nearly 20 percent, and came to a total purchase price of just over $62,000.
This marks the first insider buy since last August, when a number of directors and C-suite executives bought shares at a price nearly 50 percent lower than where shares trade today. However, these buys have been dwarfed by sales from a fund that's also a major holder.
» FULL STORY | | | | |
| | Unusual Options Activity: Churchill Capital IV Corp (CCIV) | | | | Churchill Capital IV (CCIV) is a special purpose acquisition company. Shares have sold off in recent weeks, but one trader sees a move higher in shares.
That's based on the October $45 calls. With 210 days until expiration, over 1,400 contracts traded, an 11-fold rise in volume from the prior open interest near 133. Shares are currently near $30, so they would need to rise just over 50 percent for this trade to move in-the-money.
» FULL STORY | | | | |
| | • | Jobless Claims Rise, But Manufacturing Looks Strong
Initial jobless claims rose, suggesting that the labor market still has a ways to go until recovery. However, the latest manufacturing data shows a new record. The Philly Fed's manufacturing index hit 51.8, a massive surge from March's reading of 23.1. That's the highest level in 50 years, and it shows that, while there's still a struggle underway, the economy is pushing towards growth. | | | | • | 10 Year Yields Resume Rise
The 10-year Treasury yield closed in on 1.75 percent, its highest level in more than a year. Yields rose as bond prices sold off following the Federal Reserve's dovish meeting on Wednesday. That's placed additional pressure on tech stocks, and the selloff may have also been driven in part by the latest jobless numbers suggesting the economy will continue to need more support. | | | | • | Biden's Tax Proposal Limits Higher Rates on Lower-Income Households
The Biden administration is looking to raise taxes now that the latest stimulus checks are hitting bank accounts. As promised during his campaign, nobody making under $400,000 per year is expected to have their taxes increased. The $400,000 was later clarified to be at the family level, with individuals making $200,000 per year potentially having to pay slightly higher income and investment taxes in the years ahead. | | | | • | Kanye West's Net Worth Tops $6.6 Billion
The rapper first hit billionaire status last year. Now, with a rising valuation for his apparel business, Kanye West has an estimated net worth of $6.6 billion. That still puts him behind Michael Bloomberg as the wealthiest person to run for president in 2020. Besides the holdings in apparel, his music catalog is estimated at $110 million, and he holds $1.7 billion in assets including an investment with Kim Kardashian. | | | | • | eToro Prepares for $10 Billion IPO
Israel-based eToro, a stock-trading company, is preparing to go public via a SPAC acquisition this year. The company has an estimated $10 billion valuation. The company's investment filing details how the firm is able to make money as a zero-cost (at least direct cost) trading platform. That may help shed some light on the business model for Robinhood, which is the largest zero-cost platform that's still privately held. | | |
| | | | TOP | | | HIG | 18.708% | | | | PPL | 5.96% | | | | VIAC | 4.787% | | | | CARR | 4.193% | | | | ANTM | 3.334% | | | | BOTTOM | | | ENPH | 9.364% | | | | MRO | 8.405% | | | | OXY | 8.333% | | | | APA | 8.316% | | | | FANG | 7.665% | | | | |
| | |  | | Until we give a signal, you can assume we're not there yet. As we approach it, well in advance, well in advance, we will give a signal that yes, we're on a path to possibly achieve that, to consider tapering. | | - Federal Reserve chairman Jerome Powell on when investors can expect a tapering, or reduction, of its bond-buying program. The program has been helpful in providing bond market liquidity, and as some see it, fueling the move higher in stocks. | |
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