Good morning. Jeff Bezos, Bill Gates, Mark Zuckerberg and Larry Ellison have all been unloading..
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 34,059.87 | -0.78% | | | | S&P 4,127.76 | -0.85% | | | | NASDAQ 13,303.64 | -0.56% | | | | | *As of market close | | | • | Stocks declined Tuesday, with all major indices closing at the lows of the day. | | | • | Oil declined 1 percent, closing at $65.57 per barrel. | | | • | Gold rose 0.1 percent, closing at $1,870 per ounce. | | | • | Cryptocurrencies continued trading lower, with Bitcoin last at $43,255. | | | | | | | |
| | | Streaming War Battles Point to Oversold Value | | | | AT&T (T) shares first rallied on Monday on news the company was splitting off its media assets. However, shares closed the day lower as traders saw what looked like a poor deal for the company.
While that's likely to weigh on shares, other media plays are starting to look more attractive as a result. That could lead to better returns, particularly for some of the more beaten-down names in the space.
» FULL STORY | | | | |
| | Insider Trading Report: The St. Joe Co (JOE) | | | | Jorge Gonzales, President and CEO of The St. Joe Co (JOE), recently picked up 1,000 shares. The buy increased his holdings by nearly 5 percent, and came to a total price of just under $42,000.
This marks the first insider buy of 2021. A fund with a large ownership stake has been a seller this year. Looking at the past 3 years, C-suite executives and directors have only been buyers of shares.
» FULL STORY | | | | |
| | Unusual Options Activity: Tilray (TLRY) | | | | Cannabis stocks exploded higher at the start of the year and have now given up their gains. Tilray (TLRY), for instance, started the year under $10, spiked to $60, and has now lost most of its value to trade at $15.
One trader sees a rebound ahead. Over 2,970 contracts traded on the August $30 calls, a 21-fold rise in volume from the prior open interest of 141.
» FULL STORY | | | | |
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| | | | • | The Chip Shortage May Be Ending
Retail spending, which makes for the bulk of economic activity, came in flat in April compared to March. Expectations were for a 1 percent increase. However, March's data was revised upward to 10.7 percent from 9.8 percent, as the last round of stimulus checks hit the economy. | | | | • | Yellen Calls for Corporate Tax Reform
Treasury Secretary Janet Yellen has called for corporate tax rates to rise to 28 percent from the current rate near 21 percent. This would be closer to historic rates in the past, and revenues received could be used to improve infrastructure. The rate would also push US companies near the higher end of corporate tax rates among industrialized nations. | | | | • | Michael Burry Unveils Tesla Short
Michael Burry, the fund manager who made a killing shorting the housing market in 2008, is back with another trade. He's the holder of put options shorting more than 800,000 shares of Tesla Motors (TSLA). The electric car maker's shares have struggled in recent months since joining the S&P 500 Index, and are down 25 percent in the past month already. | | | | • | $100 Million Deli Company Fires CEO
The New Jersey deli company with a single location that was trading on the market with a $100 million market cap has fired its CEO. Another company that may be related has also replaced its president as well. The move comes as stock valuations have increasingly come into the spotlight. | | | | • | Piano Raises $88 Million
Analytics and subscription startup company Piano has raised $88 million. In total, the company has raised $241 million, but the latest funding round did not provide a valuation update. Estimates are that the company, which works with a number of publishing names, has seen revenue grow 400 percent since 2019. | | |
| | | | TOP | | | CVS | 4.79% | | | | VIAC | 4.556% | | | | NTES | 3.537% | | | | ENPH | 3.454% | | | | LYV | 3.041% | | | | BOTTOM | | | T | 5.802% | | | | TAP | 4.229% | | | | WDC | 4.201% | | | | GPS | 3.716% | | | | PWR | 3.709% | | | | |
| | |  | | We are going to be ultra-cautious on what we do in those regards. We don't mind at all having a little extra cash around for sure, considering what this industry goes through. | | - Don Kayne, Canfor Corp. CEO on why the lumber industry isn't rushing to expand its operations with lumber prices surging higher year-to-date.  | |
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