Good morning. Investment markets closed out the first half 2021 strong. Despite some fears of..
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.
| | Good morning. Investment markets closed out the first half 2021 strong. Despite some fears of rising interest rates, overall markets performed well, and are on track for an above-average return this year.
But the real story this year has quieted down, but isn't over yet. That story is the rise of retail traders. Centered around supposedly dying companies like Hertz, GameStop, and AMC Entertainment, these companies have managed to end up more valuable as customers turned to their brokerage accounts to save these firms from extinction. The latter two companies have even managed to pay down most of their debt, and have substantial cash on the books to continue growing in the years ahead.
While brokers like Robinhood may have settled with the government, retail traders have seen the power of standing up to the trading practices of Wall Street pros, and a number of smaller meme trades are in play at the markets now on any given day. As GameStop's motto says, power to the players. Here's to a profitable second half of 2021. Now here's the rest of the news: | | | | | | | | | | DOW 34,502.58 | +0.61% | | | | S&P 4,297.32 | +0.13% | | | | NASDAQ 14,503.95 | -0.17% | | | | *As of market close | | • | Stocks traded mixed on Wednesday, with the S&P 500 again closing at a record high | | • | Oil rose 0.7 percent, closing at $73.51 per barrel. | | • | Gold rallied 0.4 percent, last trading at $1,771 per ounce. | | • | Cryptocurrencies generally dropped, with Bitcoin at $34,788 at the stock market close. | | | | | | | | | | Insider Trading Report: Doximity (DOCS) | | | | Kevin Spain, a director at Doximity (DOCS), recently bought 775,000 shares. The buy came to a total cost of just over $20 million, and represents a new stake for the director. The move comes as another director sold nearly 4.3 million shares, netting over $105 million. While that may sound extreme, the company just went public last week. Full insider data isn't available yet, but it still appears substantial in its initial post-IPO period. » FULL STORY | | | | | | Unusual Options Activity: Home Depot (HD) | | | | Shares of home improvement retailer Home Depot (HD) slid to around $300 per share in recent weeks before starting a strong bounce higher. One trader sees that trend continuing into the next week. That's based on the July 9 $330 calls. Over 14,880 contracts traded against a prior open interest of 136, for a 109-fold surge in volume. The buyer of the calls paid about $0.68.
» FULL STORY | | | | | | • | US Chamber of Commerce Warns Again on Worker Shortage
The US Chamber of Commerce has already warned that the shortage of workers relative to available jobs is a problem. Now, the group has stated it's the top priority for the nation, as it poses a threat to the economic recovery. The group sees ongoing federal unemployment supplements, still available in 26 states, as an impediment, as well as a need for more on-the-job training. | | | | • | Housing Market Shortage Attracts High Offers
The tight supply and strong demand for housing has led to a number of above-asking-price offers. One recent sale included an offer for more than $1 million over asking price in Berkley, California. Another involved a payment with an inducement of 10 Ethereum coins on top of the asking price in fiat money. The rise of creative offers to get a deal done look unlikely to slow down anytime soon. | | | | • | Lumber Prices Drop 40 Percent in June
The past month has seen a large correction in many commodities. Lumber has now seen its largest monthly drop on record, with a 40 percent drop. The drop now leaves the commodity down 13 percent for 2021, although prices are still far higher compare to the start of the pandemic. This sign of cooling demand is also a sign that inflationary pressures may be declining as well. | | | | • | Robinhood Settles Regulatory Investigation Ahead of IPO
Online brokerage firm Robinhood, which is looking to go public this year, has paid $70 million to settle a regulatory investigation that the firm misled investors. The move comes after the company suspended the purchase of shares of meme stocks back in January. | | | | • | Zipline Raises $250 Million at $2.75 Billion Valuation
Zipline, a drone delivery startup company, has raised another $250 million in new funding, bringing the company's value to $2.75 billion. The company started out delivering medical supplies in Africa, and is rare among drone firms as it is vertically integrated from design and manufacture to software and launch and landing systems. | | | | | | TOP | | COG | 7.248% | | | AMD | 4.926% | | | CF | 4.594% | | | DVN | 4.176% | | | XLNX | 3.633% | | | BOTTOM | | WDAY | 3.105% | | | HOLX | 3.094% | | | PAYC | 2.803% | | | GWW | 2.3% | | | FTNT | 2.076% | | | | | | | | | Zipline, a drone delivery startup company, has raised another $250 million in new funding, bringing the company's value to $2.75 billion. The company started out delivering medical supplies in Africa, and is rare among drone firms as it is vertically integrated from design and manufacture to software and launch and landing systems. | | - Warren Buffett, Berkshire Hathaway CEO, on the impact that the pandemic has had on the economy, and why some impacts are not yet over. | | |
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