| | | | DOW 34,895.11 | -0.19% | | | | S&P 4,405.88 | +0.13% | | | | NASDAQ 14,514.79 | +0.11% | | | | *As of market close | | • | Stocks traded mixed on Wednesday, as markets continued to digest taper talk. | | • | Oil declined 2.2 percent, closing at $64.02 per barrel. | | • | Gold lost 0.1 percent, last going for $1,782 per ounce. | | • | Cryptocurrencies generally rose, with Bitcoin at $46,713 at the stock market close. | | | | | | | | | | Security Software Gives This Company a Second Life | | | | Before Apple (AAPL) invented the iPod, the company controlled about 10 percent of the PC market at its peak. That didn't generate huge business. But by reinventing towards having the most user-friendly consumer tech, and some software behind it, the company managed to become a multi-trillion-dollar behemoth.
Other companies are making similar pivots today, finding new lines of businesses with higher profit margins and growth potential. » FULL STORY | | | | | | Insider Trading Report: Herbalife Nutrition (HLF) | | | | Alan LeFevre, a director at Herbalife Nutrition (HLF), recently bought 3,000 additional shares. The buy increased his stake by over 19 percent, and came to a total cost of just under $145,0000.
This follows up on two other insider buys earlier in the month, when the company CFO bought 425 shares at a cost of over $20,000, and the company CEO bought 5,200 shares at a price of about $250,000. » FULL STORY | | | | | | Unusual Options Activity: Gilead Sciences (GILD) | | | | Shares of biotech firm Gilead Sciences (GILD) have been trending gradually higher over the past few months, with shares now at a 52-week high. One trader see the possibility for further profits in the coming months.
That's based on the October $80 calls. With 56 days on the clock, over 7,098 contracts traded compared to an open interest of 173, for a 41-fold surge in volume. The buyer of the calls paid about $0.42 to make the trade.
» FULL STORY | | | | | | • | Jobless Claims Continue to Drop
Total jobless claims came in at 348,000 for the week, below expectations of 365,000. The number is down 29,000 from the week before. Continuing claims fell to 2.82 million. In total, there are now less than 12 million Americans receiving benefits, a pandemic-era low. | | | | • | Auto Makers Cut Production on Chip Shortage
Toyota Motors (TM) warned that it would have to cut its production by 40 percent due to the shortage of automotive chips. Other auto makers also fell in sympathy with shares, as further production cuts across the sector look likely. Chipmakers are scrambling to increase production, but clearly the issue isn't resolved yet. | | | | • | Amazon Unveils Physical Retail Store Concept
Online retailing giant Amazon (AMZN) has unveiled a plan to offer large retail locations. Designed much like department stores, the locations would allow customers to physically shop for items like clothing, and also facilitate returns and exchanges. | | | | • | Toys "R" Us Partners with Macy's
Toys "R" Us, the physical toy store chain that went bankrupt, attempted to rebrand online a few years back. That failed. Now, the company's assets, owned by private equity, are partnering with department store chain Macy's (M) for online sales, as well as stop-in-shops at 400 department stores next year. | | | | • | Facebook, Congress Go Up Against TikTok
Social media giant Facebook (FB) is unveiling "Facebook Reels," a short video platform to compete with TikTok. The China-based social media company is also facing more scrutiny in the US, as a number of senators are challenging the company's plans to collect data such as user voice and face biometrics. | | | | | | TOP | | SNPS | 8.674% | | | NFLX | 4.219% | | | CBOE | 4.151% | | | NVDA | 3.939% | | | CSCO | 3.853% | | | BOTTOM | | ILMN | 7.148% | | | OXY | 5.864% | | | MRNA | 5.82% | | | CF | 5.375% | | | BKR | 4.627% | | | | | | | | | The minutes reflect a Fed that is prepared to accelerate its taper timeline to perhaps the next few months. Both the Fed and market participants learned lessons from the Taper Tantrum. While we expect less of a surprise this time around there is still reason to believe we will see volatility throughout areas of the market with high sensitivity to interest rates. | | - Sean Bandazian, investment analyst at Cornerstone Wealth, on why the market may see more volatility similar to Wednesday's should the Fed actually start tapering its monthly bond purchases. | | |
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