Good morning. The old joke on Wall Street is that "sell" is a four-letter word. No investment...
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 35,116.40 | +0.80% | | | | S&P 4,423.17 | +0.82% | | | | NASDAQ 14,761.29 | +0.55% | | | | *As of market close | | • | Stocks closed higher on Tuesday, with all indices shaking off morning losses. | | • | Oil declined 0.9 percent, closing at $70.64 per barrel. | | • | Gold dropped 0.5 percent, last going for $1,814 per ounce. | | • | Cryptocurrencies generally traded lower, with Bitcoin at $38,004 at the stock market close. | | | | | | | | | | Insider Trading Report: Sally Beauty Holdings (SBH) | | | | Christian Brickman, President and CEO of Sally Beauty Holdings (SBH), recently picked up 10,000 more shares. The buy increased his stake by just over 2 percent, and came to a total purchase price of just over $189,000. This is the second insider buy of the year, also from the company President and CEO. Overall, insiders have been massive buyers over the past three years, with only a handful of insider sales. Both executives and directors have been buyers. » FULL STORY | | | | | | Unusual Options Activity: Coupang (CPNG) | | | | Shares of Korean ecommerce site Coupang (CPNG) have been trending down since going public, having lost about 25 percent of their IPO price. One trader sees that turning around in the months ahead. That's based on the January $55 calls. With 170 days until expiration, over 12,530 contracts traded against a prior open interest of 443, for a 28-fold jump in volume. The buyer o the calls paid about $1.30 to make the trade.
» FULL STORY | | | | | | • | China Denounces Video Games, Related Companies Sell Off
Chinese media giant Tencent (TCEHY) dropped heavily as the Chinese government came out against video games, in another addition to the market criticisms and regulatory overview being exercised by the nation. The initial article in state media was toned down, but only after Tencent pledged to set limits on younger gamers. | | | | • | SEC and Infrastructure Bill Target Crypto Regulations
Cryptocurrencies have continued to trend down in recent sessions, as the latest infrastructure bill has some vague and unworkable wording regarding the regulation of cryptocurrencies. Additionally, the SEC has stated that they would like more oversight of crypto exchanges, to better protect investors from fraud. | | | | • | Summer Storms and Labor Shortage Disrupt Air Travel
Hundreds of flights by at least two airlines have been cancelled in the US this week. Summer storms are partially to blame, as are a lack of available flight crews for rerouting flights. The total number of flights cancelled is about 270, or nearly 9 percent of daily travel on Tuesday alone. | | | | • | PepsiCo Sells Tropicana
Beverage giant PepsiCo (PEP) has announced it's selling its juice business for nearly $3.3 billion to PAI Partners. Pepsi will keep about 39 percent of the newly-formed company, and the deal includes the option for Pepsi to sell its European juice businesses. The sale occurs as juice sales have been declining for years. | | | | • | Marvell Makes $1.1 Billion Offer for Innovium
Marvell (MRVL) has announced its plans to buy Innovium for $1.1 billion in an all-stock deal. The company makes network ethernet switches designed for cloud businesses. The startup has raised over $400 million in funding to date. The acquisition, if approved, would add to the company's $10 billion acquisition of Inphi last year. | | | | | | TOP | | MRNA | 11.512% | | | IT | 10.831% | | | PXD | 7.84% | | | UAA | 7.532% | | | UA | 6.188% | | | BOTTOM | | IPGP | 18.303% | | | LDOS | 10.942% | | | CLX | 9.459% | | | TTWO | 7.707% | | | FIS | 6.268% | | | | | | | | | Rising earnings are providing valuation support. Rising revenue and earnings, generally restrained inflation, relatively low interest rates, ongoing monetary and fiscal stimulus policies and COVID-19 medical progress support our outlook for rising U.S. equities in 2021′s second half. | | - Terry Sandven, U.S. Bank Wealth Management chief equity strategist, on why the economy will likely continue to fare well, and with it the stock market. | | |
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