 | | |  Good morning. There's a lot of paperwork and costs involved with buying a home. That's largely kept corporations from using them as an investment. However, that changed following the housing crash when it became possible to buy foreclosed homes in bulk.
That trend has continued in the past year, with some companies buying and renting out homes, and others, like Zillow Group (Z), simply buying, fixing up, and flipping. That increased investor demand has helped home prices rise substantially, up nearly 19 percent over the past year.
That's good news for existing homeowners, but it does make it more difficult to afford housing in general. Just as companies were slow to get into the space, extricating them before they buy up the market and turn the country into a nation of renters will also take time, effort, and energy.
Now here's the rest of the news: | | | | | |
| | |  | DOW 35,756.03 | +0.04% | | | | S&P 4,574.67 | +0.18% | | | | NASDAQ 15,235.71 | +0.06% | | | | | *As of market close | | | • | Stocks closed higher on Tuesday, with the S&P 500 and Dow again hitting record intraday highs. | | | • | Oil rose 1 percent, closing at $84.63 per barrel. | | | • | Gold declined 0.7 percent, last going for $1,794 per ounce. | | | • | Cryptocurrencies traded mixed, with Bitcoin at $61,915 at the stock market close. | | | | | | | |
| | | With Or Without Crypto Mining Demand, This Tech Stock a Buy | | | | Led by Bitcoin, cryptocurrencies are moving higher. That's great for cryptos themselves, as well as a number of companies that play to integrating cryptos into the existing financial system and the public's mind.
However, many tech companies have been burned, as crypto mining has gone in and out of favor over the years. That's created a lot of uncertainty for a number of companies in terms of marginal demand, and the market hates uncertainty.
» FULL STORY | | | | |
| | Insider Trading Report: Texas Capital Bancshares (TCBI) | | | | Julie Anderson, CFO at Texas Capital Bancshares (TCBI), recently added 4,000 shares to her holdings. The buy increased her stake by just over 6 percent, and came to a total price of just under $242,000.
She was joined by a director on the same day who picked up 1,000 shares, valued at just under $60,000. And a director bought last week, picking up 5,000 shares, at a cost of just over $300,000 in a cluster of insider buying.
» FULL STORY | | | | |
| | Unusual Options Activity: Tesla Motors (TSLA) | | | | Shares of electric vehicle giant Tesla Motors (TSLA) hit a new all-time high on Monday on news of a massive sale of 100,000 vehicles to a rental car agency. One trader sees shares moving higher.
That's based on the January 2024 $680 calls. With 814 days until expiration, 13,322 contracts traded, a 125-fold jump in volume from the prior open interest of 107 contracts. The buyer of the calls paid $479, or $47,900 per contract, to make the trade.
» FULL STORY | | | | |
| | • | Billionaire Warns on High Energy Prices
Blackstone (BX) CEO Stephen Schwarzman sees a potential for social unrest if high energy prices persist for a prolonged period. The warning comes as oil prices hit a seven-year high in the US, topping $85 per barrel. Higher energy prices, as well as shortages of some fuels, have also led to factory shutdowns worldwide. | | | | • | Midwest Grows as Startup Hub
Over the past two years, startup capital invested in companies in the Midwest have doubled, from around $10 billion to $20 billion. While some companies have gone public, a number of other firms in the Midwest, using Chicago as a rough capital, are seeing more private capital flow their way. | | | | • | 3-D Printed Home Development Underway in Austin
Amid a home shortage, the prospect of using 3-D printing to more quickly produce homes is seeing its largest effort yet. Lennar (LEN) is teaming up with a startup to create a community of 100 such homes in the Austin metro area, and will help determine how to best scale up this technology. | | | | • | CDC Extends Cruise Ship Restrictions
The CDC has extended the Covid restrictions for the cruise ship industry that were set to expire at the end of October. The conditions require masks on board, as well as proof of vaccinations or tests of both passengers and crews. Those conditions are now being extended into January, but as a voluntary measure. | | | | • | MGM Resorts Sells 11 Picassos
MGM Resorts International (MGM) has sold 11 works from Pablo Picasso. The sales totaled $109 million, and every work found a buyer. The most expensive piece sold for $40.5 million. The auction marked the first Sotheby's sale in Las Vegas, and coincided with the painter's 140th birthday. | | |
| | | | TOP | | | UPS | 7.249% | | | | NVDA | 6.885% | | | | CNC | 5.039% | | | | ANET | 4.45% | | | | ECL | 4.116% | | | | BOTTOM | | | LMT | 11.841% | | | | UHS | 5.438% | | | | GLW | 5.025% | | | | LHX | 4.086% | | | | FB | 3.94% | | | | |
| | |  | | Earnings season is off to another great start, but now the big test is will the big tech names step up? With stocks at all-time highs, the bar is indeed quite high and tech will need to impress to help justify stocks at current level. | | - Ryan Detrick, chief financial strategist at LPL Financial, on the importance of tech earnings this season as inflation remains high and economic uncertainty continues to loom in the background to a strong-performing stock market this year. | |
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