Good morning. Earnings season is kicking off in earnest this week. Typically, companies are...
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 34,378.08 | -0.34% | | | | S&P 4,350.61 | -0.24% | | | | NASDAQ 14,465.92 | -0.14% | | | | | *As of market close | | | • | Stocks closed lower on Tuesday, after flipping between gains and losses throughout the day. | | | • | Oil traded flat, closing at $80.54 per barrel. | | | • | Gold rose 0.3 percent, last going for $1,761 per ounce. | | | • | Cryptocurrencies pulled back, with Bitcoin at $55,312 at the stock market close. | | | | | | | |
| | | The Market Will Reward This Fast-Growing Company | | | | A record number of companies have gone public so far this year, with a few more months left on the calendar. And the total amount of capital raised has been a record too. Yet many freshly-public companies haven't been strong performers.
In time, that will change, as fast-growing companies start to show their mettle and move higher on the back of strong growth. Recently-public companies that can't grow will likely see their shares slide in time.
» FULL STORY | | | | |
| | Insider Trading Report: Akerna Corp (KERN) | | | | Matthew Kane, a director at Akerna Corp (KERN), recently picked up 128,160 shares. The buy increased his holdings by over 48 percent, and came to a total price of just over $346,000.
This marks the first insider buy at the company since 2018, when shares last went for a much higher price than where they traded today. Earlier this year, a major owner and the company CEO, who is also a major owner, have been modest sellers of shares.
» FULL STORY | | | | |
| | Unusual Options Activity: Northern Oil and Gas (NOG) | | | | Shares of energy firm Northern Oil and Gas (NOG) have ratcheted higher in the past few weeks as energy prices have continued to rally. One trader sees that trend continuing.
That's based on the March $26 calls. With 156 days until expiration, nearly 6,250 contracts traded against a prior open interest of 126, for a 50-fold jump in volume. The buyer of the calls paid $4.20 to make the trade.
» FULL STORY | | | | |
| | • | IMF Lowers Global Growth Forecast
Citing ongoing pressures from the Delta variant and supply chain issues, the International Monetary Fund has lowered its growth forecast for the global economy this year. The IMF has also raised its inflationary outlook, as prices continue to rise at decade-high rates across a number of countries. | | | | • | 4.3 Million Workers Quit in August
The latest Labor Department data indicates that 4.3 million workers quit their jobs in August, a new high for the data series going back to December 2000. Leading the charge were workers leaving the food and retail industries. The move comes as workers have been able to find higher paying jobs elsewhere amidst a broad labor shortage. | | | | • | GM to Be Reimbursed Over Battery Recall
General Motors (GM) will be reimbursed nearly $2 billion for the costs of recalling tens of thousands of Chevy Bolt electric cars due to battery fires. Battery supplier LG Chem will be making the reimbursement for the entire cost of the recall. | | | | • | Hailo Raises $136 Million
AI chipmaker Hailo has raised $136 million in a Series C round of funding. The deal values the company near $1 billion, and over all the company has raised $224 million. Hailo manufactures edge-device chips for AI workloads, and is seeing a boom in demand for the technology. | | | | • | Jamie Dimon Calls Bitcoin Worthless
JPMorgan Chase (JPM) CEO Jamie Dimon has called Bitcoin "worthless" in a virtual summit on Monday. This is in line with his prior views on the cryptocurrency, which currently trades over $56,000. The banker may disdain Bitcoin, but the bank is looking to incorporate blockchain technology, and allows customers to buy and hold Bitcoin through its platform. | | |
| | | | TOP | | | MGM | 9.489% | | | | ETSY | 5.298% | | | | ENPH | 4.905% | | | | VFC | 4.332% | | | | F | 3.347% | | | | BOTTOM | | | HPQ | 4.263% | | | | CTXS | 4.003% | | | | WDC | 3.997% | | | | MU | 3.843% | | | | BEN | 3.574% | | | | |
| | |  | | Expectations for third quarter earnings have been coming down in recent weeks and that should create some room for upside surprises, which is good for overall market sentiment. | | - Rod von Lipsey, managing director at UBS Private Wealth Management, on why even a lackluster earnings season may result in some upside surprise in the coming weeks. | |
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