 | | |  Good morning. There's an old market adage, "Sell in May and go away." It's based on the historical returns of the stock market, which tend to be strong at the start of the year, slow down over the summer, and potentially decline in the fall before a year-end rally.
With markets bucking that trend, however, traders might want to bet on stocks making a move higher from here. It would be the move that would most catch investors off-guard, something that happens fairly often in the investment world.
Instead, this year traders might want to take a break from their screens and tend to a garden instead. The calendar this time of year is also the most favorable for growing food. With rising fertilizer costs, as well as a series of shutdowns at food processing plants, it may not be the most exciting investment. But you can't eat a share of stock.
Now here's the rest of the news: | | | | | |
| | |  | DOW 34,792.63 | -1.05% | | | | | S&P 4,393.69 | -1.47% | | | | | NASDAQ 13,174.65 | -2.07% | | | | | *As of market close | | | • | Stocks slid on Thursday, reversing morning gains. | | | • | Oil rose 1.5 percent, closing at $103.70 per barrel. | | | • | Gold slightly dipped, ending at $1,954 per ounce. | | | • | Cryptocurrencies rallied then slid back, with Bitcoin at $41,262 at the stock market close. | | | | | | | |
| | | Keep Investing in Companies That Can Beat Inflation's Bite | | | | Some companies are able to pass on price increases to consumers easily. Others are not, and often have to absorb the costs. A consumer goods company can likely raise prices just over the rate of inflation most of the time, and not lose too much business.
Companies like a utility or telecom, which may have to wait for approval to raise prices, on the other hand, may not be so lucky.
» FULL STORY | | | | |
| | Insider Trading Report: New York City REIT (NYC) | | | | Nicholas Schorsch, a major owner at New York City REIT (NYC), recently added 12,500 shares. The buy increased his holdings by just under 1 percent, and came to a total price of $167,125.
The move came the day after he made another buy, also for the same number of shares, paying just slightly over $162,000. Other insiders at the company have been regular buyers over the past two years. The last insider sale was modest and occurred back in 2019.
» FULL STORY | | | | |
| | Unusual Options Activity: Marriott International (MAR) | | | | Shares of hotel chain Marriott International (MAR) have been in an uptrend over the past few months, with a big surge in recent weeks. One trader sees a potential move higher in the coming months.
That's based on the July $160 calls. With 84 days until expiration, 7,003 contracts traded compared to a prior open interest of 158, for a 44-fold jump in volume on the contracts. The buyer of the calls paid $34.00 to get into the trade.
» FULL STORY | | | | |
| | • | Fertilizer Costs Continue to Soar
Fertilizer costs continue to rise, with the key agricultural commodity now more than double in price from a year ago. Strong demand and disruption from the Russian and Ukrainian market are contributing to the shortage driving up prices. With this higher input cost, it's likely that food costs will also continue to rise. | | | | • | Warner Brothers Discovery to Shut Down CNN+
There will soon be one less streaming option for viewers, as Warner Brothers Discovery (WBD) is looking to shut down the platform CNN+. The move comes as the entertainment properties were recently spun off from AT&T (T). CNN+ was launched with significant fanfare just over one month ago, but has struggled to retain or grow a significant userbase. | | | | • | Lawmakers Continue to Embrace Cannabis Industry
New Jersey started selling cannabis recreationally on Thursday, adding to the number of states that have already legalized the possession and use of pot. And with the House of Representatives passing a bill to legalize marijuana at the federal level, many see the sector potentially soaring in the months ahead. | | | | • | Boring Company Hits $5.7 Billion Valuation
The Boring Company has raised $675 million, at a valuation of $5.7 billion. The venture is looking to create a vast network of high-speed underground tunnels to relieve traffic. The venture, backed by Elon Musk, has recently received approval for a 29-mile network connecting 51 stations under Las Vegas. | | | | • | Musk Raises $43 Billion for Twitter Bid
In a new filing with the SEC, Elon Musk has outlined the financing necessary to support the $43 billion bid to acquire social media platform Twitter (TWTR). They include funding from a number of major banks, margin loans against Musk's other equity holdings, and a personal commitment of up to $21 billion. | | |
| | | | TOP | | | UAL | 8.684% | | | | NUE | 3.817% | | | | T | 3.783% | | | | AAL | 3.343% | | | | MMC | 2.918% | | | | BOTTOM | | | ENPH | 12.819% | | | | SEDG | 9.799% | | | | MOS | 9.709% | | | | FCX | 9.687% | | | | PWR | 9.257% | | | | |
| | |  | | It continues to be a pretty bifurcated market. Some of the more defensive, value-style companies are enjoying good returns. The flipside is some of those more growth-style tech names are going to be struggling. | | - Dave Grecsek, managing director in investment strategy at Aspiriant, on the stock market's division between strong performers in defensive names right now while growth stocks, particularly in tech, struggle. | |
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