Good morning. With the S&P 500 flirting with a bear market and the Nasdaq down nearly 30 percent...
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 31,880.24 | +1.98% | | | | S&P 3,973.75 | +1.86% | | | | NASDAQ 11,535.27 | +1.59% | | | | *As of market close | | • | Stocks rallied higher on Friday, following a seven-week losing streak. | | • | Oil traded flat, closing at $110.34 per barrel. | | • | Gold rose 0.6 percent, ending at $1,853 per ounce. | | • | Cryptocurrencies slightly dropped, with Bitcoin at $29,165 at the stock market close. | | | | | | | | | | Pick Up Companies Increasing Market Share Now | | | | When the economy contracts, consumers shift their spending habits. This can result in a number of companies losing market share – while a few gain. That can be seen across a number of industries. Based on the earnings data so far, one prospective place for strong returns going forward could come from discount retailers. These companies have been hit like other stocks right now, but going forward could see strong sales and rising market share. » FULL STORY | | | | | | Insider Trading Report: Camping World Holdings (CWH) | | | | Kent Schickli, a director at Camping World Holdings (CWH), recently added 10,000 shares. The buy increased his holdings by 15 percent, and came to a total purchase price of $284,000. This marks the first insider buy of the year. Over the past three years, insider buying has been mixed, with large amounts of insider buying in 2019 and 2020, and less insider activity overall in the past year. » FULL STORY | | | | | | Unusual Options Activity: Bloomin' Brands (BLMN) | | | | Shares of restaurant chain Bloomin' Brands (BLMN) have shed nearly one-third of their value in the past year. However, one trader sees the possibility for a rebound in the second half of the year.
That's based on the January 2023 $15 calls. With 241 days until expiration, 10,000 contracts traded compared to a prior open interest of 23, for a 43-fold rise in volume on the trade. The buyer of the calls paid $5.80 to get in.
» FULL STORY | | | | | | • | US Unveils Asian Economic Deal
The US has announced the Indo-Pacific Economic Framework. Partners include Australia, Japan, and South Korea. The plan is designed to expand economic leadership in the region by the US as a counterbalance to China. The framework is not a full free trade agreement, but one that could still improve economic ties to the region. | | | | • | White House Explores Tapping Diesel Reserves
The White House is considering tapping into a stockpile of diesel fuel reserves. That would mark the first time that the stockpile has been drawn down, in contrast to oil and gasoline reserves. The move is coming as a supply crunch has kept diesel prices at their highest levels in history. | | | | • | Average Vehicle Age on US Roads Hits Record High
Amid a shortage of new cars and higher costs for replacements, US consumers are holding on to their existing cars longer. The average age of vehicles on roadways has not hit a record high of 12.2 years. According to industry data, this is the fifth year in a row to see an increase in the average vehicle age. | | | | • | Starbucks to Shut Down Russian Operations
Starbucks (SBUX) has announced that it's suspending business activity in Russia. The company has 130 licensed cafes in the country, and has operated there for 15 years. The company is stopping shipments of products, adding to the growing list of companies taking their business out of Russia following its invasion of Ukraine. | | | | • | Didi Finishes Delisting Process
Chinese ride-sharing company Didi has voted to delist itself from the New York Stock Exchange. The move was widely expected, given the company's rushed IPO in the middle of 2021, as the company's regulatory filings and issues with the Chinese government were coming to light. | | | | | | TOP | | ROST | 9.336% | | | DE | 6.636% | | | SLB | 6.591% | | | TTWO | 6.209% | | | C | 6.132% | | | BOTTOM | | ADSK | 4.692% | | | CZR | 4.211% | | | AVGO | 4.072% | | | ETSY | 3.919% | | | QRVO | 3.075% | | | | | | | | | This… decline felt as if the market was starting to recognize that earnings growth and S&P 500 profitability may be in jeopardy as inflation will continue to be higher throughout the year. | | - David Wagner, portfolio manager at Aptus Capital Advisors, on why the market may continue to move lower as expectations for the economy likewise decline as more data comes in. | | |
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