Good morning. Goldman Sachs (GS) is calling for an end to the recent market carnage. The...
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 33,061.50 | +0.26% | | | | S&P 4,155.39 | +0.57% | | | | NASDAQ 12,536.02 | +1.63% | | | | *As of market close | | • | Stocks closed higher on Monday, after a volatile day of trading. | | • | Oil rose 0.9 percent, closing at $105.59 per barrel. | | • | Gold dropped 2.6 percent, ending at $1,863 per ounce. | | • | Cryptocurrencies traded mixed, with Bitcoin at $38,538 at the stock market close. | | | | | | | | | | Look Beyond One-Time Events for Long-Term Winners | | | | Life is complex. A company that is executing a long-term plan may have to contend with short-term unexpected events. At one point or another, every company hits an unexpected snag and has to report a one-time problem. Sure, for some companies, those one-time events seem to occur more often than others. For others, they truly are unusual events likely to become a distant memory as long-term plans play out. » FULL STORY | | | | | | Insider Trading Report: Cleveland-Cliffs Inc (CLF) | | | | Celso Goncalves, CFO at Cleveland-Cliffs (CLF), recently picked up 4,000 shares. The buy increased his holdings by nearly 3 percent, and came to a total price just over $105,000. The buy comes three days after another company insider, an EVP, picked up 4,500 shares, paying just over $122,000. Going back further, insiders have been regular buyers, with a few insider sales only as recently as last June. » FULL STORY | | | | | | Unusual Options Activity: Robinhood Markets (HOOD) | | | | Shares of app brokerage Robinhood Markets (HOOD) have seen shares slide nearly 90 percent from their 52-week high as a slowing market has caused retail traders to scale back their activities. One trader sees a further decline ahead.
That's based on the August $8 puts. With 108 days until expiration, 10,650 contracts traded compared to an open interest of 200, for a 53-fold rise in volume on the trade. The buyer of the puts paid $1.04 to enter the trade.
» FULL STORY | | | | | | • | I Bonds Set for Record-High Payout
The Treasury Department has announced that its I bonds, which are indexed to changes in inflation as measured by the CPI, are set to pay 9.62 percent for the next six months. The bonds reset every six months based on inflation levels. Individuals may buy up to $10,000 of the bonds per year, and must hold for at least one year. | | | | • | Fitch Sees Full Job Recovery
Fitch Ratings sees the US job market fully recovering from the Covid 19 pandemic by the end of August. Currently, the US is about 1.6 million jobs below February 2020 levels. If the projection is true, it will mean a relatively speedy job recovery, as the Great Recession took just under 6.5 years to fully recover from in the job market. | | | | • | Home Buyers Seek Alternatives to Rising Rates
As interest rates rise, more borrowers are looking for ways to keep rates as low as possible. That's leading to an increase in upfront fees and points for a mortgage, as well as an uptick in adjustable-rate mortgages. With rates rising, however, an increasing number of potential homebuyers are simply waiting for the hot housing market to cool down. | | | | • | Spirit Airlines Rejects JetBlue Merger Offer
Spirit Airlines (SAVE) has rejected an offer to be bought out by JetBlue (JBLU). Spirit cites the antitrust and regulatory hurdles as an issue. Instead, the airline is sticking with a lower offer from Frontier Group (ULCC), which will create a smaller overall airline. JetBlue's offer was $3.6 billion, a significant premium to Frontier's $2.9 billion offer. | | | | • | Apple Music Drops on Roku
Streaming company Roku (ROKU) is finally getting Apple Music on its devices. The move comes three years after the service has been available on Fire TV. Apple's (AAPL) platform has a 90 million song catalog that also comes available with 30,000 playlists with an ad-free experience. | | | | | | TOP | | EPAM | 8.872% | | | ALGN | 6.543% | | | KMX | 6.249% | | | OXY | 5.827% | | | MRNA | 5.706% | | | BOTTOM | | GPN | 9.213% | | | IRM | 5.639% | | | MCO | 4.85% | | | PLD | 4.467% | | | CPT | 4.162% | | | | | | | | | The markets are trying to wrap around a lot of different cross-currents. With the Fed raising rates and all the uncertainties that the global economy is facing, it's hard to get excited about paying the multiples that currently prevail in a lot of places in the market. | | - Yung-Yu Ma, of BMO Wealth Management, on the market's latest selloff amid data suggesting that the Fed is raising interest rates into a potential recession. | | |
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