Good morning. The market selloff has been brutal for tech stocks, but that's the case in any sell...
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 33,128.79 | +0.20% | | | | S&P 4,175.48 | +0.48% | | | | NASDAQ 12,563.76 | +0.22% | | | | *As of market close | | • | Stocks closed higher on Tuesday, as traders positioned themselves for today's Fed meeting. | | • | Oil dropped 2.2 percent, closing at $102.90 per barrel. | | • | Gold rose 0.2 percent, ending at $1,867 per ounce. | | • | Cryptocurrencies generally dropped, with Bitcoin at $37,692 at the stock market close. | | | | | | | | | | For Complex Companies, Break It Down into Parts to Find Potential Bargains Now | | | | Many companies offer just one product or service. Some of today's large companies, however, offer many services and products (or even both). That's especially true in the tech space, where rapid changes result in continued ongoing sales and support. Some of these companies have a number of businesses that could be broken out into separate parts. And right now, this "sum of the parts" analysis is starting to show that it may be time to start dipping a toe into some tech giants. » FULL STORY | | | | | | Insider Trading Report: Western Alliance Bancorp (WAL) | | | | Kelly Ardrey, Chief Accounting Officer at Western Alliance Bancorp (WAL), recently picked up 3,000 shares. The buy increased her stake by 97 percent, and came to a total purchase price just over $236,000. This is the first buy at the company since early March, when the CFO picked up 2,000 shares, and the Executive Chairman bought 25,000 shares at a cost of just over $1.9 million. » FULL STORY | | | | | | Unusual Options Activity: Comcast Corporation (CMCSA) | | | | Shares of cable provider Comcast Corporation (CMCSA) hit a 52-week low on Monday before turning higher. But one trader is betting that the stock will continue to decline in the months ahead. That's based on the October $30 puts. With 170 days left, 16,266 contracts traded compared to a prior open interest of 894, for an 18-fold rise in volume on the trade. The buyer of the puts paid $0.93 to enter the trade.
» FULL STORY | | | | | | • | Shanghai Eases Lockdown Restrictions
The Chinese port city of Shanghai is easing up on recent Covid restrictions. At present, over 2,000 companies in the area are now moving back into production, however, workers are required to live on site and undergo weekly testing. The move comes as global cargo shipping has backed up outside the city and supply chains remain snarled. | | | | • | 4.5 Million Americans Quit their Jobs in March
The US labor market set another record for job quits in March, as 4.5 million Americans left their jobs. The overall quit rate hit 3 percent, a level last seen in December. The number of workers quitting jobs is on the rise as companies are requiring a return to in-person work in offices. | | | | • | Paul Tudor Jones Warns on Financial Conditions
Billionaire investor Paul Tudor Jones has stated that he, "can't think of a worse environment than where we are right now for financial assets." That's due to the Fed raising interest rates as the economy has shown signs of contracting – a combination that bodes poorly for both stocks and bonds right now | | | | • | BP Sees $25.5 Billion Drop from Exiting the Russian Market
Oil major BP (BP) reported a loss in the first quarter, even in spite of rising energy prices. The company's extensive Russian operations have led the company to report a $25.5 billion loss. BP's partial stake in Russian oil producer Rosneft is one of the biggest reasons for the hit, accounting for $13.5 billion in value. | | | | • | Sila Group Buys Factory for Battery Production in the US
Battery technology company Sila is buying a 600,000 square foot facility in Moses Lake, Washington. The company expects to have partial production at the site by 2024, and be fully underway by 2025. The company's batteries are expected to be in hundreds of thousands of electric vehicles by 2026. | | | | | | TOP | | WDC | 14.633% | | | MPWR | 10.895% | | | CTLT | 10.486% | | | DVN | 9.392% | | | CTRA | 9.25% | | | BOTTOM | | ROK | 14.664% | | | EXPE | 13.947% | | | FMC | 6.253% | | | EL | 5.867% | | | LYV | 4.97% | | | | | | | | | With financial conditionings tightening as they are, we think the Fed is going to be slightly more dovish than the market is expecting. | | - Eric Johnston, head of equity derivatives at Cantor Fitzgerald, noting that the market has gotten oversold and now isn't pricing in a more accommodating Federal Reserve policy in light of economic data showing a slowdown. | | |
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