Good morning. With a rough first half of the year, many are expecting a market rebound in the sec...
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 31,097.46 | +1.05% | | | | | S&P 3,825.35 | +1.06% | | | | | NASDAQ 11,127.85 | +0.90% | | | | | *As of market close | | | • | Markets were closed Monday, in observance of Independence Day. | | | | | | | | |
| | | Poor Company Outlooks Usually Mark a Time to Buy, Not Sell | | | | Analysts tend to run behind market events. Companies tend to see upgrades after a big move higher. And when a stock is falling, the downgrades will come in too late to protect investors from most of the drop.
The same is true with companies reporting their outlook. When things look good, companies tend to overestimate their future returns. When markets sour, they tend to significantly underrate their future returns.
» FULL STORY | | | | |
| | Insider Trading Report: Thor Industries (THO) | | | | Peter Orthwein, a director at Thor Industries (THO), recently added 3,000 shares. The buy increased his stake by 0.3 percent, and came to a total purchase price of $228,000.
This is the second buy from the director in the past month. Other directors have also been buyers of shares in recent months. Going further back, company executives were sellers of shares at higher prices in the past year.
» FULL STORY | | | | |
| | Unusual Options Activity: Bank of America (BAC) | | | | Shares of financial giant Bank of America (BAC) have been in a downtrend for the past six months. One trader sees the potential for a rebound in the next two years.
That's based on the June 2024 $32 calls. With 717 days until expiration, 8,055 contracts traded compared to a prior open interest of 154, for a 52-fold rise in volume on the trade. The buyer of the calls paid $5.13 to make the trade.
» FULL STORY | | | | |
| | • | Corporate Financing Slows as Interest Rates Rise
Companies raised less capital in the first half of 2022 compared to the prior year, as rising economic uncertainty and interest rates made borrowing less attractive. Overall, corporate America raised nearly $516 billion through bond sales so far this year, down from $603 billion compared to a year ago. Borrowing is expected to drop further as interest rates continue to increase. | | | | • | Putin Eyes Natural Gas Restrictions to Europe
Nearly 40 percent of Europe's supply of natural gas comes from Russia, which gives the country considerable leverage. President Putin has restricted flows to Europe, leading to a 70 percent spike in European gas prices in just the past three weeks. The move could be a boon for America's liquefied natural gas export facilities. | | | | • | CFTC Files Charges in $1.7 Billion Bitcoin Ponzi Scheme
The CFTC has filed charges with a South African company that has been allegedly running a Bitcoin ponzi scheme valued at $1.7 billion. The company, Mirror Trading International Proprietary Limited operated a pool of capital raised by investors, where funds were used to trade off exchange, in addition to being embezzled. | | | | • | Kohl's Drops Plans for Sale
Retailer Kohl's (KSS) is taking itself out of the running to be acquired by Franchise Group (FRG). The company states that no agreement was acceptable given current financing and retail market conditions. The news led to a substantial drop in Kohl's shares, as a deal was expected by the market. | | | | • | Meta Slashes Hiring Plans
Meta Platforms (META) is cutting its plans to hire additional engineers by at least 30 percent. The company sees 6,000 to 7,000 new engineering hires this year, down from 10,000. The company is also looking to leave some positions unfilled in response to changing market conditions. | | |
| | | | TOP | | | ETSY | 8.879% | | | | PHM | 6.561% | | | | WBD | 6.073% | | | | DHI | 5.605% | | | | LEN | 5.477% | | | | BOTTOM | | | LRCX | 7.414% | | | | KLAC | 7.318% | | | | ON | 7.205% | | | | ASML | 5.663% | | | | AMAT | 5.221% | | | | |
| | |  | | Consensus estimates for 2022 and 2023 remain largely unchanged from the start of the year, even though stock prices have declined considerably since then. Weak guidance could finally force cuts to consensus earnings estimates, which would likely add further downward pressure on stocks. | | - Greg Marcus, managing director, UBS Private Wealth Management, on why the stock market will likely continues lower for the foreseeable future, as corporate earnings follow economic growth lower. | |
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