Friday, August 19, 2022

💸Meme Stocks Mint Another Millionaire – Here’s What that Means For Markets

Good morning. Some stocks popular with retail investors – dubbed meme stocks—have been volatile...
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.

Good morning. Some stocks popular with retail investors – dubbed meme stocks—have been volatile lately. The biggest mover has been retail chain Bed Bath & Beyond (BBBY). Shares have had a massive move higher in the past few days, and now appear to be coming back down to earth.

In the meantime, the move higher has allowed a 20-year-old university student to accumulate 6.2 percent of the company at around $5.50 per share – which was recently sold for a $110 million profit just three weeks later. The trader even sent the company a 9-page activist letter.

They say they don't ring a bell at the top. Yet this may be a sign that the recent market rally has played out its course and we're in for a consolidation – or worse, a selloff ahead.

Now here's the rest of the news:

Sponsored Content
7 Shocking Investment Predictions For 2022
With over 136,000 readers and one of the strongest research teams in the business, independent financial research outfit StreetAuthority is once again going out on a limb with a series of startling new forecasts.

For years now, StreetAuthority has been sending letters like this, alerting investors to the market's most pressing dangers and profitable opportunities. When they began doing this, people told them they were crazy. "You're bound to be wrong sometimes," they said, "and that will kill your sales." But they felt that investors want clear, unhedged, and accurate forecasts… and they were determined to provide them for all to see.

What's more, they knew they had developed some exclusive forecasting methods that have given them great confidence in those predictions. As it turned out, investors have enjoyed reading their reports, because everyone's interested in getting a handle on the future. When they saw that their analyses made solid sense, and a good many (though certainly not all) of their forecasts came true, their subscriptions soared. From their very first round of predictions, they hit pay dirt. They told their readers to expect "an opportunity of enormous proportions" in nanotechology.

Their nanotech pick shot up 354% by the end of that year – enough to turn a $10,000 stake into a fast $35,400 profit. They also predicted that an obscure diamond miner in Northern Canada would strike it rich. Their pick rose 622% in the following year. Year after year, most of their greatest market calls have come from their annual forecasts…

Read here to see what their latest 2022 predictions are (be sure not to miss out!)


MARKETS
DOW 33,999.04 +0.06%
S&P 4,283.74 +0.23%
NASDAQ 12,965.34 +0.21%
*As of market close
Stocks traded higher on Thursday, closing near highs of the day.
Oil rose 2.9 percent, closing at $90.62 per barrel.
Gold slid 0.2 percent, last going for $1,773 per ounce.
Cryptocurrencies traded mixed, with Bitcoin at $23,379 at the stock market close.

Today's TOP TIPS
Buy Leading Companies Offering Low-Cost Entertainment
Consumers are starting to show signs of pulling back on spending in a number of areas. For a recession, that tends to mean a large slowdown in a number of high-cost activities, such as cruises or other vacations.

That also means that low-cost forms of entertainment tend to hold up well. As with low-cost food or beverages, demand remains much stickier, no matter how the economy declines. Investors who follow this trend can find profitable opportunities now.

» FULL STORY

Insider Trading Report: Keurig Dr Pepper (KDP)
Maurice Milikin, Chief Supply Chain Officer at Keurig Dr Pepper (KDP), recently picked up 12,979 shares. The buy increased his holdings by about 17 percent, and came to a total cost of just over $517,000.

The buy is a follow-up, as the officer has been a steady buyer since June. Other company executives have also been buyers in recent months, with one company director making a sale. Over the past three years, insider buying has far exceeded sales.

» FULL STORY

Unusual Options Activity: Bank of America (BAC)
Shares of financial giant Bank of America (BAC) are down 10 percent over the past year. One trader sees the potential for the stock to continue its recent rally into 2023.

That's based on the February $43 calls. With 182 days until expiration, 3,632 contracts traded compared to a prior open interest of 138, for a 26-fold rise in volume on the trade. The buyer of the calls paid $0.83 to make the bullish bet.

» FULL STORY

IN OTHER NEWS
Jobless Claims Dip

Jobless claims fell for the week ending August 13. That's the first weekly decline since July 23. A total of 250,000 Americans filed for first-time unemployment insurance. That came in well under expectations for 265,000, and was lower than the prior week's 252,000.
Home Sales Decline for Sixth Straight Month

For the sixth month in a row, home sales in the US declined. Sales hit a seasonally-adjusted annual rate of 4.81 million, a 5.9 percent decline in July compared to June. That's also the weakest sales level since November 2015, and is a 20.2 percent drop compared to the prior year.
Natural Gas Prices Hit 14 Year High

US natural gas prices have continued to trend higher, now hitting about $9.33 per mBTU. That's the highest level since August 2008. The price is up 60 percent since the end of June, and is up 525 percent in the past two years. The price is being driven by high summer temperatures and low inventory levels.
Turkey Cuts Interest Rates Amid 80 Percent Inflation

Even though inflation in Turkey is approaching an annualized rate of 80 percent, the country's central bank cut interest rates from 14 percent to 13 percent. The move surprised the markets, as no change was expected. Rates had been at 14 percent for the past 7 months, at a time when other global central banks were raising rates to contend with inflation.
Dodge Reveals EV Charger Concept

Dodge has unveiled its EV Charger concept. Dubbed the Charger Daytona SRT Concept, the car is designed to look and even sound like the gas-powered Charger model that the company plans to discontinue next year. The production version is expected in 2024.

S&P 500 MOVERS
TOP
APA 8.534%
ON 7.263%
KEYS 5.948%
DVN 5.893%
CSCO 5.808%
BOTTOM
WBA 5.323%
MRNA 5.063%
VTR 2.95%
ARE 2.853%
VZ 2.536%

Quote of the Day
No surprise to see the market take a breather from the summer rally it's been riding. The market is looking for any sign that a slowdown in rate hikes, which has seemingly fueled the recent rise, is coming. Investors should remain nimble and continue to expect volatility as we may not be out the woods just yet.
- Chris Larkin, managing director of trading at E-Trade Financial, on why the market will continue being volatile and why there may be some downside ahead following a strong relief rally this summer.

Sponsored Content
7 Shocking Investment Predictions For 2022
With over 136,000 readers and one of the strongest research teams in the business, independent financial research outfit StreetAuthority is once again going out on a limb with a series of startling new forecasts.

For years now, StreetAuthority has been sending letters like this, alerting investors to the market's most pressing dangers and profitable opportunities. When they began doing this, people told them they were crazy. "You're bound to be wrong sometimes," they said, "and that will kill your sales." But they felt that investors want clear, unhedged, and accurate forecasts… and they were determined to provide them for all to see.

What's more, they knew they had developed some exclusive forecasting methods that have given them great confidence in those predictions. As it turned out, investors have enjoyed reading their reports, because everyone's interested in getting a handle on the future. When they saw that their analyses made solid sense, and a good many (though certainly not all) of their forecasts came true, their subscriptions soared. From their very first round of predictions, they hit pay dirt. They told their readers to expect "an opportunity of enormous proportions" in nanotechology.

Their nanotech pick shot up 354% by the end of that year – enough to turn a $10,000 stake into a fast $35,400 profit. They also predicted that an obscure diamond miner in Northern Canada would strike it rich. Their pick rose 622% in the following year. Year after year, most of their greatest market calls have come from their annual forecasts…

Read here to see what their latest 2022 predictions are (be sure not to miss out!)


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