Good morning. Between inflation at 40-year highs and two quarters of negative GDP growth...
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 32,396.17 | -1.23% | | | | S&P 4,091.19 | -0.67% | | | | NASDAQ 12,348.76 | -0.16% | | | | *As of market close | | • | Stocks moved lower again on Tuesday, shaking off a midday rally. | | • | Oil rose 0.4 percent, closing at $94.25 per barrel. | | • | Gold sank 0.5 percent, last going for $1,779 per ounce. | | • | Cryptocurrencies moved lower, with Bitcoin at $22,959 at the stock market close. | | | | | | | | | | Insider Trading Report: Beacon Roofing Supply (BECN) | | | | CD&R Investment Associates, a major holder of Beacon Roofing Supply (BECN), recently added 103,931 shares to their holdings. The buy increased the fund's holdings by 0.7 percent, and came to a total purchase price just under $6 million. This marks the third buy from this fund so far this year. The other two prior buys have also been for about $6 million as well. A few company executives have been modest sellers of shares this year. » FULL STORY | | | | | | Unusual Options Activity: Barclays PLC (BCS) | | | | Shares of British-based international bank Barclays PLC (BCS) have shed about 20 percent in the past year, as fears of a global recession have been on the rise. One trader sees the possibility for a rebound by next spring.
That's based on the March $9 calls. With 226 days until expiration, 4,023 contracts traded compared to a prior open interest of 100, for a 40-fold rise in volume on the trade. The buyer of the calls paid $0.53 to make the bet.
» FULL STORY | | | | | | • | Job Openings Drop in June
The total number of job openings dropped to 10.7 million in June. That's an overall drop of about 5.4 percent compared to the prior month, and is well under expectations for 11.14 million open jobs. While that still leaves 1.8 open jobs per available worker, it's a sign that the labor market is starting to show signs of slowing down. | | | | • | Companies Create New Brands for Cost-Conscious Shoppers
A number of companies are rolling out new brands and packaging sizes, in an effort to keep prices down and keep customers buying. The move comes as some consumer goods companies are reporting a moderation or even a decline in sales volumes in everything from shampoo to snacks. | | | | • | Workers Embrace Four-Day Workweek
A number of companies responded to the pandemic by creating a four-day workweek. Most workers have embraced the idea, although the initial details in getting started have proven a bit chaotic for companies. The data shows no drop in productivity when shifting to a four-day week. | | | | • | Uber Reports Positive Free Cash Flow
Ride sharing giant Uber (UBER) surprised investors with a strong second quarter earnings report. The company reported that it had achieved positive free cash flow. As a result, the company no longer needs to go to the open market to sell shares or debt to fund its operations. And it's no longer likely to ever run out of cash. | | | | • | SEC Charges 11 With $300 Million Crypto Fraud
The Securities and Exchange Commission (SEC) has filed charges against 11 individuals, on the grounds that they ran an alleged Ponzi scheme, costing investors over $300 million. The scheme started in at least January 2020, and raised funds from millions of retail investors globally. | | | | | | TOP | | MPWR | 9.916% | | | IT | 7.514% | | | CCL | 5.817% | | | CZR | 5.767% | | | DXCM | 5.63% | | | BOTTOM | | TAP | 10.297% | | | ZBRA | 8.575% | | | SEE | 8.508% | | | INCY | 6.77% | | | WAT | 6.068% | | | | | | | | | Markets may test the substantial rally that occurred last week as they consider the progress the Federal Reserve has made thus far to stem the course of inflation. | | - John Stoltzfus, Oppenheimer's chief investment strategist, on why the stock market may pull back as inflation remains high despite a speedy tightening policy by the Fed in recent months. | | |
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