Good morning. Three months ago, when the first-quarter 2022 GDP numbers showed an unexpected...
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, and Happy Thanksgiving! We're grateful to live in today's modernized world where we can trade, invest, and grow our wealth with just a few clicks of a button, or, if you're old fashioned, a phone call. But this year, we're also still mindful of inflation.
It's particularly bad for this year's holiday dinner, with turkey prices up 24 percent in the past year, and mashed potatoes up 20 percent. The worst increase? Ingredients for pies, some of which are up a staggering 75 percent compared to a year ago.
The good news is that prices likely won't increase as much for next year's Thanksgiving. And while some of those issues are still related to supply chains, at least we've put the worst of the pandemic behind us. Have a delightful holiday! Now here's the rest of the news: | | | | | | | | | | DOW 34,194.06 | +0.28% | | | | S&P 4,027.26 | +0.59% | | | | NASDAQ 11,285.32 | +0.99% | | | | *As of market close | | • | Stocks moved higher on Wednesday, in light trading ahead of Thanksgiving. | | • | Oil dropped 4.3 percent, closing at $77.46 per barrel. | | • | Gold rallied 0.7 percent, last going for about $1,751 per ounce. | | • | Cryptocurrencies moved higher, with Bitcoin at $16,566 at the stock market close. | | | | | | | | | | Insider Trading Report: Zions Bancorp (ZION) | | | | James Abbott, a Senior Vice President at Zions Bancorp (ZION), recently added 2,500 shares. The buy increased his stake by 3 percent, and came to a total cost of just over $126,000. Abbott was the last company insider to make a buy, with a 10,000 share pickup back in May, at a price about 10 percent higher than where shares now trade. Overall, insiders at the bank have been sellers over the past three years. » FULL STORY | | | | | | Unusual Options Activity: Tesla Motors (TSLA) | | | | Shares of electric car manufacturer Tesla Motors (TSLA) hit a 52-week low earlier this week. The automaker has been caught up in CEO Elon Musk's acquisition of Twitter. One trader is betting on a rebound ahead. That's based on the December $173.33 calls. With 22 days until expiration, 15,158 contracts traded compared to a prior open interest of 511, for a 30-fold rise in volume on the trade. The buyer of the calls paid $9.60 to make the bullish bet.
» FULL STORY | | | | | | • | HP Announces Layoff Of 4,000-6,000 Employees
Computer manufacturer HP (HPQ) has announced that it will lay off 4,000 to 6,000 employees over the next three years across its locations globally. The company expects to save over $1.4 billion in savings over the next three years. This adds to the number of tech companies in recent months that have announced sizeable layoffs. | | | | • | Venmo Adds Charitable Donation Option In-App
Venmo, a payment app owned by PayPal (PYPL), has added the ability to donate to charities directly through the app. The feature is now available and allows users to browse through verified charities across a number of categories. Users will be able to share a donation they made to encourage others in their network to do so too. | | | | • | Starbucks Closes Unionized Store
Coffee chain Starbucks (SBUX) is closing a store in Seattle that was among the first where workers formed a union. The company cited safety concerns for closing the store, and the company has made closures for safety reasons in the past, even though union members see this as a retaliation for the vote to unionize. | | | | • | Billionaire Ackman Sees Promise in Crypto
Billionaire investor Bill Ackman sees opportunities in cryptocurrency, citing crypto as having the potential to impact society on the level of the phone or internet. The investor makes the remarks as a number of centralized exchanges have gone under, and as crypto prices are hovering near two-year lows. | | | | • | FTX Says Crypto Assets Missing
Cryptocurrency brokerage FTX, now under control of a new CEO, is reporting that a substantial number of the company's assets are either missing or stolen. That's in line with reports that co-founder Sam Bankman-Fried ran the company as a "personal fiefdom" and use company funds for such perks as homes for employees in the Bahamas. | | | | | | TOP | | TSLA | 7.704% | | | BMRN | 7.228% | | | DE | 5.157% | | | WBD | 5% | | | TFX | 3.959% | | | BOTTOM | | ADSK | 6.62% | | | SLB | 3.943% | | | CF | 2.69% | | | BKR | 2.526% | | | HES | 2.431% | | | | | | | | | The combination of a flat return under our base case and large downside in a recession means investors should remain cautious. | | - David Kostin, Chief US Equity Strategist at Goldman Sachs, on why investors shouldn't get too bullish on markets yet, as the investment bank sees a soft landing in 2023 as a base case, with a risk of a hard landing and recession more likely than a major market rally. | | |
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