😳It’s Never the Accountant’s Fault

Good morning. As it goes through bankruptcy proceedings, crypto brokerage FTX founder Sam Bankman...

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. As it goes through bankruptcy proceedings, crypto brokerage FTX founder Sam Bankman-Fried has suggested that the loss of $8 billion on the books was due to an accounting error. Coinbase Global (COIN) CEO Brian Armstrong called out the claim, noting, "I don't care how messy your accounting is… you're definitely going to notice if you find an extra $8B to spend." The lax accounting raises questions of criminal activity at FTX, as it seems similar to the accounting problems that have plagued other criminal frauds like Enron or Bernie Madoff's Ponzi scheme. And while accountants sometimes make bad decisions in order to get paid, they're not the originator of the problem that causes frauds to be exposed in time. Investors looking to avoid being the victim of frauds should look at a company's accounting statements for unusual changes and moves. And they should be on the lookout for companies that use "one-time" adjustments seemingly every quarter. Now here's the rest of the news: Sponsored Content Receive Free A.I. Scanned Stock Alerts! They may not be in the headlines, and no market guru is sending them to your inbox. So, where…? A.I. is bringing them straight to your mobile phone once a week via TraderGPS, a brand-new platform for traders of all experience to instantly learn the top 3 bullish and bearish trends on stocks! Send me The Free A.I. Scanned Stock Alerts > MARKETS DOW 33,947.10 -1.40% S&P 3,998.84 -1.79% NASDAQ 11,239.94 -1.93% *As of market close • Stocks dropped on Monday, ahead of another data-heavy week. • Oil slid 3.6 percent, closing at $77.13 per barrel. • Gold sank 1.7 percent, hitting $1,779 per ounce. • Cryptocurrencies traded lower, with Bitcoin last going for $16,949 at the stock market close. Today's TOP TIPS Pick Up This Company Benefitting from Tech Trend Shifts There's always some technological revolution going on somewhere. The past decade has seen a number of trends, and those growing trends have been great for investors in the right place. One of the most interesting trends today is the shift by major automakers from conventional gas-powered cars to hybrids and electric vehicles. While some challenges remain, it's clear that investors like the trend overall, and rising EV sales tend to prove a boost for share prices. » FULL STORY Insider Trading Report: Live Nation Entertainment (LYV) Jimmy Iovine, a director at Live Nation Entertainment (LYV), recently added 13,740 shares. The buy increased his holdings by 42 percent, and came to a total cost of just over $1 million. This is the first insider buy at the company since March, when a director bought shares at a price about 25 percent higher than where the stock trades today. Over the past three years, company insiders have generally been regular and steady sellers of shares. » FULL STORY Unusual Options Activity: AT&T (T) Shares of telecom company AT&T (T) are up about 8 percent over the past year, thanks in part to a strong rally over the past few weeks. One trader sees a pullback in shares in the month ahead. That's based on the January 2023 $19 put. With 31 days until expiration, 9,297 contracts traded compared to a prior open interest of 250, for a 37-fold rise in volume on the trade. The buyer of the puts paid $0.41. » FULL STORY IN OTHER NEWS • OPEC Keeps Production Target Steady The Organization of Petroleum Exporting Countries kept their output targets unchanged during their latest meeting. There had been some speculation on an increase in production. However, given the price caps that some nations have now set on Russian oil at $60 per barrel, more time is needed to study the impact. • European Retail Spending Declines Consumers across Europe have cut back on their spending of goods and services. The move has come amid high inflation and soaring energy prices have impacted the continent. The region's economies are moving toward a recession, given lower spending and higher energy costs overall. • Delta Reaches Labor Deal with Pilots Delta Air Lines (DAL) has reached a pay increase deal with its pilots. Under the deal, there will be a cumulative 34 percent pay raise over three years. The agreement is likely to set a benchmark in labor dealings between other airliners and their pilots, and reflects the shortage that remains in the industry. • Bankman-Fried Faces Prison Time… If Arrested Defunct cryptocurrency firm FTX co-founder Sam Bankman-Fried is under investigation by a number of agencies, including the SEC, CFTC, SDNY, and DOJ. If criminal conduct is found – and an investigation could take months or years – it's possible that Bankman-Fried could face jail time over the $32 billion collapse of FTX. • Loft Dynamics Raises $20 Million for Pilot Training Swiss startup Loft Dynamics has raised $20 million in funding to develop virtual reality simulation technology for helicopter pilots. The VR simulations include realistic training scenarios, and force-feedback options for failures, with the goal of narrowing the gap between the supply and demand for pilots today. S&P 500 MOVERS TOP BIDU  2.663% CME  2.115% UAL 1.868% MGM 1.578% BA 1.531% BOTTOM VFC 11.875% ZION 8.593% PAYC 8.241% SBNY 7.831% CRM 7.571% Quote of the Day Just one strong labor data point is not going to be enough after Powell's speech. He's confirming that we are seeing the trend that we are having an impact on inflation, so I think that sort of soothes the market and takes pressure off. - Anna Han, vice president at Wells Fargo Securities, on Friday's jobs report, which shows that the labor market continues to be strong, even with the rapid increase in interest rates designed to slow down the economy. Sponsored Content Receive Unprecedented Artificial Intelligence Scanned Stocks! End the year strong knowing that artificial intelligence scanned stock predictions are coming your way. Who doesn't want to have the upper hand on future price movements to propel into the new year? Brought to you by the pioneers behind the A.I. powered trading software VantagePoint, TraderGPS is the simplest way to get a pulse on 6 stocks to make the most confident trades every week. Sign Up Free for TraderGPS > Not sure the best way to get started? 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