Good morning. A bear market will often shake investors out of speculative stocks. And the more...
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.
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SAVE YOUR SEAT HERE >> | | | | | | DOW 33,781.48 | +0.55% | | | | S&P 3,963.51 | +0.75% | | | | NASDAQ 11,082.00 | +1.13% | | | | *As of market close | | • | Stocks moved higher on Thursday, reversing 5 days of losses for the S&P 500 and Nasdaq. | | • | Oil dropped 0.7 percent, closing at $71.52 per barrel. | | • | Gold rose 0.2 percent, hitting $1,801 per ounce. | | • | Cryptocurrencies generally traded higher, with Bitcoin for $17,192 at the market close. | | | | | | | | | | Companies Putting Cash to Work in Undervalued Shares Can Deliver Big Returns | | | | A company generating cash flow has a number of ways to put that money to work. They can expand the business, whether through internal growth or acquisitions. When a company gets large enough, it may also make sense to reward shareholders with cash dividends. But a company can also buy back its shares. That also rewards existing shareholders, as it reduces shares outstanding and increases earnings per share without growing the underlying business. » FULL STORY | | | | | | Insider Trading Report: Essex Property Trust (ESS) | | | | Amal Johnson, a director at Essex Property Trust (ESS), recently added 1,000 shares. The buy increased his holdings by 67 percent, and came to a total cost of just over $218,000. This marks the first insider buy at the company in at least four years. Otherwise, company insiders have largely been sellers of shares following the exercise of stock options. That includes both directors and company executives. » FULL STORY | | | | | | Unusual Options Activity: Bank of America (BAC) | | | | Shares of money center Bank of America (BAC) are down about 25 percent in the past year, underperforming the S&P 500 by about 9 points. One trader sees a rebound in the first half of 2023. That's based on the June $49 calls. With 188 days until expiration, 3,021 contracts traded compared to a prior open interest of 147, for a 21-fold rise in volume on the trade. The buyer of the calls paid $0.11 to make the bullish bet.
» FULL STORY | | | | | | • | Foxconn Pushed China to Loosen Covid Policy
Foxconn, a Chinese based supplier for companies such as Apple (AAPL), reportedly was behind the recent push for China to loosen up its strict Covid policies. The company argued that the policies were continuing to harm global supply chains, which in turn threatened China's global position in those chains. | | | | • | Starbucks Starts Blockchain-Based Loyalty Program
Coffee chain Starbucks (SBUX) has started its blockchain loyalty program. Starbucks Odyssey, to beta esters in the US. The program offers coffee-themed NFTs, and is designed to be an extension of the company's existing program. | | | | • | Elon Musk Briefly Loses Top Spot of World's Wealthiest
Billionaire Elon Musk briefly dropped to the second place on the list of billionaires published by Forbes. The move came amid a drop in Tesla Motors (TSLA) shares. Bernard Arnault, CEO of LVMH, briefly topped the list. Both men are worth nearly $185 billion. | | | | • | Champagne Sees Strong Global Demand
The Comite Champagne, the organization for Champagne producers, reports a 64 percent rise in bottle sales to the US for 2021, hitting 34 million barrels. That growth has continued into 2022, as many buyers started acquiring bottles at wine stores during the pandemic, rather than in restaurants which carry a considerable markup. | | | | • | SEC Sees Rising Calls to Regulate Crypto Exchanges
The Securities and Exchange Commission has been facing increased calls to increase enforcement of cryptocurrency exchanges. The regulatory agency has the right to monitor these institutions, but may not have had the tools to avoid the issues that caused the collapse of FTX or other leveraged brokerages that have collapsed in 2022. | | | | | | TOP | | SIVB | 6.895% | | | NVDA | 6.507% | | | CDAY | 5.026% | | | MPWR | 4.78% | | | NXPI | 4.578% | | | BOTTOM | | LNC | 10.856% | | | AVY | 6.539% | | | APTV | 4.428% | | | CTLT | 3.558% | | | PXD | 3.531% | | | | | | | | | The last time those were released they all led to rallies in the stock market because we had better inflation prints. The message of this year is that the economy has proven far more resilient than many people expect and I don't think next quarter is going to be the end of that. | | - Andrew Slimmon, portfolio manager at Morgan Stanley, on the final batch of economic data coming out in the next few weeks, which may lead to a year-end rally, even after the market's poor performance in the past week. | | |
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