Good morning. One way to look at the markets is at sentiment. The final week of 2022 was the...
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 32,930.08 | -1.02% | | | | S&P 3,808.10 | -1.16% | | | | NASDAQ 10,305.24 | -1.47% | | | | *As of market close | | • | Stocks closed lower on Thursday, following strong jobs data. | | • | Oil rose 1.2 percent, last going for $73.73 per barrel. | | • | Gold slid 1.1 percent, ending at $1,839 per ounce. | | • | Cryptocurrencies traded flat, with bitcoin trading at $16,862 at the market close. | | | | | | | | | | In a Declining Market, Look to Luxuries | | | | There are many ways to play consumer trends. When the market pulls back and the economy slows, it may make sense to focus on companies that can offer users the best price available. However, companies that cater to luxury markets tend to face less of a slowdown. Even better, these companies tend to see their profit margins hold up, even as lower markets are in decline. » FULL STORY | | | | | | Insider Trading Report: FedEx Corp (FDX) | | | | Amy Lane, a director at FedEx Corp (FDX), recently added 280 shares. The buy increased her holdings by 22 percent, and came to a total price of just over $49,000. This marks the first insider buy at the company since September, when another director bought 1,500 shares, paying just over $215,000. Otherwise, company executives have largely been sellers of shares as options have been exercised, as directors continue to buy. » FULL STORY | | | | | | Unusual Options Activity: Bausch Health Companies (BHC) | | | | Shares of healthcare product producer Bausch Health Companies (BHC) have lost three quarters of their value in the past year. One trader sees a rebound in the weeks ahead. That's based on the February $8 calls. With 42 days until expiration, 26,688 contracts traded compared to a prior open interest of 665, for a 40-fold rise in volume on the trade. The buyer of the calls paid $0.37 to make the bullish bet.
» FULL STORY | | | | | | • | Payroll Growth Beats Expectations
Private payrolls grew by 235,000 for December, far in excess of the 153,000 expected by economists. That's a sign that the jobs market continues to remain strong, which also makes further interest rate increases likely to curb growth. | | | | • | FTC Proposes Banning Non-Compete Clauses
Citing the suppression of wages and new business creation, the FTC is considering banning non-compete clauses. Each state has laws that outline how much a company can limit, with some states moving towards making it easier for employees to jump jobs or start new ones in recent years. | | | | • | Amazon Announces 18,000 Layoffs
Big tech company Amazon (AMZN) is the latest firm to announce layoffs. The company is looking to cut 18,000 employees across the company's devices and books business. Overall, big tech companies have announced over 350,000 layoffs in recent months. | | | | • | Bed Bath & Beyond Warns on Going Concern
Retailer Bed Bath & Beyond (BBBY) has warned that its deteriorating financial condition could lead to bankruptcy. The company is looking at alternatives such as restructuring its debt, seeking additional cash, or selling off assets. Shares hit a new all-time low on the news. | | | | • | Celsius CEO Sued for Fraud
The New York Attorney General is filing a lawsuit against the former CEO of Celsius. The filing claims that the CEO defrauded hundreds of thousands of investors out of billions of dollars in cryptocurrencies. Celsius filed for bankruptcy in July 2022, with more than 100,000 creditors with $1-10 billion in assets. | | | | | | TOP | | LW | 9.179% | | | WDC | 6.536% | | | VLO | 6.015% | | | MPC | 4.621% | | | WBD | 4.383% | | | BOTTOM | | STZ | 9.554% | | | EPAM | 7.929% | | | SHW | 6.86% | | | NOW | 6.787% | | | CZR | 6.268% | | | | | | | | | The Fed is juggling a lot of balls here in the sense they want to slow the pace of rate increases but they don't want the market to start a party, which would then ease financial conditions. They want to tighten, to crush inflation, but they don't want to cause a recession. | | - Peter Boockvar of Bleakley Financial Group, on the challenges that the Fed faces if they want to achieve all of their goals while also avoiding a recession – the "hard landing" scenario many fear is starting to play out. | | |
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