Good morning. For nearly a decade, there's been an underinvestment in energy projects in 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 32,856.46 | -1.72% | | | | S&P 3,986.37 | -1.53% | | | | NASDAQ 11,530.33 | -1.25% | | | | *As of market close | | • | Markets traded lower on Tuesday, as interest rates look set to stay higher for longer. | | • | Oil slid 3.8 percent, last going for $77.39 per barrel. | | • | Gold dropped 1.9 percent, ending at $1,819 per ounce. | | • | Cryptocurrencies traded flat, with bitcoin at $22,088 at the stock market close. | | | | | | | | | | This Slow-and-Steady Sector Can Win the Investment Race | | | | Some industries are cyclical, with big booms and busts. Other industries tend to be steadier. Which wins out over time? It depends on whether you get in at a good price – or wait to jump in once a trade idea has already gotten hot. Investors can trade while also using bear markets to build up positions in steady players. This helps take advantage of the market's long-term returns, without being beholden to short-term trades succeeding 100 percent of the time. » FULL STORY | | | | | | Insider Trading Report: Domino's Pizza (DPZ) | | | | Russell Weiner, CEO at Domino's Pizza (DPZ), recently bought 3,333 shares. The buy increased his holdings by 13 percent, and came to a total price just over $1.01 million. This marks the first insider buy at the company in over two years. The past few years have seen both company directors and executives sell shares on a regular and steady basis, with only a handful of those sales coming from the exercise of stock options. » FULL STORY | | | | | | Unusual Options Activity: Spirit Airlines (SAVE) | | | | Airliner Spirit Airlines (SAVE) dropped nearly 9 percent on Monday on a report that its potential acquisition would likely face an antitrust lawsuit from the Department of Justice. One trader sees a further decline for shares ahead. That's based on the April $17.50 puts. With 44 days until expiration, 22,833 contracts traded compared to a prior interest of 330, for a 69-fold rise in volume on the trade. The buyer of the puts paid $2.01 to make the bearish bet.
» FULL STORY | | | | | | • | Larry Summers Warns of "Air Pocket" For Economy
Former Treasury Secretary Larry Summers has warned that the economy may hit an "air pocket" as moves to bring down inflation tend to result in an economy that slows to the point of a recession. Summers sees that trend playing out in a few months, as the Federal Reserve continues to push interest rates higher. | | | | • | Tech Sector Job Losses Top 120,000 This Year
Since the start of the year, over 122,000 tech-sector employees have been laid off. The rate has been increasing, with layoffs increasing five-fold since mid-January. In all of 2022, the sector laid off 154,336 employees, so chances are the number will be significantly greater by the end of 2023. | | | | • | Atlassian to Lay Off 5 Percent of Staff
Business software company Atlassian (TEAM) is set to lay off about 500 employees, totaling about 5 percent of their workforce. That adds to recent tech sector losses. The company states that the move is more about focusing on the company's priorities, rather than meeting financial needs. | | | | • | Tyler Perry Interested in Buying Majority of BET Media Group
Actor and producer Tyler Perry has expressed an interest in acquiring a majority stake in BET Media Group, which is currently owned by Paramount Global (PARA). The media star has a deal with the studio already for the creation of new shows, and he has a minority stake in the BET+ streaming service. | | | | • | Tesla Slashes Prices on Models S and X
Tesla Motors (TSLA) is slashing prices for its Model S by about 5.2 percent, and its model X by about 9.1 percent in the United States. This marks the fifth time the company has slashed prices in the past few months, with the last drop occurring in January. The move comes as the company looks to maintain market share as other EV options become available. | | | | | | TOP | | DISH | 4.128% | | | UAL | 3.413% | | | DAL | 1.924% | | | AAL | 1.613% | | | ALK | 1.587% | | | BOTTOM | | DXC | 6.566% | | | FCX | 6.213% | | | SBNY | 5.269% | | | ZION | 5.213% | | | CFG | 5.139% | | | | | | | | | Do not trade as if we're in a bear market, because we are not. The recent reset of Fed Funds expectations helped create the set-up for the bounce from Thursday's intraday SPX low of 3928. | | - Chris Harvey, equity analyst at Wells Fargo, on why stocks are no longer in a bear market, and why the bounce in recent sessions may continue with more room to run. | | |
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