| | | | DOW 31,909.64 | -1.07% | | | | S&P 3,861.59 | -1.45% | | | | NASDAQ 11,138.89 | -1.76% | | | | *As of market close | | • | Markets sank again on Friday, as the FDIC shut down the largest bank since the financial crisis. | | • | Oil jumped 1.1 percent, last going for $76.52 per barrel. | | • | Gold rose 2.0 percent, ending at $1,872 per ounce. | | • | Cryptocurrencies trended lower, with bitcoin at $19,991 at the stock market close. | | | | | | | | | | Investors Focused on the Long Term Should Continue to Focus on Earnings | | | | There are many things that companies can control. But they can't control how the market will react to one of their quarterly earnings reports. A company may have great earnings, but see shares sell off on a lower outlook, or because revenues are off. However, a company isn't just one quarterly report. And a company that can continue to improve its earnings over time will see its share prices rise, even if that process takes time to play out. » FULL STORY | | | | | | Insider Trading Report: First Solar (FSLR) | | | | Norman Wright, a director at First Solar (FSLR), recently bought 465 shares. The buy increased his holdings by 40 percent, and came to a total cost just over $99,900. The buy marks the first insider purchase since last August, when two officers picked up just over $1 million in shares. Otherwise, company insiders have generally been selling shares of stock, including both directors and officers. » FULL STORY | | | | | | Unusual Options Activity: 3M Company (MMM) | | | | Industrial and manufacturing conglomerate 3M Company (MMM), has seen shares lose nearly a quarter of their value over the past year. One trader sees a further decline in the weeks ahead. That's based on the March 31 $30 puts. With 18 days until expiration, 7,134 contracts traded compared to a prior open interest of 112, for a 64-fold rise in volume on the trade. The buyer of the puts paid $2.60 to make the bearish bet.
» FULL STORY | | | | | | • | Biden Unveils Budget Proposal
President Biden unveiled a $6.9 trillion budget, which would look to increase taxes on the wealthy and big businesses in order to strengthen social programs. Part of the plan could include as much as a 25 percent tax on wealth over a certain level. The budget would be for fiscal 2024, which starts on October 1, 2023. However, it's unlikely that the budget in its current form will pass congress. | | | | • | Russia's Banking System Hit by Sanctions
Sberbank, the largest bank in Russia, saw its profits drop nearly 80 percent over the past year as sanctions by Western countries have had an impact on the economy. However, many banks in Russia have turned towards the Russian government to obtain defense-spending-related business. | | | | • | Ex-Banker Gets 10 Years in Prison Over Corruption Case
Roger Ng, a former banker at Goldman Sachs (GS) has been sentenced to 10 years in prison for his role in lotting billions of dollars from Malaysia's sovereign wealth fund, 1MDB. In total, $4.5 billion of a $6.5 billion bond investment was embezzled, with some of the funds going towards jewelry, artwork, and producing the film "The Wolf of Wall Street." | | | | • | Silicon Valley Bank Collapses Following Unveiling of their Recapitalization Plan
Silicon Valley Bank (SIVB) saw shares drop over 60 percent last week, as news leaked out about the bank's plans to shore up its balance sheet by issuing more shares and issue more debt. However, markets reacted poorly, as the news came on the heels of the decision of cryptocurrency lender Silvergate Capital (SI) to wind down operations. The FDIC shut down the bank on Friday. | | | | • | Elon Musk Plans Town in Texas
Billionaire Elon Musk and executives at some of his affiliated companies have been buying land near SpaceX facilities outside of Austin. Between 3,500 and 6,000 acres have been bought, and plans are in place to build homes and other facilities, with a town reportedly named Snailbrook. | | | | | | TOP | | INTC | 3.423% | | | TCOM | 3.212% | | | JPM | 2.624% | | | CI | 2.033% | | | NTES | 1.953% | | | BOTTOM | | SBNY | 22.532% | | | FRC | 15.498% | | | SCHW | 10.005% | | | ARE | 8.24% | | | LUMN | 6.976% | | | | | | | | | The real issue is what kind of threshold would the Fed need to really stop the rate hiking cycle or stop from going 50 basis points. You really need to get to below 100,000 [jobs created] to think 25 basis points is okay. They need to see signs of a major chill. | | - Diane Swonk, KMPG Chief Economist, on why the Fed will likely continue to tighten monetary conditions until fewer than 100,000 jobs are created on a monthly basis. | | |
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