Good morning. While most people remember the market meltdown in 2008 due to housing, the meltdown...
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 33,601.15 | +0.98% | | | | S&P 4,124.50 | +0.37% | | | | NASDAQ 12,189.45 | -0.27% | | | | *As of market close | | • | Markets traded mixed on Monday, with tech trading lower as oil popped higher. | | • | Oil jumped 6.3 percent, last going for $80.46 per barrel. | | • | Gold rose 0.9 percent, ending at $2,003 per ounce. | | • | Cryptocurrencies traded flat, with bitcoin at $28,087 at the stock market close. | | | | | | | | | | Buy Stealthy Bull Market Stocks Ahead of the Big Money Flows | | | | The end of the first quarter of the year saw the Nasdaq rebound more than 20 percent off of its lows from last year. Technically, that means the index is in a new bull market. And that's no surprise when looking at some of last year's hardest-hit tech stocks. A few have managed to nearly double off their lows. And they could move higher, as the flood of money hasn't hit this space yet. » FULL STORY | | | | | | Insider Trading Report: Main Street Capital Corp (MAIN) | | | | Earl Jackson, a director at Main Street Capital Corp (MAIN), recently added 3,000 shares. The buy increased his holdings by 5 percent, and came to a total cost of $117,600. The director was also the last buyer of shares nearly a year ago, again picking up 3,000 shares. Over the past two years, there have been more insider sales than purchases, including a 100,010 sale by the company CEO in early 2022. » FULL STORY | | | | | | Unusual Options Activity: Valley National Bancorp (VLY) | | | | Regional bank Valley National Bancorp (VLY) has seen shares slide 25 percent in the past few weeks amid fears in the banking sector. One trader sees further downside ahead for the stock. That's based on the September $5 puts. With 163 days until expiration, 9,954 contracts traded compared to a prior open interest of 265, for a 38-fold jump in volume on the trade. The buyer of the puts paid $0.48 to make the bearish bet.
» FULL STORY | | | | | | • | OPEC Makes Surprise Production Cuts
A number of OPEC members announced production cuts. That includes 500,000 barrels per day from Saudi Arabia, and another 600,000 from other OPEC members, for a total of about 1.1 million barrels per day. The cuts are being made to support market stability. Oil prices recently traded near one-year lows, but moved higher in the news. | | | | • | FTC Rejects Illumina-Grail Merger
The Federal Trade Commission has rejected a potential merger between Illumina (ILMN), and cancer test developer Grail Inc., citing the potential impact on competition in the diagnostic medicine space. The proposed merger valued Grail at $7 billion. Illumina will appeal the decision to federal court. | | | | • | WWE And UFC Agree to Merge
World Wresting Entertainment (WWE) has agreed to merge with the UFC. The deal will create a new publicly-traded company controlled by Endeavor Group (EDR). The deal values the WWE at $9.3 billion, and the UFC at $12.1 billion in total. The announcement comes after the WWE has spent several months looking for a buyer. | | | | • | Tesla Sales Continue to Drop
Tesla Motors (TSLA) reported a 4 percent rise in sales in the first quarter of 2023 compared to the same quarter a year ago. However, it also marks the fourth quarter where the company has produced more vehicles than it's delivered to consumers. That suggests that the company's recent price adjustments may be a way of clearing out or keeping inventories from rising further. | | | | • | Google Adds More Travel Features to Search
Search engine giant Google (GOOG) has announced new features related to travel. That includes easier ways to research hotels, book planet tickets, and even a price guarantee offer for flights that Google believes won't drop any lower. The company will be willing to pay any difference if there's a further price drop. | | | | | | TOP | | MRO | 9.996% | | | COP | 9.505% | | | APA | 8.763% | | | HES | 8.41% | | | HAL | 8.281% | | | BOTTOM | | TSLA | 6.155% | | | EXR | 5.505% | | | DLR | 4.964% | | | CTLT | 4.231% | | | FSLR | 4.097% | | | | | | | | | This month's turmoil in the banking sector had limited impact on consumer sentiment, which was already exhibiting downward momentum prior to the collapse of Silicon Valley Bank. Overall, our data revealed multiple signs that consumers increasingly expect a recession ahead. While sentiment fell across all demographic groups, the declines were sharpest for lower-income, less-educated, and younger consumers, as well as consumers with the top tercile of stock holdings. | | - Joanne Hsu, Surveys of Consumers Director at the University of Michigan, on the four consecutive months of decline in consumer sentiment, a first since the index was created. | | |
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