Good morning. European Central Bank President Christine Lagarde has hinted that the bank may...
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 33,897.01 | -0.23% | | | | S&P 4,154.52 | -0.01% | | | | NASDAQ 12,157.23 | +0.03% | | | | *As of market close | | • | Stocks traded flat on Wednesday, with a slight drop for the Dow, amid a busy day for earnings. | | • | Oil slid 2.2 percent, closing at $79.10 per barrel. | | • | Gold dipped 0.6 percent, ending at $2,007 per ounce. | | • | Cryptocurrencies sank, with Bitcoin hitting $29,235 at the stock market close. | | | | | | | | | | Look for Opportunities to Buy Two (Or More) Companies For the Price of One | | | | There are many ways to earn a great return in the stock market. One way is to look at special situations, such as a merger announcement. There's also a less-well-known way to profit by buying up a company about to split into multiple companies. Such moves happen with less fanfare than an acquisition. But it can be a way for a company to unlock the value of a line of business that may not fit into the stock market's perception of the company. » FULL STORY | | | | | | Insider Trading Report: Tilly's Inc (TLYS) | | | | Fund 1 Investments LLC, a major holder at Tilly's Inc (TLYS), recently added 177,930 shares. The buy increased the fund's holdings by 3 percent, and came to a total cost of $1.36 million. The fund has been a steady buyer of shares over the past year. The fund also sold shares back in December, possibly for tax loss purposes. There have been a few small sales by company insiders over the past year. » FULL STORY | | | | | | Unusual Options Activity: JPMorgan Chase & Co (JPM) | | | | Megabank JPMorgan Chase & Co (JPM) has been moving higher since the recent fears in the banking sector. One trader is betting that trend will continue. That's based on the November $175 calls. With 211 days until expiration, 4,870 contracts traded compared to a prior open interest of 109, for a 45-fold rise in volume on the trade. The buyer of the calls paid $1.06 to make the bullish bet.
» FULL STORY | | | | | | • | Banks Raise Interest Rates for Depositors
One year after the Federal Reserve has started to raise interest rates, banks are joining in. Smaller banks, those that tend to serve local businesses and real estate, are starting to raise their interest rates for depositors. The move comes as a number of small banks saw a drop in consumer deposits following the collapse of Silicon Valley Bank. | | | | • | Mortgage Demand Drops
30-year fixed rate mortgages rose to 6.43 percent last week from 6.3 percent, leading to a 10 percent drop in mortgage demand compared to the prior week. Applications to refinance a loan dropped 6 percent in the past week, and is down 56 percent compared to the same week last year. | | | | • | Netflix Moving Forward with Password Sharing Crackdown
Streaming giant Netflix (NFLX) is moving forward with its crackdown on password sharing. The company announced the plan in the prior quarter but delayed it. In its most recent earnings, the company reported an increase of 1.75 million subscribers globally, up 5 percent compared to the first quarter of 2022. | | | | • | Salesforce Developing AI Workflow Tools
Customer relations software developer Salesforce (CRM) is developing a generative AI-driven workflow system. The system will be able to create code based on written requests, which in turn can generate SQL queries and provide some simple API calls to improve workflow. | | | | • | Big Tech Companies Continue Layoffs
Big tech companies, including Meta Platforms (META) and Amazon (AMZN) are moving forward with planned layoffs. The move comes as these companies are seeing a shift in advertising on their platforms, as companies are looking for a better return on their ad dollars amid a slowing economy. | | | | | | TOP | | FRC | 12.401% | | | ISRG | 11.263% | | | ABT | 7.883% | | | ZION | 7.551% | | | UAL | 7.307% | | | BOTTOM | | CDW | 12.964% | | | ELV | 5.801% | | | HPE | 5.181% | | | MOH | 4.898% | | | CSCO | 4.303% | | | | | | | | | Everything points to a relatively mild recession given the amount of stimulus that was paid to people and the money they have left over. At the end of the day, we don't see the activity on the consumer side slowing at a pace that would indicate that, but we would see commercial customers are being more careful. | | - Brian Moynihan, Bank of America CEO, on the company's most recent earnings call, stating that he's not seeing signs of a major recession given how active consumers remain right now. | | |
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