 | | |  | DOW 34,408.06 | +1.26% | | | | | S&P 4,425.84 | +1.22% | | | | | NASDAQ 13,782.82 | +1.15% | | | | | *As of market close | | | • | Stocks shot higher on Thursday, as traders shook off the Fed's hawkish comments Wednesday. | | | • | Oil jumped 3.4 percent, closing at $70.57 per barrel. | | | • | Gold rose 0.1 percent, ending the day at $1,971 per ounce. | | | • | Cryptocurrencies generally traded higher, with bitcoin at $25,461 at the market close. | | | | | | | |
| | | When Stocks Get Exciting, Look the "Least Exciting" Opportunity | | | | With tech stocks largely back in fashion, there are a few laggards out there. They may be the better opportunity going forward. That's because laggards have better valuations, having not run up as much. And they may surprise investors with strong operational performance.
That's especially true when contrasting some of the biggest players year-to-date, and especially where investors aren't that excited for a specific company at the moment. Investors don't need to find the most boring stock, just one that's less exciting.
» FULL STORY | | | | |
| | Insider Trading Report: AutoNation (AN) | | | | Michael Manley, CEO and director at AutoNation (AN) recently bought 7,000 shares. The buy increased his holdings by 46 percent, and came to a total cost of $1.014 million.
This is the first insider activity since last May, when the company's COO bought 2,342 shares at a cost just under $259,000. Otherwise, executives and directors have been sellers of shares, as well as billion investor Eddie Lampert, who is a major holder of the stock.
» FULL STORY | | | | |
| | Unusual Options Activity: Danimer Scientific (DNMR) | | | | Bioplastics producer Danimer Scientific (DNMR) is down about 25 percent over the past year. One trader sees a potential rebound in next two months.
That's based on the August $4 calls. With 63 days until expiration, 10,001 contracts traded compared to a prior open interest of 116, for an 86-fold rise in volume on the trade. The buyer of the calls paid $0.25 to make the bullish bet.
» FULL STORY | | | | |
| | • | 42 Percent of CEOs See Existential Threat From AI
At the Yale CEO Summit this week, 42 percent of CEOs saw AI as something that has the ability to destroy humanity in the next five to ten years. The informal survey included 119 CEOs from a variety of businesses, including big-name giants like Walmart (WMT) and Coca-Cola (KO). 58 percent of CEOs stated they were not worried. | | | | • | China Lowers Medium-Term Lending Facility Loan Rates
The People's Bank of China has lowered the rate on one-year medium term lending facility (MLF) loans by 10 basis points. That's the first policy rate cut in 10 months, and has come about as the country's economy has shown signs of cooling, despite fully reopening from pandemic-era lockdowns at the start of the year. | | | | • | Bud Light Dethroned as Top-Selling Beer
The boycott against Bud Light continues, with Modelo Especial taking over the top sales spot in the light beer market in the U.S. in May. Bud Light sales continue to decline, with some distributors now contemplating layoffs as sales continue to drop with no end in sight. | | | | • | Apple Nears $3 Trillion Market Cap
Tech giant Apple (AAPL) is nearing a $3 trillion market cap, and will likely be the first U.S. company to hit that valuation. The recent move higher in shares follows strong earnings, the company's announced share buyback, and the rollout of the Apple Vision Pro augmented reality (AR) headsets. | | | | • | GM Delivers First Commercial EVs Outside the U.S.
General Motors (GM) has made its first delivery of electric commercial vans outside the U.S. The company's BrightDrop division has delivered 50 vans to FedEx (FDX) Express Canada. That's part of a full order of 2,500 vehicles. The vans are designed for last-mile deliveries and have a 250 mile range. | | |
| | | | TOP | | | DPZ | 6.652% | | | | LEN | 4.492% | | | | AZO | 4.192% | | | | EL | 4.012% | | | | CVS | 3.984% | | | | BOTTOM | | | WBD | 3.767% | | | | MPWR | 3.227% | | | | ANET | 3.152% | | | | KR | 2.944% | | | | MAR | 2.578% | | | | |
| | |  | | What I think Powell kind of helped smooth over the course of his press conference is that the Fed is still on track with how the market is thinking on policy. ... They're leaving themselves room to increase rates if needed…While services inflation is still elevated, inflation is developing in the way they wanted. | | - Anthony Saglimbene, chief market strategist at Ameriprise Financial, on Federal Reserve Chairman Jerome Powell's post-meeting conference, indicating that a "soft landing" for the economy may still be on the table as inflation continues to cool. | |
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