 | | |  | DOW 33,946.71 | -0.01% | | |  | S&P 4,381.89 | +0.37% | | | | | NASDAQ 13,630.61 | +0.95% | | | | | *As of market close | | | • | Stocks closed mixed on Thursday, reversing three days of straight declines. | | | • | Oil sank 4.4 percent, closing at $69.36 per barrel. | | | • | Gold slid 1.1 percent, ending at $1,924 per ounce. | | | • | Cryptocurrencies traded flat, with bitcoin at $30,182 at the stock market close. | | | | | | | |
| | | Invest In the Next Generation App Technology | | | | One of the biggest trends of the past 15 years has been the growth of apps, particularly smartphone apps. However, investing in that trend has been a challenge. Outside of owning a smartphone manufacturer or developer like Apple (AAPL), there hasn't been one specific way to play that trend.
For the next generation of apps, led by AI technologies, there are now several opportunities emerging. Many are from deep-pocketed companies that already provide back-end software services.
» FULL STORY | | | | |
| | Insider Activity Report: Nasdaq (NDAQ) | | | | Steven Black, a director at Nasdaq (NDAQ), recently picked up 4,000 shares. The buy increased his holdings by 3 percent, and came to a total cost of $205,840.
This is the first insider buy at the company in over two years. Rather, company insiders have been regular and steady sellers of shares in low-six-digit amounts over the past two years, particularly at the executive vice president level.
» FULL STORY | | | | |
| | Unusual Options Activity: Altice USA (ATUS) | | | | Telecom provider Altice USA (ATUS) is down 70 percent over the past year, amid a substantial drop in the company's earnings. One trader sees a rebound in the second half of the year.
That's based on the January 2024 $3 calls. With 210 days until expiration, 10,061 contracts traded compared to a prior open interest of 176, for a 57-fold rise in volume on the trade. The buyer of the calls paid $0.38 to make the bullish bet.
» FULL STORY | | | | |
| | • | Homebuilding Rises at Fastest Pace in Over a Year
Housing starts rose to 1.631 million in May, well over expectations for 1.4 million, and far over the 1.34 million in April. That represents the biggest jump higher in over a year, and surprised based on expectations for a 0.1 percent decline. Building permits rose 5.2 percent, compared to a 1.5 percent decline in April. | | | | • | Bel-Air Estate Listed for $250 Million
A 40,000 square foot mansion in the Bel-Air neighborhood of Los Angeles is being listed at $250 million. Originally built in the 1930s, the home, Casa Encantada was the most expensive home sold in the U.S. in 1980 and 2000. It sits on 8.5 acres and is currently owned by billionaire Gary Winnick. | | | | • | Diamond Prices Nearing Bear Market
Diamond prices set an all-time high in February 2022, before starting to decline. They're now down 18 percent, and down 6.5 percent year-to-date. Market participants expect the downtrend to continue. A natural 1-carat diamond is now going for about $5,300 today, down from $6,700 at the peak. | | | | • | Bumble Testing BFF App
Dating app Bumble (BMBL) is testing a separate app, dubbed Bumble For Friends, or BFF. The goal is to let people in select markets chat and meet new people and expand their social network outside of a dating context. The app will feature both free-to-use and paid features. | | | | • | California Hints at Recession
The state of California is seeing a climb in unemployment beyond the rest of the country, which may signal that the state is heading for a recession. Right now, the Golden State has 4.5 percent unemployment compared to 3.7 percent nationwide. As the country's most populous state, a number of factors are at play, including tech companies relocating to other states and the writer's strike. | | |
| | | | TOP | | | PANW | 4.282% | | | | AMZN | 4.262% | | | | FDX | 3.139% | | | | DG | 3.095% | | | | NRG | 3.07% | | | | BOTTOM | | | GNRC | 5.102% | | | | FDS | 4.533% | | | | CZR | 4.192% | | | | MTB | 3.733% | | | | USB | 3.59% | | | | |
| | |  | | Parabolic moves rarely end with calm or gradual consolidations; they often end with an equal and opposite reaction to the impulsive move. We view the move in the Nasdaq and FANGMAN type of names from late May as parabolic, and therefore suspect the unwind will be equally impressive. | | - Jonathan Krinsky, chief market technician at BTIG, on why the big-cap tech stocks that have driven the market higher in recent weeks may see a steep pullback that brings the market down in the coming months. | |
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