Good morning. With commercial real estate valuations under pressure, investing in a big city 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.
 | | |  Good morning. With commercial real estate valuations under pressure, investing in a big city may seem like a dubious prospect right now. However, there are a rising number of people so concerned that it may be a time to buy.
That's because when someone suggests that a place will "never" recover, it's likely near the bottom. Manhattan real estate went through a "never" phase in the 1970s, but ended up coming back stronger than ever. Today's "never" city is San Francisco, at least according to the CEO of Salesforce (CRM), where the company is headquartered. Besides the drop in commercial real estate, rising crime has been a concern.
Investors who look for opportunities now, however, will likely be able to find them going for pennies on the dollar – it's just a question of waiting through the uncertainty for a recovery. And investors may want to look at beaten-down office property REITs at current prices, although it's still a stockpicker's market for that sector.
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| | |  | DOW 35,061.21 | +0.31% | | | | | S&P 4,565.72 | +0.24% | | | | | NASDAQ 14,358.02 | +0.03% | | | | | *As of market close | | | • | Markets continued higher on Wednesday, as earnings continued to beat expectations overall. | | | • | Oil dipped 0.6 percent, closing at $75.27 per barrel. | | | • | Gold traded flat, last going for $1,982 per ounce. | | | • | Cryptocurrencies traded mixed, with bitcoin at $30,029 at the stock market close. | | | | | | | |
| | | There's Strong Value in Last Generation's Growth Trends | | | | Market trends change over time. The market often gets hyped over tech stocks. But that's changed over the years in everything from lasers and personal computers to internet stocks to today's interest in artificial intelligence.
Many trends continue to play out, even after there's been major adoption. And playing to that trend could lead to market-beating returns in an ignored space offering considerable value.
» FULL STORY | | | | |
| | Insider Activity Report: Landmark Bancorp (LARK) | | | | Jim Lewis, a director at Landmark Bancorp (LARK), recently bought 2,723 shares. The buy increased his holdings by 2 percent, and came to a total cost of $58,662.
He was joined by another director, who bought 1,566 shares, paying just under $34,000. Company directors have been regular buyers of shares so far this year, and the last insider sales at the company occurred in December 2022.
» FULL STORY | | | | |
| | Unusual Options Activity: Nvidia (NVDA) | | | | Graphics processing unit manufacturer Nivida (NVDA) has been on a tear this year, with shares more than doubling. One trader sees a pullback in the coming weeks.
That's based on the August 25 $460 puts. With 35 days until expiration, 9,870 contracts traded compared to a prior open interest of 157, for a 63-fold rise in volume on the trade. The buyer of the puts paid $26.30 to make the bearish bet.
» FULL STORY | | | | |
| | • | FTC Proposes Draft Changes on Merger Guidelines
The Federal Trade Commission (FTC) has released its proposed draft changes for the country's merger guidelines. It marks the first big potential change in over a decade, and better clarify how the US government can identify and block deals that are viewed as anticompetitive. | | | | • | Two Senators Reveal Proposed Ban on Lawmakers Owning Individual Stocks
New York Democrat Kirsten Gillibrand and Missouri Republican Josh Hawley have unveiled a bill that would bar lawmakers and members of the executive branch from owning stock in individual companies. The idea has widespread public support, as recent years have seen a number of members of Congress make profitable trades ahead of big market moves. | | | | • | Investment Banking Revenues Remain Weak
A lack of mergers and acquisitions, as well as a slow market for initial public offerings, have eaten substantially into the revenues of Wall Street investment banks. However, the big banks have had better resilience in terms of customer deposits, a major concern for investors following the failure of two regional banks earlier this year. | | | | • | Microsoft and Activision Extend Merger Deadline
Tech giant Microsoft (MSFT) has agreed with Activision Blizzard (ATVI) to a three-month extension to close out their merger. The original deal was scheduled to close on July 18, but regulatory concerns have led to a number of delays. The companies are still waiting on final approval from U.K. regulators. | | | | • | Carvana Announces Debt Restructuring Deal
Used car retailer Carvana (CVNA) has announced a deal that will reduce their total debt by $1.2 billion, or about 83 percent of their 2025 and 2027 note maturities. The stock jumped higher on the news, even as the struggling company is still looking to sell up to $1 billion in new shares. | | |
| | | | TOP | | | NTRS | 14.142% | | | | T | 8.178% | | | | CFG | 7.884% | | | | USB | 7.387% | | | | ZION | 7.198% | | | | BOTTOM | | | OMC | 10.749% | | | | IPG | 7.938% | | | | ALGN | 5.043% | | | | ASML | 4.645% | | | | HAL | 3.451% | | | | |
| | |  | | I think that we have to take a hard-landing scenario off the table, and in part, as we approach 2024 it becomes more difficult for us to believe in a downward trajectory to earnings. If you look at, you know, a lot of the tech earnings for example, we've troughed and now we're starting to reaccelerate and grow again. That is a very different scenario than where we entered the year. | | - Ankur Crawford, analyst at Alger, on why the market is starting to price in an economic slowdown rather than a recession in the coming months given strong corporate earnings. | |
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