 | | |  | DOW 36,404.93 | +0.43% | | | | | S&P 4,622.44 | +0.39% | | | | | NASDAQ 14,432.49 | +0.20% | | | | | *As of market close | | | • | Stocks continued higher on Monday, ahead of inflation data this week. | | | • | Oil rose 0.4 percent, closing at $71.48 per barrel. | | | • | Gold dropped 0.9 percent, to $1,996 per ounce. | | | • | Cryptocurrencies sank, with Bitcoin trading at $40,921 at the stock market close. | | | | | | | |
| | | Use Acquisition News to Buy Great Companies on Sale | | | | Companies are constantly merging with other companies, or selling off divisions to other companies. This news will typically lead to one company seeing its shares rise, and another fall. Usually, the company making the offer to buy a company or a division will decline.
But over time, owning an additional source of revenue can be additive to the bottom line. That's why many big-cap tech companies have grown through acquisitions in recent years. Other sectors are doing the same.
» FULL STORY | | | | |
| | Insider Activity Report: ASA Gold and Precious Metals Limited (ASA) | | | | Saba Capital Management, a major holder of ASA Gold and Precious Metals Limited (ASA), recently added 20,445 shares. The buy increased the fund's stake by less than 1 percent, and came to a total cost of $313,298.
The fund was joined by the company COO, who bought over 10,000 shares in 3 separate transactions over 3 days last week. Those buys totaled over $150,000. There have been no sales by company insiders over the past two years.
» FULL STORY | | | | |
| | Unusual Options Activity: Boston Scientific Corporation (BSX) | | | | Medical device manufacturer Boston Scientific Corporation (BSX) is up 19 percent over the past year, and shares trade near a 52-week high. One trader sees the stock moving even higher in the coming weeks.
That's based on the January 5, 2024 $58 calls. With 24 days until expiration, 3,351 contracts traded compared to a prior open interest of 116, for a 29-fold rise in volume on the trade. The buyer of the calls paid $0.19 to make the bullish bet.
» FULL STORY | | | | |
| | • | Banks Face Regulatory Probe Over Mortgage Pricing Discrimination
Several banks, including Wells Fargo (WFC) have received notice from the Consumer Financial Protection Bureau about the use of mortgage rate discounts. Regulators have found "statistically significant disparities" in rates being offered for minority candidates. | | | | • | Homeownership Costs Soar Compared to Renting
The cost to own a home compared to renting has soared to its highest disparity on record. Rising interest rates and home prices that have also trended higher have combined to create an affordability crisis, particularly for new buyers. While rents have increased in recent years due to inflation, they've risen at a lower rate than the chance in interest rates. | | | | • | Occidental Makes $12 Billion Bid for CrownRock
Oil giant Occidental (OXY) has made a $12 billion bid for energy producer CrownRock. Occidental beat competition from other companies looking to buy up the driller. The deal is one of several large transactions that the oil and gas sector has seen in the past year, as large companies look to increase their reserves. | | | | • | Macy's Soars on Buyout Offer
Department store chain Macy's (M) soared Monday, following a report over the weekend that Arkhouse Management and Brigade Capital Management, were making a bid for the company. Macy's has 722 stores in 43 states, and has been in business for over 165 years. | | | | • | Norton Reports Ransomware Attack
Norton Healthcare, a non-profit system based out of Kentucky, reports that millions of patients had their personal data accessed during a ransomware attack. The attack occurred in May, and the initial investigation was concluded in November. Norton reports that they did not pay any ransom. | | |
| | | | TOP | | | CI | 16.895% | | | | AVGO | 9.743% | | | | ETSY | 5.913% | | | | MGM | 4.925% | | | | AMAT | 4.854% | | | | BOTTOM | | | PARA | 3.591% | | | | CCL | 3.009% | | | | LLY | 2.657% | | | | META | 2.527% | | | | WMB | 2.295% | | | | |
| | |  | | This is a catch-22 situation, in which risk assets can't have a sustainable rally at this level of monetary restriction, and there will likely be no decisive easing unless risky assets correct (or inflation declines due to, for example, weaker demand, thus hurting corporate profits). This would imply that we would need to first see some market declines and volatility during 2024 before easing of monetary conditions and a more sustainable rally. | | - Marko Kolanovic, chief global markets strategist at JPMorgan, on the challenge facing markets right now, as markets are heading higher even as financial conditions remain tight. | |
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