Good morning. While the data isn't entirely finalized yet, it's clear that online shopping has...
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 37,404.35 | +0.87% | | | | S&P 4,746.75 | +1.03% | | | | NASDAQ 14,963.87 | +1.26% | | | | *As of market close | | • | Stocks rallied on Thursday, reversing most of Wednesday's big drop. | | • | Oil dipped 0.4 percent, closing at $73.95 per barrel. | | • | Gold rose 0.4 percent, ending trading at $2,056 per ounce. | | • | Cryptocurrencies trended higher, with Bitcoin trading at $43,764 at the stock market close. | | | | | | | | | | This Big Tech Company Is an Overlooked AI Play Growing Revenues Now | | | | AI has been the major market theme of 2023. It's easy to see why. AI technologies can improve a company's operations at a significantly low cost. For big-tech companies, small improvements can mean billions of dollars in extra revenues and profits. That's why the trend has been great for big tech stocks. One big tech stock has already started to benefit from rolling out AI technology. » FULL STORY | | | | | | Insider Activity Report: Chart Industries (GTLS) | | | | Linda Harty, a director at Chart Industries (GTLS), recently bought 1,000 shares. The buy increased her stake by 14 percent, and came to a total cost of $130,140. The director made a 500 share buy the day before.
Another company director also picked up 400 shares in the same week. Going further back, company executives and directors have been regular and steady buyers of shares, with the last insider sale occurring in September 2021. » FULL STORY | | | | | | Unusual Options Activity: SoFi Technologies (SOFI) | | | | Credit service provider SoFi Technologies (SOFI) has more than doubled in the past year, rebounding from big losses in 2022. One trader sees shares trending lower in the next two years. That's based on the January 16, 2026 $2 puts. With 756 days until expiration, 10,014 contracts traded compared to a prior open interest of 130, for a 77-fold rise in volume on the trade. The buyer of the puts paid $0.19 to make the bearish bet.
» FULL STORY | | | | | | • | Home Sales Rise In November
Sales of previously-owned homes rose in November, reversing a five-month downtrend, and taking sales off of a 13-year low. While it's too early to call an end to the downtrend, it could be a sign that the housing market may have more activity as mortgage rates come down from their recent peak over 7 percent. | | | | • | Recession Fears Ease
Consumer confidence came in for 110.7 in December, a jump over the reading of 101 for November. The index is structured so that any number over 100 shows increasing confidence, and any number under 100 declining confidence. This is the third consecutive month confidence has risen, as fears of a recession have started to ease among consumers. | | | | • | Warner Brothers Discovery Consider Merger with Paramount Global
Media giants Warner Brothers discovery (WBD) and Paramount Global (PARA) are in early talks to merge. The companies have declined to comment on their discussions, but media companies have been out of favor with markets for the past few years as ad spending has declined. | | | | • | GM Buys Out Half of Its Buick Dealers
General Motors (GM) has bought out about half of its Buick dealers, or about 1,000 locations. Those dealers opted not to sell electric vehicles. Outfitting dealerships to sell and service EVs would have set those dealers back at least $300,000. | | | | • | Bird Files for Bankruptcy
Micromobility startup Bird Global (BRDS) is filing for bankruptcy. The company was founded in 2017, allowing city dwellers to pay for short-erm access to electric scooters or bikes. The company went public in late 2021, at a valuation of nearly $2 billion. The company was delisted from the New York Stock Exchange earlier this year as its price is too low. | | | | | | TOP | | MU | 8.629% | | | VFC | 7.079% | | | CTAS | 6.555% | | | FTRE | 6.311% | | | CCL | 6.198% | | | BOTTOM | | PAYX | 7.008% | | | PARA | 2.774% | | | WRK | 2.353% | | | AON | 2.016% | | | WBD | 1.458% | | | | | | | | | Markets were becoming overbought, and a pullback like this is natural given those conditions. So it was more technical than fundamental. | | - Keith Buchanan, senior portfolio manager at Globalt Investments, on Wednesday's selloff as the S&P 500 hit a new intra-day 52-week high from overbought technical levels before a sharp pullback. | | |
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