Good morning. Investors were jittery at the start of 2023. Following a bear market, many large...
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 37,695.73 | +0.45% | | | | | S&P 4,783.45 | +0.57% | | | | | NASDAQ 14,969.65 | +0.75% | | | | | *As of market close | | | • | Markets traded higher on Wednesday, ahead of inflation data. | | | • | Oil slid 1.3 percent, closing the day at $71.27 per barrel. | | | • | Gold dipped 0.2 percent, ending trading at $2,028 per ounce. | | | • | Cryptocurrencies generally traded lower, with bitcoin at $46,123 at the market close. | | | | | | | |
| | | Smaller Players Will Likely Win This Year's AI Battle | | | | Last year, the market was obsessed with the AI theme. While there's been some market rotation, it's clear that the AI trend is here to stay. But given how much the big players in the space have run, investors may be better off buying smaller names.
For the AI hardware stocks, that may be a tall order. However, there are plenty of AI hardware stocks that still have plenty of room to run.
» FULL STORY | | | | |
| | Insider Activity Report: VOXX International (VOXX) | | | | Steven Downing, a director at VOXX International (VOXX), recently bought 1,568,750 shares. The buy increased his stake by 90 percent, and came to a total cost of $15.69 million.
This follows up on a 1.57 million share pickup made by the director back in October. Other company directors have been buyers in the past year, albeit at a far smaller size. On the sell side, the company's President has been a sizeable seller of shares in recent months.
» FULL STORY | | | | |
| | Unusual Option Activity: KBR (KBR) | | | | Engineering firm KBR (KBR) lagged the overall stock market last year, rallying about 10 percent. One trader expects shares to make up for lost ground in the first half of 2024.
That's based on the June $57.50 calls. With 162 days until expiration, 5,041 contracts traded compared to a prior open interest of 115, for a 44-fold rise in volume on the trade. The buyer of the calls paid $2.50 to make the bullish bet.
» FULL STORY | | | | |
| | • | SEC Says X Account Was Hacked Ahead of Bitcoin ETF Approval
The Securities and Exchange Commission (SEC) appeared to approve bitcoin ETFs for trading on Tuesday, a day ahead of their deadline. The agency later reported that their X account was hacked. Markets were expecting approval of these funds, which would allow investors to have exposure to bitcoin in traditional investment accounts. More than 10 firms are in the process of launching a bitcoin ETF. | | | | • | More Loose Parts Found on Boeing Max 9 Jets
Inspections are underway for Boeing's (BA) 737 Max 9 jets following the blowout of a jet into a flight. Multiple airlines have reported finding loose parts on inspected jets, news that has caused Boeing shares to sell off. Airline stocks are trading mixed, as those with Max 9 jets are selling off while those without are trending higher. | | | | • | BlackRock to Lay Off 3 Percent of Workforce
Asset manager BlackRock (BLK) is looking to lay off about 3 percent of its global workforce, or about 300 employees, according to CEO Larry Fink. The company is citing a changing investment landscape, and the layoffs are not expected to be focused on any specific division at the company. | | | | • | Meta Adds New Teen Safety Features
Meta Platforms (META) is adding in new safety features for teens. Meta already has over 30 well-being and parental oversight tools to protect users from content online. The new features will include restrictions and hiding search results for terms related to self-harm and suicide. | | | | • | Duolingo Cutting 10 Percent of Contractor Workforce
Language learning platform Duolingo (DUOL) laid off 10 percent of its contractor workforce at the end of 2023. The company has been increasing the use of AI tools such as ChatGPT to streamline content production and translations. Duolingo also has its own proprietary AI model, dubbed birdbrain. | | |
| | | | TOP | | | ISRG | 10.298% | | | | VTRS | 5.69% | | | | PANW | 5.036% | | | | META | 3.655% | | | | COO | 3.652% | | | | BOTTOM | | | DGX | 3.568% | | | | FSLR | 2.965% | | | | PSX | 2.962% | | | | COF | 2.941% | | | | ETSY | 2.799% | | | | |
| | |  | | We're moving away from away from Big Tech, and we're going into deeper parts of the market that had but actually unloved. For example, we're seeing more buyers interested in health care. | | - Quincy Krosby, LPL Financial chief global strategist, one the market's rotation to unloved sectors of the market. The shifting market sentiment is bullish for stocks in the long-term, but may also mean that sectors that have performed well, such as technology, may see lower returns than other sectors in the months ahead. | |
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