 | | |  Good morning. Since hitting a 52-week high just two weeks ago close to $49,000, bitcoin prices have now slid under $40,000 and are technically in a bear market. ETF trading has been robust for the 11 bitcoin ETFs so far, and overall billions of dollars has flowed in.
However, there have been some big sales, including over $1 billion in bitcoin being sold by the trustees of crypto brokerage FTX. For now, it's a clear case of buy the rumor, sell the news. But the next big news event for bitcoin, the halving, could see prices reach new all-time highs in the next year. That's because prior halving events, which occur just about every four years, have cut the supply of new bitcoin in half. And that's led to surging prices. Traders and investors alike may want to get positioned in the coming weeks for the halving and the months that follow, which could see market-beating gains.
Now here's the rest of the news: | | | | | |
| | |  | DOW 37,806.39 | -0.26% | | |  | S&P 4,868.55 | +0.08% | | | | | NASDAQ 15,481.92 | +0.36% | | | | | *As of market close | | | • | Markets traded mixed on Wednesday, with the S&P 500 again hitting a new all-time high. | | | • | Oil jumped 1.5 percent, closing at $75.46 per barrel. | | | • | Gold dropped 0.7 percent, ending trading at $2,013 per ounce. | | | • | Cryptocurrencies trended mixed, with bitcoin at $39,656 at the stock market close. | | | | | | | |
| | | Stocks that Are Cheap and Hated Can Deliver Surprisingly Good Returns | | | | The market may be hitting new all-time highs, but many stocks aren't going along for the ride. That's creating some value plays for investors. Stocks with beaten down prices offer better valuations than high-flying stocks.
Plus, beaten down stocks can also offer investors a great dividend as well. That pays investors well to wait for a recovery. Once that happens, investors can potentially earn years of returns in a short period of time..
» FULL STORY | | | | |
| | Insider Activity Report: Talos Energy (TALO) | | | | Control Empresarial De Capitales, a major holder of Talos Energy (TALO), recently increased their position by 130 percent. They bought 19,658,119 shares, at a cost of just under $230 million.
The fund was the most recent insider buyer with two purchases in November totaling about $23 million. Otherwise, other major holders of Talos Energy have been sellers going back to mid-2023 and earlier.
» FULL STORY | | | | |
| | Unusual Option Activity: Nordic American Tankers (NAT) | | | | Shipping giant Nordic American Tankers (NAT) is up 45 percent over the past year, more than double the return of the S&P 500. One trader is betting shares will continue higher in the coming weeks.
That's based on the March 15 $4.50 calls. With 49 days until expiration, 4,965 contracts traded compared to a prior open interest of 155, for a 32-fold rise in volume on the trade. The buyer of the calls paid $0.27 to make the bullish bet.
» FULL STORY | | | | |
| | • | Real Estate Conditions Worsening in China
Real estate conditions are getting worse in China, more than two years after cracks started to show as developers moved to bankruptcy. China is the home to a city that cost over $100 billion to build, but is effectively a ghost town. And developers are making more unusual marketing tactics to lure in potential buyers, suggesting that the slump could continue for years to come. | | | | • | Netflix Subscribers Surge
Streaming giant Netflix (NFLX) reports that it added 13.1 million subscribers in the final quarter of 2022. The company now has 260.8 million subscribers. Both numbers came in higher than Wall Street expectations, as the company has pushed in the past year to crack down on password sharing and increase ad-supported tiers. | | | | • | Riot Games Announces Job Cuts
Video game developer Riot Games, owned by Chinese conglomerate Tencent, has announced that they intend to lay off about 530 employees, or about 11 percent of their workforce. Most other major video game studios have announced similarly-sized layoffs in the past few months. | | | | • | DWAC Shares Soar After Trump Caucus Win
Digital World Acquisition Corp (DWAC), the special purpose acquisition company looking to acquire Truth Social from owner Trump Media & Technology Group, is soaring following President Trump's caucus win in Iowa. Shares have risen to 19-month highs on the news. | | | | • | Bitcoin Slides Under $40,000
After reaching a recent high of nearly $49,000 shortly before the first ETF trading, bitcoin prices have sold off to under $40,000. The new bitcoin ETFs are seeing big inflows overall, but there have also been some sales and shifting away from the Grayscale Bitcoin ETF (GBTC) as the former trust carries higher fees compared to the new bitcoin ETF offerings. | | |
| | | | TOP | | | NFLX | 10.703% | | | | ASML | 8.854% | | | | TXT | 7.841% | | | | TEL | 6.669% | | | | AMD | 5.86% | | | | BOTTOM | | | DD | 14.045% | | | | KMB | 5.53% | | | | TDY | 5.444% | | | | BKR | 4.726% | | | | CZR | 3.628% | | | | |
| | |  | | Investors definitely are taking a pause — doing some profit taking — on the heels of what was a really a two-year record high. That's counterbalancing the bullishness in the markets. | | - Greg Bassuk, CEO of AXS Investments on the market's recent flat trading days following a break to new all-time highs. | |
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