😩Big Tech Earnings Are Good… But Not Good Enough

Good morning. Investors may have priced in too much good news for stocks this year...

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. Investors may have priced in too much good news for stocks this year. That's reflected in the big tech stocks reporting earnings this week. Investors didn't care much for Microsoft (MSFT), despite it beating earnings expectations. Google (GOOG) also saw a sharp drop following a slight miss in expectations. Outside of tech, bad news wasn't a problem, so long as it wasn't as bad as expected. Starbucks (SBUX) missed on its sales estimates, but shares jumped higher following earnings anyway. While a bit early to tell, this could be a sign that tech stocks may take a much-needed breather. And that other sectors of the market are ready to run. Traders can likely find some further downside in the tech space in the coming weeks, and investors still have plenty of underpriced stocks outside of tech. Now here's the rest of the news: Sponsored Content 9,530x the Last Time this Happened The last of three historically bullish crypto events is expected to happen around April 14. It's only the fourth time in crypto history. The last time, in 2020, certain altcoins exploded. Some as high as 531,735% or even a 953,018% gain. A tiny $100 investment would have returned just short of a million dollars. Here's what our expert says you should buy before April 14. MARKETS DOW 38,150.30 -0.82% S&P 4,845.65 -1.61% NASDAQ 15,164.01 -2.23% *As of market close • Markets sank on Tuesday, as the Fed downplayed rate cuts by March. • Oil dropped 2.6 percent, closing at $75.80 per barrel. • Gold traded flat, ending at $2,051 per ounce. • Cryptocurrencies trended lower, with bitcoin at $42,586 at the stock market close. Today's TOP TIPS An Improving Economy Means More Money Moving Around Consumer spending data shows that customers continue to flock to stores. And that they're opening up their wallets to buy. The total number of transactions continues to increase, indicating good news for investors in payment companies. That can include anything from the credit card companies, to back-end payment and services, including companies that provide services for merchants. While concerns over consumer spending have impacted this back-end, it's clear that the growth trend of consumer spending may continue to rise. » FULL STORY Insider Activity Report: Dorchester Minerals (DMLP) Dorchester Minerals Operating LP, a major owner of Dorchester Minerals (DMLP), recently added 7,500 shares. The buy increased the fund's holdings by 22 percent, and came to a total cost of $250,980. This marks the first insider activity of the year. The Operating LP was a buyer back in December, picking up nearly $1 million in shares across multiple transactions. Going further back, the company's CEO and CFO both bought shares in November, paying nearly $350,000 in total. » FULL STORY Unusual Option Activity: Carnival Corporation (CCL) Cruise ship operator Carnival Corporation (CCL) has soared in the past year, with shares up 53 percent. One trader sees shares cruising higher in the coming weeks. That's based on the March $15 calls. With 42 days until expiration, 50,159 contracts traded compared to a prior open interest of 1,014, for a 49-fold rise in volume on the trade. The buyer of the calls paid $2.05 to make the bullish bet. » FULL STORY IN OTHER NEWS • New York Attorney General Sues Citibank The New York Attorney General is suing Citibank (C), alleging that the Wall Street megabank has failed to do enough to protect and reimburse those victimized by fraud. The suit claims that New York customers lost millions of dollars due to scammers and hackers, in part due to the bank's weak anti-fraud measures. • Norway's Sovereign Wealth Fund Posts Record Profit The sovereign wealth fund for the nation of Norway posted a $213 billion profit in 2023, aid in part by the country's investment in tech stocks. That's a reverse of 2022, when the fund reported a record loss of nearly $200 billion due to market conditions that impacted both stocks and bonds. • Court Voids Musk Pay Package A court in Delaware has voided a proposed pay package for Elon Musk, which would have awarded the Tesla Motors (TSLA) CEO some 300 million options that vested based on certain milestones. The package was valued as high as $56 billion, and would have heavily diluted other shareholders. • UPS to Cut 12,000 Jobs United Parcel Service (UPS), is planning on cutting 12,000 jobs this year, as the package delivery company reported lower-than-expected earnings and shipping volume. The company is also mandating that corporate staff return to offices 5 days per week. • PayPal Announces More Layoffs Payment company PayPal (PYPL) has announced more layoffs, with reports indicating about 2,500, or 9 percent of the staff, will be impacted. The layoffs will be a combination of elimination of open roles and direct terminations. That follows up on a 7 percent reduction in staff last year. S&P 500 MOVERS TOP PARA 6.871% SYK 6.316% EW 6.245% COR 5.624% BA 5.331% BOTTOM MKTX 17.348% ROK 16.998% TER 7.58% GOOGL 7.322% GOOG 7.207% Quote of the Day Even though you're getting better-than-expected results, people may be selling because they just want to take the money and run. It's not that investors will be willing to pay up and have multiple expansion later, but rather — now it's time to put up or shut up. It's time to increase the earnings to justify these higher valuations. - Sam Stovall, chief investment strategist at CFRA Research, on the market's reaction to big tech earnings this week, and why investors will be looking for stronger earnings going forward. Sponsored Content 9,530x the Last Time this Happened The last of three historically bullish crypto events is expected to happen around April 14. It's only the fourth time in crypto history. The last time, in 2020, certain altcoins exploded. Some as high as 531,735% or even a 953,018% gain. A tiny $100 investment would have returned just short of a million dollars. Here's what our expert says you should buy before April 14. Not sure the best way to get started? 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