 | | |  | DOW 38,612.24 | +0.13% | | | | | S&P 4,981.80 | +0.13% | | |  | NASDAQ 15,580.87 | -0.32% | | | | | *As of market close | | | • | Markets traded mixed on Wednesday, ahead of Nvidia's earnings. | | | • | Oil rose 1.3 percent, closing at $78.02 per barrel. | | | • | Gold dipped 0.2 percent, ending trading at $2,035 per ounce. | | | • | Cryptocurrencies traded lower, with bitcoin at $51,007 at the stock market close. | | | | | | | |
| | | Grab Out-of-Favor Earnings Winners | | | | Earnings season shows which companies are able to navigate today's economy, and which companies are missing out. While the economic data shows strong topline growth, there's been slowing demand across a number of major sectors in the economy.
For instance, the housing market has slowed as interest rates have soared. Homeowners are electing to stay in their existing homes for longer. That should be good for home improvement projects, and companies associated with that trend.
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| | Insider Activity Report: Old Republic Insurance (ORI) | | | | Barbara Adachi, a director at Old Republic Insurance (ORI), recently bought 1,925 shares. The buy increased her stake by 33 percent, and came to a total cost of $55,055.
The director also bought shares last August, picking up 3,620 shares for just over $100,000. Other company directors have been buyers in the past year, albeit at smaller amounts. There have been two insider sales in the past year, the largest of which came from an EVP.
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| | Unusual Option Activity: Carvana (CVNA) | | | | Real estate property owner and operator Realty Income (O), is down 20 percent over the past year as rising interest rates and concern over retail real estate have weighed on shares. One trader sees shares trending higher in the coming weeks.
That's based on the April $55 calls. With 56 days until expiration, 3,612 contracts traded compared to a prior open interest of 139, for a 26-fold rise in volume on the trade. The buyer of the calls paid $0.78.
» FULL STORY | | | | |
| | • | Capital One Discover Deal to Face Regulatory Scrutiny
Credit card provider Capital One Financial (COF) has made a $35 billion offer to acquire credit card network Discover Financial Services (DFS). The deal is expected to draw significant regulatory scrutiny, as a credit card issuer has never before made an offer to buy a payment network company. The final approval may come down to who controls the White House after the 2024 election. | | | | • | FuboTV Sues to Block Sports-Streaming Service
FuboTV (FUBO) is suing to block the creation of a new sports streaming service that could launch this fall, which would be owned by several media companies with key positions in the sports streaming space. FuboTV alleges that the companies creating the platform won't allow them to carry a bundle of sports-streaming channels. | | | | • | Ford Cuts Prices on EV Mustang
Ford Motors (F) is cutting prices on several EV vehicles, including a drop as much as $8,100 on the Mustang Mach-E, its EV models. While EV sales hit a record 8 percent in the U.S. in 2023, consumers have slowed their adoption and willingness to pay a premium to own EV models. | | | | • | American Airlines to Raise Bag Fees
American Airlines (AAL) is raising its prices to $40 for checked baggage at the airport. However, the airline will also lower the fees for slightly overweight bags as well. The airliner also reported that it will start limiting which tickets purchased through third parties will be eligible for AAdvantage frequent flyer miles. | | | | • | Teamsters Strike Hits Molson Coors
Over 400 members of the Teamsters union have gone on strike at the Molson Coors (TAP) brewery in Fort Worth, Texas. The strike will impact production for the country's second-largest brewer, and it comes ahead of a March 1 deadline for work stoppage at the nation's largest brewery, Anheuser-Busch (BUD). | | |
| | | | TOP | | | EQT | 10.273% | | | | GRMN | 8.652% | | | | CTRA | 5.684% | | | | EXC | 3.93% | | | | ALB | 2.691% | | | | BOTTOM | | | PANW | 28.176% | | | | KEYS | 7.618% | | | | IFF | 7.552% | | | | VRSK | 5.227% | | | | PAYC | 4.709% | | | | |
| | |  | | With technology now trading at close to 30x forward estimates, that seems to be a ceiling for the tech sector. Makes it pretty hard for additional PE multiple expansion. What investors have to wait on is for earnings to come in better-than-anticipated so that the 2024 and 2025 estimates end up being improved. | | - Sam Stovall, chief investment strategist at CFRA Research, on today's high tech valuations, which may lead to a pause in share prices trending higher, until better earnings estimates and guidance come in. | |
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