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Sales Of $10 Million-Plus Homes In Brooklyn Reach A Record In 2022

Sales Of $10 Million-Plus Homes In Brooklyn Reach A Record In 2022 While questions about the housing market in general continue to swirl and as we anxiously await how much deflation we are in store for in the housing industry, at least one area is on an upswing: Brooklyn. This week it was reported that a "record" number of homes in the borough sold for $10 million or more in 2022, according to Bloomberg. It once again paints a picture of people trying to get out of the heart of U.S. cities - Bloomberg noted that people were drawn to the "family friendly" neighborhoods. Last year there were 13 sales over $10 million, which was up from 3 in 2021, the report says, citing Compass.  Leonard Steinberg, a broker at Compass, commented: “A decade or so ago, people went to Brooklyn as a secondary choice because of affordability. Nowadays, a wave of people are choosing Brooklyn as a first choice and not even considering Manhattan. It has nothing to do with price. It has everything to do with quality of life, a sense of community and just that small town, big city feel that you can really only achieve there.” Of the homes that sold, six were in Brooklyn Heights, three in Park Slope and one in Cobble Hill, the report says.  Across the U.S., we are seeing a similar pattern from $10 million-plus markets. In places like Austin, sales of such homes were up from zero in 2021 to 5 in 2022. In North Florida, sales of similarly priced properties were up to four in 2022 from just one in 2021.  “What we're seeing is that wealth is spreading and wealth is very comfortable being removed from big cities because creating the wealth and maintaining the wealth can be done from multiple locations,” Steinberg continued.  Bloomberg noted that: "The most expensive deal in Brooklyn last year was at 88 Remsen St. in Brooklyn Heights, a brownstone with carriage house that traded for $18.3 million in September." Steinberg attributes the rise in prices not just to demand, but also "inflation in the prices of luxury homes and goods". “A lot of these homes have wonderful historic details that no one is going to recreate today. You'll pay an enormous premium for beautiful, move-in renovated homes,” he concluded.  Tyler Durden Fri, 02/03/2023 - 21:20.....»»

Category: smallbizSource: nyt48 min. ago Related News

Earnings Matter, But So Does Employment

In comments on the market, Daniel Berkowitz, investment director for investment manager Prudent Management Associates wrote: Earnings Matter A Fed-bounce and strong earnings from Meta Platforms Inc (NASDAQ:META) have provided another day of gains for equity investors. The rise in stock prices is certainly welcome as we turn the page from an abysmal year in […] In comments on the market, Daniel Berkowitz, investment director for investment manager Prudent Management Associates wrote: Earnings Matter A Fed-bounce and strong earnings from Meta Platforms Inc (NASDAQ:META) have provided another day of gains for equity investors. The rise in stock prices is certainly welcome as we turn the page from an abysmal year in 2022. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   With that said, we aren’t surprised that markets are brushing off Fed guidance regarding the future path of interest rates - the markets haven’t been buying what the Fed is selling for some time now. The rally in asset prices, in particular for those that were punished last year (like growth stocks and cryptocurrencies), generally reflects expectations that the Fed will have to cut rates throughout 2023 in response to economic slowdown. While this certainly isn’t an unreasonable outcome, we view it as a less likely scenario than the Fed sticking to its word and holding rates steady for the remainder of this year after reaching the desired terminal rate. Chairman Powell has noted that entrenched inflation is the worse of two evils when weighing inflation relative to a potentially steeper recession. At least part of today’s positive reaction is also related to the fact that Powell didn’t push back as forcefully as he could have (and has before) about the divergence in Fed-market expectations and the recent loosening of financial conditions. Employment-Cost Index Remains Stubbornly High From our perspective, already seemingly forgotten by the market is Tuesday’s employment-cost index reading, which remained stubbornly high at 5.1% year-over-year. Though the data showed movement in the right direction, current levels of wage growth are still running a few percentage points too hot to be consistent with the Fed’s 2% mandate.   The unemployment data released today showing a further decline in claims only further highlights the labor market’s current strength. The Fed is increasingly watching the labor market for signs of protracted inflation. Strong wage growth fuels inflation in that it’s often passed through as a cost via higher prices for consumers in addition to further buttressing consumer spending. And since the “transitory” pivot, the Fed has been explicit in that it will seek to avoid any echo of the 1970s wage-price spiral at all costs. Therefore, when Chairman Powell says the Fed has “more work to do”, we are not at this point in time as inclined, as the wider market appears to be, to dismiss his word. About Prudent Management Associates Prudent’s core investment philosophy focuses on minimizing risk over time. As a result, the company does not react to market events, but rather considers them in a larger context to develop a long-term outlook for the development and maintenance of investment portfolios......»»

Category: blogSource: valuewalk4 hr. 48 min. ago Related News

S&P 500 – Welcome, Correction

S&P 500 continued higher on very good market breadth and with bond market support, but already yesterday I announced I was looking for a NFPs facilitated setback aka daily correction preceded by relatively shallow premarket session as job creation, unemployment rate, participation rate and hours worked all showed that the job market remains tight, spurring […] S&P 500 continued higher on very good market breadth and with bond market support, but already yesterday I announced I was looking for a NFPs facilitated setback aka daily correction preceded by relatively shallow premarket session as job creation, unemployment rate, participation rate and hours worked all showed that the job market remains tight, spurring fresh bets on hawkish Fed to the delight of dollar bulls. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   Today‘s analysis will be brief as things have worked pretty fine – and you know I had been very busy this week on Twitter… I‘m so glad to hear how you‘ve been killing it in the markets! Let‘s keep charting our path! Daily supports are the badly test 4,145 followed by 4,085, which the bears would like to see reached today – and I think they can get halfway there today. For next week (not meaning Monday to be clear), we have.4,225 on the upside as the most ambitious target that would provoke a battle to get overcome. Chart courtesy of www.stockcharts.com. Hop on my Twitter feed and go through some more of the key events shaping up this week, announced as of Tue and today. High standards, transparency and quality of service rule! Keep enjoying the lively Twitter feed serving you all already in, which comes on top of getting the key daily analytics right into your mailbox. Plenty gets addressed there (or on Telegram if you prefer), but the analyses (whether short or long format, depending on market action) over email are the bedrock. So, make sure you‘re signed up for the free newsletter and that you have my Twitter profile open with notifications on so as not to miss a thing, and to benefit from extra intraday calls.   Thank you for having read today‘s free analysis, which is a small part of my site‘s daily premium Monica's Trading Signals covering all the markets you're used to (stocks, bonds, gold, silver, miners, oil, copper, cryptos), and of the daily premium Monica's Stock Signals presenting stocks and bonds only. Both publications feature real-time trade calls and intraday updates. While at my site, you can subscribe to the free Monica‘s Insider Club for instant publishing notifications and other content useful for making your own trade moves. Turn notifications on, and have my Twitter profile (tweets only) opened in a fresh tab so as not to miss a thing – such as extra intraday opportunities. Thanks for all your support that makes this great ride possible! Thank you, Monica Kingsley Stock Trading Signals Gold Trading Signals Oil Trading Signals Copper Trading Signals Bitcoin Trading Signals www.monicakingsley.co mk@monicakingsley.co All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice......»»

Category: blogSource: valuewalk4 hr. 48 min. ago Related News

The Most Popular Stock Trading Podcasts

InvestED is the most popular stock trading podcast, with the most Google searches per month Podcasts Animal Spirits and Mad Money are the second most popular podcasts, both receiving 1,400 searches per month worldwide Invest Like The Best is the third most popular stock trading podcast A new study reveals the most popular stock trading […] InvestED is the most popular stock trading podcast, with the most Google searches per month Podcasts Animal Spirits and Mad Money are the second most popular podcasts, both receiving 1,400 searches per month worldwide Invest Like The Best is the third most popular stock trading podcast A new study reveals the most popular stock trading podcasts, with InvestED taking the top spot as the most popular. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   The trading world has seen an ever-growing amount of interest over the past few years; worldwide searches for ‘how to get into trading’ increased 178%, and searches for ‘trading tips’ have seen a 195% increase over the past five years. Searches for ‘stock trading tips’ have increased by 204% worldwide over the past five years, proving how many people worldwide are interested in delving into the trading world. With the rise in popularity for podcasts skyrocketing over the past few years too, research was conducted to see which trading podcasts are the most popular. Ranking Most Popular Stock Trading Podcasts The research conducted by UK financial services provider CMC Markets explored Google search data by examining the average number of monthly searches for the top stock and trading podcasts, which resulted in a ranking of the most popular stock and trading podcasts. The most popular podcast in the rankings is InvestED, hosted by three-time New York Times best-selling author and hedge fund manager Phil Town and his daughter Danielle. The pair give advice and cast a light on the best investment strategies used by some of the most influential investors in the world. Stretching over 400 episodes, the father-daughter duo dominates the stock and trading podcast space, with fans worldwide tuning in to hear their advice. Searches for ‘InvestED podcast’ average at 1,600 searches per month worldwide, proving just how popular the podcast is. The following two podcasts in the rankings receive an average of 1,400 searches per month worldwide, placing them in joint second. The Animal Spirits podcast explores life, markets and investing and is hosted by Michael Batnick, a managing partner at Ritholtz Wealth Management and Ben Carlson, the author of the wealth management blog A Wealth of Common Sense. Their goal is to share their experiences in the markets and help make finance more understandable and accessible for their listeners. There are currently 454 episodes available for streaming, and with the podcast averaging 1,400 searches per month worldwide, fans are certainly listening to what they have to share. The Mad Money podcast is hosted by one of Wall Street’s most successful and influential money managers, Jim Cramer. The first episode was released in March 2005, and since then, the podcast has grown into a guide for people worldwide to become better investors. The podcast has a huge number of episodes, so there is plenty of advice on how to dominate the stock market. Cramer helps his listeners navigate the jungle of Wall Street investing in a lightning round where he offers his buy, sell and hold options to callers keen to hear his expertise. The third most popular stock trading podcast in the rankings is Invest Like The Best, hosted by Patrick O’Shaughnessy. This podcast provides insight into the minds of some of the best business and investment leaders across the globe, highlighting their trial-and-error methods of success and sharing stock market secrets exclusively to the show. The main goal of this podcast is to guide listeners on how to spend their time and money better, resulting in successful investment outcomes. Searches for ‘Invest Like the Best podcast’ average 1,000 searches per month worldwide, which secures its third-place spot in the rankings. The Meb Faber show is the fourth most popular stock trading podcast, averaging 400 monthly searches for the ‘Meb Faber podcast’ worldwide. The podcast aims to help listeners grow through wealth by making smarter investment decisions alongside featuring an array of top investment professionals dishing out their wisdom regarding investments. The podcast currently stretches to 526 episodes and is hosted by Meb Faber, a co-founder and Chief Investment Officer of Cambria Investment Management. Faber has also written numerous successful books and is a frequent speaker on investment strategies which is why fans worldwide are keen to be regular listeners of the podcast.   The following two podcasts in the rankings receive an average of 300 searches per month worldwide, placing them in joint fifth. With currently over 1,000 episodes, is Motley Fool Money, a multi-viewpoint podcast hosted by investment genius Chris Hill, in which he is joined by a team of top investment analysts who explore the day's top headlines in finance and business. The podcast is aimed at business-driven investors and helps to break down the stock market by sharing the perspectives of Hill’s special guests. We Study Billionaires is currently strung over 650 episodes and has gained over 95 million downloads. Hosted by Stig Broderson, Clay Finck and Trey Lockerbie, We Study Billionaires is the chief podcast of The Investor’s Podcast Network. During the show, the hosts are joined by some of the industry's most famous financial billionaires, who guide listeners on applying the best strategies and methods in the stock market. The Most Popular Stock Trading Podcasts Rank Podcast Name Search Term Global Monthly Search Volume 1 InvestED Invested Podcast 1,600 2 Animal Spirits / Mad Money Animal Spirits Podcast Mad Money Podcast 1,400 3 Invest Like the Best Invest Like the Best Podcast 1,000 4 The Meb Faber Show Meb Faber Podcast 400 5 Motley Fool Money We Study Billionaires Motley Fool Money Podcast We study Billionaires Podcast 300.....»»

Category: blogSource: valuewalk4 hr. 48 min. ago Related News

First-Time Investor? Here Are 9 Mistakes You Want To Avoid

Investing is one of the best ways to build wealth and secure your financial freedom as you get older, especially post-retirement. But if you’re looking to get into the investment game now, you need to beware of certain investing mistakes that are easy for first-time investors to make. Read on for 9 beginner investing mistakes […] Investing is one of the best ways to build wealth and secure your financial freedom as you get older, especially post-retirement. But if you’re looking to get into the investment game now, you need to beware of certain investing mistakes that are easy for first-time investors to make. Read on for 9 beginner investing mistakes to avoid. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   Investing Without a Plan First and foremost, investing without a plan is never a good idea, even if you receive a 100% guaranteed profitable stock investing tip from a friend or financial expert. When you put money into the market, you need to know: What is the purpose of that money When you’ll take the money out (“take profit”) For example, if you are investing for retirement, you should have retirement investment goals and immediately take money out of the market when you hit those goals. The sooner you have an investment plan, the sooner you can make wise decisions for your portfolio.  Buying Without Research Similarly, you should never purchase a stock, ETF (exchange-traded fund), or another market instrument without extensive research beforehand. If you don’t know what to look for, rely on the advice of a financial advisor who has already done the research for stocks and the market at large and who can make good decisions based on your financial goals and existing savings. Misunderstanding Investing Fees It’s also a mistake to misunderstand investment fees. When you invest your money in the stock market, you’ll use an investing platform like Fidelity, Due, or something else. Many of these platforms charge minor fees, but that’s not necessarily a bad thing! In fact, as a first-time investor, it’s often beneficial to spend $10 or more to get the help and advice of financial advisors so you don’t move your money around unwisely. Don’t think of investing fees as always bad news. Sometimes, they’re necessary to make the most of the stock market. Chasing Trends Never chase temporary, hot-button trends when it comes to investing. Those trends might appear attractive and potentially profitable, but they are impossible to predict by nature. If you’re unlucky, you could put a lot of money into a trending stock, only for that stock’s value to decrease the next day, causing you to lose a lot of money. Watching the Market 24/7 You’ll drive yourself crazy if you watch the stock market and its endless arrays of charts, lines, and bar graphs 24/7. It’s much better to invest your money and then move on to something else. Check the market every day or week, depending on your goals and the kinds of investments you’ve made. But don’t spend all your time and attention on the market, or you’ll become impatient and potentially make other first-time investing mistakes. Following Dubious Advice There’s a lot of bad investing advice on the internet, particularly on social media sites, posted by “gurus” who claim to know the secrets to making tons of money. In truth, the best advice isn’t free or readily shared on Facebook. Try to avoid following dubious advice from people you don’t know or trust, especially those advisors with no real-world credentials to back up their claims. Investing Money You Don’t Have When you invest in the market, only put the money you can afford to lose in stocks, bonds, or other assets. For example, if you’ve been saving up to buy a home, resist the urge to invest that money anywhere until you’re ready to buy your property. Even in the best cases, no one can predict how the market will turn with 100% certainty. Investing money you may need elsewhere soon could jeopardize your financial future or harm your ability to make mortgage payments and cover other essential living expenses.  Developing Company Loyalty From time to time, you might become emotionally attached to a specific company and may want to purchase its stocks for reasons other than making money. This is a beginner’s mistake. It’s much wiser to avoid developing any loyalty for companies you invest in. At the end of the day, they’re businesses looking to make money – they have the same goal as you do. The company doesn’t have any loyalty to you, so you should feel no qualms about selling your stocks or other assets in those companies in favor of different investments if the price is right. Delaying Investing One of the biggest mistakes you can make as a first-time investor is delaying investing. The earlier you put money in the market, even if it’s in a slow-growth, low-risk mutual fund, the more money you’ll have when you retire. Putting money into the market earlier is also better if you’re young since any hypothetical market downturns or bear markets will likely turn back up by the time you need to withdraw your investment cash for retirement or other purposes. The sooner you start investing, the better, so get started now, even if it’s just kicking in $50 a month into a safe mutual fund.   Bonus Mistake: Being Impatient Here’s one last mistake you should avoid as a first-time investor: being impatient. When you invest money into a company or any other asset, remember that it will take time to grow in value. “Meme” stocks that catapult in value over a few days or weeks are rare, so don’t let those fool you into thinking they are the norm. Instead, it’s more common for your investments to take years or decades to pay off. That’s okay! The last thing you need to do is be impatient and constantly withdraw your money in pursuit of short-term riches. If you’ve made wise investments or are following the advice of a knowledgeable financial advisor, you can let your money sit and grow without any attention on your part. Final Words Investing for the first time can be exciting, but it can also be risky. Stay smart and cautious, and consider signing up for a financial advisor or retirement advisory service like Due so you can learn the ropes of smart, profitable investing. Article by Kiara Taylor, Due About the Author Kiara Taylor is a financial writer and Research Analyst. She is an expert at risk-based modeling having worked in the finance vertical for the past twenty years. She has a Master's Degree in Finance from Ohio State and has worked at Fifth Third Bank, J.P. Morgan and Citi in emerging markets and equity research......»»

Category: blogSource: valuewalk4 hr. 48 min. ago Related News

Elon Musk was reportedly cleared by a federal jury"s verdict that his "funding secured" tweet in 2018 didn"t harm Tesla investors

Elon Musk didn't break rules and influence Tesla investors after tweeting he had "funding secured" to take the carmaker private, per a WSJ report. Elon Musk at the 2022 Met Gala. A federal jury in San Francisco vindicated Musk over his 2018 tweet about his plans at the time to take Tesla private.Noam Galai/GC Images A jury found investors failed to prove Elon Musk derailed them with his tweet that he had "funding secured" to take Tesla private, per the WSJ.  The outcome vindicated Musk, who had argued that he didn't believe his tweet influenced Tesla's stock price. Tesla investors had alleged that his public statements resulted in billions of dollars in damages. Elon Musk was reportedly vindicated late Friday Friday when a federal jury found that Tesla investors failed to prove that he derailed them with a 2018 tweet that he had "funding secured" to take the electric carmaker private, a deal that never materialized. The nine-person jury arrived at the conclusion shortly after deliberations started, per a Wall Street Journal report. The verdict was the culmination of a civil trial in San Francisco federal court, in which jurors heard testimony from high-profile witnesses including Musk himself, along with Tesla's former chief financial officer Deepak Ahuja, and Musk's former chief of staff Sam Teller.  Musk's defense highlighted his meeting in July 2018 with Yasir Al-Rumayyan, an official in Saudi Arabia's Private Investment Fund, in which he said Al-Rumayyan had committed to helping to finance the deal. Those verbal assurances in part led him to tweet that he had "funding secured" for a take-private deal for Tesla, he told jurors last month. Nicholas Porritt of Levi & Korsinsky LLP, an attorney for Tesla's shareholders, had challenged that narrative. In closing arguments Friday, Porritt told the jury that a conversation over financing, which he estimated could be to the tune of $60 billion, would have had to at least be put in writing, yet Musk took no notes. "Sometimes we substitute what we wished happened for what actually happened," Porritt argued in court. "That can happen when you're facing government investigations and lawsuits for billions of dollars."Musk's tweet, which he posted in August 2018, read, "Am considering taking Tesla private at $420. Funding secured." In closing arguments, Musk's attorney, Alex Spiro of Quinn Emanuel Urquhart & Sullivan, argued that Musk's adversaries had painted him as a "fire-breathing dragon" and that the billionaire couldn't be faulted for being a "bad Tweeter."Before the trial, US District Judge Edward Chen had ruled that the billionaire's tweets should be considered "untrue," but that jurors had to decide if they were "material." In securities parlance, that meant jurors had to consider whether Musk's statements were significant enough to influence investors' trading choices.Musk's statements about the potential deal also drew the attention of securities regulators, who in September 2018 extracted a $40 million penalty from Musk and the company, and said he could no longer helm Tesla's board. Porritt, the Tesla investors' attorney, had framed the stakes of the case in sweeping, existential terms, arguing that it came down to a question of whether regular investors could trust the public markets. "Whether it is the securities markets or a football game, rules must be fair and must be applied to everyone," he told the court on Friday. "And this case, ultimately, is about whether the rules that apply to everyone else should also apply to Elon Musk."Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 48 min. ago Related News

: Bank of America trims CEO Moynihan’s pay by about 6% to $30 million

Bank of America Corp. BAC said in a filing late Friday that its board has approved a 6.3% cut on Chief Executive Officer Brian Moynihan’s pay in 2022. Moynihan receives $30 million, compared with a 2021 total compensation of $32 million, the bank said. The board “acknowledged the company’s continued success in 2022 and Mr. Moynihan’s leadership under this operating model particularly in this period of considerable economic uncertainty,” the bank said in a SEC filing. Bank of America notched a $27.5 billion profit in 2022, the third highest net-income performance in the company’s history, it said. Its stock fell 26% in the year, reflecting “weakened investor sentiment given geopolitical tensions and recessionary fears.” Last week, a similar filing from Goldman Sachs Group Inc. GS revealed a 30% pay cut for Goldman’s Chief Executive David Solomon, and earlier last month JPMorgan Chase & Co JPM said it cut special awards paid to Chief Executive Jamie Dimon but kept his pay the same as it was in 2021. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatch5 hr. 32 min. ago Related News

Fed Policy Win Could Harm Bitcoin’s Wall Street Narrative

The January rebound in equities and knockout employment report may have undermined a few buy-bitcoin narratives, but the real value proposition behind bitcoin lies far beyond Wall Street in emerging markets, where bitcoin is in strong demand......»»

Category: forexSource: coindesk6 hr. 48 min. ago Related News

Growth stocks lag heading toward closing bell Friday

Value stocks are faring better than growth equities in Friday's slump, in a choppy trading session following a stronger-than-forecast jobs report and a jump in Treasury yields. The Russell 1000 Value index was off 0.9% in late afternoon trading, while the Russell 1000 Growth index dropped 1.4%, according to FactSet data, at last check. Meanwhile, the yield on the 10-year Treasury note increased 13.5 basis points to 3.531% Friday, its biggest daily rise since Oct. 5 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data. U.S. stocks were down heading toward the closing bell Friday, with losses led by the technology-laden Nasdaq Composite. The Dow Jones Industrial Average was down 0.6%, while the S&P 500 fell 1.2% and the Nasdaq dropped 1.7%, FactSet show, at last check.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatch6 hr. 48 min. ago Related News

U.S. stocks finish lower, but Nasdaq Composite, S&P 500 book consecutive weekly advance

U.S. stock indexes finished lower on Friday after an unexpectedly strong surge in January nonfarm payrolls reversed the Wall Street's perception that the end of the Fed's rate increases is near. The Dow Jones Industrial Average was off 128 points, or 0.4%, to end at 33,925, while the S&P 500 declined by 1% and the Nasdaq Composite dropped 1.6%. For the week, the S&P 500 booked a weekly gain of 1.6%. The Nasdaq rose 3.3%, booking its fifth consecutive weekly advance and the longest winning streak in over a year, thanks to strong earnings from some major tech companies. The Dow industrials erased its earlier gain and slipped 0.3% this week, according to Dow Jones Market Data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatch6 hr. 48 min. ago Related News

These Were The Best And Worst Performing Assets To Start The Year

These Were The Best And Worst Performing Assets To Start The Year Markets got the year off to a stellar start in January, with a positive performance for 34 of the 38 non-currency assets tracked by Deutsche Bank thematic research group. In fact, in terms of the breadth of gains, that’s the strongest start to a year since 2019, with advances across equities, sovereign bonds and credit. The main exception to this pattern has been among energy commodities, but lower oil and gas prices have themselves been good news to consumers who’ve been squeezed by higher energy prices last year. Elsewhere, As DB's Henry Allen writes, Chinese assets have continued to perform strongly amidst the economy’s reopening, which has also supported a strong rally amongst industrial metals. Nevertheless, it hasn’t been all good news, with investors remaining nervous about a US recession, as well as the prospect of more persistent inflation. Below we share some more details from the latest DB January performance review Month in Review - The high-level macro overview 2023 got off to a positive start in January, with investor risk appetite supported by several good news stories. The most important was the decline in energy prices, particularly in Europe, where natural gas futures continued their decline from late December with a further -24.8% decline in January. That took them down to their lowest levels since September 2021, and means that the outlook for the European economy is much brighter than expected only a few weeks ago, prompting numerous economists to positively revise their forecasts and remove a Euro Area recession from their 2023 projections. This brightening picture has also been reflected in sentiment indicators, with the European Commission’s numbers for Euro Area consumer confidence at an 11-month high in January. The other positive story for markets in January was the continued reopening of China’s economy. Easing restrictions have made investors more optimistic on China’s economic performance, with the Shanghai Composite up +5.4% in total return terms. And more broadly, industrial metals prices have performed very strongly, with copper (+10.9%) advancing for a third consecutive month, raising concerns that China’s reopening could be inflationary for the global economy. The brighter macro outlook meant that various assets put in a very strong performance over January. For instance, the S&P 500 (+6.3%) had its best start to a year since 2019, and Europe’s STOXX 600 (+6.8%) had its best start since 2015. Meanwhile for US Treasuries (+2.8%), it’s been their second-best monthly performance since March 2020, back when the Fed slashed rates to zero as the Covid pandemic began. Tech stocks saw a particularly strong performance following an awful 2022, with the FANG+ index of 10 megacap tech stocks up by +18.7%, marking its best month since August 2020. However, a more negative story over the month has been continued fears about a US recession. These were present from the start of the month, when the ISM readings showed that December was the first month since May 2020 that both the services and manufacturing components were in contractionary territory. Then both the retail sales and industrial production data for December came in beneath expectations. And lastly, the Conference Board’s Leading Index showed a year-on-year decline of -6.0%, which historically has been consistent with either recessions or the recovery from recessions. Other leading indicators such as the yield curve remained deeply inverted too, with the 2s10s closing in inversion territory for a 7th consecutive month. A final theme over the month was growing speculation that central banks might be nearing an end to their current cycle of rate hikes. That was turbocharged by the weak ISM services index for December at the start of the month, and then the US CPI release for December cemented expectations that the Fed would downshift to a 25bps move at their February meeting. Similar themes were evident elsewhere, with the Bank of Canada formally announcing a pause in their rate hikes for the time being. That said, nervousness about stronger-than-expected inflation was still evident, and the end of the month saw a modest sell-off on the penultimate day amidst fears that the central bank meetings in February could see a continuation of their hawkish stance. Which assets saw the biggest gains in January? Equities: January was a positive month for all the major equity indices, including gains for the S&P 500 (+6.3%), the STOXX 600 (+6.8%), the Nikkei (+4.x%) and the Shanghai Composite (+5.4%). Certain sectors like tech did particularly well, with the NASDAQ up +10.7%. European banks also outperformed, with the STOXX 600 Banks index up +14.1% in its strongest January since data begins in 1987. Sovereign Bonds: After an awful 2022 performance, sovereign bonds have had a very strong start to the year, with gains for US Treasuries (+2.8%), Euro Sovereigns (+2.4%) and UK gilts (+2.8%). For US Treasuries, it marks their second-strongest monthly performance since the height of the pandemic in March 2020. Credit: All the credit indices we follow were in positive territory over January, although as with sovereign bonds, EUR credit underperformed USD and GBP credit. The biggest gain was for USD fin sub (+4.4%), where the gain was more than double that for EUR fin sen (+2.1%). Metals: China’s reopening was a big support for industrial metals in January, with copper up +10.9% in its third consecutive monthly advance. In the meantime, gold advanced a further +5.7%, which brings its gains over the last 3 months to +18.0%, and marks its strongest advance over 3 calendar months since August 2011. EM Assets: Emerging markets put in a strong month over January, with the MSCI EM equity index up +7.9% for its strongest start to a year since 2019. Other EM assets also outperformed, with EM bonds up +3.9%, and EM FX up +2.5%. Cryptocurrencies: Having struggled in 2022, crypto assets have had a much better start in 2023. Bitcoin was up +38.8% over the month to $22,951, which is its strongest monthly performance since October 2021. The gains were widespread elsewhere, with Ethereum (+31.5%) and Litecoin (+32.9%) seeing significant advances as well. Which assets saw the biggest losses in January? Energy Commodities: Natural gas prices have declined significantly since the start of the year, with European futures (-24.8%) and US futures (-40.0%) seeing big falls over January. Oil prices have also lost ground, with Brent Crude (-1.7%) and WTI (-1.7%) both down slightly. US Dollar: The dollar index (-1.4%) fell for a 4th consecutive month for the first time since 2020. Tyler Durden Fri, 02/03/2023 - 15:20.....»»

Category: worldSource: nyt7 hr. 0 min. ago Related News

Brett Arends"s ROI: Jobs report tells markets what Fed chairman Powell tried to tell them

Wall Street didn't listen to Powell two days ago. Now look what happened......»»

Category: topSource: marketwatch7 hr. 32 min. ago Related News

Mortgage rates are falling back near 6%, reopening the housing market for 3 million home buyers, according to Freddie Mac

Mortgage rates slipped after the Fed's softer rate hike this week, a sign that conditions in the housing market are easing slightly. Justin Sullivan/Getty Images Mortgage rates have eased closer to 6%, a sign the housing market is cooling off. Lower rates open the market to 3 million borrowers who'd been priced out, according to Freddie Mac. Markets expect the Fed to stop hiking rates, which could help mortgages become more affordable.  Mortgage rates are falling back near 6%, and that could help reopen the housing market to about 3 million buyers who were priced, according to Freddie Mac.The government-sponsored enterprise said that the average 30-year fixed-rate mortgage inched lower to 6.09% on Thursday, notching its fourth-straight week of declines. That's the lowest rates have been since peaking at over 7% in November of last year, Freddie Mac chief economist Sam Khater said in a statement."This one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price," Khater added.Mortgage rates skyrocketed over the course of 2022, influenced by the Federal Reserve's rate hikes aimed at taking some heat out of the economy.The Fed hiked rates another 25 basis-points on Wednesday, dialing back from the previous 50 basis-point hike in December. Investors are beginning to price in the end of the Fed's rate hike cycle in the coming months, which could lower interest rate volatility and cause mortgage rates to ease. Other areas of the housing market are also showing signs of picking back up. Home builder sentiment is rising, and lumber prices have jumped 33% since the start of the year as buyers dip back into the housing market. Meanwhile, markets are pricing in another mild 25-basis-point hike from the central bank in March, which would bring the Fed funds rate target to 5%-5.25%. But despite the steady easing of conditions in the housing market, some experts are still warning of a 2008-style housing crash, which could entail home prices plunging as the housing market undergoes a correction. Wharton professor Jeremy Siegel expects home prices to fall 10%-15%, and Goldman Sachs recently warned four major cities in the US could see a housing implosion on par with the last financial crisis. Read the original article on Business Insider.....»»

Category: personnelSource: nyt7 hr. 48 min. ago Related News

C3.ai surges 30% to cap off a winning week for many AI stocks and ETFs as ChatGPT frenzy spreads across the market

ChatGPT and interest in artificial intelligence stocks have helped more than double the value of C3.ai shares this year. Guillaume/Getty Images C3.ai shares soared Friday and were headed higher for the week alongside other AI-tied stocks and ETFs The frenzy surrounding ChatGPT has contributed to C3.ai shares more than doubling in 2023. Nvidia and Ambarella are also among this week's advancers.  C3.ai stock rallied to its highest in a year Friday, highlighting a jump in some AI stocks and funds this week as the popularity of the ChatGPT tool spurs investors to run toward exposure to artificial intelligence. C3.ai climbed as much as 30% to $28.48 during Friday's session, notching a 52-week high for shares of the business AI software maker."The hype surrounding Artificial Intelligence has spilled over into retail investments," said Vanda Research in a note Thursday. Investors have been pushing into AI-related assets as the buzz surrounding the ChatGPT language bot from OpenAI has been accelerating for weeks. The chatbot displays a human-like ability to perform work like addressing investment questions to writing layoff emails. C3.ai's share price over the past five days has bulked up about 50%. The stock's value has more than doubled in 2023, with this week's push coming after C3.ai said it would integrate ChatGPT into its lineup of AI tools.Also headed toward gains this week was Nvidia, up nearly 5%. It was also looking at a year-to-date advance of 46%. Technology from the company, known for its graphics-processing chips, is used for AI integrations including self-driving cars and robots.Ambarella, a chip designer that serves the AI market, has also picked up about 5% this week and its 2023 gain was hovering around 15%. Among exchange-traded funds, the Global X Robotics & Artificial Intelligence ETF  and the iShares Robotics and Artificial Intelligence ETF were up roughly 3% and 4% this week. The AI Powered Equity ETF was tracking a more modest rise of 1% but it's bulked up by 15% so far this year. Vanda Research, which tracks activity among retail investors, said the surge of net inflows into C3.ai stock this week made it among the top 10 most bought securities in US markets. But it also sounded a note of caution. "Although the strong momentum in Google search trend suggests that there could be appetite for additional buying, we expect to see a slowdown in purchases in the weeks ahead, as interest in the [AI] topic will likely begin to fade." Read the original article on Business Insider.....»»

Category: personnelSource: nyt7 hr. 48 min. ago Related News

Desmond Mills Jr., one of the Memphis police officers who beat Tyre Nichols, previously failed to report his role in a different violent incident

Mills, an ex-Memphis officer now charged in Tyre Nichols' beating death, was reprimanded for failing to report his use of physical force. Former Memphis Police officer Desmond Mills, Jr., shown here on January 26, 2023, was one of five former offices arrested in the death of Tyre Nichols.Shelby County Sheriff's Office via Associated Press A Memphis ex-cop involved in Tyre Nichols' beating was previously disciplined. Records show that Desmond Mills Jr. received a reprimand for failing to report his use of force. A woman Mills helped arrest alleged that officers beat her and slammed her head into a squad car. One of the former Memphis police officers charged in the beating death of Tyre Nichols was previously disciplined for failing to report his role in a different beating incident, according to disciplinary records released by the Memphis Police Department.Desmond Mills Jr., one of the five ex-officers charged with second-degree murder in 29-year-old Nichols' death, received a written reprimand in 2021 for failing to report his use of physical force during an arrest two years earlier.Mills assisted three other officers in the arrest of a woman on March 21, 2019. He said the woman was resisting arrest, so he grabbed her by the arms and took her to the ground while another officer handcuffed her, according to the disciplinary records.The woman later filed a complaint against the Memphis police officers involved, alleging that one officer grabbed her after she refused to get into his squad car, and that a second officer began beating her with a black object, grabbing her hair, and slamming her head into the squad car. She denied resisting arrest, and reported injuries including a black eye, abrasions, and swelling on her hands and face.Mills had been required to fill out a document known as a "response to resistance form" after using physical force to restrain the woman.Mills himself was not accused of using excessive force in the incident and was only disciplined for his failure to report the incident."Officer Mills stated he was familiar with completing the response to resistance document in Blue Team, but he did not realize it applied to his actions in this case," a document summarizing Mills' disciplinary hearing said. "It was explained to him if the individual refuses to comply with verbal commands and he is required to use any type of physical force to gain compliance, he should complete the response to resistance form."Two of the officers involved in the arrest were later disciplined for "excessive and unnecessary force," and a third was disciplined for failure to report the use of force, as Mills was.Mills' defense attorney did not immediately respond to Insider's request for comment.In a separate disciplinary incident in March 2019, Mills received another written reprimand for dropping a department-issued device on a roadway, where it was run over by a car.The disciplinary records said Mills reported responding to an accident call on the interstate and placing his "personal digital assistant" in his pocket, where it fell out while he got into his squad car. "The PDA came out and went into the street and an unknown vehicle ran over your PDA," the records said, adding that Mills had violated the department's policy on "Rough or Careless Handling of Equipment."Mills is not the only officer who was disciplined for failing to report a use of force. Ex-officer Demetrius Haley, who is also charged in Nichols' beating death, received a similar written reprimand for a 2021 incident in which he saw a fellow officer rip a woman from her car and dislocate her shoulder.In total, four out of the five officers charged in Nichols' death had previously been disciplined for various matters.Read the original article on Business Insider.....»»

Category: personnelSource: nyt7 hr. 48 min. ago Related News

: Oil futures fall for the session, with U.S prices at lowest in a month

U.S. oil futures settled lower on Friday, hitting their lowest in a month. It was another rough week for oil as “cooling optimism over the demand outlook and rising U.S. stockpiles kept bears in a position of power,” said Lukman Otunuga, manager, market analysis at FXTM. The European Union is set to enforce sanctions on imports of Russian oil products on Feb. 5. “It will be interesting to see how this may impact global oil prices in the medium to longer term,” said Otunuga. U.S. benchmark West Texas Intermediate crude for March delivery clh23 fell $2.49, or 3.3%, to settle at $73.39 a barrel on the New York Mercantile Exchange. Front-month contract prices settled at their lowest since Jan. 4, down 7.9% for the week, according to Dow Jones Market Data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatch8 hr. 0 min. ago Related News

Homebuyers, rejoice! You can afford to bid on a more expensive home now that mortgage rates have fallen below 6%

Declining mortgage rates could bring more buyers back to the market at a time when many home sellers are dropping their prices. Home prices have dropped, even in some of the most popular areas.Justin Sullivan/ Staff/ Getty Images The US housing market is warming back up because of declining mortgage rates. The average for 30-year mortgage rates have just dipped below 6% for the first time in months. One economist says there are still headwinds that the market needs to navigate. It's beginning to look like it's going to be a very busy spring season in the real estate world. Mortgage rates dipped below 6% on February 2, according to Mortgage Daily News, marking their lowest reading since September 2022. The declining mortgage rates have helped to bring buyers back to the market and bolster purchasing power.On top of the additional foot traffic, homebuyers can also afford to purchase more expensive homes now that mortgages are getting cheaper. A recent report from Redfin found that people with a monthly budget of $2,500 can now afford to buy a $400,000 home. That's about $35,000 more than they could have spent in November when interest rates were hovering near 7%, the report said. Altogether, Redfin's economics research lead Chen Zhao said in the report that these factors could inspire "homebuyers and sellers to gradually return to the market by springtime." At least 28 million people say they plan to buy a home in 2023, according to NerdWallet's latest homebuyer survey. People like Justin Moore, 50, who lives in Florida with his wife, told Insider that the declining mortgage rates have motivated him to put in more offers on homes after taking a break from house hunting between December and January since he's tired of renting and "living in someone else's house." The market seems to be adjusting to some of this movement as Redfin's Homebuyer Demand Index — which measures the frequency of home tour requests and other home buying activity — is up 19% since its October low. Meanwhile, newly listed homes are getting more attention from buyers and 37% of these homes are accepting offers within the first two weeks, the brokerage said. Inventory levels are also starting to tick up in many markets across the country at a time when home sellers are starting to drop their prices. "There has been a massive market shift," Alexandra Shupe, a real estate agent in Brevard County, Florida, told Insider about her market. "We went from sellers controlling everything, to now being more of a neutral, and even almost a buyer's market." For example, Redfin found that new listings were up 23% for the four weekends ending on January 29 when compared to the same period in 2022. At the same time, an average of 5.6% of homes listed dropped their price to attract a buyer, up from 2.2% the year before. The amount of new listings has also increased the market's total months of supply, which measures how long it would take all of the available inventory to sell out. The US market currently has about 4.6 months of supply compared to 2.2 months of supply at this time last year. However, Zhao cautioned that there are still economic headwinds that could derail any potential momentum that homebuyers are building. One issue the market is still grappling with is the Federal Reserve's interest rate hikes, Zhao said. The central bank raised interest rates by a quarter of a point on February 1, which was a much less aggressive rate hike than previously expected. But, chairman Jerome Powell said that "ongoing rate hikes" were necessary to tame inflation, the New York Times reported.Zhao said the ongoing rate hikes will "likely prevent the steep mortgage-rate decline that some optimistic buyers have been waiting for."Read the original article on Business Insider.....»»

Category: worldSource: nyt9 hr. 0 min. ago Related News

: Commerce Bancshares raises dividend, but implied yield is still below its peers and the S&P 500

Shares of Commerce Bancshares Inc. CBSH slipped 0.1% in afternoon trading Friday, after the Missouri-based bank raised its quarterly dividend by 6.9%, to 27 cents a share from 25.25 cents a share. Based on current stock prices, the new annual dividend rate increases the implied dividend yield to 1.61% from 1.50%. The new yield compares with the yield for the SPDR S&P Regional Banking exchange-traded fund KRE of 2.28% and the implied yield for the S&P 500 index SPX of 1.64%. Commerce Bancshares’s stock has gained 1.6% over the past three months, while the regional bank ETF has advanced 4.1% and the S&P 500 has rallied 11.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatch9 hr. 32 min. ago Related News

: Gold futures settle at a more than 3-week low

Gold futures settled Friday at their lowest in more than three weeks, down 2.7% from last Friday’s finish. Gold took a hit because “the positive surprise on the jobs number is a strong indication that the [Federal Reserve] has more than a single rate hike left in it,” said Brien Lundin, editor of Gold Newsletter. Gold was hit harder than equities because “it’s been outperforming stocks over the last few months,” he said. “Profits are being taken by those who have enjoyed that ride.” Gold for April delivery GCJ23 fell $54.20, or 2.8%, to settle at $1,876.60 an ounce on Comex.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatch9 hr. 32 min. ago Related News

: Carvana ‘meme’-like stock bounces back sharply, putting it on track for longest win streak in 19 months

Shares of Carvana Co. CVNA pulled a sharp U-turn to trade higher in afternoon trading Friday, putting them on track to stretch their “meme”-like win streak to seven sessions. The online used car marketplace’s stock was down as much as 9.1% at the intraday low of $12.95, but was up 0.2% at $14.28 in recent trading. If the stock closes up Friday, it would mark the longest win streak since the eight-day stretch that ended July 12, 2021. The stock has now rocketed 122.1% the past seven sessions. The stock had shown “meme”-like tendencies earlier this month, amid a relatively high short-interest position in the stock, and the company also adopted a shareholder rights plan (“poison pill”) to block investors for taking advantage of the stock’s weakness to buy up a large stake. Short-interest, or bearish bets on the stock, represented 59.7% of the public float, according to the latest exchange data, or shares available for public trading. That compares with that of the original “meme” stocks, with short-interest as a percentage of public float at 23.5% for GameStop Corp. GME and AMC Entertainment Holdings Inc. AMC at 22.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatch9 hr. 32 min. ago Related News