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"Greater Idaho" took one step closer to being a real thing this week, as 5 more counties have voted to secede from liberal Oregon in hopes of joining conservative Idaho.

The proposed new border for the Greater Idaho movement would see more than 70% of Oregon's land be incorporated into Idaho. A composite image of Oregon counties seeking to join Idaho. .....»»

Category: worldSource: nytMay 26th, 2021

"Greater Idaho" took one step closer to being a real thing this week, as 5 counties voted to secede from liberal Oregon in hopes of joining conservative Idaho.

The proposed new border for the Greater Idaho movement would see more than 70% of Oregon's land be incorporated into Idaho. Welcome .....»»

Category: worldSource: nytMay 25th, 2021

Stocks Slip This Week While Waiting for Stimulus

Stocks Slip This Week While Waiting for Stimulus The major indices pulled back this week as the market catches its breath after a record-setting run and wonders when Washington will agree on a stimulus package. The Dow crossed back over 30K on Friday after closing just under that mark yesterday. It gained 0.16% (or about 47 points) to 30,046.37. But the NASDAQ slipped 0.23% (or nearly 28 points) to 12,377.87, while the S&P declined 0.13% to 3663.46. For the week, the S&P was down 1% and the Dow was off 0.6%, which put an end to back-to-back weekly advances. The NASDAQ ended a three-week run by dipping 0.7% over the five days. The Senate passed a one-week government funding extension today, as did the House earlier this week. Assuming President Trump signs the measure, a government shutdown will be averted through Dec. 18. Unfortunately, that’s the only real progress that Capitol Hill has made this week. They appear to agree that something needs to get done while we wait for the vaccines to do their thing, but it’s only talk for now. The market hopes this extension will give them time to make it happen. We’ve been getting signs lately that the renewed restrictions amid rising coronavirus cases is having an economic impact. Most recently, the jobless claims soared past 800K for the first time in nearly two months, while falling well short of expectations and the previous week’s result. On Thursday, the Pfizer/BioNTech vaccine got one step closer to final approval when an FDA advisory panel recommended it for emergency use. Such news would’ve sent the market through the roof a few weeks ago.   And there’s the problem. All the positive vaccine news has been priced in, though the vaccine itself is still months away from normalizing our lives. In the meantime, the market needs a catalyst to keep moving higher after this record-setting run. Those folks in Washington are the best chance for that catalyst. Let’s hope it gets done next week. Today's Portfolio Highlights: Surprise Trader: Investors have always thought that the rising earnings in the RV space was unsustainable, but Dave believes its part of a paradigm shift. The upcoming quarterly report from Winnebago Industries (WGO) should be the latest example that this space isn’t a flash in the pan brought on by covid. The company has crushed the Zacks Consensus Estimate by double digits in the last two quarters and now has a positive Earnings ESP of 14.89% for the quarter coming before the bell next Friday, December 18. Furthermore, WGO is a Zacks Rank #1 (Strong Buy) with a VGM score of “A” that’s part of a space in the top 2% of the Zacks Industry Rank. The editor added WGO on Friday with a 12.5% allocation, while also selling Jack in the Box (JACK) for a 5.8% return in just under a month. Read the full write-up for more. TAZR Trader: The past couple days have been pretty eventful for Inseego (INSG). This small-cap “pioneer” in 5G and intelligent IoT device-to-cloud solutions provider announced that its 5G MiFi M2000 mobile hotspot would now be available in Japan, which gives it a much bigger footprint worldwide. This comes a day after T-Mobile selected this as its first 5G hotspot. INSG soared 12.2% on Friday to become the top-performing stock among all ZU names. Infinera (INFN) also made the Top 5 movers list with a gain of 4.4%.  Value Investor: "Stocks are in a wait-and-see mode as Congress continues to dither about the aid package. "Somehow it managed to pass a 1-week extension on the budget to avoid a government shutdown but it's no closer to a coronavirus agreement even as the Dec 26 deadline for the end to unemployment looms. "There are many who believe they positively won't allow that deadline to pass without passing something, but I would remind you all that many thought the same thing about the late July deadline on the extra $600 a week. "Not only did Congress let the $600 a week expire but they haven't even given it a second thought. "Anything will be possible next week. This stock market will move on the headlines, once again." -- Tracey Ryniec Have a Great Weekend! Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

BTFD Arrives: Futures Rebound, Europe Surges While Asia Slumps On Evergrande Fears

BTFD Arrives: Futures Rebound, Europe Surges While Asia Slumps On Evergrande Fears Even though China was closed for a second day, and even though the Evergrande drama is nowhere closer to a resolution with a bond default imminent and with Beijing mute on how it will resolve the potential "Lehman moment" even as rating agency S&P chimed in saying a default is likely and it does not expect China’s government “to provide any direct support” to the privately owned developer, overnight the BTFD crew emerged in full force, and ramped futures amid growing speculation that Beijing will rescue the troubled developer... Algos about to go on a rampage — zerohedge (@zerohedge) September 21, 2021 ... pushing spoos almost 100 points higher from their Monday lows, and European stock were solidly in the green - despite Asian stocks hitting a one-month low - as investors tried to shake off fears of contagion from a potential collapse of China’s Evergrande, although gains were capped by concerns the Federal Reserve could set out a timeline to taper its stimulus at its meeting tomorrow. The dollar dropped from a one-month high, Treasury yields rose and cryptos rebounded from yesterday's rout. To be sure, the "this is not a Lehman moment" crowed was out in full force, as indicated by this note from Mizuho analysts who wrote that “while street wisdom is that Evergrande is not a ‘Lehman risk’, it is by no stretch of the imagination any meaningful comfort. It could end up being China’s proverbial house of cards ... with cross-sector headwinds already felt in materials/commodities.” At 7:00 a.m. ET, S&P 500 e-minis were up 34.00 points, or 0.79% and Nasdaq 100 e-minis 110.25 points, or 0.73%, while futures tracking the Dow  jumped 0.97%, a day after the index tumbled 1.8% in its worst day since late-July,  suggesting a rebound in sentiment after concerns about contagion from China Evergrande Group’s upcoming default woes roiled markets Monday. Dip-buyers in the last hour of trading Monday helped the S&P 500 pare some losses, though the index still posted the biggest drop since May. The bounce also came after the S&P 500 dropped substantially below its 50-day moving average - which had served as a resilient floor for the index this year - on Monday, its first major breach in more than six months. Freeport-McMoRan mining stocks higher with a 3% jump, following a 3.2% plunge in the S&P mining index a day earlier as copper prices hit a one-month low. Interest rate-sensitive banking stocks also bounced, tracking a rise in Treasury yields. Here are some of the biggest U.S. movers today: U.S.-listed Chinese stocks start to recover from Monday’s slump in premarket trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers Verrica Pharma (VRCA US) plunges 30% in premarket trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum ReWalk Robotics (RWLK US) shares jump 43% in U.S. premarket trading amid a spike in volume in the stock. Being discussed on StockTwits Aprea Therapeutics gains 21% in U.S. premarket trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab Lennar (LEN US) shares fell 3% in Monday postmarket trading after the homebuilder forecast 4Q new orders below analysts’ consensus hurt by unprecedented supply chain challenges ConocoPhillips (COP US) ticks higher in U.S. premarket trading after it agreed to buy Shell’s  Permian Basin assets for $9.5 billion in cash, accelerating the consolidation of the largest U.S. oil patch SmileDirect (SDC US) slightly higher in premarket trading after it said on Monday that it plans to enter France with an initial location in Paris KAR Global (KAR US) shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage Sportradar (SRAD US) shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately Orbital Energy Group (OEG US) gained 6% postmarket Monday after a unit won a contract  to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed “So much of this information is already known that we don’t think it will necessary set off a wave of problems,” John Bilton, head of global multi-asset strategy at JPMorgan Asset Management, said on Bloomberg TV. “I’m more concerned about knock-on sentiment at a time when investor sentiment is a bit fragile. But when we look at the fundamentals -- the general growth, and direction in the wider economy -- we still feel reasonably confident that the situation will right itself.” Aside from worries over Evergrande’s ability to make good on $300 billion of liabilities, investors are also positioning for the two-day Fed meeting starting Tuesday, where policy makers are expected to start laying the groundwork for paring stimulus.  Europe's Stoxx 600 index climbed more than 1%, rebounding from the biggest slump in two months, with energy companies leading the advance and all industry sectors in the green. Royal Dutch Shell rose after the company offered shareholders a payout from the sale of shale oil fields. Universal Music Group BV shares soared in their stock market debut after being spun off from Vivendi SE. European airlines other travel-related stocks rise for a second day following the U.S. decision to soon allow entry to most foreign air travelers as long as they’re fully vaccinated against Covid-19; British Airways parent IAG soars as much as 6.9%, extending Monday’s 11% jump. Here are some of the biggest European movers today: Stagecoach shares jump as much as 24% after the company confirmed it is in takeover talks with peer National Express. Shell climbs as much as 4.4% after selling its Permian Basin assets to ConocoPhillips for $9.5 billion. Bechtle gains as much as 4.3% after UBS initiated coverage at buy. Husqvarna tumbles as much as 9% after the company said it is suing Briggs & Stratton in the U.S. for failing to deliver sufficient lawn mower engines for the 2022 season. Kingfisher slides as much as 6.4% after the DIY retailer posted 1H results and forecast higher profits this fiscal year. The mood was decidedly more sour earlier in the session, when Asian stocks fell for a second day amid continued concerns over China’s property sector, with Japan leading regional declines as the market reopened after a holiday. The MSCI Asia Pacific Index was down 0.5%, headed for its lowest close since Aug. 30, with Alibaba and SoftBank the biggest drags. China Evergrande Group slid deeper in equity and credit markets Tuesday after S&P said the developer is on the brink of default. Markets in China, Taiwan and South Korea were closed for holidays. Worries over contagion risk from the Chinese developer’s debt problems and Beijing’s ongoing crackdowns, combined with concern over Federal Reserve tapering, sent global stocks tumbling Monday. The MSCI All-Country World Index fell 1.6%, the most since July 19. Japan’s stocks joined the selloff Tuesday as investor concerns grew over China’s real-estate sector as well as Federal Reserve tapering, with the Nikkei 225 sliding 2.2% - its biggest drop in three months, catching up with losses in global peers after a holiday - after a four-week rally boosted by expectations for favorable economic policies from a new government. Electronics makers were the biggest drag on the Topix, which declined 1.7%. SoftBank Group and Fast Retailing were the largest contributors to a 2.2% loss in the Nikkei 225. Japanese stocks with high China exposure including Toto and Nippon Paint also dropped. “The outsized reaction in global markets may be a function of having too many uncertainties bunched into this period,” Eugene Leow, a macro strategist at DBS Bank Ltd., wrote in a note. “It probably does not help that risk taking (especially in equities) has gone on for an extended period and may be vulnerable to a correction.” “The proportion of Japan’s exports to China is greater than those to the U.S. or Europe, making it sensitive to any slowdown worries in the Chinese economy,” said Hideyuki Ishiguro, a senior strategist at Nomura Asset Management in Tokyo. “The stock market has yet to fully price in the possibility of a bankruptcy by Evergrande Group.” The Nikkei 225 has been the best-performing major stock gauge in the world this month, up 6.2%, buoyed by expectations for favorable policies from a new government and an inflow of foreign cash. The Topix is up 5.3% so far in September. In FX, the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis. In rates, Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp; 10-year yields around 1.3226%, cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result In commodities, crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook. Market Snapshot S&P 500 futures up 1.0% to 4,392.75 STOXX Europe 600 up 1.1% to 459.10 MXAP down 0.5% to 200.25 MXAPJ up 0.2% to 640.31 Nikkei down 2.2% to 29,839.71 Topix down 1.7% to 2,064.55 Hang Seng Index up 0.5% to 24,221.54 Shanghai Composite up 0.2% to 3,613.97 Sensex up 0.4% to 58,751.30 Australia S&P/ASX 200 up 0.4% to 7,273.83 Kospi up 0.3% to 3,140.51 Brent Futures up 1.6% to $75.13/bbl Gold spot down 0.1% to $1,761.68 U.S. Dollar Index little changed at 93.19 German 10Y yield fell 5.0 bps to -0.304% Euro little changed at $1.1729 Top Overnight News from Bloomberg Lael Brainard is a leading candidate to be the Federal Reserve’s banking watchdog and is also being discussed for more prominent Biden administration appointments, including to replace Fed chairman Jerome Powell and, potentially, for Treasury secretary if Janet Yellen leaves Federal Reserve Chair Jerome Powell will this week face the challenge of convincing investors that plans to scale back asset purchases aren’t a runway to raising interest rates for the first time since 2018 ECB Vice President Luis de Guindos says there is “good news” with respect to the euro-area recovery after a strong development in the second and third quarter The ECB is likely to continue purchasing junk-rated Greek sovereign debt even after the pandemic crisis has passed, according to Governing Council member and Greek central bank chief Yannis Stournaras U.K. government borrowing was well below official forecasts in the first five months of the fiscal year, providing a fillip for Chancellor of the Exchequer Rishi Sunak as he prepares for a review of tax and spending next month U.K. Business Secretary Kwasi Kwarteng warned the next few days will be challenging as the energy crisis deepens, and meat producers struggle with a crunch in carbon dioxide supplies The U.K.’s green bond debut broke demand records for the nation’s debt as investors leaped on the long-anticipated sterling asset. The nation is offering a green bond maturing in 2033 via banks on Tuesday at 7.5 basis points over the June 2032 gilt. It has not given an exact size target for the sale, which has attracted a record of more than 90 billion pounds ($123 billion) in orders Germany cut planned debt sales in the fourth quarter by 4 billion euros ($4.7 billion), suggesting the surge in borrowing triggered by the coronavirus pandemic is receding Contagion from China Evergrande Group has started to engulf even safer debt in Asia, sparking the worst sustained selloff of the securities since April. Premiums on Asian investment-grade dollar bonds widened 2-3 basis points Tuesday, according to credit traders, after a jump of 3.4 basis points on Monday Swiss National Bank policy makers watching the effects of negative interest rates on the economy are worrying about the real-estate bubble that their policy is helping to foster Global central banks need to set out clear strategies for coping with inflation risks as the world economy experiences faster-than-expected cost increases amid an uneven recovery from the pandemic, the OECD said A quick look at global markets courtesy of Newsquawk Asian equities traded cautiously following the recent downbeat global risk appetite due to Evergrande contagion concerns which resulted in the worst day for Wall Street since May, with the region also contending with holiday-thinned conditions due to the ongoing closures in China, South Korea and Taiwan. ASX 200 (+0.2%) was indecisive with a rebound in the mining-related sectors counterbalanced by underperformance in utilities, financials and tech, while there were also reports that the Byron Bay area in New South Wales will be subject to a seven-day lockdown from this evening. Nikkei 225 (-1.8%) was heavily pressured and relinquished the 30k status as it played catch up to the contagion downturn on return from the extended weekend with recent detrimental currency inflows also contributing to the losses for exporters. Hang Seng (-0.3%) was choppy amid the continued absence of mainland participants with markets second-guessing whether Chinese authorities will intervene in the event of an Evergrande collapse, while shares in the world’s most indebted developer fluctuated and wiped out an early rebound, although affiliate Evergrande Property Services and other property names fared better after Sun Hung Kai disputed reports of China pressuring Hong Kong developers and with Guangzhou R&F Properties boosted by reports major shareholders pledged funds in the Co. which is also selling key assets to Country Garden. Finally, 10yr JGBs were higher amid the underperformance in Japanese stocks and with the Japan Securities Dealers Association recently noting that global funds purchased the most ultra-long Japanese bonds since 2014, although upside was limited amid softer demand at the enhanced liquidity auction for 2yr-20yr maturities and with the BoJ kickstarting its two-day policy meeting. Top Asian News Richest Banker Says Evergrande Is China’s ‘Lehman Moment’ Hong Kong Tycoons, Casino Giants Find Respite in Stock Rebound Taliban Add More Male Ministers, Say Will Include Women Later Asian Stocks Drop to Lowest Level This Month; Japan Leads Losses European equities (Stoxx 600 +1.1%) trade on a firmer footing attempting to recoup some of yesterday’s losses with not much in the way of incremental newsflow driving the upside. Despite the attempt to claw back some of the prior session’s lost ground, the Stoxx 600 is still lower by around 1.6% on the week. The Asia-Pac session was one characterised by caution and regional market closures with China remaining away from market. Focus remains on whether Evergrande will meet USD 83mln in interest payments due on Thursday and what actions Chinese authorities could take to limit the contagion from the company in the event of further troubles. Stateside, futures are also on a firmer footing with some slight outperformance in the RTY (+1.2%) vs. peers (ES +0.8%). Again, there is not much in the way of fresh positivity driving the upside and instead gains are likely more a by-product of dip-buying; attention for the US is set to become increasingly geared towards tomorrow’s FOMC policy announcement. Sectors in Europe are firmer across the board with outperformance in Oil & Gas names amid a recovery in the crude complex and gains in Shell (+4.4%) after news that the Co. is to sell its Permian Basin assets to ConocoPhillips (COP) for USD 9.5bln in cash. Other outperforming sectors include Tech, Insurance and Basic Resources. IAG (+4.1%) and Deutsche Lufthansa (+3.8%) both sit at the top of the Stoxx 600 as the Co.’s continue to enjoy the fallout from yesterday’s decision by the US to allow travel from vaccinated EU and UK passengers. Swatch (-0.7%) is lagging in the luxury space following a downgrade at RBC, whilst data showed Swiss watch exports were +11.5% Y/Y in August (prev. 29.1%). Finally, National Express (+7.7%) is reportedly considering a takeover of Stagecoach (+21.4%), which is valued at around GBP 370mln. Top European News U.K. Warns of Challenging Few Days as Energy Crisis Deepens Germany Trims Planned Debt Sales as Pandemic Impact Recedes U.K.’s Green Bond Debut Draws Record Demand of $123 Billion Goldman Plans $1.5 Billion Petershill Partners IPO in London In FX, all the signs are constructive for a classic turnaround Tuesday when it comes to Loonie fortunes as broad risk sentiment improves markedly, WTI consolidates within a firm range around Usd 71/brl compared to yesterday’s sub-Usd 70 low and incoming results from Canada’s general election indicate victory for the incumbent Liberal party that will secure a 3rd term for PM Trudeau. Hence, it’s better the devil you know as such and Usd/Cad retreated further from its stop-induced spike to just pips short of 1.2900 to probe 1.2750 at one stage before bouncing ahead of new house price data for August. Conversely, the Swedish Krona seems somewhat reluctant to get carried away with the much better market mood after the latest Riksbank policy meeting only acknowledged significantly stronger than expected inflation data in passing, and the repo rate path remained rooted to zero percent for the full forecast horizon as a consequence. However, Eur/Sek has slipped back to test 10.1600 bids/support following an initial upturn to almost 10.1800, irrespective of a rise in unemployment. NOK/AUD/NZD - No such qualms for the Norwegian Crown as Brent hovers near the top of a Usd 75.18-74.20/brl band and the Norges Bank is widely, if not universally tipped to become the first major Central Bank to shift into tightening mode on Thursday, with Eur/Nok hugging the base of a 10.1700-10.2430 range. Elsewhere, the Aussie and Kiwi look relieved rather than rejuvenated in their own right given dovish RBA minutes, a deterioration in Westpac’s NZ consumer sentiment and near reversal in credit card spending from 6.9% y/y in July to -6.3% last month. Instead, Aud/Usd and Nzd/Usd have rebounded amidst the recovery in risk appetite that has undermined their US rival to top 0.7380 and 0.7050 respectively at best. GBP/CHF/EUR/JPY/DXY - Sterling is latching on to the ongoing Dollar retracement and more supportive backdrop elsewhere to pare losses under 1.3700, while the Franc continues its revival to 0.9250 or so and almost 1.0850 against the Euro even though the SNB is bound to check its stride at the upcoming policy review, and the single currency is also forming a firmer base above 1.1700 vs the Buck. Indeed, the collective reprieve in all components of the Greenback basket, bar the Yen on diminished safe-haven demand, has pushed the index down to 93.116 from 93.277 at the earlier apex, and Monday’s elevated 93.455 perch, while Usd/Jpy is straddling 109.50 and flanked by decent option expiry interest either side. On that note, 1.4 bn resides at the 109.00 strike and 1.1 bn between 109.60-70, while there is 1.6 bn in Usd/Cad bang on 1.2800. EM - Some respite across the board in wake of yesterday’s mauling at the hands of risk-off positioning in favour of the Usd, while the Czk has also been underpinned by more hawkish CNB commentary as Holub echoes the Governor by advocating a 50 bp hike at the end of September and a further 25-50 bp in November. In commodities, WTI and Brent are firmer in the European morning post gains in excess of 1.0%, though the benchmarks are off highs after an early foray saw Brent Nov’21 eclipse USD 75.00/bbl, for instance. While there has been newsflow for the complex, mainly from various energy ministers, there hasn’t been much explicitly for crude to change the dial; thus, the benchmarks are seemingly moving in tandem with broader risk sentiment (see equities). In terms of the energy commentary, the Qatar minister said they are not thinking of re-joining OPEC+ while the UAE minister spoke on the gas situation. On this, reports in Russian press suggests that Russia might allow Rosneft to supply 10bcm of gas to Europe per year under an agency agreement with Gazprom “as an experiment”, developments to this will be closely eyed for any indication that it could serve to ease the current gas situation. Looking ahead, we have the weekly private inventory report which is expected to post a headline draw of 2.4mln and draws, albeit of a smaller magnitude, are expected for distillate and gasoline as well. Moving to metals, spot gold is marginally firmer while silver outperforms with base-metals picking up across the board from the poor performance seen yesterday that, for instance, saw LME copper below the USD 9k mark. Note, the action is more of a steadying from yesterday’s downside performance than any notable upside, with the likes of copper well within Monday’s parameters. US Event Calendar 8:30am: Aug. Building Permits MoM, est. -1.8%, prior 2.6%, revised 2.3% 8:30am: Aug. Housing Starts MoM, est. 1.0%, prior -7.0% 8:30am: Aug. Building Permits, est. 1.6m, prior 1.64m, revised 1.63m 8:30am: Aug. Housing Starts, est. 1.55m, prior 1.53m 8:30am: 2Q Current Account Balance, est. -$190.8b, prior -$195.7b DB's Jim Reid concludes the overnight wrap Global markets slumped across the board yesterday in what was one of the worst days of the year as an array of concerns about the outlook gathered pace. The crisis at Evergrande and in the Chinese real estate sector was the catalyst most people were talking about, but truth be told, the market rout we’re seeing is reflecting a wider set of risks than just Chinese property, and comes after increasing questions have been asked about whether current valuations could still be justified, with talk of a potential correction picking up. Remember that 68% of respondents to my survey last week (link here) thought they’d be at least a 5% correction in equity markets before year end. So this has been front and centre of people’s mind even if the catalyst hasn’t been clear. We’ve all known about Evergrande’s woes and how big it was for a while but it wasn’t until Friday’s story of the Chinese regulatory crackdown extending into property that crystallised the story into having wider implications. As I noted in my chart of the day yesterday link here Chinese USD HY had been widening aggressively over the last couple of months but IG has been pretty rock solid. There were still no domestic signs of contagion by close of business Friday. However as it stands, there will likely be by the reopening post holidays tomorrow which reflects how quickly the story has evolved even without much new news. Before we get to the latest on this, note that we’ve still got a bumper couple of weeks on the calendar to get through, including the Fed decision tomorrow, which comes just as a potential government shutdown and debt ceiling fight are coming into view, alongside big debates on how much spending the Democrats will actually manage to pass. There has been some respite overnight with S&P 500 futures +0.58% higher and 10y UST yields up +1.5bps to 1.327%. Crude oil prices are also up c. 1%. On Evergrande, S&P Global Ratings has said that the company is on the brink of default and that it’s failure is unlikely to result in a scenario where China will be compelled to step in. The report added that they see China stepping in only if “there is a far-reaching contagion causing multiple major developers to fail and posing systemic risks to the economy.” The Hang Seng (-0.32%) is lower but the Hang Seng Properties index is up (+1.59%) and bouncing off the 5 plus year lows it hit yesterday. Elsewhere the ASX (+0.30%) and India’s Nifty (+0.35%) have also advanced. Chinese and South Korean markets are closed for a holiday but the Nikkei has reopened and is -1.80% and catching down to yesterday’s global move. Looking at yesterday’s moves in more depth, the gathering storm clouds saw the S&P 500 shed -1.70% in its worst day since May 12, with cyclical industries leading the declines and with just 10% of S&P 500 index members gaining. There was a late rally at the end of the US trading session that saw equity indices bounce off their lows, with the S&P 500 (-2.87%) and NASDAQ (-3.42%) both looking like they were going to register their worst days since October 2020 and late-February 2021 respectively. However, yesterday was still the 5th worst day for the S&P 500 in 2021. Reflecting the risk-off tone, small caps suffered in particular with the Russell 2000 falling -2.44%, whilst tech stocks were another underperformer as the NASDAQ lost -2.19% and the FANG+ index of 10 megacap tech firms saw an even bigger -3.16% decline. For Europe it was much the same story, with the STOXX 600 (-1.67%) and other bourses including the DAX (-2.31%) seeing significant losses amidst the cyclical underperformance. It was the STOXX 600’s worst performance since mid-July and the 6th worst day of the year overall. Unsurprisingly, there was also a significant spike in volatility, with the VIX index climbing +4.9pts to 25.7 – its highest closing level since mid-May – after trading above 28.0pts midday. In line with the broader risk-off move, especially sovereign bonds rallied strongly as investors downgraded their assessment of the economic outlook and moved to price out the chances of near-term rate hikes. By the close of trade, yields on 10yr Treasuries had fallen -5.1bps to 1.311%, with lower inflation breakevens (-4.1bps) leading the bulk of the declines. Meanwhile in Europe, yields on 10yr bunds (-4.0bps), OATs (-2.6bps) and BTPs (-0.9bps) similarly fell back, although there was a widening in spreads between core and periphery as investors turned more cautious. Elsewhere, commodities took a hit as concerns grew about the economic outlook, with Bloomberg’s Commodity Spot Index (-1.53%) losing ground for a third consecutive session. That said, European natural gas prices (+15.69%) were the massive exception once again, with the latest surge taking them above the peak from last Wednesday, and thus bringing the price gains since the start of August to +84.80%. Here in the UK, Business Secretary Kwarteng said that he didn’t expect an emergency regarding the energy supply, but also said that the government wouldn’t bail out failed companies. Meanwhile, EU transport and energy ministers are set to meet from tomorrow for an informal meeting, at which the massive spike in prices are likely to be discussed. Overnight, we have the first projections of the Canadian federal election with CBC News projecting that the Liberals will win enough seats to form a government for the third time albeit likely a minority government. With the counting still underway, Liberals are currently projected to win 156 seats while Conservatives are projected to win 120 seats. Both the parties are currently projected to win a seat less than last time. The Canadian dollar is up +0.44% overnight as the results remove some election uncertainty. Turning to the pandemic, the main news yesterday was that the US is set to relax its travel rules for foreign arrivals. President Biden announced the move yesterday, mandating that all adult visitors show proof of vaccination before entering the country. Airline stocks outperformed strongly in response, with the S&P 500 airlines (+1.55%) being one of the few industry groups that actually advanced yesterday. Otherwise, we heard from Pfizer and BioNTech that their vaccine trials on 5-11 year olds had successfully produced an antibody response among that age group. The dose was just a third of that used in those aged 12 and above, and they said they planned to share the data with regulators “as soon as possible”. Furthermore, they said that trials for the younger cohorts (2-5 and 6m-2) are expected as soon as Q4. In Germany, there are just 5 days left until the election now, and the last Insa poll before the vote showed a slight tightening in the race, with the centre-left SPD down a point to 25%, whilst the CDU/CSU bloc were up 1.5 points to 22%. Noticeably, that would also put the race back within the +/- 2.5% margin of error. The Greens were unchanged in third place on 15%. Staying with politics and shifting back to the US, there was news last night that Congressional Democratic leaders are looking to tie the suspension of the US debt ceiling vote to the spending bill that is due by the end of this month. If the spending bill is not enacted it would trigger a government shutdown, and if the debt ceiling is not raised it would cause defaults on federal payments as soon as October. Senate Majority Leader Schumer said the House will pass a spending bill that will fund the government through December 3rd and that the “legislation to avoid a government shutdown will also include a suspension of the debt limit through December 2022.” Republicans may balk at the second measure, given that it would take the issue off the table until after the 2022 midterm elections in November of that year. There wasn’t a great deal of data out yesterday, though German producer price inflation rose to +12.0% in August (vs. +11.1% expected), marking the fastest pace since December 1974. Separately in the US, the NAHB’s housing market index unexpectedly rose to 76 in September (vs. 75 expected), the first monthly increase since April. To the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD will be publishing their Interim Economic Outlook. Tyler Durden Tue, 09/21/2021 - 07:45.....»»

Category: blogSource: zerohedgeSep 21st, 2021

S&P, Dow Break Four-Week Losing Streaks

S&P, Dow Break Four-Week Losing Streaks Stocks pulled back on Friday in a session that was jam-packed with several market-moving topics, including the coronavirus, the President and the monthly jobs report. In the end though, the major indices managed to post gains for the full week, which hadn’t been done throughout the rough month of September.   Of course, the big story today was that President Trump and his wife tested positive for the coronavirus. So far, it seems to be a mild case and he will continue to work while in quarantine.   Now, nobody knows how or if this will impact the election right now, nor if it will influence the odds of a stimulus package in the coming days. And that’s the problem; it adds another layer of uncertainty on these important issues. Plus, the news was jarring and added onto fears of a second wave now that the weather will be getting cooler. Remember that the market reacted negatively to rising cases in Europe, so this obviously strikes much closer to home. Nevertheless, the major indices took the news rather well today. The NASDAQ had a sharp decline of 2.22% (or about 250 points) to 11,075.02. However, it still gained 1.5% for its second straight weekly advance. The losses for the other indices were more modest. The S&P was down 0.96% to 3348.42, while the Dow was down by only 0.48% (or about 134 points) to 27,682.81. These indices were up 1.5% and 1.9%, respectively, this week. Those performances finally break four straight weeks of losses throughout September. If it weren’t for the President getting the coronavirus, the big story on Friday would be the Government Employment Situation report. The economy added 661,000 jobs last month, which was below expectations of 800,000 and, therefore, a disappointment after several better-than-expected numbers. But the unemployment rate did decline to 7.9%, which marks the second single-digit rate in a row. Meanwhile, there’s still no agreement in the talks between Speaker Pelosi and Treasury Secretary Mnuchin. The House Democrats advanced a $2.2 trillion proposal last night, but it’s unlikely to go anywhere in the Senate. Today's Portfolio Highlights: Insider Trader: The rally in Bed Bath & Beyond (BBBY) continued on Friday, as the home goods retailer added another 9.9% on top of yesterday’s more than 25% surge! Needless to say, it was the top performer once again among all ZU services. The company reported strong quarterly results recently, which included its first comps growth since 2016. BBBY is now up nearly 124% in the portfolio since being added on July 17. The stock is at two-year highs and Tracey is wondering how long this will last. She may take some of this impressive profit off the table on Monday. Counterstrike: "Such confusing action this week. Let's face it, we have a really hard market all of a sudden with all these headlines and uncertainties. As we approach the election, I expect more of the same as October could be a really volatile month." -- Jeremy Mullin Options Trader: "The Employment Report also came out before the open, and that too helped underpin stocks. The headline number showed we gained 661K new jobs in the month of September. That was under the 894K consensus. But a closer look at the numbers shows private payrolls were much stronger at 877K vs. views for 900K. The 'miss' came mostly from the public sector which shed -216K jobs (which included temporary jobs such as census workers, etc.). The unemployment rate, however, dropped more than expected to 7.9% from last month's 8.4% and views for 8.2%. Although, the participation rate dipped as well to 61.4% from 61.7% and views for 61.8%. "All in all, it was a fine report and showed the economy continues to rebound. Even though the rebound in jobs has slowed a bit, we're well above where anybody predicted we'd be 6 months ago. Roughly half of the jobs lost have been regained, and the unemployment rate has been nearly cut in half from its worst levels as well. "The other thing helping stocks come off their lows on Friday was continued hopes for a stimulus bill. That hope was fueled when the Speaker of the House asked the airlines (which had threatened to furlough tens of thousands of workers by week's end), to hold off in doing so as aid for the airline industry was 'imminent'. By the close of trading on Friday, no such deal was available. And nobody knows what the 'imminent' deal would look like. But the word 'imminent' is a powerful word, and one can assume used only with supreme confidence that a deal is indeed coming. We shall see." -- Kevin Matras   Have a Great Weekend! Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Stocks Remained Hot in August

Stocks Remained Hot in August SPECIAL ALERT: The September episode of the Zacks Ultimate Strategy Session will be available for viewing no later than Thursday, September 9. Kevin Matras, Kevin Cook, Daniel Laboe, Dr. John Blank and Sheraz Mian will cover the investment landscape from several angles in this popular event. Don’t miss your chance to hear: ▪ Kevin Cook and John Agree to Disagree on where the S&P 500 will end in 2021 ▪ Kevin Matras answers your questions in Zacks Mailbag ▪ Sheraz and Daniel choose one portfolio to give feedback for improvement ▪ And much more Remember, we need your input. Please submit your questions for Zacks Mailbag and Portfolio Makeover by Thursday morning, September 2. Email now to mailbag@zacks.com. Then log on to Zacks.com and bookmark this page. The last day of August was certainly not representative of the full month. Stocks pulled back from record highs and finished in the red on Tuesday but were solidly higher over the past 31 days. The S&P climbed 2.9% for its seventh straight monthly gain, while the Dow managed to rise 1.2%. The biggest winner in August, though, was easily the NASDAQ, which soared 4% as investors were much kinder to the safe haven of tech as the delta variant complicated the recovery.   “For even greater perspective, since the pandemic lows in late March of last year (that’s 17 months), the S&P has been up in all but 3 of those months. That means the S&P has been up in 14 of the last 17 months. Pretty incredible,” said Kevin Matras in Options Trader. “And with the economy still growing, the jobs market still expanding, and with intertest rates still near zero (and likely to stay that way for the foreseeable future), it looks like there’s a lot more upside to go.” But for Tuesday, the S&P slipped 0.13% to 4522.68, while the Dow was off 0.11% (or about 39 points) to 35,360.73. The NASDAQ outperformed its counterparts like it did all month, but still finished in the red by 0.04% (or around 6 points) to 15,259.24. The S&P and NASDAQ had back-to-back record highs coming into the session and have been in the green for seven of the past nine days. Given such success during challenging times, it was no surprise to see stocks take a step back. Of course, it didn’t help that the Conference Board’s consumer confidence index slipped to 133.8 in August, which was well short of expectations at 123 and July’s print of 125.1. The data suggests that the delta variant and rising inflation are impacting consumer decisions. But this is a week full of economic data. The ISM manufacturing and construction spending reports are scheduled for tomorrow. And Wednesday also brings the ADP employment report, which is the precursor for the Government Employment Situation on Friday. Today's Portfolio Highlights: Stocks Under $10: A number of small-cap biotech names are starting to recover after slipping this summer. One of these rebounds is Flexion Therapeutics (FLXN), a specialty pharmaceutical company that develops and sells pain therapies. It has one approved drug called Zilretta to treat osteoarthritis pain in the knee. And they’re expanding the use of the drug to other areas of the body, such as the shoulders. FLXN also has other indications in the pipeline. Earnings estimates are on the rise, but the biotech is still not making money yet. However, revenue growth was 82% year over year in the most recent quarter, while price to sales of 2.8x is pretty low for an early stage biotech. Read the full write-up for more. In other news, this portfolio had two of the best performers among all ZU names today as GT Biopharma (GTBP) rose 6.1% and Cross Country Healthcare (CCRN) advanced 5.1%. Surprise Trader: Buying a property is one thing, but maintaining it is something completely different. That’s where a company like ABM Industries (ABM) comes in. This Zacks Rank #2 (Buy) provides integrated facility solutions, such as janitorial, energy, electrical & lighting, landscape & turf, HVAC and even parking, among many other services. It has beaten the Zacks Consensus Estimate in three of the past four quarters, and now has a positive Earnings ESP of 2.7% for its next report after the bell on Wednesday, September 9. Dave added ABM on Tuesday with a 12.5% allocation, while also selling Abercrombie & Fitch (ANF). See the complete commentary for more on today’s action. Insider Trader: It’s been less than a week since Digital Turbine (APPS) was added to the portfolio, but this provider of products and solutions to mobile operators is already a top mover. The stock was easily the best performer among all ZU names on Tuesday by climbing more than 14% after news that it would join the S&P MidCap 400 index. Tracey picked up APPS last Friday after three directors added during August.   Zacks Short Sell List: The portfolio cashed in a double-digit winner on Tuesday while swapping out three positions for this week's adjustment. The stocks that were short-covered today included: • Peloton (PTON, +16.6%) • Autodesk (ADSK, +4.8%) • The AZEK Co. (AZEK) The new buys that replaced these names were: • Intuit (INTU) • JD.com (JD) • StoneCo (STNE) Learn more about this emotion-free portfolio that takes advantage of falling and volatile markets by reading the Short Sell List Trader Guide. Headline Trader: "We are entering the historically weakest month of the year for investments. The S&P 500 has, on average, surrendered about 0.7% of its value in September over the past 4 decades of trading (2019 was no exception with a 4.2% drop). "This doesn't mean that we are guaranteed to lose ground in this upcoming month, but it does raise the odds of a broader market decline. Market participants have been trading on self-fulfilling prophecies since the pandemic began, but will September mark a deviation from this trend?" -- Dan Laboe See You in September, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

"Tired, Divided, & Dejected" Canadians Give Trudeau Liberals Another Minority Government In Election

"Tired, Divided, & Dejected" Canadians Give Trudeau Liberals Another Minority Government In Election Justin Trudeau’s Liberals won another minority government in Canada’s federal elections held amidst the pandemic. The Epoch Times' Isaac Teo reports that while not all ballots are counted yet and mail-in ballots are to be counted in coming days, Liberals secured enough seats to be able to form a minority government, but will remain short of the 170 seats required to form a majority government. The Liberal Party, promising to continue its progressive path on climate action and finishing “the fight against COVID-19,” won or was leading in 156 ridings in the early hours of Tuesday, close to its 155 seats at dissolution. The opposition Conservatives, touting the party’s platform for “Canada’s recovery,” won or were leading in 121 ridings, close to their 119 seats at dissolution. Bloc Québécois, which continued its Quebec-first message throughout the campaign, won or was leading in 27 ridings, close to its 32 seats the party held at dissolution. The NDP, which was competing for the progressive votes with the Liberals and counting on the popularity of leader Jagmeet Singh, won or was leading in 21 ridings, also close to its 24 seats at dissolution. The Greens held on to the two seats they had at dissolution, while leader Annamie Paul failed to win in her riding of Toronto Centre. Long-time Green MP Elizabeth May won in her BC riding while fellow BC Green incumbent Paul Manly lost in his riding, but the loss was offset with Green candidate Mike Morrice winning in the Kitchener Centre riding. Maxime Bernier’s People’s Party didn’t win any seats, including in Bernier’s riding of Beauce in Quebec, which was won by the incumbent Conservative candidate. The party, which had campaigned on upholding personal liberties and fighting for COVID-19 vaccine choice, increased its share of national vote to over 5 percent as of the early hours of Tuesday, up from less than 2 percent in 2019. Throughout the campaign, the Trudeau Liberals had defended their decision to call an election only two years after the last one, when they lost their majority in the 2019 election, saying Canadians needed to decide who will lead the country toward ending the pandemic. Both leaders of the leading parties remained defiant in their post-election speeches, although Trudeau was expecting to win a majority, and Conservative Party Leader Erin O’Toole to form government. “You are sending us back to work, with a clear mandate to get Canada through this pandemic and to brighter days ahead,” Trudeau said in his victory speech in Montreal. “I see Canadians standing together; together in your determination to end this pandemic, together for real climate action, for $10 a day child care, for homes that are in reach for middle class families, for our shared journey on the path of reconciliation.” Conservative Leader Erin O’Toole and his family watch early election results in Oshawa, Ont., on Sept. 20, 2021. (The Canadian Press/Adrian Wyld) In his concession speech in Oshawa, O’Toole said “Canadians did not give Mr. Trudeau the majority mandate he wanted.” “In fact, Canadians sent him back with another minority at the cost of $600 million and deeper divisions in our great country,” he said. “I challenged the prime minister to put the unity of this country and the well being of its people first and I told him, if he thinks he can threaten Canadians with another election in 18 months, the Conservative Party will be ready.” The final vote count of the election will be announced once the approximately 800,000 mail-in ballots are counted. Counting on those ballots will begin on Tuesday. However, as Cory Morgan writes at The Epoch Times, the biggest losers in the 2021 federal election are Canadians. At a cost of over $600 million dollars and the disruption of our lives for over a month, we find ourselves nearly exactly where we began. Prime Minister Justin Trudeau was accused of holding an election about nothing and the results are reflecting that. We are tired, divided, and dejected, and it all appears to have served no purpose. It is astounding how similar the 2021 election results are to the 2019 outcome. While he remains holding a minority government, Trudeau will not need to fear losing a confidence vote any time soon. Even though wasn’t given a clear mandate to govern, Canadians will not put up with being sent to the polls again soon. Trudeau is going to have to consolidate his leadership, though, and quickly. While the Liberal Party remains in power, insiders can’t be happy with the failure to grab a majority government in this election. The blame will fall upon Trudeau and many party members will not want to give him another kick at the electoral cat. While another election may not be immediately imminent, it likely will come within two years. Those within the Liberal Party who want a new leader are going to act to unseat him sooner rather than later. Trudeau will have his hands full keeping his party loyal at bay. Regionally, the nation is as divided as ever. While this election campaign didn’t have as much inter-regional vitriol than past ones have had, the outcome shows a clear regional split within Canada. The prairies went almost entirely Conservative, while the rest of the nation went predominantly Liberal. The Bloc Quebecois remains strong within Quebec, and interior BC has shunned the Liberals. Conservative Leader Erin O’Toole held his ground but alienated much of his base as he took on a campaign of compromise in hopes of making a breakthrough in central Canada that never materialized. Small-c conservatives are going to want to move the party back to traditional conservative values while O’Toole’s supporters will want the party to hold the line. Many will be asking what the point of pragmatism was if it didn’t move the dial. As with every other party, the seat count for Jagmeet Singh’s NDP didn’t change much. NDP supporters hoping for a return to the heyday of Jack Layton’s days are surely disappointed but the party held its own. The federal NDP isn’t as inclined to tearing out its own leaders as conservative parties tend to be. Singh may choose to move on or may keep leading. Unlike other leaders, the choice will likely be his. The PPC failed to win a seat and this will make their survival difficult in years to come. They impacted the results but didn’t garner enough votes to be fully blamed for the Liberal victory. They established a solid base of support and surprised the country with their momentum. That said, it is tough to stay in the spotlight without a seat in parliament. Their support is based predominantly on the movement to resist COVID-19 restrictions, and they will need to broaden their appeal beyond that or that support level will become a hard ceiling for them. They made inroads, yet still may not endure as a lasting party. Time will tell. Annamie Paul of the Green Party failed to win her own seat. I suspect that she will step down as leader soon. She was treated terribly by her own party and won’t have the anchor of a seat to secure her position. With a couple of seats in the parliament and an established brand, the Green Party will endure with a new leader and maintain its niche in politics. Elizabeth May won her seat and she has been less than supportive of Paul. Nobody can look at the 2021 election and say that it was a good thing for Canada. There truly was no winner. Every leader is now in a tenuous position within his or her party. No new visions were put forth in the campaign to be embraced or rejected by Canadians. We don’t feel a sense of renewal or new direction, we only feel exhaustion and frustration and it all appears to have been for nothing. The 2021 election will go down as the $600 million dollar stalemate. What a colossal waste of resources, both fiscal and emotional. Tyler Durden Tue, 09/21/2021 - 07:30.....»»

Category: blogSource: zerohedgeSep 21st, 2021

Resonance Companies brings garment manufacturing back to NYC

Resonance Companies today announced a milestone in driving the return of domestic textile manufacturing — the opening of the company’s first stateside sew production facility in New York City. The 300 s/f facility is housed at Pier 59 in Chelsea Piers, adjacent to Resonance’s headquarters. Resonance has built the first creation-to-customer-closet... The post Resonance Companies brings garment manufacturing back to NYC appeared first on Real Estate Weekly. Resonance Companies today announced a milestone in driving the return of domestic textile manufacturing — the opening of the company’s first stateside sew production facility in New York City. The 300 s/f facility is housed at Pier 59 in Chelsea Piers, adjacent to Resonance’s headquarters. Resonance has built the first creation-to-customer-closet platform for sustainable fashion; the company uses digital printing on organic and environmentally certified fabrics as part of a fully automated process to design, sell, and make garments in real time, on demand, sustainably anywhere in the world. Their new facility is comprised of 12 sewing stations with the ability to make hundreds of garments per week supported by Resonance’s proprietary technology. The team plans to hire additional team members to run the NYC facility as well as several others that are planned in the coming months. “The US has lost one million apparel manufacturing jobs in the last 50 years. These jobs won’t come back by just wishing it – every step in the value chain to create fashion needs to be reimagined. Using advanced machine learning, innovative manufacturing systems, and new human processes, we can create thousands of living wage jobs across this country,” said Resonance chairman and co-founder Lawrence Lenihan. Resonance is committed to bringing components of garment manufacturing back to NYC, a city whose thriving textile manufacturing industry was driven overseas in search of lower production costs. The company is also working to create a network of US-based sew production firms utilizing the Resonance platform to renew stateside manufacturing across the country. Resonance believes that this network can birth a new fashion value chain and new entrepreneurs can build job-creating manufacturing businesses in their communities powered by orders for clothing from brands on the Resonance platform. These next generation manufacturers will compete on cost and by being closer to the end customer, adding value to the last-mile process, and producing garments that create social and environmental value transparently. In the future, Resonance’s goal is to open hundreds of these sew production facilities around the country and internationally while also connecting existing ones, helping to reimagine the textile manufacturing experience for designers, consumers and the planet. The post Resonance Companies brings garment manufacturing back to NYC appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly20 hr. 34 min. ago

"Many People Will Be Arrested" - Evergrande Lured Retail Investors Into Billions Of "Wealth Management Products" With Gucci Bags, Dyson Air Purifiers

"Many People Will Be Arrested" - Evergrande Lured Retail Investors Into Billions Of "Wealth Management Products" With Gucci Bags, Dyson Air Purifiers In our post detailing how Evergrande became a "too big to fail" anchor of China's shadow banking system, we noted that a key missing piece in the company's funding was selling wealth management products  - i.e., unregulated "shadow banking" products - to outside investors, as well as its own employees and their families, promising returns up to 13%. It is these WMP investors that are currently besieging the company's offices across the country in hopes of getting some of their principal back, and which include everyone from paint suppliers to decoration and construction companies. To them, Evergrande owes more than 800 billion yuan ($124 billion) due within one year, while it has only a 10th of that amount of cash on hand. It will have even less once the now officially defaulted company makes priority payments to its banks and creditors. Expanding on this striking funding source, Reuters today writes that lured by the promise of yields as high as 12, "tens of thousands of investors bought wealth management products" through China Evergrande, a transaction which was softened by gifts such as Dyson air purifiers and Gucci bags, not to mention the guarantee of China’s top-selling developer, a guarantee which we now know was worthless. And now, many investors fear they may never get their investments back after the cash-strapped property developer recently stopped repaying some investors and set off global alarm bells over its massive debt. Some have been protesting at Evergrande offices, refusing to accept the company’s plan to provide payment with discounted apartments, offices, stores and parking units, which it began to implement on Saturday. “I bought from the property managers after seeing the ad in the elevator, as I trusted Evergrande for being a Fortune Global 500 company,” said the owner of an Evergrande property in the conglomerate’s home province of Guangdong surnamed Du. “It’s immoral of Evergrande not to pay my hard-earned money back,” said the investor, who had put 650,000 yuan ($100,533) into Evergrande wealth management products (WMPs) last year at an interest rate of more than 7%. That investor is about to learn that in addition to return, there is also risk, a concept almost forgotten in today's world where central banks and authoritarian governments do everything to preserve the "wealth effect" and avoid social unrest resulting from stock price crashes. According to a sales manager of Evergrande Wealth, launched in 2016 as a peer-to-peer (P2) online lending platform that originally was used to fund its property project, more than 80,000 people – including employees, their families and friends as well as owners of Evergrande properties - bought WMPs that raised more than 100 billion yuan in the past five years. Of these investments, some 40 billion yuan are still outstanding, and will likely never be repaid. Last week, Evergrande revealed that even Ding Yumei, the wife of billionaire founder Hui Ka Yan, had bought $3 million of the company’s investment products in a show of support. As the FT adds, Evergrande financial advisers marketed the products widely, including to homeowners in its apartment blocks, while its managers persuaded subordinates to invest, the executives of Evergrande’s wealth management division said. The publication adds that one executive - who spoke during a meeting with angry investors who went to the company’s Shenzhen headquarters to try to get their money back - suggested the products were too high risk for ordinary retail investors and should not have been offered to them. Of course, it is way too late now. "My parents put the bulk of their savings, which is Rmb200,000 and not a lot by Evergrande’s standard, into its [wealth management products],” said the daughter of one investor who asked to be identified by her surname Xu. She said an Evergrande financial adviser stationed in an apartment tower built by the company in central China had persuaded her mother to invest. “They wouldn’t have trusted Evergrande’s wealth products had they not bought the developer’s apartment,” she said. “All they wanted was to ease the financial pressure from buying expensive cancer drugs [for Xu’s mother], nothing else.” Last week, Xu was one of hundreds of people who travelled to Evergrande’s Shenzhen headquarters in hopes of recovering their investment. One investor named Rosy Chen and her husband, an Evergrande employee, invested Rmb100,000 this year in a product with an advertised 11.5 per cent annual return on the urging of one of his superiors. The cash went to “supplement” the working capital of a company called Hubei Gangdun Materials, according to the investment contract. Hundreds of home buyers, retail investors and Evergrande contractors converged on the property group’s Shenzhen headquarters last week seeking repayment. Photo: AFP/Getty “At first we waited, but when we saw we were among the only families in the whole [Evergrande] division not to buy in, we decided to invest too,” said Chen. “We believed Evergrande wouldn’t cheat its own employees.” Remarkably, this hit to Chinese investors and resulting social unrest, comes as a time when China's Xi has launched a renewed pursuit of core Marxism with his "Common prosperity" initiative, which also coincides with China’s years-long effort to deleverage its economy, which has pushed companies to resort to off-balance sheet investments in search of funding. It's why we said recently that what is happening to Evergrande is a symptom of China's great deleveraging campaign, which however for a country with 350% debt/GDP is doomed to fail. The funniest thing about the whole Evergrande fiasco is that it's due to China pretending it can reduce its debt without a crash. Guys, ain't happening: at least the US accepts this and has adopted the idiocy that is MMT to justify perpetual debt increase until it all blows up pic.twitter.com/xdw4F7CTQV — zerohedge (@zerohedge) September 20, 2021 Incidentally China has only itself to blame for the Evergrande crisis. Having allowed unprecedented debt growth for much of the past decade, last year Beijing capped debt levels of property developers last year as part of its "three red lines" policy which limited how much debt growth various tiers of developers can engage in. As a result, the most indebted players like Evergrande - feeling even more pressure to find new sources of capital to ease mounting liquidity stress - ended up moving to the unregulated "shadow banking" market, and turned to employees, suppliers and clients for cash through commercial paper, trust and wealth management products. Evergrande Wealth started to sell WMPs to individuals in 2019 after a regulatory crackdown led to a collapse of the P2P lending sector, said the sales manager and another Evergrande employee who bought the WMPs. To attract investors, the sales manager offered gifts such as Dyson air purifiers and Gucci handbags to each person who bought more than 3 million yuan of WMPs during a Christmas promotion last year. A product leaflet provided by the sales manager seen by Reuters showed the WMPs are categorized as fixed-income products suitable for “conservative investors seeking steady returns”. It was anything but. In an interview with local media, one Evergrande financial adviser said the products were a type of “supply chain finance”. While the money from retail investors may in years past have gone to its suppliers, the Evergrande executives in Shenzhen receiving retail investors said this was no longer the case. Asked about Hubei Gangdun, one of the executives of Evergrande’s wealth management division said that it was just a shell company. “Proceeds from the WMPs have been used to bridge various funding gaps faced by the parent company,” the executive said. “There is no need to thoroughly examine where the money actually went. “Some WMP proceeds were used to repay previous products but sales plummeted, making it difficult for the business model to continue,” he admitted. "Many people . . . might be arrested for financial fraud if investors don’t get paid off,” he said. “Our products were not for everyone. But our grassroots salespeople didn’t consider this when making their sales pitches and they targeted everyone in order to meet their own sales targets.” Translation: Evergrande used not just Ponzi instruments, but unregulated Ponzi instruments, which are now worth nothing. In two products sold last November, a construction company in Qingdao was looking to raise up to 10 million yuan with annualized yield of 7% in one and 20 million yuan with yields ranging from 7.8% to 9.5%, depending on the investment size, in another. Minimum investments were 100,000 yuan and 300,000 yuan, respectively. According to the sale manager, to make its products especially attractive, Evergrande offered additional yield up to 1.8% to certain investors, which would push returns to above 11% for a 12-month investment, an interest rate which in a world of zero rates, indicates funding stress if nothing else. Proceeds were to be used for Qingdao Lvye International Construction Co’s working capital, the documents showed. Repayment would either come from the issuer’s income or from Evergrande Internet Information Service (Shenzhen) Co, a subsidiary that runs Evergrande Wealth and promises to cover the principal and interest if an issuer fails to repay, the prospectus said. The sales manager said the Qingdao company was working on Evergrande projects and would use the payment from Evergrande upon completion to repay investors. “It’s a de-facto Evergrande product,” he said. Other highly leveraged Chinese conglomerates including HNA Group, which declared bankruptcy early this year, and China Baoneng have used similar products. It was the overreliance of China's giant conglomerates on shadow banking - among others - that prompted us back all the way back in 2018 to predict that after HNA and Anbang, Evergrande would fail next. Anbang first, then HNA, Evergrande and Dalian Wanda — zerohedge (@zerohedge) February 23, 2018 Earlier this week, Evergrande said that six senior executives would face “severe punishment” for securing early redemptions on investment products after retail investors were told that they would not be repaid on time. Another big question is whether Evergrande ever included the 40 billion yuan of WMPs among the liabilities on its balance sheet; as the FT notes, the answer "remains unclear." “We expect part of it should be included in the total liabilities . . . however, there was no detailed disclosure in its financial statement, so it is difficult to verify,” said Cedric Lai, a senior credit analyst at Moody’s Investors Service. Nigel Stevenson of GMT Research agreed it was unclear how Evergrande accounted for the WMPs. “Once the lid is lifted on its financials, it’s possible more horrors will be discovered,” he said. In a petition to various government bodies, a group of WMP investors in Guangdong accused Evergrande of inappropriately using money that should have gone to the issuers to fund its own projects, and not sufficiently disclosing the risks. They also complained that they were misled by the stature of its chairman, Hui Ka-yan, noting that he was seated prominently during a 2019 celebration of the 70th anniversary of the founding of the People’s Republic of China. “The investors trusted Evergrande and bought Evergrande’s WMPs out of our love for and faith in the Party and government,” they wrote. Tyler Durden Tue, 09/21/2021 - 11:10.....»»

Category: blogSource: zerohedge22 hr. 50 min. ago

I Tried Lab-Grown Fish Maw. Here’s Why It Could Help Save Our Oceans

I’m an avid surfer and a certified scuba diver, and spending so much time in the water means that I’m keenly aware of the impact that human activity is having on the ocean ecosystem. It sometimes feels like it’s more common to see plastic bags in the water than sea life. So, I was excited… I’m an avid surfer and a certified scuba diver, and spending so much time in the water means that I’m keenly aware of the impact that human activity is having on the ocean ecosystem. It sometimes feels like it’s more common to see plastic bags in the water than sea life. So, I was excited this week to try lab-grown fish—a new product that could help address at least one major problem facing the world’s oceans: over-fishing. Hong Kong-based Avant Meats offered a public tasting of cultivated fish, which its scientists had grown in their laboratory using the cells of real fish. [time-brightcove not-tgx=”true”] Startups around the world are racing to raise money to commercialize cultivated animal protein—ranging from beef to kangaroo. While lab-grown beef might help offset carbon emissions and reduce animal cruelty, the rollout of cell-based fish protein, shellfish and other seafood could be an important innovation to protect the ocean’s incredible biodiversity. One of ‘four treasures’ of Chinese cuisine Avant Meats has a unique approach to its lab-grown seafood business. Not content to just mass-produce lab-grown fish fillets, it has focused on developing prized delicacies, especially fish maw. Fish maw, sometimes referred to as the swim bladder, is an organ that helps a fish control its buoyancy. It’s considered one of the “four treasures” of Chinese cuisine. (The others are abalone, sea cucumber and shark’s fin, the consumption of which has caused shark populations around the globe to plummet). “We are the first company working on cultivated fish in Asia,” says Carrie Chan, the co-founder and CEO of Avant Meats. “We wanted to do something very emotionally connected with the people in this part of the world.” Aria Chen and Abhishyant Kidangoor–TIMEAvant Meats fish maw in a soup on Sept. 14, 2021. Fish maw is mostly eaten on special occasions; I tried it years ago at a friend’s wedding banquet dinner. Fish maw itself doesn’t have a strong flavor. Instead, it tends to pick up the flavors it’s cooked in. The yellow croaker fish maw in the soup chef Eddy Leung had prepared for us on Tuesday tasted similar. It had a spongey, chewy texture. “The texture is similar to the real fish maw before it’s cooked…It is sticky, it has gelatin,” says Leung. “But when you eat it, it doesn’t yet have the kind of stickiness the real ones do.” Avant Meats also let us sample a cultivated fish fillet, derived from a grouper. As a former vegetarian, I’m still squeamish about eating living things. But I didn’t feel guilty about eating meat that was never actually a living, swimming fish. The fillet tasted like the real thing, but it still has a way to go. Instead of flaking like real fish, it had a starchier consistency, more like gnocchi. To make the food we tried, the company took cells from a real fish, fed them nutrients and incubated them until they began to replicate. Some of those cells were then placed on what’s called scaffolding—plant-based materials that give the cells shape as they grow. Read More: Why This Year Is Our Last, Best Chance for Saving the Oceans Scaling up production, scaling down cost One of the biggest challenges facing cell-based companies is that, like most new technological developments, it’s really expensive to produce. It initially cost Avant Meat around $900 to produce a pound of lab-grown fish. The company has already brought its cost down to about $70 per pound, and Chan believes Avant can reduce its costs to $14 to $18 per pound in the next 12-18 months as production scales up. “The key is: Can you produce enough fish from cellular production that you displace wild capture or traditional or conventional farmed fish?” Arlin Wasserman, the founder of the sustainable food consultancy Changing Tastes, tells me. This is where focusing on fish maw and other high-end ingredients could make lab-grown seafood economically viable faster. A bowl of fish maw soup in a nice restaurant in Hong Kong costs around $30, while braised fish maw at the city’s three Michelin star Lung King Heen restaurant costs around $470. Read More: The World’s Oceans Are in Trouble. And So Are Humans, Warns U.N. Report Over-fishing crisis If cell-based seafood takes off, it will be good news for the world’s oceans. More than 30% of stocks are now being fished at biologically unsustainable levels, according to the Food and Agriculture Organization of the United Nations (FAO). Massive quantities of unwanted fish and other creatures like sea turtles and dolphins are accidentally captured while fishing for species meant for human consumption. Fish maw has had especially devastating ripple effects. The swim bladder of the totoaba fish, native to Mexico, is especially prized; it’s sometimes referred to as the “cocaine of the sea” for its astronomical prices. Totoaba fishing was banned in 1975, but illegal gillnets are still common. They also ensnare vaquitas, the world’s smallest porpoise. Now, it’s estimated that there are only nine vaquitas left in the world. Avant Meats’ innovation could help relieve the pressure that growing demand for rare delicacies has put on ocean habitats all over the world. Texture aside, I’m excited to see cell-based meats getting closer to becoming a reality. Avant Meats’ concept will be put to the test very soon. At a time when most companies are still working to bring their products to consumers, Avant Meats plans to sell its first products to the public sometime next year. The company is also working on a fish-based ingredient to be used in skincare products, and it plans to branch out into other meat, including sea cucumber, soon. —With reporting by Aria Chen / Hong Kong.....»»

Category: topSource: timeSep 21st, 2021

September Lull Lingers: 5 Best Inverse/Leveraged ETFs of Last Week

Wall Street replicated the week before and ended on a negative note last week too. Wall Street replicated the week before and ended on a negative note last week too. This strengthened the worth of the adage that September is historically the worst month of the year for stocks. The S&P 500, the Dow Jones and the Nasdaq Composite lost about 0.6%, 0.07% and 0.5%, respectively. The S&P 500 is on its way toward its first monthly decline since January. The Russell 2000 only added 0.42% last week.Consumer sentiment missed estimates in early September and hovered near a decade-low as concerns over inflation lingered. Notably, September has an ill reputation for the stock market. According to moneychimp.com, a consensus carried out from 1950 to 2020 revealed that September ended up offering positive returns in 32 years and negative returns in 39 years, with an average return of negative 0.62%, which is worse than any other month.However, last week was not extremely downbeat on every ground as the oil sector surged and the retail sales bounced back. U.S. retail sales gained 0.7% sequentially in August 2021, following an upwardly revised 1.8% drop-off in July and breezing past market expectations of a 0.8% decline, as demand for goods remained strong despite the surge in cases of the Delta variant of Covid-19. Back-to-school shopping and child tax credit payments from the government are deemed to be the drivers, per Reuters (read: August Retail Sales Shine: ETFs & Stocks to Win).Oil prices also staged a rally courtesy of ahost of factors. Most recently, an industry data showed a larger-than-expected drawdown in U.S. crude stockpiles. Also, expectations of higher demand thanks to growing vaccine distribution along with a still-dovish Fed boosted hopes of higher oil consumption. Brent hit its highest levels since late July and WTI since early August, per CNBC(read: Sector ETFs to Benefit/Lose as Oil Crosses $70).“The impact of Hurricane Ida was a lot greater than many anticipated and production in the Gulf of Mexico region might struggle to return until Tropical Storm Nicholas is done punishing the region with torrential rain,” said Edward Moya, senior analyst at OANDA, as quoted on CNBC.There was another big event last week. President Biden always had plans for tax hikes. In line with that plan, House Democrats drew a host of tax hikes on corporations and wealthy people to finance the costs associated with the social safety net and climate policy that could touch as much as $3.5 trillion (read: Tax Hike in the Cards? ETFs in Focus).The plan demands top corporate and individual tax rates of 26.5% and 39.6%, respectively, according to a summary released by the tax-writing Ways and Means Committee, as quoted on CNBC. The proposal includes a 3% surcharge on individual income above $5 million and a capital gains tax of 25%.Against this backdrop, below we highlight a few inverse/leveraged ETFs that were the winning ones last week.ETFs in Focus Microsectors U.S. Big Oil Index 3X ETN NRGU – Up 12.84%As oil prices rallied, leveraged energy ETFs gained last week. The fund follows the equal-dollar weighted Solactive MicroSectors U.S. Big Oil Index that provides exposure to the 10 largest U.S. energy and oil companies.FTSE China Bear 3X Direxion (YANG) – Up 12.58%Chinese equities have been under pressure for quite some time.  The China government’s crackdown on various sectors, especially technology, has weighed on it. Last week witnessed China’s property market bubble. Investors received a news that China Evergrande Group, the largest property company in the world in 2018, is set to miss interest payments on bank loans due on Sep 20. The fund follows the FTSE China 50 Index, which consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange.Ultrashort Silver ETF ZSL – Up 12.30%The U.S. dollar rose last week. This probably weighed on the precious metals. The ProShares UltraShort Silver seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance the Bloomberg Silver Subindex.Ultrashort MSCI Brazil Capped ETF BZQ – Up 7.18%Brazil's real currency and stocks dropped sharply last week. Global growth worries amid a renewed virus threat recently weighed on the risk sentiment. The ProShares UltraShort MSCI Brazil Capped seeks daily investment results, before fees and expenses, that correspond to two times the inverse of the daily performance of the MSCI Brazil 25/50 Index.Microsectors Gold Miners -3X ETN GDXD – Up 6.41%The MicroSectors Gold Miners -3X Inverse Leveraged ETNs is linked to a three times inverse leveraged participation in the performance of the S-Network MicroSectors Gold Miners Index. Gold prices have also been a victim of Fed’s taper talks and the resultant rise in the greenback. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ProShares UltraShort Silver (ZSL): ETF Research Reports ProShares UltraShort MSCI Brazil Capped (BZQ): ETF Research Reports MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU): ETF Research Reports MicroSectors Gold Miners 3X Inverse Leveraged ETNs (GDXD): ETF Research Reports To read this article on Zacks.com click here......»»

Category: topSource: zacksSep 21st, 2021

Fathom Realty Expands Leadership Team

Fathom Realty recently announced several additions to its leadership team: Claire Addison District: Greater Albuquerque, New Mexico Addison relocated from Hawaii to practice law and real estate in New Mexico. She is a highly experienced REALTOR® in estates, investment, residential and trust properties. She enjoys helping families who are upsizing or downsizing and first-time homebuyers. […] The post Fathom Realty Expands Leadership Team appeared first on RISMedia. Fathom Realty recently announced several additions to its leadership team: Claire Addison District: Greater Albuquerque, New Mexico Addison relocated from Hawaii to practice law and real estate in New Mexico. She is a highly experienced REALTOR® in estates, investment, residential and trust properties. She enjoys helping families who are upsizing or downsizing and first-time homebuyers. Her goal is to provide valuable advice, market data and problem solving that results in successful outcomes. Addison looks forward to growing Fathom Realty’s presence in New Mexico by attracting the most capable agents and supporting their dreams and goals. Andres Aviles Greater Collin County – Southwest, Texas One of Fathom’s youngest district directors, Aviles, was inspired to pursue real estate and establish his career shortly after college. After just five years in the industry, Aviles has shown strong leadership and team-building skills that align with Fathom’s servant-based leadership mentality and culture, according to the company. He hopes to bring together a community based on trust, authenticity and transparency. Aviles caters to Spanish and English-speaking clients and specializes in assisting first-time home buyers, new construction projects and land purchases. Melissa Gibbens District: Southwest Missouri (Springfield/Joplin) Gibbon’s husband of 26 years is a general contractor who gave her the nudge to start a real estate career. With professional experience in customer service, Gibbens prides herself on focusing on serving the needs of her clients. She began her real estate career 16 years ago, focusing on new construction sales. As her career evolved, Gibbens became a specialist in another area, CAFO or concentrated animal feeding operation sales. She is proud to support rural America and the farmers that feed the U.S. Wendy Holcomb District: Greater Collin County – East, Texas Holcomb serves the Collin County East district in the Dallas/Fort Worth area in Texas. She brings a mix of investment banking and a legal background into her work in real estate. Holcomb is a Fathom Mentor and enjoys guiding, teaching and serving other agents. Julian Jacksonlt District: Greater Southwest San Antonio, Texas Originally from Atlanta, Georgia, Jackson earned degrees in Information System Technology and Psychology and was accepted to flight school as an Army helicopter pilot. He later became an Army instructor pilot training new Army flight students where he was voted the outstanding instructor of the flight in the  overwhelming majority of classes that he taught. After moving to San Antonio in 2003, Jackson went on to train Air Force officers in logistics readiness and attained his Master Instructor certification the following year with over 3000 hours on the podium. While still serving in the military, Jackson earned his license as a loan officer in 2006 and shortly after opened Paradigm Institute Loan Officer and Mortgage Broker Training School. He wrote and taught one of the highest first-time pass rate courses in the state of Texas. Thirteen months later he would open his own mortgage branch of Southwest Funding. Wendy Lahn District: East Central Minnesota Lahn has been in the real estate business collectively for 29 years. She has worked solo and in big brick-and-mortar offices but recently joined Fathom Realty to expand the brokerage into Minnesota. Lahn has achieved the Graduate REALTORS® Institute (GRI), Certified Residential Specialist (CRS) and the ePro designations from the National Association of REALTORS®. Rachel Mann District: Greater Denton County – Southwest, Texas Mann has been a licensed REALTOR® in the State of Texas since 2016. Her passion for the industry includes mentoring, investing and working with custom builders. Mann’s experience and her industry connections help to ensure each transaction is handled with the utmost importance and professionalism Janet Mitchell District: Greater Collin County – Northwest, Texas Mitchell has been in the real estate industry for over 15 years. In addition to her real estate experience, she spent ten years as a sales director in a major cosmetic company helping consultants build successful businesses. Mitchell’s passion for assisting people to achieve their dreams and become a better version of themselves in the process is the driving force in all that she does. Rhonda Ryals District: Tampa, Florida In 2017, Ryals embarked on her journey into the world of real estate and never looked back! First, she began her career working in an apprenticeship role. The next step, to venture as a solo agent, was a natural progression for Ryals. Cindy Woyak District: Boise/Twin Falls, Idaho; State Broker Woyak has been a principal broker for many years, leading small and large brokerages, and teaching thousands of agents across the state of Idaho. As a new member of the Fathom family, she is excited to continue raising the bar in our ever-changing industry. For more information, please visit www.fathomrealty.com. The post Fathom Realty Expands Leadership Team appeared first on RISMedia......»»

Category: realestateSource: rismediaSep 21st, 2021

NASDAQ Higher for Fifth Straight Day as Stocks Rally in Final Hour

NASDAQ Higher for Fifth Straight Day as Stocks Rally in Final Hour Thankfully, there was no repeat of last Thursday’s brutality in today’s session, as stocks rallied into the close and now have a great chance to post their third positive week in the past four. The NASDAQ stretched its winning streak to five days after advancing 0.33% (or about 32 points) to 9943.05. The S&P also inched out an advance of 0.06% to 3115.34. The Dow couldn’t follow its counterparts onto positive ground, but it did cut the day’s losses to only about 39 points from approximately 270 points earlier. The index was off 0.15% to 26,080.10. That’s quite the improvement from last Thursday’s plunge of 6.9%, or 1861 points! Stocks remain concerned about the increase in coronavirus cases in several states and China as these places try to reopen and get back to normal. However, we’re not seeing the frantic rush to the exits like earlier in the year. At the moment, the market is more concerned about losing momentum on the reopenings than the virus itself. Since its Thursday, we received the weekly jobless claims. The good news is that the downward trajectory of the past two-and-a-half months continued, as the nearly 1.51 million claims were lower than the previous week’s 1.54 million. But that’s still an ugly number and marks only a small improvement. Plus, it fell short of expectations at only 1.3 million claims. It’s especially frustrating because we’ve been getting some good economic numbers of late, including last month’s surprise employment situation report and the sharp rise in retail sales from earlier this week. Still, the market remains hopeful that we’ve seen the worst of this pandemic and that we’re in the beginning stages of a vibrant recovery. It also hopes that we can have a strong finish to the week tomorrow. The NASDAQ, which hasn’t seen a negative close in the past five days, is up 3.7% for the week heading into Friday. Meanwhile, the S&P and Dow are up 2.4% and 1.9%, respectively. Today's Portfolio Highlights: Counterstrike: Buyers finally stepped in and pushed Spotify (SPOT) to all-time highs, which gave Jeremy a perfect opportunity to sell half of this successful position and pocket a 39.2% return in a little over a month. But this stock isn’t done. The editor is holding onto the other half because SPOT seems poised to hit $260. The portfolio also sold half of the volatile Teladoc (TDOC) position for an 8.9% return in a little under two months. Meanwhile, Jeremy also doubled down on natural and organic foods company United Natural Foods (UNFI). Shares dropped after an EPS shortfall in its most recent report, but the stock is still a Zacks Rank #1 (Strong Buy). In fact, a deeper dive shows a company that has plenty of positives. Therefore, this could be a classic counterstrike situation with a stock that’s set to bounceback after an unnecessary dip. The editor originally added UNFI with a small 5% allocation in late May… and he added another 5% on Thursday. Read the full write-up for more on all of today’s moves. By the way, SPOT was one of the best performers today with a gain of 12.7%, while Zscaler (ZS) also made the top five with a rise of 6.5%. Technology Innovators: Taking profits is part of having a successful portfolio, so Brian decided to cash in three of his best positions on Thursday since no one knows what’s around the next corner. He sold ACM Research (ACMR) for a 73.5% return in two months, Elastic N.V. (ESTC) for a 43% profit in less than two months and Cirrus Logic (CRUS) for 20% in about 10 months. But the editor also added today. He picked up EVO Payments (EVOP), a Zacks Rank #2 (Buy) payments service provider for merchants. The company has a great earnings history with four straight beats and an average surprise of 31% over that time. Make sure to read the complete commentary for specifics on all of today’s moves. Surprise Trader: A nice move higher today from portfolio position Commercial Metals Company (CMC, +5.6%) has Dave looking to add another infrastructure name. Therefore, he picked up Schnitzer Steel (SCHN), which is one of the largest metal recycling businesses in the country. The company beat by more than 29% in its last report and should be going to the plate again next week if history is any guide, though there still isn’t a confirmed date. Nevertheless, SCHN has an Earnings ESP of 17.65% for the upcoming release, while next year’s EPS growth is slated at 435%. SCHN was added on Thursday with a 12.5% allocation. The editor also decided to sell the rest of Covetrus (CVET) for a solid 62.3% return in a little over a month. See the full report for more on today’s moves. Commodity Innovators: We’re still waiting for the oil recovery, but Jeremy isn’t going to just sit back and twiddle his thumbs in the interim. Instead, he bought one of the largest energy companies in the world on Thursday to take advantage of the bounce back. Exxon Mobil (XOM) is a $200 billion company and it pays a nice 7% dividend, which means the portfolio will be making money while it waits. Shares of XOM have found support at the 50-day after pulling back more about 15% from its highs. Obviously, you can consider this a long-term play. The editor also shed some underperformers today by selling United States Natural Gas ETF (UNG) and Teucrium Wheat ETF (WEAT). Read the full write-up for more. Home Run Investor: Rising coronavirus cases in certain parts of the country may explain why shares of online marketplace Fiverr International (FVRR) have surged. In fact, it’s jumped so high that Brian thinks its time to take the profits. Therefore, FVRR was sold on Thursday for an impressive 178.7% return in only two-and-a-half months! And while he’s in a selling mood, the editor also got out of SpartanNash (SPTN) for a slight gain and DSP Group (DSPG) for a slight loss. Now there are several open positions in the portfolio, so get ready for more buying in the days ahead. Healthcare Innovators: With the market refusing to selloff despite being overbought, Kevin doesn’t want to wait around anymore with Alnylam Pharmaceuticals (ALNY). This development-stage biopharmaceutical company is focused on the development of novel therapeutics based on RNA interference, which puts it at the forefront of groundbreaking science. The portfolio already pulled a 68% return from ALNY earlier this year. Some analysts are cautious about its valuation right now, but Kevin thinks the risks are a bit over-rated and decided this was a good spot to enter. The editor also started a small position in Anavex Life Sciences (AVXL), an emerging biopharma name that targets treatments for cancer and neurological diseases. Now this one IS considered to be highly speculative, especially since its too small for coverage from major Wall Street research houses. However, it’s a Zacks Rank #2 (Buy) and is making progress with some innovative products in its pipeline. Get all the specifics on these new buys in the full write-up. One more thing, this portfolio had a top performer in the session as a solid biotech space helped Editas Medicine (EDIT) rise 8.6%. All the Best, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Stocks Slip on Apple News, but Stay Positive for the Week

Stocks Slip on Apple News, but Stay Positive for the Week Everything was moving along nicely on Friday until Apple said it would be re-closing stores in a handful of states. Stocks took a turn for the worse after the announcement, but still easily secured their fourth positive week in the past five. The NASDAQ now has a 6-day winning streak and advanced 3.7% for the week. Meanwhile, the S&P was up 1.9%, while the Dow advanced 1% over the past five days. It’s a solid reversal from last week’s sharp step back, which was brought about by the epic June 11th selloff that saw all indices plunge by more than 5% and the Dow drop over 1860 points. However, this week’s advance didn’t get any help from Friday’s session. The big blow was Apple (AAPL) announcing that it would re-close 11 stores in Florida, Arizona, North Carolina and South Carolina. These states have seen sharper rises in coronavirus cases than most. The news really hit the market right in the gut, since its main concern right now is that an increase in cases could impact or completely stop the economic reopenings and jeopardize the recovery. The S&P’s first rebalancing of the year and quadruple witching also added to the volatility today. The NASDAQ managed to keep its winning run alive… but only by the slimmest of margins. The index rose 0.03% (or about 3 points) to 9946.12. But it still counts! Unfortunately, the other indices couldn’t follow on Friday. The Dow slipped 0.80% (or about 208 points) to 25,871.46, while the S&P was off 0.56% to 3097.74.   So we’re back to watching the daily count of coronavirus cases, which we knew was necessary once the states started to reopen. But this time we’re better prepared to deal with the sickness and, most importantly, are keeping relatively calm unlike earlier this year. Let’s just keep our masks on and continue moving forward…   Today's Portfolio Highlights: Options Trader: There’s a lot of innovation in the biotech sector right now, both in fighting the coronavirus and in treating a countless number of other diseases and disorders. In fact, it’s difficult for investors to pick just one or two names. However, Kevin found a way to play the whole sector. On Friday, the editor added a few bull call spreads in S&P Biotech ETF (XBI), which tracks the S&P Biotech Select industry and has holdings in Moderna (MRNA), Regeneron (REGN), Biomarin (BMRN), Vertex (VRTX) and Gilead (GILD), among many others. The portfolio bought to open 3 Oct 107.00 Calls AND sold to open 3 October 115.00 Calls. If XBI can climb a little more than 7% from here by the mid-October expiration, then these spreads will bring a return of 122%. Read the full write-up for more specifics on these spreads.  Blockchain Innovators: The additive manufacturing industry has been coming around to blockchain for a while now to provide greater security during the 3D printing process. Stratasys (SSYS) is already using the technology with its products, which piqued Dave's interest right from the start. The editor also likes that earnings estimates are finally turning higher and that there's plenty of ground to recover before reaching recent highs above $29. Plus, next year's revenue growth is forecast to come in at 12.14%, while EPS is set to grow 164.1%. Dave likes what he sees with SSYS and added the stock to the portfolio on Friday. Read the full write-up for more.   Home Run Investor: The portfolio shed a lot of names this week, including a triple-digit profit in Fiverr International (FVRR) yesterday. Therefore, Brian will be adding a few positions in the coming days, which he started on Friday by picking up Rambus (RMBS). This chip stock doesn’t have the best earnings history, but the editor is most interested with its rising earnings estimates. In fact, RMBS is a Zacks Rank #2 (Buy). It also has a great valuation and achieved revenue growth of 32% in its most recent quarter. Read the full write-up for more on this new pick. Insider Trader: "What will the consumer do? It's unlikely that the US consumer will go back to the severe restrictions and full lockdown we saw in April this summer. Even if some states have outbreaks, it will be a more select shutdown and restrictions. "That's good news for the US economy. The key is getting as many people back to work as possible in travel and the restaurant industries. "There will also still be another big stimulus package coming before August. There's still ongoing debate as to what will be in it. But it should provide another boost to the economy, which should help with some of the set-backs that are going to be inevitable. "Even with stocks trading near highs, our strategy remains unchanged: don't fight the Fed (or Congress)." -- Tracey Ryniec Have a Great Weekend! Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

S&P, NASDAQ Each Gain Over 1% to Keep the Records Coming

S&P, NASDAQ Each Gain Over 1% to Keep the Records Coming Another strong performance from tech kept the NASDAQ and S&P on their record-breaking paces Wednesday, while the Dow also closed higher after snapping a three-day winning streak yesterday. All of the FAANGs were solidly higher in the session, especially Netflix (NFLX, +11.6%) and Facebook (FB, +8.2%). Amazon (AMZN) and Alphabet (GOOG) were both up nearly 3%, while Apple (AAPL) rose about 1.4% following a rare decline for the $2 trillion company on Tuesday. As a result, the NASDAQ easily outperformed its counterparts by rising 1.73% (or just under 200 points) to 11,665.06. Meanwhile, the S&P jumped 1.02% to 3478.73. The NASDAQ has now made history for five straight days, while the S&P has put together four consecutive record highs. One of the biggest stories on Wednesday, though, was software company  salesforce.com (CRM), which soared 26% after beating second-quarter expectations and raising its revenue guidance. Remember that CRM will be joining the Dow on Monday. Speaking of the Dow, the index advanced 0.30% (or about 83 points) to 28,331.92. It has now been up in four of the past five days. We also enjoyed some good news outside of technology and salesforce. Moderna (MDRA) released encouraging results for its coronavirus vaccine, sending the stock higher by 6.4%. In addition, durable goods orders surged over 11% in July, which easily beat expectations and marked three consecutive months of gains. Now, we’re gearing up for Fed Chair Jerome Powell’s statement at the virtual Jackson Hole conference  tomorrow. It seems like he will be outlining a shift in policy designed to increase inflation. It was a week ago today that the market reacted negatively to a cautious tone in the Fed minutes, in which Powell warned that the pandemic could impact the economy’s near and medium terms. So it’ll be interesting to hear what Mr. Powell has to say, but even more interesting to see how this exuberant market reacts. Today's Portfolio Highlights: Home Run Investor: It’s always great to find a company with huge EPS estimate increases and a good valuation. Well, that’s exactly what Brian added on Wednesday with Griffon Corporation (GFF). This diversified play has 3 major business lines, including tools & home storage; garage & rolling steel doors; and surveillance & communications products. The company beat earnings expectations in each of the last four quarters with the most recent report surprising by a hefty 391%. The editor was extremely impressed with its margin expansion and the upward estimate revisions for this year and next, which explains why GFF is a Zacks Rank #1 (Strong Buy). It also has a “super cheap” 15x forward earnings and a 2.1x book. Meanwhile, the portfolio sold Meridian Bioscience (VIVO) and The Lovesac Company (LOVE) today with the former bringing in a return of more than 10%. Read the complete commentary for a lot more on these moves. By the way, Dynatrace (DT) advanced 8.75% in the session, which was one of the best performing stocks of the day. Insider Trader: Who doesn’t like new buys? Tracey wanted some fresh picks in the portfolio, so she added two names on Wednesday. Apple Hospitality (APLE) is a hotel REIT, so it is obviously a recovery play. However, the important thing here is that nearly all of its properties are outside urban areas, which are having a tougher time with this pandemic. This month has seen three insiders pick up shares. The other buy is Coeur Mining (CDE), which operates gold and silver mines in North America. Shares are up 62% over the past year, but that hasn’t stopped a director from buying several times throughout the year, including earlier this month. The editor added APLE and CDE today with about 9% allocations each. She also sold the underperforming Sally Beauty (SBH). Read the full write-up for tons more info on today’s moves. Large-Cap Trader: There doesn’t have to be a deeper meaning behind every portfolio change. Case in point, John swapped out three positions on Wednesday simply to “put up some new, mostly tech names, and take some tech profits”. He sold Akamai Technologies (AKAM) for a 9.6% return, Microchip Technology (MCHP) for a profit of 5.8%, and Pentair (PNR) brought in 6.3%. The new buys that filled these spots were: • Applied Materials (AMAT) • KLA Corp. (KLAC) • Halliburton (HAL) All of these stocks are Zacks Rank #2s (Buys). AMAT and KLAC are both chip names that have been in the portfolio before, while HAL is an oilfield services giant that’s a play on the rebounding domestic energy sector. Read the full write-up for a lot more on all of today’s moves. Surprise Trader: At a time of social distancing, the safest vacations involve activities like camping, fishing and hunting. That’s good news for a company like Sportsman’s Warehouse (SPWH), which is a Zacks Rank #2 (Buy) outdoor sporting goods retailer that hasn’t missed earnings since May 2019. It beat by more than 116% last time and has a positive Earnings ESP of 25.81% for the quarter being reported after the bell on Wednesday, September 2. Expectations of 31 cents suggest year-over-year improvement of more than 138%. Dave added SPWH on Wednesday with a 12.5% allocation, while also selling Autohome (ATHM) for a slight loss. Read the full write-up for more on today’s moves. All the Best, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Strong Start to the Week as Stocks Jump Over 1%

Strong Start to the Week as Stocks Jump Over 1% SPECIAL ALERT: The latest episode of the Zacks Ultimate Strategy Session will be available for viewing no later than this Wednesday, September 16. Kevin Matras, Kevin Cook, Dan Laboe, Ben Rains and Sheraz Mian will cover the investment landscape from several angles in this informative event. Don’t miss your chance to hear: • Ben and Dan Agree to Disagree on market valuation - is it still overvalued after this correction? Or is it harder to compare because of historically high valuations and a different interest rate environment? And does this tech-driven rally play a part? • Kevin Matras answers your questions in Zacks Mailbag • Sheraz and Dan choose one portfolio to give feedback for improvement • And much more   So be sure to mark your calendar then log on to Zacks.com and bookmark this page. The market just took a great first step toward ending its two-week losing streak, as each of the major indices jumped by more than 1% to kick things off on Monday. Technology hasn’t been so cool lately, as we finally saw the pullback that many investors were waiting for. The NASDAQ plunged by more than 4% last week and over 3% the week before that. But on Monday the index was once again leading the way with a surge of 1.87% (or about 203 points) to 11,056.65. Interestingly, only one of the FAANGs were positive in the session, but it just so happened to be Apple (AAPL) gaining a very solid 3% after seeing a double-digit plunge since its stock split. Meanwhile, the S&P rose 1.27% to 3383.54 and the Dow advanced 1.18% (or about 327 points) to 27,993.33. These indices are coming back from a week that saw declines of 2.6% and 1.7%, respectively. You know it’s probably going to be a good day when we get some encouraging vaccine news. The market loves to hear any type of progress on this front, such as AstraZeneca's resumption of Phase III trials in the U.K. after a short delay (though the candidate is still on hold here in the U.S.). It was also nice to talk about a few deals on Monday, including Oracle’s (ORCL, +4.3%) partnership with TikTok’s U.S. business and NVIDIA’s (NVDA) plan to buy Arm Holdings from SoftBank for $40 billion (more on that below). Looking forward, the Fed could have a say in whether the market breaks this two-week skid. The Committee meets on Tuesday and Wednesday with Chair Powell speaking on the second day. Nobody expects a change in interest rates, but there doesn’t have to be any such action to have an impact.   The market dropped last month when the Fed minutes warned that the pandemic could “weigh heavily” on the economy, but then advanced just a week later when Powell outlined a new policy for inflation that will keep rates historically low for even longer than originally expected. So it was a nice start to the week, but there are four days left and some big comments from the Fed coming up. Today's Portfolio Highlights: Stocks Under $10: This portfolio had no exposure to the metals & mining space when the day began, but Brian quickly took care of that problem by adding Hecla Mining (HL) in the morning. This Zacks Rank #2 (Buy) is primarily a miner in the silver space and will further help to diversify the service. As its strong Zacks Rank attests, earnings estimates are on the rise for this year and next. But the editor also noticed a “huge turnaround” in margins, which could be a great thing for the stock price if it continues. Read the complete commentary for a lot more on today’s addition of HL… and be ready for more moves tomorrow. By the way, Maxar Technologies (MAXR) jumped nearly 10.6% on Monday, which was one of the best performers of the day among all ZU names.  Surprise Trader: Shares of H.B. Fuller (FUL) are well off their coronavirus lows, but have yet to reach the highs seen earlier this year. Dave sees potential in such a situation, especially for a Zacks Rank #2 (Buy) that beat by nearly 26% last time. Looking forward, this specialty chemical company has a positive Earnings ESP for its next report, which comes after the bell on Wednesday, September 23. The editor added FUL on Monday with a 12.5% allocation, while also selling Eaton Vance (EV). Read the full write-up for more on today’s moves and be ready for another addition later this week.  TAZR Trader: One of the big stories on Monday was NVIDIA (NVDA) announcing its plan to buy Arm Holdings from SoftBank for approximately $40 billion. One analyst said this deal creates a “landscape-changing entity”. Though Kevin loves NVDA and its groundbreaking graphics chips, he calls this combination “a tantalizing but probably unrealistic quest”. It’s already drawing a quick backlash in the chip industry and will have to face a “gauntlet of regulators”. And even if it gets through all that, it would be one to two years before its finalized. Therefore, the editor trimmed some of his beloved NVDA position today for a nearly 140% return in about 6 months! Read the complete commentary for tons of analyst comments on this deal. Black Box Trader: The portfolio changed half of its positions in this week’s adjustment and cashed in a double-digit winner along the way. The stocks that were sold today included: • Berry Global (BERY, +10.7%) • Owens Minor (OMI, +1,2%) • Sportsman’s Warehouse (SPWH) • Lumber Liquidators (LL) • Vista Outdoor (VSTO) The new buys that filled these open spots were: • BMC Stock Holdings (BMCH) • DaVita (DVA) • Tapestry (TPR) • Target (TGT) • TRI Pointe Group (TPH) Read the Black Box Trader’s Guide to learn more about this computer-driven service designed to take the emotion out of investing. All the Best, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

NASDAQ Rises More Than 1% to Begin October

NASDAQ Rises More Than 1% to Begin October New Zacks Feature: ASK ALEXA Now call out a stock name or ticker. Alexa will give you its latest Zacks Rank and price. Also hear daily additions to and deletions from the services you follow. For easy directions on starting Zacks on Alexa, click here >> Nobody knows yet if October will look more like September or the positive five months that preceded it. But we DO know that it got off to a good start on Thursday. Not only did the major indices all move higher to kick off the new month, but the NASDAQ led the way. The index saw the biggest drop in September by losing approximately 5.4% as technology fell out of a favor when uncertainty began to rise. But today it was up 1.42% (or nearly 160 points) to 11,326.51. The FAANGs were all higher with Netflix (NFLX, +5.5%) out front and Apple (AAPL, +0.85%) lagging behind. The index easily outperformed its counterparts. The S&P rose 0.53% to 3380.80, while the Dow advanced 0.13% (or about 35 points) to 27,816.90. The latter index had been higher by more than 200 points earlier in the day. The S&P and Dow slipped approximately 4% and 2.3%, respectively, in September. However, all of the indices saved face with gains in four of the month’s final five sessions. If there’s going to be some new stimulus before the election, then it would have to happen in the discussions between Speaker Pelosi and Treasury Secretary Mnuchin. So far there’s nothing… but they’re still talking! All we’re hearing is that the talks have been somewhat productive, but they’re still far away from an agreement. The market will be paying close attention to these talks and hope the leaders can come up with some compromise to help the economy. Speaking of the economy, it’s managing to hold up rather well all things considered. The ISM Manufacturing report came in at 55.4 for September, which is down a bit from the previous month’s 56 but remains solidly in expansion territory (over 50). Meanwhile, jobless claims last week were still very high at 837,000, but that was an improvement on the previous week’s 850K and better than expectations. It was also the fifth straight month under 1 million. We all know what happens tomorrow! It’s the Government Employment Situation report. Let’s see what happens…  Today's Portfolio Highlights:  Blockchain Innovators: Sometimes Dave has to explain how a certain company is involved with blockchain. But when the issue is wire transfers and other processing services, the use of this technology is rather obvious. Therefore, International Money Express (IMXI) is a pure blockchain play, especially considering its recent partnership with Ripple for use of its On-Demand Liquidity product. IMXI is a Zacks Rank #1 (Strong Buy) and usually rather expensive, but a recent secondary offering has taken a toll on shares. Dave jumped at this opportunity to buy the stock at an attractive price with plenty of running room ahead. Read the complete commentary for a lot more on today’s addition. In other news, this portfolio had two of the top performers among all ZU names today with Camtek (CAMT) jumping 17.6% and Exp World Holdings (EXPI) rising 13.1%.  Technology Innovators: The plan for this portfolio is to be fully invested before the election, so Brian got started today by adding Jabil (JBL). This electronic manufacturer beat by 48% in its most recent report, which marked its third beat in the past four quarters and brought its average surprise over that time to 13%. Rising earnings estimates have made JBL a Zacks Rank #1 (Strong Buy). The editor “loves” its valuation. Not only does the stock have an 8.5x forward earnings multiple and a 2.8x book, but it also enjoys double-digit topline growth of 11%. If margins improve, then Brian thinks JBL’s EPS multiple could double. Read the full write-up for more on today’s addition. Surprise Trader: Over the past 14 quarters, Helen of Troy (HELE) has beaten earnings expectations 13 times and matched once. In other words, it hasn’t missed in all that time… and Dave thinks that record will continue in the report coming before the bell on Thursday, October 8. The cosmetics company beat by more than 61% last time and has a positive Earnings ESP of 0.73% for the upcoming release. The editor added HELE on Thursday with a 12.5% allocation, while also selling H.B. Fuller (FUL). See the complete commentary for more on today’s moves. Insider Trader: In addition to beating on the top and bottom lines in its second-quarter report, Bed Bath & Beyond (BBBY) also announced its first same-store sales growth since 2016. Comps were up 6%, while ecommerce growth surged nearly 90%! The home goods retailer soared more than 25% on Thursday, which means it was easily the best performer among all ZU services. Remember that Tracey once called BBBY the most poorly run retailer in the industry! It’s a good thing she gave the new management a chance, because this stock is now the best performer in the portfolio with a jump of more than 103% since being added on July 17. Options Trader: "Stocks closed higher again today, making it now five up days out of six since the correction lows were put in last week. "Stimulus hopes continue to underpin the market. Although, as of yet, there is still no official deal. "Strong economic data however keeps rolling in. That was on full display all week. But the report everybody's waiting for is tomorrow morning’s Employment Situation report. The consensus is calling for 894K new jobs (900K in the private sector and -6K in the public), while the unemployment rate is expected to dip from 8.4% to 8.2%." -- Kevin Matras All the Best, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Stocks Rise on Hopes that Stimulus Deal is "Just About There"

Stocks Rise on Hopes that Stimulus Deal is "Just About There" The market heard something it liked regarding a stimulus deal in Thursday’s session, allowing the major indices to record their second positive performance in the past three days. However, stocks still go into Friday with losses for the week. Speaker Pelosi said an agreement was “just about there”. Of course, big issues remain unresolved and actually passing a deal will take time. If that sounds familiar, it's because we've been hearing something like that for a few weeks now. "We're all hopeful that something can get done, but..." Nevertheless, this headline-driven market felt it was good enough to advance. The Dow increased 0.54% (or about 152 points) to 28,363.66, while the S&P was up 0.52% to 3453.49. The NASDAQ improved 0.19% (or about 21 points) to 11,506.01. The NASDAQ is on a four-week winning streak, while the S&P and Dow have each put together three week runs. It would take a mighty rally tomorrow to keep these streaks going. But you never know! Meanwhile, last week saw jobless claims of 787,000, which broke a couple weeks of disappointing results. In fact, the number was almost 100K better than expectations and 55K lower than last week. It’s also one of the best readings of the pandemic era, which stretches back to March. In other encouraging news, Gilead Sciences (GILD) announced that the FDA approved remdesivir as a treatment for the coronavirus. Shares of GILD are up approximately 4.5% afterhours, as of this writing. Shares of Intel (INTC) plunged more than 9% after hours, despite the chipmaker beating expectations. Apparently, investors were not happy with results from its data business. Tesla (TSLA) rose 0.75%, a day after the electric car company beat on both earnings and revenue for its recent quarter. And Netflix (NFLX) is still caught on the negative side following its disappointing results a couple days ago, but it was only off 0.78% on Thursday. Tomorrow won’t be as hectic with earnings as was today, but we'll still see reports from American Express (AXP), Illinois Tool Works (ITW) and many others. Today's Portfolio Highlights:  Surprise Trader: Earnings season rolls on and so do the buys in this portfolio. On Thursday, Dave added transportation and logistics company Werner (WERN) with a 10.6% allocation. This Zacks Rank #1 (Strong Buy) is obviously part of the Transportation – Truck space, which means it’s in the top 2% of the Zacks Industry Rank. It has beaten for three consecutive quarters with a surprise of 55% last time. WERN seems set for a fourth straight beat after the bell on Wednesday, October 28. The stock has a positive Earnings ESP of 2.78%. The editor also sold Sonoco (SON) today after a negative reaction to its earnings. Read the full write-up for more on today’s moves.  Options Trader: "Uncertainty over stimulus continues. But more positive signals were sent by the Speaker today when she said 'we're just about there.' "As I mentioned yesterday, if a deal has any chance of getting passed before the election, it will likely need to get done by week's end so it can get voted on by the Senate. But even then, it will have to be marked up, and debated first. That takes time. And it still has to pass. "Nonetheless, just getting the White House and the Speaker to come to an agreement would be a huge first step to getting it done. And whether it gets implemented before the election or after will not make too much of a difference to the market. Each day, of course, is vital to the individuals and businesses who need the help. But in aggregate, as long as the money is coming, it should be supportive for stocks." -- Kevin Matras Until Next Time, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Dow Plunges 650 Points as Coronavirus Cases Jump

Dow Plunges 650 Points as Coronavirus Cases Jump It felt a little like the bad old days of February at times on Monday, as the Dow hurdled toward a 1,000-point loss due to a rise in coronavirus cases. The pullback cooled off a bit by the close, but unfortunately this pandemic is not. New cases topped 80,000 twice in the past few days. The same thing is happening in parts of Europe as well, which suggests another wave may be upon us as we move into the colder months. Sure would have been nice to have that stimulus package right about now. But no. The two sides are still talking, but we’re practically a week away from the election. New cases and no stimulus led to sharp declines to start the week. The Dow is now in the red for October after slipping 2.29% (or about 650 points) to 27,685.38. However, it was down by more than 900 points earlier. The S&P slipped 1.86% to 3400.97 and the NASDAQ was off 1.64% (or nearly 190 points) to 11,358.94. These indices are still positive for the month, but the S&P is less than 40 points away from joining the Dow in the red. Obviously, the recovery stocks were hardest hit, such as Royal Caribbean (RCL, -9.65%), Carnival (CCL, -8.6%), United Airlines (UAL, -7.02%) and American Airlines (AAL, -6.35%) just to name a few.   Last week, the NASDAQ and Dow were each down about 1% and the S&P slid 0.5%, which broke weekly winning streaks for each of the indices. Let’s not forget, though, that this is a big week for earnings, and that the season has been pretty good so far. Technology will be playing a big role in the coming reports with Microsoft (MSFT) and Advanced Micro Devices (AMD) both coming to the plate after the close tomorrow. (Make sure to check out Sheraz Mian’s recent report: Previewing Big Tech Earnings.) And, of course, Thursday will be FAANG Day with Apple (AAPL), Facebook (FB), Amazon (AMZN) and Alphabet (GOOG) all scheduled to report after the bell. Today's Portfolio Highlights: Surprise Trader: Sometimes a stock’s earnings estimates will move higher, but it’s share price goes in the opposite direction. Dave likes to see this divergence, since it suggests that the market isn’t paying attention to the name... yet. Such is the case for Schneider National (SNDR), a leading transportation and logistics services company. Rising earnings estimates have made this company a Zacks Rank #2 (Buy). And now it seems set up for a beat with an Earnings ESP of 1.82% for the quarter coming before the bell on Thursday, October 29. It has beaten in the past two straight quarters. The editor added SNDR on Monday with a 12.5% allocation, while also selling the stagnant Herc Holdings (HRI) for a slight loss. Read the full write-up for more on today’s moves. Black Box Trader: The portfolio replaced three names in this week's adjustment. The stocks that were sold today included: • Walmart (WMT, +4%) • Jabil (JBL) • C.H. Robinson Worldwide (CHRW) The new buys that replaced these names were: • Hanesbrands (HBI) • KBR, Inc. (KBR) • Sealed Air Corp. (SEE) Read the Black Box Trader’s Guide to learn more about this computer-driven service designed to take the emotion out of investing.  Zacks Short Sell List: It's no surprise that this portfolio would be well-represented on the top performers list in a session when the Dow plunged over 600 points. That's what this service is all about... capitalizing on emotional moves in the market. On Monday, it had three names on the scoreboard. ConocoPhillips (COP) was the best performer among all ZU names by gaining 6.9%. StoneCo (STNE) and Twitter (TWTR) also made the list with advances of 5% and 3.8%, respectively. Learn more about this emotion-free portfolio that takes advantage of falling and volatile markets by reading the Short Sell List Trader Guide. Options Trader: "But the growing number of coronavirus cases around the world, most notably in Europe where new shutdown measures are being considered, seemed to be the biggest weight on stocks. "Even though the World Health Organization the other week came out against large lockdowns as doing more harm than good, targeted lockdowns are being talked about as alternatives. But nobody yet knows what that would look like and who would be affected. Whatever it looks like, it will be a setback to the EU's economic rebound. "And with cases on the rise in the states, traders are wondering what that could mean for the U.S. "Gladly, we are in a much better position now than when the virus first hit. The medical community knows far more about it than before. There's less fear of running out of supplies and resources. There are promising therapeutics in development, with some already available and in use. And a vaccine(s) could be ready by year's end." -- Kevin Matras All the Best, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Rough Week Leads Market to Second Straight Monthly Loss

Rough Week Leads Market to Second Straight Monthly Loss Stocks were in the green for October heading into this final week, but these past few days of sharp selloffs amid a number of uncertainties led the market to its second consecutive monthly decline. The NASDAQ bore the brunt of today’s pullback by plunging 2.45% (or 274 points) to 10,911.59. It was off more than 5% this week. The four FAANGs that reported last night all beat expectations, but there were a few soft spots. And this nervous market is NOT in the mood for soft spots right now. Facebook (FB) dropped by 6.3% due to a dip in users during the quarter, while Apple (AAPL) and Amazon (AMZN) dipped more than 5% each. Even Netflix (NFLX), which didn’t report this week, slipped over 5%. But just like the afterhours trade last night, Alphabet (GOOG) outperformed its counterparts and rose 3.4%. Elsewhere, the S&P dropped 1.21% to 3269.96, while the Dow dipped 0.59% (or about 157 points) to 26,501.60.  These indices declined over 5% and over 6% this week, respectively. That makes two consecutive months of losses after soaring in the previous five months during the greatest comeback in market history. The main problem this week was the rise in coronavirus cases and, consequently, the possibility for more lockdowns to come. Europe has already started, and the U.S. might not be far behind. Another kick in the gut was that the possibility for a new stimulus deal pretty much ended this week. For most investors, hopes for such an agreement were dashed weeks ago. So now we have more cases and more potential lockdowns, but without more help from Washington. Great job! But let’s not forget that there was some good news this week. Earnings season has been solid thus far, despite the market’s sour reaction to the recent FAANG reports. And just yesterday we received an historic GDP report for the third quarter that jumped 33.1%, along with a second week of better-than-expected jobless claims numbers. But all the good stuff has to take a backseat right now as we grapple with a number of uncertainties. A big one should be resolved next week with the election, but that’s far from the only question mark right now. Today's Portfolio Highlights: Insider Trader: Despite several “outstanding” reports this earnings season, the market has decided “it’s over the hot housing story”. Well, Tracey isn’t over it. A strong earnings report and a decline in shares have created a buying opportunity for PulteGroup (PHM), which is one of the largest homebuilders in the country. Rising earnings estimates have made this stock a Zacks Rank #1 (Strong Buy). But most importantly for this portfolio, the General Counsel recently bought 5,000 shares. The editor always pays attention when the GC of a company buys shares because that position is usually more conservative than the rest. Therefore, she added PHM on Friday with a 10% allocation, while also selling Wabtec (WAB). Read the complete commentary for more. Stocks Under $10: The plan for this portfolio during difficult markets is to stay invested and weather the storms, while limiting exposure from time to time. Brian has limited A LOT of exposure of late, so he added two new names on Friday. One of the buys was Commercial Vehicle Group (CVGI), a trucking name that has beaten the Zacks Consensus Estimate in the past two quarters. Rising earnings estimates have made it a Zacks Rank #2 (Buy). Next year is looking to be positive for CVGI with topline growth of more than 20%. The other buy is Interface (TILE), a commercial flooring name that will bring some diversification to the portfolio. It topped earnings expectations in each of the last four quarters and enjoys a “great” valuation. Get more specifics about both of these moves in the complete commentary. Large-Cap Trader: The housing industry is strong right now, so it’s no surprise that Mohawk Industries (MHK) just reported solid third-quarter results. The company is a global manufacturer of flooring products, which are materials no home can do without. MHK reported earnings and sales that beat Zacks Consensus Estimates by 41.1% and 2.9%, respectively. Despite another dreary session for the market, the stock jumped 10.9% on Friday and became the best performer of the day among all ZU names. John added MHK on Wednesday, and it’s already up more than 9.1% in the portfolio. Have a Great Weekend! Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

NASDAQ Up Nearly 9% in this Four-Day Rally

NASDAQ Up Nearly 9% in this Four-Day Rally The S&P and Dow have gained more than 1% in each of the last four sessions... and sometimes much more than 1%. But it’s the NASDAQ that has the best performance so far this week. Whatever investors may be feeling about the still winnerless presidential election, they’ve got to feel pretty good about those results! It’s especially satisfying after last week’s sharp selloffs, which ruined the month of October. On Thursday, tech was once again leading the way. The NASDAQ soared 2.59% (or about 300 points) to 11890.93. It jumped almost 4% yesterday and now goes into Friday with a surge of about 9% for the week. The FAANGs were all higher again. In fact, Apple (AAPL) and Netflix (NFLX) had gains of more than 3%, while Facebook (FB) and Amazon (AMZN) rose over 2%. The other two major indices each advanced approximately 1.95% today. The S&P is now at 3510.45, while the Dow added another 542 points to 28,390.18. Both are up 7%-plus through these four days. The market continues to breathe a sigh of relief that the “Blue Wave” didn’t happen on Tuesday and the legislature will remain divided. It’s the first bit of clarity we’ve had on a major issue in a while. Hopefully, we’re closer to the end of this pandemic as well. Last week’s jobless claims came to 751,000, which is only about 7000 better than last week and another example of an economic recovery that’s slowing down. However, this marks the third straight week below 800K. A new stimulus package might help with this lethargic recovery, which is what Fed Chair Jerome Powell said in his press conference. The Fed left extraordinarily low interest rates unchanged in its just-completed two-day meeting, as was widely expected. Stocks have already gained more in these past four days than they lost all of last week. Let’s hope for a strong finish tomorrow. Today's Portfolio Highlights: Commodity Innovators: The miners are taking off again, so Jeremy added more exposure to the space with a Brazilian name. Vale (VALE) is the world’s largest producer of iron ore, iron ore pellets and nickel. This Zacks Rank #2 (Buy) reported solid earnings numbers with a 16% EPS surprise, but also has a strong dividend and lots of cash. In other words, it’s a value play, which will make it a unique stock as commodity markets experience their cyclical uptick in the new year. The editor added VALE on Thursday with expectations for a long-term stay. He has price targets of $16 to $18. Read the full write-up for a lot more on this new addition. In other news, this portfolio had a top performer today as Albemarle (ALB) rose 12.8%. Surprise Trader: Why would any company release their earnings on Friday the 13th? Well, maybe superstition falls to the wayside after reporting two consecutive quarters of strong beats with a positive Earnings ESP of 9.24% for the next one. Such is the case for Spectrum Brands (SPB). This Zacks Rank #2 (Buy) offers a portfolio of leading brands in several product categories like residential locksets, plumbing, electric shaving, small household appliances, lawn care products and more. Last quarter’s beat was more than 41%, while the previous quarter’s was in the triple-digits. And it has a good chance to continue outperforming when it reports again before the bell on Friday, November 13. Dave added SPB on Thursday with a 12.5% allocation, while also getting out of Schneider National (SNDR). See the full write-up for more on today’s action. Technology Innovators: The chip names are looking really good right now and this portfolio needs new positions. Therefore, Brian knew where to go for today’s promised addition. On Thursday, he added Veeco Instruments (VECO), which makes thin film process equipment that’s primarily sold to make electronic devices. The company has beaten the Zacks Consensus Estimate for 13 straight quarters. And it has an average surprise of 61% over the past four. Rising earnings estimates have made VECO a Zacks Rank #2 (Buy). The editor also likes its valuation and the upward trajectory of margins. Read the full write-up for more on this new addition. Marijuana Innovators: Looks like Dave added Aurora Cannabis (ACB) at the right time. He picked up this Canadian medical cannabis company two days ago, which was just in time to capitalize on the stock’s 41.5% surge today! Needless to say, that was easily the best performer among all ZU names on Thursday. Innovative Industrial Properties (IIPR) also made the top 5 list with an increase of 16.7%. Marijuana stocks did well today after five more states recently voted for legalization measures. Income Investor: "The divided-government scenario, and a split Congress, has been the preferred outcome for the stock market for years now. This would help curb most efforts to raise corporate taxes or regulate Big Tech, for example, and investors are also assuming that the trade war with China wouldn't get any worse with a scenario like this. "You could see this enthusiasm in the sectors that gained these past few days, from technology and communication services to healthcare. During the trading week, Apple (AAPL) and Amazon (AMZN) both rose over 9%, while Microsoft (MSFT) jumped 10.3%; Facebook (FB) gained 12%." -- Maddy Johnson All the Best, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021