I’ve mentioned several times recently that the most important thing to watch for in the market is a shift from afternoon strength to weak closes. Since the all-time highs last Wednesday, we have had three weak finishes.
Day: March 8, 2017
U.K.’s Osborne to Reap $790,000 From 48 Days’ Work for BlackRock
Former U.K. Chancellor of the Exchequer George Osborne expects to earn 650,000 pounds from 48 days of work for BlackRock Inc., according to parliamentary filings. The Conservative politician, still a backbench lawmaker, expects to earn 162,500 pounds each quarter for 12 days’ work as an economic adviser at the BlackRock Investment Institute in London, according to the Register of Members’ Financial Interests, which details the outside earnings of U.K. legislators.
Trump SEC Pick Made Millions Representing Banks and Hedge Funds
President Donald Trump’s pick to lead the Securities and Exchange Commission has earned $7.62 million since 2015 representing some of Wall Street’s biggest firms, including Goldman Sachs Group Inc. and Bill Ackman’s Pershing Square Capital Management, according to a federal disclosure form. Jay Clayton, the Sullivan & Cromwell partner tapped by Trump, outlined his clients — and his potential conflicts — in a filing to the U.S. Office of Government Ethics that he signed in January.
The Government’s Attempts To Regulate The Internet Hit A Huge Five-Year Roadblock
President Donald Trump renominated Republican Federal Communications Commission chairman Ajit Pai to serve another five-year term, which appears to signal the administration’s intent on rolling back regulations. “I am deeply honored to have been nominated by President Trump to serve a second term on the Federal Communications Commission,” Pai said in an official statement.
Ron Perelman’s Scientific Games Inks James Bond Licensing Deal
Terms of the multiyear agreement were not disclosed. The agreement with EON Productions; Danjaq; and MGM Interactive, a subsidiary of Metro-Goldwyn-Mayer, gives Scientific Games the rights to tap past and future James Bond films, as well as the film’s talent portraying James Bond, according to this morning’s announcement.
Senators push FCC to keep its net neutrality rules
The U.S. Federal Communications Commission should reverse course and keep the net neutrality rules it passed just two years ago, several Democratic senators said Wednesday. The FCC has not yet moved to repeal the regulations prohibiting broadband providers from selectively blocking or slowing web traffic, but the agency’s new chairman, Republican Ajit Pai, has called the rules a “mistake.”
Looking to ETFs to Buy the Energy Sector Dip
After racing higher last year, the Energy Select Sector SPDR , the largest equity-based energy exchange traded fund, is off just over 4% this year while the S&P 500 is higher by more than 6%.
Europe ETFs: Opportunity Awaits Thanks to Eurozone Economies
With major national elections scheduled this year for a slew of major Eurozone economies, including Germany and France, the region’s two largest economies, some investors are understandably pensive about embracing European stocks and the related exchange traded funds.
Brazil Currency ETF Could See More Gains
The WisdomTree Brazilian Real Strategy ETF is one of this year’s best-performing currency exchange traded funds. BZF is higher by 7.3% year-to-date, a pleasant surprise when considering the Brazilian central bank’s new found penchant for lowering interest rates.
Modell’s Takes a Swing at Amazon With Online Presence
Modell's CEO Mitch Modell on the state of brick and mortar, the GOP's Obamacare replacement and the impact of a higher minimum wage. Are online retailers such as Amazon permanently changing the landscape of retail in America? Modell’s CEO Mitch Modell says for some consumers, the brick-and-mortar experience remains valuable.”
Bolton: U.S. Military Should Use WikiLeaks for Cyber Warfare Target Practice
Mar. 08, 2017 – 3:48 – John Bolton, former U.S. Ambassador to the UN, says WikiLeaks’ release of CIA secrets is another reason for U.S. cyber warfare to take down their capabilities.
Mortgage Rates Wednesday, March 8: 14-Week High;…
Thirty-year and 15-year fixed rates, as well as 5/1 ARM rates, all moved higher today, according to a NerdWallet survey of current mortgage rates published by national lenders Wednesday morning. The Federal Reserve will announce its decision on raising short-term interest rates in one week.
Why Isn’t Uber Talking About The Women’s Strike?
To mark International Women’s Day, a number of women are striking today with the blessing of their employers-or at least with their tacit agreement. Those who can’t participate by taking the day off are instead showing their solidarity by donning the color red, attending rallies, or boycotting businesses that aren’t led by women.
Daily Dividend Report: PBA, PLCE, AMGN, SPLS, VGR
Pembina Pipeline announced today that its Board of Directors declared a common share cash dividend for March 2017 of $0.16 per share to be paid, subject to applicable law, on April 15, 2017 to shareholders of record on March 25, 2017. The Children’s Place, the largest pure-play children’s specialty apparel retailer in North America, today announced that its Board of Directors has approved a new $250 million share repurchase program and has increased the Company’s quarterly dividend to $0.40 per share from $0.20 per share.
Wednesday’s ETF with Unusual Volume: XT
The iShares Exponential Technologies ETF is seeing unusually high volume in afternoon trading Wednesday, with over 637,000 shares traded versus three month average volume of about 73,000. Shares of XT were trading flat on the day.
Wednesday’s ETF Movers: XBI, XOP
In trading on Wednesday, the SPDR S&P Biotech ETF is outperforming other ETFs, up about 2.3% on the day. Components of that ETF showing particular strength include shares of Puma Biotechnology, up about 10.4% and shares of Cytokinetics, up about 8.5% on the day.
Wednesday Sector Laggards: Oil & Gas Exploration & Production, REITs
In trading on Wednesday, oil & gas exploration & production shares were relative laggards, down on the day by about 2.5%. Helping drag down the group were shares of Bonanza Creek Energy, off about 12.2% and shares of Petroquest Energy down about 11.6% on the day.
Wednesday Sector Leaders: Drugs, Computer Peripherals
In trading on Wednesday, drugs shares were relative leaders, up on the day by about 2.1%. Leading the group were shares of Global Blood Therapeutics, up about 23.1% and shares of Bellicum Pharmaceuticals up about 15.5% on the day.
Instacart, Now $400 Million Richer, Tries to Be Thrifty
Apoorva Mehta is thinking a lot about bottle deposits. Recycling fees vary by state and container size, but until recently, Mehta’s online grocery delivery startup Instacart Inc. hadn’t paid much attention to what it was charging customers purchasing soda or beer.
Samsung to Shift Some Production of Home Appliances to U.S.
Samsung Electronics Co. is in preliminary talks to expand its manufacturing operations in the U.S. with a new facility for home appliances.
Dow Analyst Moves: GE
The latest tally of analyst opinions from the major brokerage houses shows that among the 30 stocks making up the Dow Jones Industrial Average, General Electric is the #10 analyst pick.
S&P 500 Analyst Moves: ORLY
The latest tally of analyst opinions from the major brokerage houses shows that among the components of the S&P 500 index, O’Reilly Automotive is now the #99 analyst pick, moving up by 1 spot.
Inmarsat Rises After Winning IAG In-Flight Web Access Deal
Inmarsat Plc, the U.K. satellite operator, rose the most in four months after finalizing a contract with British Airways owner IAG SA to provide in-flight internet access on over 300 planes. The order strengthens Inmarsat’s joint push with Deutsche Telekom AG to provide web access on aircraft using satellites and the German phone company’s towers.
Analysts’ Actions — Chevron, ConocoPhillips, Urban, Crown Castle and More
Here are Wednesday’s top research calls, including upgrades for Crown Castle and ConocoPhillips, and a downgrade for Urban Outfitters. Earnings estimates were raised for Chevron.
Fiat Chrysler Continues to Seek Approval to Sell Diesel Models in U.S.
Fiat Chrysler will continue to seek U.S. approval to sell its 2017 diesel models in the U.S. even after the EPA and California Air Resources Board accused the company of illegally using software to mask the diesel output from 104,000 of its trucks and SUVs.
Britain’s Budget Watchdog Lifts Growth Forecast For U.K. Economy
Britain’s Office for Budget Responsibility has lifted its 2017 economic growth estimate as the country continues to outperform most of its peers as it prepares to exit the European Union. Britain’s Office for Budget Responsibility has lifted its 2017 economic growth estimate and says real wages are likely to rise throughout its forecast period as the country continues to outperform most of its peers as it prepares to exit the European Union.
China Pressures North Korea to Stop Missile Tests
China is looking to cool tensions on the Korean peninsula by asking North Korea to stop firing ballistic missiles and the U.S. to cease joint military exercises with South Korea.
Nintendo Sells 330,000 Switch Consoles in Japan in 3 Days
Nintendo’s ( NTDOY ) new gaming console Switch has sold 330,637 units in its first three days of availability in Japan. Nintendo’s newest console, the Switch, has become a hit with reviewers and consumers alike. Here’s what you need to know before you buy one.
Express Stock Drops Premarket on Weak Guidance
Express shares were down 10% premarket after the men’s and women’s apparel retailer guided for a first quarter net loss of 4 cents per share vs. consensus estimates of a profit of 15 cents per share. For the fourth quarter, the company matched Wall Street’s bottom line expectations of 29 cents per share while revenue of $678.8 million topped analysts’ guidance.
6 Stocks Trending Up With Big Volume
Professional traders running mutual funds and hedge funds don’t just look at a stock’s price moves, they track big changes in volume activity . Often, when above-average volume moves into a stock, it precedes a large spike in volatility.
Netflix’s Reality TV Push Shows That Its Horizons Keep Expanding
This column originally appeared on March 7 on Real Money, our premium site for active traders. Click here to get great columns like this.
Stock Futures Slide Ahead of a Reading on U.S. Labor Market
Stock futures move lower on Wednesday morning ahead of a reading on the U.S. labor market out before the bell. S&P 500 futures were down 0.06%, Dow Jones Industrial Average futures slid 0.06%, and Nasdaq futures dropped 0.05%.
How a Bull Market Everyone Doubted Has Survived for Eight Years
Eight years ago, new president Barack Obama had inherited a mess. Since then, stocks have seen their second-longest bull market on record.
Rev’s Forum: Market Showing Signs of Worry
“When you know that something’s going to happen, you’ll start trying to see signs of its approach in just about everything. Always try to remember that most of the things that happen in this world aren’t signs.
Despite ECB Taper Chatter, Europe Is a Good Place for Investors
Tomorrow’s European Central Bank monetary policy meeting will receive much more attention than usual. For the first time in a long while, ECB President Mario Draghi will find himself in the position of defending the central bank’s actions in the face of rising inflation.
Cramer: You Have to Distinguish Worrisome From Catastrophic
“Five warning signs… Here are the canaries in the coal mines…Here’s what to watch for…These are the signals…” I don’t mean to be too cynical, but I have written or read these stories literally tens of thousands of times since I bought my first stock in 1979….674 more words left in this article. To read them, just click below and try Real Money.
The battle for online privacy: What you need to know – CNET
CNET explains everything you need to know about the latest political battle over how your digital data should be protected. There’s a new Federal Communications Commission chairman in town.
U.S. Senate resolution aims to let ISPs share your private data without permission
A resolution introduced in the U.S. Senate on Tuesday aims to roll back privacy rules for broadband service providers that were approved by the Federal Communications Commission in October. The rules include the requirement that internet service providers like Comcast, AT&T, and Verizon should obtain “opt-in” consent from consumers to use and share sensitive personal information such as geolocation and web browsing history, and also give customers the option to opt out from the sharing of non-sensitive information such as email addresses or service tier information.
Bert Habets to Replace Anke Schaferkordt as Co-CEO of RTL Group
She will continue as CEO of the company’s largest business unit, Mediengruppe RTL Deutschland, and a member of the executive board of RTL’s majority shareholder Bertelsmann. Bertelsmann-controlled European TV giant RTL Group said Wednesday that co-CEO Anke Scheferkordt, will leave her current role at her own request, effective April 19. Schaferkordt will continue to be the CEO of the company’s largest business unit, Mediengruppe RTL Deutschland, which she has led since September 2005.
Business Rx: She wants to be a force for good, and much more
This week, a D.C. company that has developed a way to donate money across social networks seeks advice on how to extend into new markets. -Dan Beyers Dale Nirvani Pfeifer spends a lot of time thinking about the power of business as a global force for good.