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January Jobs number comes in hot -
briefing -
January employment report filled with positive surprises (and some quirks, too)
The January employment report showed headlines for the key metrics -- nonfarm payrolls, private sector payrolls, the unemployment rate, and average hourly earnings -- that were stronger than expected (much stronger for the payrolls data).
The report had a few quirks, too, namely a notable drop in the average workweek to 34.1 hours from 34.3 hours, benchmark revisions that showed nonfarm payroll employment in November and December combined 126,000 higher than previously reported, and updated population estimates that decreased the estimated size of the civilian noninstitutional population by 625,000 and the civilian labor force by 299,000 in December.
The key takeaway, though, is that it is apt to be construed by the Fed as a report that, on balance, fits its current base case for seeing a March rate cut as unlikely.
January nonfarm payrolls increased by 353,000 (Briefing.com consensus 175,000). The 3-month average for total nonfarm payrolls increased to 289,000 from 227,000. December nonfarm payrolls revised to 333,000 from 216,000. November nonfarm payrolls revised to 182,000 from 173,000.
January private sector payrolls increased by 317,000 (Briefing.com consensus 150,000). December private sector payrolls revised to 278,000 from 164,000. November private sector payrolls revised to 152,000 from 136,000.
January unemployment rate was 3.7% (Briefing.com consensus 3.8%), versus 3.7% in December. Persons unemployed for 27 weeks or more accounted for 20.8% of the unemployed versus 19.7% in December. The U6 unemployment rate, which accounts for unemployed and underemployed workers, was 7.2% versus 7.1% in December.
January average hourly earnings were up 0.6% (Briefing.com consensus 0.3%) versus 0.4% in December. Over the last 12 months, average hourly earnings have risen 4.5%, versus 4.3% for the 12 months ending in December.
The average workweek in January was 34.1 hours (Briefing.com consensus 34.4), versus 34.3 hours in December. Manufacturing workweek was unchanged at 39.8 hours. Factory overtime was dipped 0.1 hour to 2.7 hours.
The labor force participation rate held steady at 62.5%.
The employment-population ratio increased to 60.2% from 60.1% in December.
S&P futures are currently up 28. META up an astounding 15% after hours. So the weighted average post earnings day gain for the Mag 7 is impressive.
I covered my short hedges after hours .... sold FNGD, SPXS and TZA at a loss. Strong earnings from META and AMZN just reported could send the market even higher. Who knows when we'll finally get a major correction ? There are no catalysts for it now.
NYCB - NIM does seem to be a contradiction with Net Interest Income ..... lots of uncertainty as to what Q1 will look like.
Wade - how can it be a huge SMCI short position if you are 95% in cash ? Also, why not short in the WadeGarret portfolio ? After all, you buy SPXS and SOXS regularly in the portfolio. That's also shorting.
NYCB updated the 8K presentation to show expected Net Interest Income at $2.8 to $2.9B for 2024, $300M more than your estimate - analysts pressed for it during the conf call according to a Bloomberg article.
https://www.sec.gov/Archives/edgar/data/910073/000091007324000037/nycb-4q23earningspresent.htm
S&P500 +44 to 4889, your inclination was correct ! "Buy the Dip" sentiment remains intact.
GREE - and bitcoin, now at $43,000, could correct sharply at any time after the big gains over the past few months. Of course it could also keep trending higher. Who knows ?
NYCB -.88 to 5.59, the stock is certainly getting battered today. Maybe you're right about EPS being $0.38 or lower for 2024. Your quick math seemed correct, yet analyst estimates aren't yet going that low. Maybe they'll adjust lower after the Q1 report ?
So far I'm under water with my buy/write strategy. I might average down and will let you know how it plays out. The CBOE started offering weekly options trading on the stock today, since there's lots of speculator demand. That will allow me to roll my covered calls over weekly. The premiums are very high at this point in time, but will diminish once the stock stabilizes.
GREE - we'll have to wait to get the Q4 details, but margins should be up substantially from Q3 because bitcoin prices were 30% higher. They mine and sell bitcoins along with providing mining services.
GREE +.27 to 3.92, nice Q4 projections. Their earnings are somewhat tied to the price of bitcoin, but that's even higher now than in Q4. Seems like decent risk/reward at this price. I just picked up a few shares. Thanks for the alert.
NYCB (6.48) analyst commentary and downgrades ..... I think you're exceedingly pessimistic in thinking the stock is waaayyyy overpriced in the $6's. Maybe you are anticipating more big charge off's and being too dismissive of the long term potential for earnings to rebound given the book value of $10+.
fwiw, I averaged in yesterday at 6.65 and sold the Feb $7 calls for $0.42, so my cost basis is $6.23 and of course if my shares do not get assigned in 2 weeks for a 12% gain, I'll roll over the calls and work my cost basis down into the $5's. I'm comfortable with that.
fly -
New York Community Bancorp price target lowered to $8.50 from $13 at DA Davidson
DA Davidson lowered the firm's price target on New York Community Bancorp to $8.50 from $13 but keeps a Buy rating on the shares after its Q4 earnings miss. The company took decisive actions to strengthen capital ratios and allowance for credit losses, owing to further deterioration in the office & multi-family loan portfolios, and given the updated 2024 EPS guidance, the firm is slashing its 2024 and 2025 EPS estimates to $0.63 from $1.37) and to $0.74 from $1.55 respectively, the analyst tells investors in a research note.
08:25 EST NYCB
New York Community Bancorp downgraded to Neutral from Buy at Compass Point
Compass Point downgraded New York Community Bancorp to Neutral from Buy with an $8 price target.
08:12 EST NYCB
New York Community Bancorp price target lowered to $7 from $10.50 at Morgan Stanley
Morgan Stanley lowered the firm's price target on New York Community Bancorp to $7 from $10.50 and keeps an Equal Weight rating on the shares after the bank reported that it is taking action to adjust positioning on reserves, liquidity, and capital. The firm thinks two key factors drove these balance sheet actions during Q4: NYCB's new status as a Category IV Bank following their acquisition of Signature Bank from the FDIC and a much larger-than-expected increase in net charge offs during the quarter. The firm is decreasing its 2024 EPS estimate 54% and 2025 EPS view 55% to account for lower net interest income and higher expenses.
07:24 EST NYCB
New York Community Bancorp price target lowered to $7 from $11 at UBS
UBS analyst Brody Preston lowered the firm's price target on New York Community Bancorp to $7 from $11 and keeps a Neutral rating on the shares. New York Community Bancorp reported weak Q4 results, but earnings volatility combined with many moving pieces on the balance sheet, and a healthy level of investor skepticism surrounding the path of charge-offs is likely to keep a lid on multiples, the analyst tells investors in a research note.
06:23 EST NYCB
JPMorgan cuts New York Community target, says selloff overdone
JPMorgan lowered the firm's price target on New York Community Bancorp to $11.50 from $14 and keeps an Overweight rating on the shares. The analyst says the post-earnings selloff in the shares is overdone with the stock "poised to rebound materially. Alongside Q4 earnings, New York Community announced several strategic actions including bolstering its reserve levels and liquidity as well as actions to bolster capital as the company is headed to become a Category 4 bank, the analyst tells investors in a research note. While there is a notable step-down in earnings on tap for 2024, "as the quarters roll by in 2024 and 2025 starts to come into view, a much rosier picture should start to emerge," says JPMorgan.
05:04 EST NYCB
New York Community downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital downgraded New York Community Bancorp to Sector Perform from Outperform with a price target of $7, down from $13. The bank's Q4 results had several negative surprises, including a higher than expected provision and reserve build, a meaningfully lower margin and outlook, and a dividend cut announcement, the analyst tells investors in a research note. The analyst believes many of these trends are related to the company crossing the $100B asset mark and becoming a Category IV financial institution, which is driving increased liquidity and compliance needs.
05:01 EST NYCB
New York Community Bancorp downgraded to Hold from Buy at Jefferies
Jefferies downgraded New York Community Bancorp to Hold from Buy with a price target of $7, down from $13. The analyst cites the "unexpectedly faster" regulatory mandate to Cat IV bank compliance for the downgrade. The bank's actions taken thus far are a solid step forward, but impair profitability significantly given a need to run with higher capital, liquidity and reserves while trailing Cat IV peers modestly, the analyst tells investors in a research note. The firm expects New York Community's path to improved profitability will take years while credit risk remains an overhang.
Wade - GERN - maybe some investors doubt the company will get FDA approval in which case the stock will be trading under $1.
Will you be holding all your shares through the PDUFA date of 6/16 ?
Will you be holding all your shares through the Oncologic Drugs Advisory Committee open meeting on 3/14 ???
Wade - GERN -.17 to 1.84, just 3 days ago you called it a strong buy at $2.16, but now at $1.84 you think it's going to $1.50. Has the bad action changed your mind ???
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173719798
I think a 5% to 10% market correction would be healthy, but who knows whether Powell's press conference was cautious enough to make it happen - at least he squelched any unrealistic expectations for 6 rate cuts this year. I think that's out the window !
Market Briefing: Fed cools down some of the rate-cut fever
Fed Chair Powell's press conference began at 2:30 p.m. ET and concluded at 3:20 p.m. ET. It was 50 minutes of edge-of-your-seat listening, because market participants desperately wanted to hear Fed Chair Powell's thoughts on the policy setting.
If there was one comment by Fed Chair Powell that resonated for the market in this press conference, it was this:
"Based on the meeting today, I would tell you that I don't think it is likely that the Committee will reach a level of confidence by the time of the March meeting to identify March at as the time to do that (cut rates), but that is to be seen. So, I wouldn't call it, you know -- when you ask me about in the near term, I am hearing that as March. I would say, I don't think that is -- it is probably not the most likely case, or what we would call the base case."
And there you have it. A month ago, the fed funds futures market placed an 88.5% probability on the first rate cut happening at the March meeting. That probability now sits at 37.5%, according to the CME FedWatch Tool, down from 56.4% just before the policy directive was released at 2:00 p.m. ET.
Now, the market was already having some doubts that there would be a rate cut in March, so the headline wasn't as shocking as it might have been otherwise. Still, the acknowledgment by the Fed chair that a rate cut at the March meeting is not the base case has understandably cooled off some of the rate-cut fever.
The May meeting is unmistakably the frontrunner for the first rate cut, with the probability of a 25-basis points cut sitting at 90.6%.
Accordingly, the market will have to be a little more patient, because the Fed believes it needs to be a little more patient with its inflation review. That was another unmistakable conclusion from the directive and Fed Chair Powell's comments.
The Dow Jones Industrial Average is down 0.8%; the Russell 2000 and S&P 500 are down 1.4%; and the Nasdaq Composite is down 2.0%.
Market Briefing: Fed not lined up for a rate cut just yet
The FOMC voted unanimously to leave the target range for the fed funds rate unchanged at 5.25-5.50%, as expected. It did so with a new rotation of Fed presidents voting in 2024: Bostic (Atlanta), Barkin (Richmond), Daly (San Francisco), and Mester (Cleveland).
Notwithstanding the new representation, there was nothing surprising in that vote, and, we would argue, in a directive that implied the Fed isn't ready to cut rates just yet.
There was some hope that the directive might be more explicit in signaling a near-term, rate-cut move, but it wasn't. Instead, the directive declared that, "The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent."
What this implies is that the Fed isn't predisposed at this point to cut rates in March, and it may not be predisposed to cut rates in May. It needs to see more data to determine if there is going to be a change in policy course.
We say that isn't surprising because various Fed officials noted in recent weeks that they think the Fed can proceed carefully before cutting rates. To be sure, Fed Chair Powell has been clear that the Fed doesn't want to repeat the mistake of the 1970s and cut rates too soon, only to see inflation rev up again.
Separately, there wasn't any indication either that the Fed is going to curtail its quantitative tightening activity. Its holdings of Treasury securities and agency debt and agency mortgage-backed securities will continue to be reduced in accordance with its previously announced plans.
The market will now wait even more anxiously to hear what Fed Chair Powell has to say at his press conference, which begins at 2:30 p.m. ET. What it saw in the directive, though, implied the Fed wants to stay the policy course since it isn't convinced yet the inflation risk has been sufficiently tamed.
The 2-yr note yield, at 4.23% before the release, is at 4.26% now. The 10-yr note yield, at 3.96% before the directive, is at 3.97% now. The probability of a 25-basis points cut at the March meeting was 56.4% just before the directive was released. It is at 45.2% now, according to the CME FedWatch Tool.
The Dow Jones Industrial Average is down 0.2%; the Russell 2000 is down 0.7%; the S&P 500 is down 1.0%; and the Nasdaq Composite is down 1.5%.
GERN -.09 to 1.92, weak recently. Is there any bad news out or is it just sliding lower with the broader market ?
NYCB - thanks, I didn't see the presentation.
NYCB - why do you think NIMs are going to fall to 2.45% for 2024 from 2.82% in Q4 ? Also Q4 may have been a kitchen sink quarter. Charge-offs should be much lower in Q1.
PR -
Net charge-offs totaled $185 million for the three months ended December 31, 2023, compared with $24 million for the three months ended September 30, 2023. Net charge-offs on a non-annualized basis represented 0.22% and 0.03% of average loans outstanding for the three months ended December 31, 2023 and for the three months ended September 30, 2023, respectively.
Fourth quarter net charge-offs were primarily related to two loans. First, we had one co-op loan with a unique feature that pre-funded capital expenditures. Although the borrower was not in default, the loan was transferred to held for sale during the fourth quarter. We expect the loan to be sold during the first quarter of 2024. We also performed a review of other co-op loans and did not find any other loans with similar characteristics.
Second, we had an additional charge-off on an office loan that went non-accrual during the third quarter, based on an updated valuation. Given the impact of recent credit deterioration within the office portfolio, we determined it prudent to increase the ACL coverage ratio.
Together, these two loans accounted for the bulk of the $185 million of net charge-offs we took during the fourth quarter.
NYCB -3.72 to 6.66, very volatile on huge volume as investors try to figure out what fair value is after the surprise charge off .... anyone who was lucky enough to buy at the morning low of $5.58 and sell 90 minutes later at $7.18 booked a quick 28% gain ....
TBV was reported at $10.06, so it's now at a deep discount to book value. Your EPS estimate for 2024 seems rather pessimistic. I'm curious to see what the pending analyst revisions look like.
NYCB -3.94 to 6.44, after reporting a Q4 loss - nice call on this one, although I think the selloff is overdone and picked up a few shares this morning. Speculative. Maybe there are other skeletons in the closet ?
https://www.marketwatch.com/story/new-york-community-bancorp-stock-slides-as-it-cuts-dividend-posts-surprise-loss-785f285f
S&P 500 forward PE is currently 22.1, but the median PE is just 17.2, quite a large difference. There are still plenty of low PE stocks available.
What recession ?
GDP grew 3.1% in 2023, way ahead of expectations -
https://www.wsj.com/economy/gdp-us-economy-fourth-quarter-2023-9fc372f0?st=4hmfam5vb6swdc1&reflink=desktopwebshare_permalink
MSFT, GOOG and AMD all down from 2% to 7% after hours after reporting earnings ..... maybe we're finally going to get a market correction ?
Tomorrow will be interesting !
I own both ESOA and GEOS - they're both attractive. Why would I want to own just one ? Diversification is a fundamental tenet of investing.
GM +2.87 to 38.26 after posting strong Q4 results and issuing 2024 guidance way above estimates. GM is one of the cheapest stocks in the S&P500 with a forward PE of 4.2 based on the midpoint of guidance. I own a small position. At the very least it should be a good trader in the coming year and I'll be trading around my core position.
briefing -
General Motors beats by $0.08, beats on revs; guides FY24 EPS above consensus (35.39 ) :
Reports Q4 (Dec) earnings of $1.24 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $1.16; revenues fell 0.3% year/year to $42.98 bln vs the $38.81 bln FactSet Consensus.
EBIT-adjusted of $1.76 bln.
Automotive operating cash flow of $1.3 bln.
Co issues upside guidance for FY24, sees EPS of $8.50-$9.50 vs. $7.75 FactSet Consensus. Sees EBIT-adj of $12-$14 bln and Adj. Auto free cash flow of $8-$10 bln. Expects Market share gains primarily from higher EV penetration driving revenue growth.
General Motors comments from Q4 conference call (35.39 ) :
Wants to reduce shares outstanding to fewer than 1 bln.
EV production will be guided by customer demand.
Pace of EV growth has slowed, creating some uncertainty.
Will build to demand, encouraged by third party EV forecasts.
Chevy Blazer and Cadillac LYRIQ will qualify for full $7500 consumer credit.
Seeing some cost savings on simplicity. Expecting cost savings from model simplification to be about $200 mln.
Expecting 2024 capital spending of $10.5-$11.5 bln.
Have begun to implement changes to Cruise.
Spending on Cruise will be down "considerably" this year.
Working on new timeline for Cruise.
Plans to bring plug-in hybrids to select vehicles in North America; remains committed to eliminating tail pipe emissions from light duty vehicles by 2035.
Seeing an improvement in Cell costs driven by significantly lower raw materials prices.
Mgmt says GM is well positioned for a year of strong financial performance.
Expect 2024 sales of 16 million units.
GTEC -.02 to 3.32, good news. Let's hope it translates into increased sales.
AAOI +1.05 to 17.01 in pre-market after Rosenblatt initiates coverage -
fly -
Applied Optoelectronics initiated with a Buy at Rosenblatt
Rosenblatt initiated coverage of Applied Optoelectronics with a Buy rating and $23 price target. Revenues were "fairly flat" from 2020 to 2023, but sales are "poised to explode to the upside" starting mid-2024, driven by AI 400+G Optical interconnects for Data Centers and DOCSIS 4.0 amplifiers for Cable networks, the analyst tells investors. The AI 800+G Optical transceiver market is forecast to be $7.5B in 2025 and the total high-speed Datacom transceiver market could be worth about $12B and given the firm's view that Applied could potentially capture 10%-plus share of the total, the analyst says the firm's $485M revenue forecast for 2025 "may be conservative."
SMCI surging 10% higher after hours after another big earnings beat and raised guidance. Congrats to those who still own this stock !
briefing -
Super Micro Computer beats by $0.54, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY24 revs guidance above consensus (495.67 +21.52)
Reports Q2 (Dec) earnings of $5.59 per share, $0.54 better than the FactSet Consensus of $5.05; revenues rose 103.0% year/year to $3.66 bln vs the $2.8 bln FactSet Consensus.
Co issues upside guidance for Q3, sees EPS of $5.20-$6.01 vs. $4.61 FactSet Consensus; sees Q3 revs of $3.70-$4.1 bln vs. $2.91 bln FactSet Consensus.
Co raises guidance for FY24, sees FY24 revs of $14.3-$14.7 bln vs. $11.34 bln FactSet Consensus, up from prior guidance of $10-$11 bln.
S&P500 forward PE is being skewed higher by the Mag 7. The S&P 493 forward PE is something like 18 and the S&P600 forward PE is something like 13, rather cheap.
I'm focused on investing in undervalued individual stocks, not the high PE megacaps. It's just a guessing game when they'll finally correct.
https://www.troweprice.com/personal-investing/resources/insights/how-attractive-are-us-small-cap-stocks.html
BOIL -2.52 to 21.88, another all time low .... NG looks oversold and to avoid the K-1's, futures trading is a great alternative - I added to my futures position today.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173273585&txt2find=boil
S&P500 +37 to 4928, smashing through 4900 after favorable news from the Treasury -
briefing -
Market Briefing: Stocks and bonds like Treasury Department's Q1 borrowing estimate
Stocks popped to new session highs as Treasury yields moved to new session lows a short time ago, responding favorably to the Treasury Department's first quarter borrowing estimate.
Specifically, the Treasury Department anticipates borrowing $760 billion in privately-held net marketable debt, which is $55 billion lower than announced in October 2023. For the second quarter, the Treasury Department is estimating a $202 billion borrowing need.
Market participants -- and perhaps even some bond vigilantes -- are liking the lower-than-previously projected first quarter estimate. On Wednesday, the refunding announcement will carry details on where the debt issuance will occur along the curve (i.e., short end, belly, or long end of the curve).
The 2-yr note yield touched 4.30% following today's announcement and the 10-yr note yield dropped to 4.06%. They are now at 4.31% and 4.07%, respectively. The S&P 500 (+0.6%) for its part spiked to a new all-time high of 4,918.36 and sits a hair below that level now.
ESOA +.94 to 8.02 on volume of 569k, the heaviest in 2 years ..... evidently it's gotten onto the radar of traders for whatever reason. I'm still holding but will be out ahead of the Dec Q1 earnings in mid Feb.
CBBI -.08 to 9.92, I joined you in this bank ..... it's super cheap and has buyout potential at a sizable premium or a sharp increase in price if they uplist to the Nasdaq.
PSIX +.10 to 2.10, I joined you with a few shares this morning ..... but it's so cheap it makes me wonder if the numbers are sustainable. The suffered a big loss in 2021 and then a decent profit in 2022 on sharply higher gross margins and reduced expenses. That trend continues through 9 mos of 2024. I'll be interested to see the Q4 results. Glad they're filing 10K's and Q's.
GTLS +4 to 114, has been hammered lately, down from 130 last week, after the Biden administration announced a freeze on further LNG project approvals. However the company reiterated it's medium term guidance.
I added a few shares this morning.
https://www.wsj.com/politics/policy/biden-pauses-approvals-for-lng-exports-3d065745?st=nms4hw37xozcnpj&reflink=desktopwebshare_permalink
https://seekingalpha.com/pr/19604135-chart-industries-reiterates-medium-term-financial-targets
XLK annual returns compared to the S&P 500 since 2004 ..... it's been a good ETF to dollar cost average into each month and not pay capital gains taxes until you sell (except for minor annual distributions that occur) - almost as effective as an IRA in deferring taxes if one holds XLK continuously for many years or even decades.
XLK $SPX
Year Year End Price % Change Year End Price % Change Outperformance
2003 20.09 1111.92
2004 21.11 5.1% 1211.92 9.0% -3.6%
2005 20.90 -1.0% 1248.29 3.0% -3.9%
2006 23.26 11.3% 1418.30 13.6% -2.0%
2007 26.66 14.6% 1468.36 3.5% 10.7%
2008 15.41 -42.2% 903.25 -38.5% -6.0%
2009 22.93 48.8% 1115.10 23.5% 20.5%
2010 25.19 9.9% 1257.64 12.8% -2.6%
2011 25.45 1.0% 1257.60 0.0% 1.0%
2012 28.85 13.4% 1426.19 13.4% 0.0%
2013 35.74 23.9% 1848.36 29.6% -4.4%
2014 41.35 15.7% 2058.90 11.4% 3.9%
2015 42.83 3.6% 2043.94 -0.7% 4.3%
2016 48.36 12.9% 2238.83 9.5% 3.1%
2017 63.95 32.2% 2673.61 19.4% 10.7%
2018 61.98 -3.1% 2506.85 -6.2% 3.4%
2019 91.67 47.9% 3230.78 28.9% 14.8%
2020 130.02 41.8% 3756.07 16.3% 22.0%
2021 173.87 33.7% 4766.18 26.9% 5.4%
2022 124.44 -28.4% 3839.50 -19.4% -11.2%
2023 192.48 54.7% 4769.83 24.2% 24.5%
2024 YTD 201.75 4.8% 4890.97 2.5% 2.2%
Aggregate 904.2% 339.9% 128.3%
https://www.sectorspdrs.com/sectortracker
XLK (technology) has been by far the best performing of the nine S&P sector spiders over the past 20 years - dividends are not included, but only XLU (utilities) has a significant yield.
PRICE CHANGE SINCE 12/31/2003
TKR % Change Cur Price Start Price
XLK 904% 201.75 20.09
XLY 445% 171.68 31.49
XLV 365% 139.27 29.96
$SPX 340% 4890.97 1111.92
XLI 324% 113.43 26.76
XLP 233% 72.63 21.78
XLE 215% 84.25 26.75
XLB 209% 82.51 26.69
XLU 162% 61.21 23.33
XLF 69% 38.65 22.84
XLC 54% 77.68 50.58
XLRE 28% 38.49 30.16
AVERAGE RETURN = 279%
OPTT (0.30) - I owned this stock over a decade ago. Ocean Power Technologies designs and produces electricity generating buoys that convert the power of ocean waves into energy. Seemed like a great idea. It works but economically it's too inefficient to be viable. They've had the equivalent of a 1 for 200 reverse split over the past decade or so and constantly issue new shares to raise capital. Management and the BoD are well paid for accomplishing nothing.
For the past few months I've been short a tiny position of OPTT. IB allows the shorting of penny stocks. Now I'm making a profit on the short side, although it's just lunch money.
PGNT is a 5% shareholder, but I fail to see how they can make any money off the technology. Maybe they just want to liquidate the assets. They've issued scathing criticism of management's track record. We'll see how it plays out.
YTD Index Performance ..... small and microcaps are back to underperforming .... even the S&P Equal Weight is down slightly YTD.
TKR % Change Cur Price Start Price
$NYFANG 6% 9232.96 8716.33
$NDX 4% 17516.99 16825.93
$RLG 4% 3176.17 3051.68
$COMP 3% 15510.5 15011.35
$SPX 3% 4894.16 4769.83
$DJI 1% 38049.13 37689.54
$DJT 0% 15952.78 15898.85
$RLV 0% 1632.75 1629.42
$SPXEW 0% 6385.7 6402.89
$MID -1% 2759.99 2781.54
$W5KMICRO-2% 13092.93 13358.71
$SML -2% 1287.85 1318.26
$RUMIC -3% 712.61 731.01
$RUT -3% 1975.88 2027.07
$DJU -4% 848.6 881.67