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Bloody Good Friday
Dow tumbles 900 points for worst day of year on fears of new Covid variant, S&P 500 drops 2%
https://www.cnbc.com/2021/11/26/stock-futures-open-to-close-market-news.html
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Happy Thanksgiving
Week 12 - DAL to win, TEN to lose
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Week 11 - CLE to win, IND to lose
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Week 10 - TEN to win, ATL to lose
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Eli, just lucky, thanks for your hard work in here!
Week 9 - DEN to win, GB to lose
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Week 8 - CIN to win, MIA to lose
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BOTTOM FISHING
Here's Why Snap (SNAP) is Poised for a Turnaround After Losing 33.7% in 4 Weeks
https://finance.yahoo.com/news/heres-why-snap-snap-poised-140002326.html
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Week 7 - ARI to win, CHI to lose
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Week 6 - LAR to win, WAS to lose
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Week 5 - TB to win, DET to lose
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Zoom Acquisition of Five9 Collapses After Shareholders Vote it Down
https://finance.yahoo.com/m/46eb24d5-c1ae-3196-adb4-8500a7a30d65/zoom-acquisition-of-five9.html
Videoconferencing giant Zoom Video Communications and cloud-based contact center software company Five9 have agreed to terminate their merger agreement, the companies said Thursday afternoon. The merger didn’t receive enough votes from Five9 shareholders, according the companies, and the company will continue to operate as a stand-alone publicly traded company.
“The contact center market remains a strategic priority for Zoom, and we are confident in our ability to capture its growth potential,” said Eric Yuan, CEO and founder of Zoom, in a statement. He notes that the firm will launch its cloud-based contact center solution, the Zoom Video Engagement Center, in early 2022. The firm will also maintain its existing contact center partnerships with companies like Five9, Genesys, NICE inContact, Talkdesk, and Twilio .
Zoom (ticker: ZM) first announced plans to acquire Five9 (FIVN) for $14.7 billion in an all-stock deal in July. The move was designed to help the company become a major player in call center software.
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Week 4 - BUF to win, JAX to lose
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US default would wipe out nearly 6 million jobs, Moody's says
https://www.cnn.com/2021/09/22/business/us-default-job-loss-prediction/index.html
A US default would be a "catastrophic blow" to America's economic recovery from Covid-19, setting off a downturn that would rival the Great Recession, Moody's Analytics warned in a new report.
If the US defaults on its debt payments and the impasse drags on, the ensuing recession would wipe out nearly 6 million jobs and lift the nation's unemployment rate to nearly 9%, Moody's projected in a report published Tuesday.
The market meltdown would slash stock prices by one-third, erasing about $15 trillion in household wealth, the report found.
"This economic scenario is cataclysmic," wrote Mark Zandi, chief economist at Moody's Analytics.
The US Treasury Department estimates it will run out of cash at some point in October unless Congress raises the debt ceiling. Despite the specter of a default, Republicans have refused to back an increase in the debt limit due in part to concerns about the Biden administration's vast spending plans.
Moody's notes that financial markets are not freaking out about the debt ceiling showdown, suggesting there is widespread belief that Congress will eventually act. The impact on Wall Street has been far smaller so far than during standoffs in 2011 and 2013.
"Ironically, because investors seem so sanguine about how this drama will play out, policymakers may believe they have nothing to worry about and fail to resolve the debt limit in time," Zandi wrote. "This would be an egregious error."
Jamie Dimon says JPMorgan has begun to prepare for potential US default
https://www.cnn.com/2021/09/28/business/jamie-dimon-jpmorgan-us-default/index.html
JPMorgan Chase CEO Jamie Dimon says America's largest bank is once again preparing for a potential US default even though he expects Congress to avoid that "potentially catastrophic" event by lifting the debt ceiling.
Treasury Secretary Janet Yellen told lawmakers Tuesday that the federal government will run out of cash and extraordinary measures by October 18, setting the stage for a potential default if Congress does not raise the debt limit before then.
Dimon said JPMorgan is combing through client contracts to prepare for a potential default.
"If I remember correctly, the last time we got prepared for this, it cost us $100 million," he said.
China's growing power crunch threatens more global supply chain chaos
https://www.cnn.com/2021/09/28/economy/china-power-shortage-gdp-supply-chain-intl-hnk/index.html
A growing power supply crunch in China is triggering blackouts for households and forcing factories to cut production, threatening to slow the country's vast economy and place even more strain on global supply chains.
Companies in the country's industrial heartlands have been told to limit their energy consumption in order to reduce demand for power, state media has reported. And supply has been cut to some homes, reportedly even trapping people in elevators.
An "unexpected and unprecedented" power cut hit three northeastern provinces on Monday, according to the Global Times, a state-run tabloid. The newspaper reported Tuesday that power rationing in Heilongjiang, Jilin and Liaoning provinces has "resulted in major disruptions to the daily lives of people and business operations."
Power shortages have also hit the southern province of Guangdong, a major industrial and shipping hub. Local officials said Monday that many firms are trying to reduce demand by working two or three days per week.
China's State Grid Corporation said Monday that it would "go all out to fight the tough battle of power supply," making every effort to secure residential consumption.
China was hit by a similar power crunch in June, but the situation is getting worse because of a perfect storm. Its industries are facing huge pressure from soaring energy prices, and from Beijing to tackle carbon emissions.
The world's biggest polluter is trying to meet a pledge that its carbon emissions will peak before 2030. That requires its provinces to use less fossil fuel for each unit of economic output, for example by burning less coal to generate power. At the same time, demand for Chinese-made goods has surged as the global economy emerges from the pandemic. The result: not enough power to go round.
Major international suppliers are bracing for impact on businesses already confronting delays caused by shortages and global shipping delays.
Pegatron — a Taiwanese firm that produces components and assembles iPhones for Apple (AAPL) — said Tuesday that it is cooperating with "local [Chinese] government policies" to "activate energy-saving mechanisms and reduce production," in response to a request from CNN Business for comment about the power crisis. Pegatron has a big factory in eastern China's Kunshan city, where Taiwanese media has reported that authorities are limiting electricity supply.
Power rationing could create new headaches for the tech supply chain, according to Dale Gai, a director at Counterpoint Research, although likely not as severe as the worldwide shortage of computer chips that has hammered everything from cars and washing machines to other electronics.
Outages in areas where smartphone modules are typically assembled could lead to some short-term delays.
There is "probably some delay of the components for a week or so," Gai said. "Which still is manageable, but it's a delay."
Cutting growth forecasts
The shock is even prompting economists to cut growth expectations this year for the world's second largest economy.
Analysts at Nomura trimmed their forecast for Chinese growth in 2021 by half a percentage point to 7.7% on Friday, citing the "rising number of factories" that have had to "cease operations," either because of local energy consumption mandates or power outages due to rising coal prices and shortages.
Analysts at Goldman Sachs followed on Tuesday, cutting their 2021 GDP growth forecast to 7.8% from 8.2%, citing "recent sharp cuts to production in a range of high-energy intensity industries."
They noted "considerable uncertainty" headed into the final quarter of the year, given that the Chinese economy already faces risks because of the debt crisis at Evergrande — the embattled conglomerate that has sparked fears among some analysts of a potential Lehman Brothers moment for China.
Energy supply problems aren't new for China. This summer, several Chinese provinces warned of shortages in what was then country's worst power crunch since 2011.
But the latest reports are even more concerning. The acute shortages in parts of the northeast will "continue for some time," reported state broadcaster CCTV.
China pulled itself out of the pandemic slump largely thanks to a boom in construction and manufacturing: But real estate projects and factories require a ton of power to operate, and thus massive amounts of coal.
The focus on infrastructure and construction pushed China's carbon emissions to record highs in the first quarter of 2021, according to research released in May from the Centre for Research on Energy and Clean Air (CREA). The agency said that was the fastest rate of growth in more than a decade.
"The economy is much more driven by the industrial sector than the consumption sector," wrote Macquarie economist Larry Hu in a Monday research note. "Unfortunately, the energy intensity in the industry sector is much higher than that in the consumption sector."
The post-pandemic commodities boom and ambitious climate targets, meanwhile, have driven coal prices sky high, given the increase in demand and decrease in mining. Hu pointed out that the price of thermal coal — which is primarily used to generate power — has surged this year from 671 yuan ($104) per ton to roughly 1,100 yuan ($170). It doesn't help that trade tensions
Ambitious climate goals
Perhaps the biggest contributing factor, according to several analysts, is the drive to meet President Xi Jinping's goal for a carbon neutral China by 2060.
Hu pointed out that the Chinese government is targeting a 3% drop in "energy intensity" per unit of GDP this year.
In August, China's National Development and Reform Commission (NDRC) called out nearly every major Chinese region and told them to curb or monitor their energy consumption and intensity through the rest of the year.
Nine of China's nearly three dozen provinces and regions increased energy intensity in the first half of the year, according to the agency. That included Guangdong province in southern China, a major factory hub where one wood mill recently lowered capacity by more than half because of power limits, according to the Global Times.
Another 10 provinces — including Heilongjiang and Liaoning — did not meet energy requirements, the NDRC said in its August announcement.
"Beijing's unprecedented resolve in enforcing energy consumption and intensity limits could result in invaluable long-term gains, but the short-term costs to both the real economy and financial markets are substantial," wrote the Nomura analysts.
Keeping control
Some Chinese state media outlets have also called for a balance to be struck between meeting climate targets and allowing the power crisis to spiral out of control.
Regions "cannot be too aggressive" or "slam the brakes too hard" on controlling energy consumption, read an opinion piece published in the People's Daily, the ruling Communist Party's mouthpiece, on Sunday.
"As this concerns the development of the economy and society, they must pinpoint where they should work on and keep a balance," the piece read. "Otherwise, it will catch people off guard, especially for certain industries, where they might be forced to halt production on short notice."
— Lauren Lau, Eric Cheung, Laura He and CNN's Beijing bureau contributed to this report.
Chips are falling hard!
MU AMD NVDA LRCX TSM AMAT XLNX KLAC
https://stockcharts.com/freecharts/candleglance.html?MU,AMD,NVDA,LRCX,TSM,AMAT,XLNX,KLAC|B|D20|0
Micron Technology's 1Q Guidance Misses Analysts' Targets
Micron Technology Inc. expects about $7.65 billion in revenue this quarter, missing Wall Street targets.
The company said it expects to make $1.90 to $2.10 a share this quarter, or $2 to $2.20 a share on an adjusted basis, on $7.45 billion to $7.85 billion in revenue.
Analysts surveyed by FactSet expect $2.44 a share, or $2.53 a share as adjusted, and about $8.54 billion in revenue.
Why AMD Stock Sank 6% Today
https://www.fool.com/investing/2021/09/28/why-amd-stock-sank-6-today/
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As-of-210928
Micron Technology's 1Q Guidance Misses Analysts' Targets
Micron Technology Inc. expects about $7.65 billion in revenue this quarter, missing Wall Street targets.
The company said it expects to make $1.90 to $2.10 a share this quarter, or $2 to $2.20 a share on an adjusted basis, on $7.45 billion to $7.85 billion in revenue.
Analysts surveyed by FactSet expect $2.44 a share, or $2.53 a share as adjusted, and about $8.54 billion in revenue.
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Fed Signals Start to Taper of Bond-Buying Stimulus; Powell Discusses Stock Trading by Fed Officials; Brazil Central Bank Raises Key Rate
https://ih.advfn.com/stock-market/stock-news/86122923/fed-signals-start-to-taper-of-bond-buying-stimulus
The Federal Reserve's rate-setting committee said Wednesday in a statement it could start to reduce, or taper, its $120 billion in monthly bond buying as soon as its next scheduled meeting, Nov. 2-3. "The purpose of that language is to put notice out that that could come as soon as the next meeting," Fed Chairman Jerome Powell said. He also discussed recently disclosed stock trading by the heads of the Dallas and Boston Fed banks, adding ethics rules about trading by Fed officials will be reviewed. Elsewhere, Brazil's central bank raised its benchmark lending rate by 1 percentage point to 6.25% and said a similar increase may be coming at its next meeting in October to ensure inflation falls to the bank's target.
Week 3 - BAL to win, NYJ to lose
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Goldman Sachs just launched this ETF GTEK that will rival FAANG stocks
https://www.gsam.com/content/gsam/us/en/individual/products/etf-fund-finder/goldman-sachs-future-tech-leaders-equity-etf.html#activeTab=overview
Verrica Pharma Shares Slide 25% After Company Receives Letter From FDA
Shares of Verrica Pharmaceuticals Inc. are lower in Monday's late-trading session, after the company said it received a complete response letter from the U.S. Food and Drug Administration identifying deficiencies at a contract manufacturer's facility for its VP-102.
The company said it filed a new drug application for VP-102 to treat molloscum contagiosum, a viral infection affecting the skin.
Verrica said the deficiencies identified by the FDA "are not specifically related to the manufacturing of VP-102 but instead raise general quality issues at the facility." The company added, "the FDA did not identify any clinical, safety or product specific chemistry, manufacturing, and controls deficiencies related to VP-102."
The contract manufacturing organization advised Verrica it is "expecting a satisfactory resolution of the facility's identified deficiencies from the FDA within the next 30 business days," Verrica said.
https://ih.advfn.com/stock-market/NASDAQ/verrica-parmaceuticals-VRCA/stock-news/86093388/verrica-pharma-shares-slide-25-after-company-rece
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The fear over Evergrande is that a potential collapse there could send a chain reaction through the Chinese property-development industry and spill over into the broader financial system, similar to how the failure of Lehman Brothers inflamed the 2008 financial crisis and Great Recession. Those property companies have been big drivers of the Chinese economy, which is the world’s second-largest.
If they fail to make good on their debts, the heavy losses taken by investors who hold their bonds would raise worries about their financial strength. Those bondholders could also be forced to sell other, unrelated investments to raise cash, which could hurt prices in seemingly unrelated markets. It’s a product of how tightly connected global markets have become, and it’s a concept the financial world calls “contagion.”
https://www.usatoday.com/story/money/markets/2021/09/20/stock-market-s-p-500-dow-china-real-estate-evergrande-group-economy/8419389002/
Market sell-off worsens in volatile trading with Dow dropping 600 points, S&P 500 losing 2%
https://www.cnbc.com/2021/09/19/stock-market-futures-open-to-close-news.html
U.S. stocks began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.
The Dow Jones Industrial average lost 612 points, or 1.8%, set for its biggest one day drop since July 19. The S&P 500 fell 1.9%, on pace for its worst daily performance since May 12. The tech-heavy Nasdaq Composite dropped 2.4%.
There were a number of reasons for the sell-off:
Investors fear a contagion sweeping financial markets from the troubled China property market. Hong Kong equities saw a big sell-off during the Asia trading session on Monday. The benchmark Hang Seng index plunged 4% with embattled developer China Evergrande Group on the brink of default.
The Federal Reserve begins a two-day meeting Tuesday and investors are worried the central bank will signal it’s ready to start pulling away monetary stimulus amid surging inflation and improvement in the job market.
Covid cases because of the delta variant remain at January levels as colder weather approaches in North America.
September has the worst track record of any month, averaging a 0.4% decline, according to the Stock Trader’s Almanac. History shows the selling tends to pick up in the back half of the month.
Investors are also concerned about brinkmanship in DC as the deadline to raise the debt ceiling approaches. Congress returned to Washington from recess rushing to pass funding bills to avoid a government shutdown.
Stocks linked to global growth were down the most Monday. Ford and Carrier Global lost more than 3%. General Motors and Boeing fell about 2% each. Nucor steel shed 2.8%
Morgan Stanley says it’s looking more likely stocks to fall 20% in ‘destructive outcome’ for bull run
https://www.cnbc.com/2021/09/20/morgan-stanley-says-its-looking-more-likely-stocks-fall-20percent-in-destructive-outcome-for-bull-run.html?__source=PRO%7Cnewsletter%7Cmarketing%7Csignup%7Csep20%7Cmorganstanley&tpcc=PRO%7Cnewsletter%7Cmarketing%7Csignup%7Csep20%7Cmorganstanley
Market sell-off worsens in volatile trading with Dow dropping 600 points, S&P 500 losing 2%
https://www.cnbc.com/2021/09/19/stock-market-futures-open-to-close-news.html
U.S. stocks began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.
The Dow Jones Industrial average lost 612 points, or 1.8%, set for its biggest one day drop since July 19. The S&P 500 fell 1.9%, on pace for its worst daily performance since May 12. The tech-heavy Nasdaq Composite dropped 2.4%.
There were a number of reasons for the sell-off:
Investors fear a contagion sweeping financial markets from the troubled China property market. Hong Kong equities saw a big sell-off during the Asia trading session on Monday. The benchmark Hang Seng index plunged 4% with embattled developer China Evergrande Group on the brink of default.
The Federal Reserve begins a two-day meeting Tuesday and investors are worried the central bank will signal it’s ready to start pulling away monetary stimulus amid surging inflation and improvement in the job market.
Covid cases because of the delta variant remain at January levels as colder weather approaches in North America.
September has the worst track record of any month, averaging a 0.4% decline, according to the Stock Trader’s Almanac. History shows the selling tends to pick up in the back half of the month.
Investors are also concerned about brinkmanship in DC as the deadline to raise the debt ceiling approaches. Congress returned to Washington from recess rushing to pass funding bills to avoid a government shutdown.
Stocks linked to global growth were down the most Monday. Ford and Carrier Global lost more than 3%. General Motors and Boeing fell about 2% each. Nucor steel shed 2.8%
Week 2 - GB to win, HOU to lose
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chew ~~~
what a fumble by Chris Godwin at 5 yard line!
LoL
KC to win
DAL to lose
Thx
Pandemic-era unemployment benefits expire
The Street is unclear on how to value Zoom as its growth slows with people returning to offices and schools, despite the lingering pandemic.
https://finance.yahoo.com/news/zoom-stock-just-crashed-heres-the-simplest-reason-why-164619692.html
Zoom down $57 or 16%
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3 Companies That Will Directly Benefit From an EV Boom
https://www.fool.com/investing/2021/05/05/3-companies-that-will-directly-benefit-from-an-ev/
As electric vehicle (EV) sales rise around the world, there will be a number of industries that directly benefit from the change in energy consumption. Electricity consumption could rise, millions of EV chargers will be needed, and there will be a huge demand for raw materials.
These businesses adjacent to EV manufacturing have become appealing because EV stocks trade for incredibly high price-to-sales multiples, or multi-billion dollar valuations for pre-revenue companies. And if you're looking for stocks that will directly benefit from EV growth, we think SunPower (NASDAQ:SPWR), ChargePoint Holdings (NYSE:CHPT), and NextEra Energy (NYSE:NEE) will be some of the biggest beneficiaries.
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China to tighten competition rules for internet groups
https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1
#msg-165186889 Chinese internet stocks
BABA JD PDD TCEHY VIPS BIDU TME NTES TCOM BILI YY BEKE DADA DIDI
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https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1
China will ban its internet platforms from a wide array of behaviour deemed to harm market competition, as Beijing’s crackdown on the sector intensifies.
The State Administration for Market Regulation, China’s antitrust watchdog, released draft rules on Tuesday that banned unfair competition among internet companies and could come into force this year.
Shares in Chinese internet and ecommerce groups JD.com, Alibaba and Tencent closed down 5.2 per cent, 4.8 per cent and 4.1 per cent respectively in Hong Kong trading.
China’s market regulator has demanded “self-rectification” from dozens of internet companies, including ride-hailing platform Didi Chuxing, which has become a particular target of scrutiny following its $4.4bn initial public offering in New York in June.
The SAMR also fined Alibaba, the ecommerce group, a record $2.8bn in April for abusing its market dominance.
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https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1
The crackdown has shaved billions of dollars worth of market value from China’s leading tech companies.
Angela Zhang, an expert on Chinese antitrust legislation at the University of Hong Kong, said the measures would target practices such as false advertising, fraudulent online reviews, unfair competition, interoperability issues, data protection and consumer privacy issues.
Li Chengdong, founder of Dolphin, a technology-focused think-tank in Beijing, said SAMR’s rules would crack down on major platforms “using monopoly status to suppress small and medium businesses”.
The announcement marked an expansion of the rectification campaign to the entire sector, he said, while Alibaba and Meituan, China’s biggest food delivery platforms, were “still the ones with more severe problems”.
The Chinese Communist party has made antitrust regulation central to a broad campaign to limit behaviour by internet groups that it considers damaging to social stability and national security.
Analysts said the campaign had been driven in part by user anger over perceived exploitation by powerful internet companies.
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https://www.ft.com/content/7ccf409d-489b-411a-8b4f-4b5d8b8ed0b1
Merchants as well as the platforms themselves can also be fined for practices such as false transactions, rankings or user reviews, all of which are common in China.
The measures included detailed descriptions of the metrics that will determine whether a company is stifling competition, as well as an option to bring in third-party expertise for complicated cases. Individuals and companies have also been encouraged to report instances of unfair competition to SAMR.
“It’s a very long list of behaviours, many of which are rampant,” Schaefer said. “Regulatory displeasure with some of these things has been signalled in the past year, but this is the ultimate collection.”
'Don't buy this dip,' Bay Crest's Krinsky says
'Don't buy this dip,' Bay Crest's Krinsky says