Stock soars

New York (CNN Business) It's a bad news is good news day on Wall Street again. Stocks soared, and are set to finish the week with solid gains, after a key economic report showed a record low in consumer confidence levels. Investors cheered the drop in the University of Michigan's consumer sentiment reading in June. Why? Growing recession fears may mean that the Federal Reserve, which has begun to aggressively hike interest rates to fight inflation, could reverse course by the end of 2023 and cut rates again in order to deal with a slowing economy. The Dow surged more than 650 points, or 2.2%, in late morning trading Friday and is now up 2.6% for the holiday-shortened trading week. The US market was closed Monday in observance of Juneteenth. The S&P 500 and Nasdaq both rose more than 2% as well. The S&P 500 has risen more than 3% in the past four days while the Nasdaq has shot up 4%. All three indexes are on track to snap three-week … [Read more...] about Stocks surge even though consumers feel lousy. Here’s why

The materials sector includes companies engaged in the discovery, development, and processing of raw materials , which are used across a broad range of sectors and industries. Materials stocks include manufacturers of products as varied as plastic, fertilizer, paper, concrete, and metals. Prominent names include Ecolab Inc., Air Products and Chemicals Inc., and DuPont de Nemours Inc. Commodities including metals have soared following Russia’s invasion of Ukraine in February 2022, with selected materials stocks seeing big gains. Materials stocks, represented by an exchange-traded fund (ETF) —the Materials Select Sector SPDR ETF ( XLB )—have outperformed the broader market. XLB’s total return was -6.1% over the past 12 months, above the benchmark Russell 1000’s total return of -12.1%. These market performance numbers and all statistics in the tables below are as of June 21, 2022. Here are the top three materials stocks with the best value, the fastest growth, and … [Read more...] about Top Materials Stocks for July 2022

Lyft, Inc. ( LYFT ) shares rose nearly 10% during Wednesday's session after Piper Sandler reiterated its Outperform rating and raised its price target to a Street high of $88.00 per share – a 64% premium over Tuesday's closing price. Key Takeaways Lyft shares moved sharply higher during Wednesday's session after Piper Sandler raised its price target to a Street high of $88. Piper Sandler notes that a return to revenue growth should translate to rapidly improving EBITDA , while Wedbush sees a faster trajectory to profitability. The stock moved into overbought territory as the relative strength index (RSI) hit 73.03, but the moving average convergence divergence (MACD) experienced a bullish crossover in early February. Piper Sandler analyst Alexander Potter recommends adding to positions in Lyft despite the post-earnings rally, saying that comparisons will turn exceptionally easy beginning in March and that a return to revenue growth should translate to … [Read more...] about Lyft (LYFT) Soars After Analysts Raise Price Targets

Shareholders of Shopify Inc. ( SHOP ), the Canada-based e-commerce company, voted in favor of two key proposals at the company's annual general meeting on June 7. Most important, they approved increasing the voting power of founder and Chief Executive Officer ( CEO ) Tobi Lütke. This will enable him to maintain his voting power for as long as he is at the company. Separately, shareholders also approved a 10-for-1 stock split . Key Takeaways Shareholders have approved a 10-for-1 stock split. Shopify will begin trading on a split-adjusted basis on June 29. Shareholders also approved a proposal to give CEO Tobi Lütke "founders shares." This share class consists of non-transferable shares that ensure he will maintain 40% voting power in the company. New "Founder" Share Class The new corporate governance structure approved at the meeting grants Lütke non-transferable "founder shares." The founding shares increase Lütke's voting power to 40%. As of March … [Read more...] about Shopify Shareholders Vote in Favor of Stock Split and “Founder Shares”

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shares of Tube Investment rose sharply on June 24 after Motilal Oswal Financial Services initiated coverage on the stock with a ‘buy’ rating and set a price target of Rs 1,900, implying an upside of 25 percent over the next 12 months. “Tube Investments offers diversified revenue streams, with strong growth in the core business, ramp-up in CG Power and optionality of new businesses incubated under TI-2 strategy,” the brokerage said in a note on June 24. It believes that the new strategy of the company could be a trigger for rerating in the future as the company looks to reinvest its cash flows to seed new platforms for long term growth and acquire stressed assets. At the same time, the company’s existing business in engineering, metal formed products, cycles and others will continue to be … [Read more...] about Tube Investments soars as Motilal Oswal Financial slaps ‘buy’ tag on company after starting coverage

Wall Street's main indexes rose over 1% on Friday as signs of slowing economic growth and falling commodity prices tempered expectations over how high the Federal Reserve will raise interest rates to rein in inflation. Global financial markets have been roiled this month on worries that rapid rate hikes by major central banks could cause a recession, with the benchmark S&P 500 (.SPX) confirming a bear market last week as it recorded a 20% drop from its January closing peak. The three main indexes on Friday looked set to notch their first weekly gain in four, boosted by megacap growth stocks and defensive sectors such as healthcare and utilities seen as safer bets during times of economic uncertainty. "Conversations about the U.S. economy likely slowing which could lessen the hawkishness of the Fed, combined with lower commodity prices and bond yields - these are reasons investors are mentioning to justify why we could experience a near-term bounce," said Sam Stovall, … [Read more...] about Wall Street rallies as traders dial back rate-hike bets

Share to Twitter Share to Linkedin After billionaire Ron Perelman’s prized cosmetics company Revlon filed for bankruptcy protection last week, something bizarre happened: Its stock surged over 200%, swiftly adding nearly $200 million to his fortune. It was an unexpected turn of events for the famed dealmaker, who made billions as a corporate raider by amassing holdings in everything from candy to cars to makeup, but has fallen on hard times lately. (Perelman, who was once worth more than $14 billion, failed to qualify for The Forbes 400 list of the richest Americans last fall.) So why did the stock rocket higher? Perhaps the best explanation is that it has become the latest meme stock , a phenomenon in which investors on Reddit identify a stock that has been heavily targeted by short-sellers (who are betting the stock will fall) and then take pleasure in piling into it and cause short-sellers to lose money. Some 37% of Revlon’s available shares are … [Read more...] about Billionaire Ron Perelman Enjoys $200 Million Bump As Bankrupt Revlon Surges

Share to Twitter Share to Linkedin The Oklahoma mogul spoke to Forbes about how he's protecting his investments ahead of the “near certainty” of a recession. With the S&P 500 entering a bear market last week , many of America’s billionaires are convinced that a recession is in the offing . George Kaiser , one of the wealthiest people in Oklahoma with an estimated $9.5 billion fortune, is one of them. Kaiser, 79, told Forbes that a “recession seems a near certainty” and that he expects the economy to tip into a downturn in the first two quarters of 2023, with a prolonged dip in the stock market. The timing of the market bottoming out—the point at which the stock market hits a low and begins rising again—is still far off, according to Kaiser. “Historic analogies would suggest a 35% total drop from the peak, but that history is largely irrelevant since so many of the factors are unique,” he said. Kaiser, who has appeared on the Forbes … [Read more...] about Oil And Banking Billionaire George Kaiser Says Market Bottom Is Still Far Off

- A + A (June 22): US futures dropped with stocks and commodities amid ever-louder warnings that Federal Reserve rate hikes may lead to an economic downturn. Nasdaq 100 contracts were down more than 1.5%, underperforming S&P 500 peers and indicating more declines for heavyweight technology stocks, which have been hammered by rising rates. Haven assets including the dollar, Treasuries and the yen advanced. The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency. With just seven trading days left until the end of June, the index is down 21% since the beginning of the year, a scale unmatched by any start to a year going back to 1970, according to data compiled by Bloomberg. Optimism is evaporating that policy makers can achieve a soft landing as they navigate a course of aggressive monetary tightening to tame inflation. Fed Chair Jerome Powell is expected to reiterate his resolve when he speaks in front of lawmakers Wednesday. Fears … [Read more...] about US futures fall with oil as recession fear spreads: Markets Wrap

- A + A HONG KONG (June 22): A world economy already contending with raging inflation, stock-market turmoil and a grueling war is facing yet another threat: the unraveling of a massive housing boom. As central banks around the globe rapidly increase interest rates, soaring borrowing costs mean people who were already stretching to buy property are finally reaching their limits. The effects are being seen in countries such as Canada, the US and New Zealand, where once-hot residential real estate markets have suddenly turned cold. It’s a sharp reversal from years of surging prices fueled by rock-bottom mortgage rates and government stimulus, along with a pandemic that popularized remote work and sent homebuyers on the hunt for bigger spaces. An analysis by Bloomberg Economics shows that 19 OECD countries have combined price-to-rent and home price-to-income ratios that are higher today than they were ahead of the 2008 financial crisis — an indication that prices have … [Read more...] about World’s bubbliest housing markets are flashing warning signs