Good MorningEquity markets did an about-face on Wednesday, rising in early trading and then falling after the FOMC announced more interest rate hikes were coming. The FOMC paused in June, holding rates steady, but indicated inflation was not tamed and that 2 more should be expected. The news sent the odds on the CME's FedWatch Tool rocketing higher, indicating a significant outlook shift. The takeaway is that interest rate cuts should not be expected in 2023 without a significant decline in inflation.
Action in the S&P 500 was mixed. The index moved up, down, and sideways during the session while market participants digested the news. The implications for stocks are negative; rising rates are cutting into demand, which is capping the outlook for earnings. The market closed with a small gain for the day, creating a large Doji candle signifying significant uncertainty. The market may move higher from here, but it is climbing a wall of worry and heading toward a ceiling put in place by the Fed. Featured: The largest crypto short squeeze since 2021 (Ad) 
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Consumer Discretionary | |
Shares of Mullen Automotive (NASDAQ: MULN) are down another 15% to trade back at the pre-split level near $.25. That’s a bitter pill to swallow for investors holding out hopes this company can defy the odds and pull off production, sales, revenue, and earnings. There are many reasons to hope... Read the Full Story |
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Technology | |
Advanced Micro Devices (NASDAQ: AMD) announced game-changing news when unveiled the MI300X super chip. The MI300X is the company’s latest development and a pure play on AI. The chip is intended to rival NVIDIA (NASDAQ: NVDA) chips, such as the H100, which run for around $30,000 each. That&rs... Read the Full Story |
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Communication Services | |
When you hear about stocks in the news, they often refer to an event that drives share prices up or down. Fundamental analysis interprets the news and the performance of a company's operations to derive a value for the underlying stock. However, all stocks must contend with an underlying price, de... Read the Full Story |
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From Our Partners | | What If Washington Declared That:
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Consumer Discretionary | |
On Monday, Chegg (NYSE: CHGG) announced that it is laying off 4% of its workforce and parlaying the cost savings into executing its AI strategy. Chegg has been one of the headline "AI losers," or companies that see their business model under threat due to the rise of AI chatbots like ChatGPT. The ... Read the Full Story |
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Consumer Discretionary | |
The global economic landscape has been in flux since the start of 2020, with markets worldwide experiencing both highs and lows in the wake of the global COVID-19 pandemic, the ongoing war in Ukraine and countless other factors.
Some investors have managed to profit from these wild swings. But m... Read the Full Story |
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From Our Partners | | On August 15, 1971, Nixon interrupted prime-time television and ended the gold standard in 15 minutes - no debate, no vote, one executive order. Gold tripled within three years and climbed 20x over the following decade.
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Industrials | |
Shares of the lithium-ion manufacturer, Enovix (NASDAQ: ENVX) have been on an impressive run recently, with the stock up close to 30% over the previous three months and up 13.5% YTD. Since making fresh lows at the beginning of the year, the stock has staged an impressive turnaround, up over 100% s... Read the Full Story |
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Consumer Discretionary | |
Bowlero Co. (NASDAQ: BOWL) is the largest ten-pin bowling operator in the world, with more than 340 locations. It has been growing through an acquisition strategy as it continues to attempt to corner the market in the U.S. It operates under the AMF, Bowlmor Lanes and Bowlero brand locations.
Bowl... Read the Full Story |
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Markets | |
Shares of Shell (NYSE: SHEL) are rallying by as much as 2.6% in the pre-market hours of Wednesday morning as investors and traders pile in to anticipate further price reactions stemming from the company's latest announcements. As most of the attention throughout markets seems to be headed toward d... Read the Full Story |
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Markets | |
Topgolf Callaway Brands Corp. (NYSE: MODG) may be on par for a share-price rebound.
For now, stock performance appears to be whiffing, but there’s reason to believe the company has the potential to score a birdie for investors.
Shares are currently in rally mode, advancing 13.60% in the... Read the Full Story |
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Technology | |
The merger arbitrage opportunity in Silicon Motion (NASDAQ: SIMO) is likely the most attractive in the stock market, offering a 32% spread for a deal that could close before the end of the year.
The US-based communications semiconductor firm MaxLinear (NASDAQ: MXL) offered to buy Taiwan-based Sil... Read the Full Story |
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Thursday's Early Bird Stock Of The Day Purple Biotech Ltd., a clinical-stage company, focuses on developing therapies to overcome tumor immune evasion and drug resistance for cancer patients in the United States. Its oncology pipeline includes CM24, a humanized monoclonal antibody that blocks the interactions of carcinoembryonic antigen related cell adhesion molecule 1 as a combination therapy with anti-PD-1 checkpoint inhibitors, which is in Phase 2 clinical trial for the treatment of pancreatic ductal adenocarcinoma; NT219, a small molecule that targets and inhibits insulin receptor substrate 1 and 2, and signal transducer and activator of transcription, which is in Phase 1/2 clinical trials for the treatment recurrent and/or metastatic squamous cell carcinoma of the head and neck cancer or colorectal adenocarcinoma; and IM1240, a multi-valent antibody designed to activate anti-tumoral immune response against 5T4-positive tumors, which is in preclinical stage. The company has collaboration agreement with Bristol Myers Squibb Company to evaluate the combination of CM24 with the PD-1 inhibitor nivolumab in addition to chemotherapy. The company was formerly known as Kitov Pharma Ltd and changed its name to Purple Biotech Ltd. in December 2020. The company is headquartered in Rehovot, Israel. | | View Today's Stock Pick |
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