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DAILY UPDATE: ARK and Palantir Growth

Posted on February 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Wall Street eyes earnings, inflation report: It’s another big earnings week with Shopify, Coca-Cola, Airbnb, Coinbase, and Crocs among the companies scheduled to report. Investors will also be locked into tomorrow’s consumer price index report, which is expected to show more good news about inflation and raise hopes of a Fed rate cut.

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Cathie Wood and her team have purchased over $160 million worth of Tesla stock since the start of the year. Wood’s flagship fund, the ARK Innovation ETF (NYSEMKT: ARKK), now owns about $640 million of Tesla stock, making the company the fund’s second-largest holding behind Coinbase.

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Palantir reported 20% revenue growth to $608.4 million, ahead of the consensus at $602.4 million. Once again, the company delivered strong profitability with its fifth straight quarter of profitability according to generally accepted accounting principles (GAAP), coming in at $93 million, or a 15% profit margin.

The company experienced particularly strong growth in its U.S. commercial segment, where revenue was up 70% to $131 million, making up nearly a quarter of total sales. U.S. commercial total contract value jumped 107% to $343 million, and for 2024, it forecast 40% growth in U.S. commercial revenue to at least $640 million, showing that companies are starting to adopt an Automated Investment Plan.

On the bottom line, adjusted earnings per share doubled to $0.08, beating analyst estimates, as the company nearly held operating expenses flat once again, and guidance was solid as well.

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Filed under: "Ask-an-Advisor", Experts Invited, Financial Planning, Investing | Tagged: AIP, ARK, ARKK, Cathie Wood, Coca-Cola, coinbase, Crocs, fed, FOMC, GAAP, inflation, ko, Palantir, shopify, Tesla, Wood | Leave a comment »

Is the ARK Sinking?

Posted on July 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Markets: Stocks are rolling following a week that showed our inflation emergency seems to be ending, and big banks are still raking in big profits. The Fed’s so-called “soft landing” scenario—getting inflation down without tipping the economy into a recession—is a distinct possibility, as long as corporate finances don’t end up being shockingly bad this earnings season.
Global economy: While the US economy is chugging along, the same can’t be said for China. Growth in the world’s No. 2 economy hardly budged between the first and second quarters, while youth unemployment hit a record last month. Expect President Xi Jinping to make moves to juice China’s stagnating GDP.

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Curiously, Cathie Wood’s flagship exchange-traded fund has rallied more than 50% this year. Investors are using that as an opportunity to get out.

They have pulled a net $717 million from the ARK Innovation ETF over the past 12 months, according to FactSet. That exodus marks a notable shift for a fund that had consistently drawn investor cash since its 2014 inception. Once the largest actively managed ETF with nearly $30 billion in assets under management, the fund has shrunk to roughly $9 billion, mostly due to investment losses.

Known by its ticker symbol ARKK, Wood’s fund became an investor darling shortly after the onset of the Covid-19 pandemic with hugely successful bets on unprofitable and “disruptive” technology companies. It took in huge amounts of investor money, culminating with a $6.5 billion inflow in the first quarter of 2021, when its share price peaked.

Then, the Federal Reserve’s fastest interest-rate hiking campaign in decades crushed the valuations of unprofitable growth companies, which often attract investors when interest rates are low and returns on safer investments such as CDs are minimal. Shares of ARKK plunged 67% in 2022, but its investors largely held on or bought the dip.

Now, analysts say they expect some of those investors are getting out for good?

MORE: https://medicalexecutivepost.com/2023/07/12/from-active-to-passive-investing/

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Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, Information Technology, Investing | Tagged: ARK, Ark Innovation, ARK sinking, ARKK, Cathie Wood, China, ETF, FactSet, GDP, Global Economy, markets, soft landing, Wood, Wood's ARK, Xi JinPing | Leave a comment »

DAILY UPDATE: ARK Sells Tesla and First Citizens BancShares Buys SVB

Posted on March 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Ark’s Back-to-Back Sale: Ark Invest’s Ark Innovation ETF (NYSE: ARKK) and Ark Next Generation Internet ETF (NYSE: ARKW) sold 119,151 and 11,547 shares of Tesla, respectively, on Friday, daily trade information from the company showed. Friday’s disposals totaled 130,698 shares, valued at $24.98 million. On Thursday, Ark’s ARKK and ARKW cumulatively sold 139,000 shares valued at $26.8 million. Wood’s firm divested $51.78 million worth of Tesla stock this week.

Ark has been a buyer of Tesla shares since the stock’s decline late last year. The last sale by the firm ahead of this past week’s liquidation was in early September. 2022. On the other hand, Elon Musk is reportedly handing out stock awards to Twitter employees at a valuation of ~$20 billion. He bought the company for $44 billion last year.

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SVB was finally sold. Well, at least a large portion of it. First Citizens BancShares, a Raleigh-based regional bank, is scooping up SVB’s deposits, loans, and 17 branches that will reopen today under new ownership. About $90 billion of SVB’s assets will remain with the FDIC, which took control of SVB following its epic collapse over two weeks ago. The sale is meant to “instill confidence in the banking system,” the CEO of First Citizens said, and it seems to be working for now: Regional lenders like First Republic Bank are surging premarket.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Ethics, Information Technology, Investing | Tagged: ARK, Ark Innovation, ARKK, ARKW, Cathie Wood, elon, elon musk, First Citizens BancShares, musk, stock awards, SVB, SVB sold, Tesla, tesla stock | Leave a comment »

DAILY UPDATE: Wood, Moderna and the Domestic Down Markets

Posted on March 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Cathie Wood just revealed that her flagship fund ARK Invest lost over $2 billion last year. Her struggles sum up how rising interest rates are affecting markets, according to the CEO of JPMorgan Asset Management. “When the Federal Reserve hits the brakes, something goes through the windshield,” George Gatch said.
Cathie Wood’s Ark Invest also sold $13.5 million worth of Coinbase stock. The famed money manager now holds a 7% stake in the crypto exchange worth $837 million. Shares of Coinbase are up nearly 30% in the past five trading sessions as crypto prices rallied.

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Moderna – which received about $10 billion in taxpayer money to produce its COVID-19 vaccine and has since earned billions more in profits selling it – was sued in early 2022 by Genevant Sciences and Arbutus Biopharma Corp., which accused Moderna of using technology they have patented in its vaccine. The two companies have asked a federal court in Delaware to award them damages for the infringement.

CITE: https://www.r2library.com/Resource/Title/0826102549

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Alex Coffey, senior trading strategist at TD Ameritrade, said recent turmoil in the banking industry has effectively tightened credit conditions, possibly making further rate increases by the Fed unnecessary. Still, the Fed had to send a message that it’s not making an abrupt shift in its efforts to bring inflation down. The Fed has been in “cruise control” raising rates, “staying in the fast lane,” Alex says. “Now, it has turned off cruise and maybe changed lanes, but isn’t doing a quick move toward the off ramp. Today’s increase was not a ‘dovish’ hike, but also not the hawkish stance that was feared.”

“We’re near the end of the tightening cycle,” he adds. “But they have to do this slowly.”

The Fed commentary appeared to briefly soothe the market, causing the S&P 500^® Index to rise as much as 1% soon after the central bank’s announcement, but the benchmark changed direction in the last hour of trading. The reversal may have in part been in response to the ambiguity of Powell’s words, as well as continuing concern about a potential recession.

And so, the following is a round-up of today’s domestic market activity:

The S&P 500 Index was down 65.90 (1.7%) at 3936.97; the Dow Jones industrial average was down 530.49 (1.6%%) at 32,030.11; the NASDAQ Composite was down 190.15 (1.6%) at 11,669.96.
The 10-year Treasury yield was down about 17 basis points at 3.44%.
CBOE’s Volatility Index was up 0.88 at 22.26.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Drugs and Pharma, Ethics, Experts Invited, Health Economics, Investing, Risk Management | Tagged: Alex Coffey, ARK, Asian stocks, CBOE, coinbase, crypto, DJIA, DOW, European stocks, Moderna, NASDAQ, S&P 500, TD Ameritrade, Volatility Index, Wood | Leave a comment »

DAILY UPDATE: Meta C-Suite Executives Exit & ARK Reduces Nvidia Holdings as Markets Collapse

Posted on February 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Meta confirmed chief business officer Marne Levine is stepping down after 13 years with the company in order to “recharge and prioritize some quality time with family” before beginning her “next professional chapter.” She’s the third female C-suite leader to leave Meta in recent years, following chief operating officer Sheryl Sandberg’s exit in 2022 and global ad chief Carolyn Everson’s in 2021.

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Cathie Wood has steadily reduced ARK Invest’s position in Nvidia (NASDAQ: NVDA) over the last four months. Between November 2022 and January 2023, her flagship ARK Innovation ETF (NYSEMKT: ARKK) completely exited its stake in the microchip stock. So far in February, Wood has also significantly trimmed the positions of Nvidia held by two other ARK Invest ETFs. ARK Fintech Innovation ETF (NYSEMKT: ARKF) still owns 48,272 shares of the stock. ARK Next Generation Internet ETF (NYSEMKT: ARKW) still owns 81,054 shares. After the sales, Nvidia ranks as the 22nd- or 23rd-largest holding in both of these ETFs. Wood’s activity isn’t because Nvidia isn’t performing well. Actually, the stock has soared close to 50% so far in 2023. Several stocks that she has bought this year haven’t delivered comparably impressive gains. So, she is likely just taking gains.

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U.S. equities kicked off the holiday-shortened week by posting sharp losses. Uncertainty regarding the Fed’s future rate hike decisions appeared to pressure market sentiment, as investors grapple with recent hot inflation data and Fedspeak. Retail companies headlined the earnings calendar, as Dow member Walmart bested profit projections and raised its annual dividend, while Dow component Home Depot beat estimates and increased its quarterly dividend, but issued some disappointing guidance. And, Amazon corporate employees will be paid up to 50% less in 2023 due to its falling share price, the WSJ reported. Amazon’s pay packets rely heavily on stock awards, making them vulnerable to price fluctuations. The tech giant is laying off 18,000 employees, its largest ever job cuts, amid weakening economic conditions.

The economic calendar showed manufacturing activity increased but continued to contract, while services activity rose more than expected into expansion territory. Additionally, existing home sales declined in January as the median existing home price continued to rise.

Treasury yields were noticeably higher, and the U.S. dollar gained ground, while crude oil prices were slightly lower, and gold fell. Asia finished mixed, and Europe was mostly lower, as international investors digested some mixed global manufacturing and services sector reports.

Finally, SoftBank Group Corp. founder Masayoshi Son increased the amount of stock pledged as collateral to financial institutions to 175.25 million shares, or about 35% of his total stake in the Japanese conglomerate.

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Filed under: Alerts Sign-Up, Experts Invited, Information Technology, Investing | Tagged: Amazon, ARK, Carolyn everson, Cathie Wood, DJIA, DOW, Facebook, FB, Information Technology, IT, Marne Levine, Masayoshi Son, Meta, NASDAQ, Nvidia, S&P 500, Sheryl Sandberg, SoftBank, stock markets, us markets | Leave a comment »

DAILY UPDATE: U.S. Equities Mixed while Oil, Gold and Asian Stocks Dip -BUT- Cathie Wood Buys for ARK

Posted on February 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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U.S. equities ended the day and week mixed ahead of the long holiday weekend. The markets continued to grapple with the possibility of further aggressive FOMC measures to try to tamp down inflation pressures after this week’s reports showed continued elevated consumer and wholesale prices.

Today, the economic calendar showed headline import price inflation declined more than expected in January, though excluding petroleum it unexpectedly rose. Meanwhile, recession uncertainty was preserved by a tenth-straight monthly decline in the Leading Economic Index. Earnings results were positive today, as Deere & Company topped estimates and raised its guidance, while Applied Materials also exceeded expectations and issued a favorable outlook.

Treasury yields were lower, and the U.S. dollar was mostly unchanged, while crude oil prices fell, and gold dipped.

And, Asian stocks finished broadly lower to close out the week, and markets in Europe diverged, as the global markets wrestled with uncertainty.

CITE: https://www.r2library.com/Resource/Title/0826102549

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Finally, CEO of ARK Investment Management and investment mega personality Cathie Wood purchased a hefty chunk of shares for Shopify Inc (SHOP) – Get Free Report. ARK scooped up 776,835 shares that are worth an estimated $34.8 million.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Glossary Terms, Investing | Tagged: Applied Materials, ARK, Ark Investment Management, Asian stocks, Cathie Wood, FOMC, gold, gold dip, gold dips, Leading Economic Indicator, oil dips, shopify, stocks mixed, Treasury yields | Leave a comment »

DAILY UPDATE: Wood Speaks on Technology Stocks with Yearly Markets Update

Posted on February 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Ark Investment Management’s chief executive Cathie Wood is upbeat about her strategy of investing in young technology companies. After her exchange-traded funds dropped 60% to 80% last year from highs in 2021, Woods talked about the current stock market environment in a year-end commentary Dec. 29, 2022.

“We’re getting a lot of deflationary signals, but the Fed isn’t buying in yet,” Wood said, referring to the Federal Reserve’s continuing interest-rate increases. “But the bond market will start to convince the Fed,” Wood said. “The bond market is telegraphing much lower-than-expected inflation and/or recession.”

That prediction seemed to be validated February 1st. when the Federal Open Market Committee (FOMC) raised interest rates by only 25 basis points. That was smaller than the 50 basis points it had raised them by in December and the 75 basis points it had increased the rates by in each of its previous four meetings. The Fed seemed to have been recognizing the deflationary signs.

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Markets: In the five weeks of trading so far in 2023, the NASDAQ gained in all five and the S&P 500 in four. The still-booming labor market and falling inflation appear to be outweighing poor corporate earnings in investors’ minds.
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Filed under: Alerts Sign-Up, Experts Invited, Investing, LifeStyle | Tagged: ARK, Ark Investment Management, Cathie Wood, deflation, fed, FOMC, inflation, markets, NASDAQ, S&P 500, stock markets, tech stocks, technology stocks | Leave a comment »

DAILY UPDATE: Cathie Wood, META and Index Futures

Posted on January 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Cathie Wood and Ark’s flagship exchange-traded fund Ark Innovation ETF (NYSE: ARKK) bought 168,989 shares of Tesla on Friday, valued at $20.68 million at the session’s closing price. The stock ended Friday’s session down 0.94% at $122.40, according to Benzinga Pro data. At one point in the session, the loss was as much as 6.4%. For the week, the stock gained 8.26%.

CITE: https://www.r2library.com/Resource/Title/0826102549

Investing $1,000 in META Stock: Shares of Meta Platforms traded at $332.46 on June 4, 2021. A $1,000 investment could have purchased 3 shares of META stock. The $1,000 investment would be worth $410.94 today, based on a current price of $136.98 for Meta Platforms. This represents a loss of 58.9% in 19 months.

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European equities and US stock-index futures fell amid signs central banks will turn more hawkish and as investors focused on earnings reports from Wall Street banks.

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Filed under: Alternative Investments, Breaking News, Experts Invited, Investing | Tagged: ARK, Ark Innovation, Benzinga Pro data, Cathie Wood, ETF, exchange-traded funds, Facebook, FB, futures, index, index futures, Meta, Tesla | Leave a comment »

DAILY UPDATE: ARK Invests as Stocks Gain After Tame Inflation Report

Posted on January 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Madison, Wisconsin-based Exact Sciences has become the top holding of Cathie Wood-led Ark Invest’s flagship exchange-traded fund. Ark Innovation ETF (NYSE: ARKK) now holds just under 10 million shares of Exact Sciences with a market value of $600.06 million. The stock currently accounts for 9.37% of the ETF. Exact Sciences has unseated Zoom Video Communications, Inc. (NASDAQ: ZM) as ARKK’s top holding, with the latter now having a weighting of 9.30%. Tesla, Inc. (NASDAQ: TSLA) and Roku, Inc. (NASDAQ: ROKU) are ARKK’s third and fourth-biggest holdings, respectively, with weightings of 6.78% and 6.72%. She just added Coinbase, too!

CITE: https://www.r2library.com/Resource/Title/082610254

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U.S. equities finished higher in the wake of a consumer prices report that showed inflation cooled last month. However, the gains were tempered, as the core rate, which strips out food and energy costs, rose on a monthly basis.

Treasury yields were noticeably lower, along with the U.S. dollar, while crude oil prices rose, and gold rallied to extend a recent run. Employment figures were also in focus, with jobless claims dipping slightly and coming in better than expected.

News on the equity front surrounded some ancillary corporate results ahead of the start to Q4 earnings season tomorrow, as American Airlines boosted its Q4 guidance, but KB Home missed quarterly expectations.

Asian stocks finished mostly higher, and markets in Europe continued its strong start to 2023 with the U.S. inflation data in focus.

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NEWS FLASH: The Securities and Exchange Commission (SEC) announced it just charged Genesis Global Capital and Gemini Trust Company “for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.”

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Glossary Terms, Investing | Tagged: ARK, Cathie Wood, DJIA, NASDAQ, S&P 500, stock markets, stocks gain | Leave a comment »

DAILY UPDATE: Ark Invest, Amazon Layoffs and the Equity Markets

Posted on January 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Ark Invest, the firm led by prominent stock picker Cathie Wood, bought up millions worth of Tesla during the electric vehicle maker’s worst daily dip in more than two years as Wood continues to double down on what initially brought her riches.

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Amazon’s ongoing layoffs will affect more than 17,000 workers, according to a report from The Wall Street Journal. That’s significantly more than previously rumored — in November, The New York Times reported that the company was aiming to cut its workforce by around 10,000. In September 2022, the company said it had around 1.5 million employees in total.

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U.S. equities finished modestly higher, paring some of the losses that have weighed on the markets to start of 2023.

Treasury yields continued to drop, and the U.S. dollar gave back some of yesterday’s rally, while crude oil prices plunged to extend a recent decline and gold traded to the upside.

Equity news remained sparse, with Dow member Salesforce announcing plans to cut its workforce by about 10%, while Alibaba rallied on signs China may be easing its clampdown on the tech sector.

The economic calendar offered some lackluster data points, as manufacturing activity remained in contraction territory for the second-straight month, and mortgage applications fell for a second-consecutive week as interest rates jumped, while job openings came in above forecasts. Elsewhere, the Fed released the minutes from its December monetary policy meeting, indicating its commitment to continue to raise rates until more progress is made in curbing inflation.

Asia finished mixed, and Europe added to yesterday’s solid start to 2023.

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DAILY UPDATE: ARK Investments and Mild Equity Markets

Posted on December 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Popular money manager Cathie Wood of Ark Investment Management has seen her young-technology-stock funds hit the skids this year amid weak earnings. Her Ark Innovation ETF (ARKK) – Get Free Report has lost 68% in 2022 and is down 81% from its February 2021 peak. The Ark chief executive has defended her strategy by noting that she has a five-year investment horizon. But the five-year annualized return of Ark Innovation totaled a negative 2.66% through Dec. 26, against the S&P 500’s positive return of 9.38%. The fund’s performance also doesn’t come close to Wood’s goal for annualized returns of 15% over five-year periods.

CITE: https://www.r2library.com/Resource/Title/082610254

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U.S. equities finished lower, adding recent losses with the markets approaching year-end. The moves came amid lighter volume in the waning days of a dismal 2022, with the equity front offering little in terms of news. However, Southwest Airlines continues to be troubled by mass flight cancellations.

The economic calendar delivered another drop in pending home sales, while Richmond manufacturing activity unexpectedly moved into expansion territory.

Treasury yields were mixed after yesterday’s solid gains, and the U.S. dollar was slightly higher. Crude oil prices fell, and gold pulled back from Tuesday’s rise.

Asia finished mixed and Europe also diverged as the global markets wrestled with China’s reopening and uncertainty regarding the ultimate impact of aggressive monetary policy tightening across the globe.

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CATHIE WOOD: Speaks on ARK Innovation

Posted on October 12, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Cathie Wood, whose tech-heavy ARK Innovation ETF fell more than 60% this year after soaring during the pandemic, fired off an open letter to the Fed saying rapid rate rises are a mistake.

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UPDATE: The Markets

Posted on January 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Markets: Stocks are off to a sputtering start in 2022, and they could be in for more upheaval this week with a big inflation report due, Fed Chair Jerome Powell’s confirmation hearing on Capitol Hill, and the beginning of earnings season.
NASDAQ: Last week, the tech-heavy NASDAQ fell 4.5% for its worst week since February 2021. And the ARK Innovation ETF, which is full of high-growth tech companies, plunged 11%.
Bonds: Over in the bond market, yields (or the return you can get from buying a bond) are surging. On Friday, the yield for the 10-year Treasury note hit its highest level since January 2020. Now, While rising yields are generally a bullish sign for the economy, they also make riskier assets—like expensive tech stocks—less attractive compared to other names that may get a boost from higher interest rates. The Dow, for example, with its many financial services companies, lost just 0.29% last week.
CITE: https://www.r2library.com/Resource/Title/082610254

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Good News: Billionaire investor Chamath Palihapitiya said US stocks could rebound rapidly after the recent sell-off. He said there’s “a ton” of money waiting on the sidelines in products such as money market accounts.

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