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By Staff Reporters
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Last week was a rough one in the stock market, and this week could be even worse. The inflation report Thursday, and another group of earnings will give investors plenty of new information to absorb. Finally, Warren Buffett reported his company’s earnings over the weekend as Berkshire’s $109 billion cash pile has ballooned thanks to rising interest rates.
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Cathie Wood is once again offloading shares in her long-time favorite Nvidia Corp., as a slight rebound emerged ahead of the company’s earnings. Her flagship Ark Innovation ETF sold 167,914 shares on Friday, adding to a sale of 50,252 shares on Oct. 20, according to Wood’s firm Ark Investment Management LLC’s daily trading disclosures.
Meanwhile, the Ark Next Generation Internet ETF sold 24,423 Nvidia shares on Thursday. Ark’s latest sales come days ahead of Nvidia’s third-quarter earnings — scheduled for Nov. 17 — similar to the prior quarter when the funds dumped the stock before the chipmaker reported revenue forecast that was about $1 billion short of the average Wall Street estimate. The stock has rebounded 26% from a more than two-year low on Oct. 14 to $141.46. That’s above the average closing price of $131.74 in September, when ETFs controlled by ARK Investment Management LLC picked up more than 400,000 Nvidia shares throughout the month.
Still, Nvidia is down more than 50% this year as historical tightening by the Federal Reserve and global recession fears have continued to batter growth stocks.
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BUSINESS MEDICINE: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283
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Filed under: "Ask-an-Advisor", Investing | Tagged: ARK Innovation Fund, Cathie, Cathie Wood, Nvidia | Leave a comment »
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