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

Posted on March 27, 2023 by Dr. Marcinko

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

Posted on February 22, 2023 by Dr. Marcinko

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. Marcinko

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. Marcinko

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

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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. Marcinko

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. Marcinko

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. Marcinko

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

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ORDER: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Investing | Tagged: Amazon, Amazon Layoffs, ARK, ARK invest, Cathie Wood, equity markets, layoffs | Leave a comment »

DAILY UPDATE: ARK Investments and Mild Equity Markets

Posted on December 29, 2022 by Dr. Marcinko

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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DAILY UPDATE: ARK Invest and Nvidia Corp.

Posted on November 7, 2022 by Dr. Marcinko

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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CATHIE WOOD: Speaks on ARK Innovation

Posted on October 12, 2022 by Dr. Marcinko

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: ARK Invest and Domestic Jobless Rates?

Posted on September 2, 2022 by Dr. Marcinko

By Staff Reporters

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Cracks are beginning to form in the resiliency of Ark Invest’s retail-driven shareholder base, as its flagship fund suffers its biggest outflow in nearly a year. The Ark Invest Disruptive Innovation ETF saw outflows of $820 million in August, just shy of its September 2021 outflow of $939 million, according to data from VettaFi. The about-face could mark the beginning of a reversal of a more than year-long trend in which Ark saw positive inflows from its investors despite flagging performance. Year-to-date, the flagship ETF has seen about $1 billion in inflows. Ark Invest CEO Cathie Wood has chalked up the resiliency of her investor base to Ark’s practice of being transparent with its investment research and long-term views. “Ark is net inflowing this year, and I think it’s because we give away our research, and our research is unique. It’s original research. And we’re trying to help people understand how the world is going to change during the next five to 10 years, and how rapidly it’s going to change,” she said in a video update earlier this year.

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U.S. jobless numbers are the lowest in two months, according to seasonally adjusted results for the week ended Aug. 27th by the Department of Labor. There were 232,000 unemployment claims, the lowest since June 25, according to the Labor Department report. The report said continuing claims rose by 26,000 to a total of 1.44 million. The four-week moving average initial jobless claims number was 241,500, down 4,000 from the previous week. The Bureau of Labor Statistics reported 11.2 million U.S. job openings as of the last business day in July. The numbers show hiring demand remains strong. In remarks Aug. 26, Fed Chair Jerome Powell indicated efforts to slow inflation could “bring some pain” to households through higher interest rates, a softening labor market and slower growth.

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UPDATE: Cathie Wood, IRS Back-Log, US Single Family Rent and the Markets

Posted on June 22, 2022 by Dr. Marcinko

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Cathie Wood warned that the Federal Reserve could cause a recession if it keeps hiking interest rates. The US central bank is ignoring three indicators that might show inflation easing, according to the Ark Invest CIO. First, aggressive hikes are unnecessary because inflation is already easing. Second, she pointed to the stagnating prices of gold and lumber, which are often seen as leading inflation indicators. “After soaring from $1,350/ounce pre-COVID to a peak of nearly $2,000 [an ounce] during 2020, the gold price has dropped back to $1,840 [an ounce] during the past two years. “The lumber price has dropped more than 50%.” Finally, Wood said fuel prices have likely peaked as Americans increasingly turn to electric vehicles. Surging oil prices have been one of the main drivers of inflation this year, with Brent crude up 48.3% to over $115 a barrel.

The IRS says it is climbing out from under the unprecedented stack of tax returns that piled up after the agency had to scale back its operations and close facilities in 2020 following the onset of the pandemic. The agency announced that by the end of this week it will have cleared all original individual tax returns that were filed in 2021 and that didn’t contain any major mistakes. “Due to issues related to the pandemic and staffing limitations, the IRS began 2022 with a larger than usual inventory of paper tax returns and correspondence filed during 2021,” the IRS said in a statement. “The IRS took a number of steps to address this, and the agency is on track to complete processing of originally filed Form 1040 (individual tax returns without errors) received in 2021 this week.”

Another record for US single-family rents, which jumped 14% year-over-year in April, marking the 13th period of record-breaking annual gains.

Markets: Stocks bounced yesterday after their worst week in two years, led by energy stocks and Big Tech companies. Cypto even rose. Today, investors will be glued to Fed Chair Jerome Powell’s testimony on Capitol Hill. They want to know whether Powell expects to hike interest rates by another 75 basis points next month.

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Filed under: Alerts Sign-Up, Investing | Tagged: brent, Cathie Wood, crypto, gas, IRS, IRS backlog, oil, rents, stock markets, US rent | Leave a comment »

UPDATE: Paul Krugman, SEC Market Efficiency, ARK-IM, Gasoline and the World Economy

Posted on June 8, 2022 by Dr. Marcinko

By Staff Reporters

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Economist Paul Krugman just compared the cryptocurrency boom to the mid-2000s housing bubble. According to BIA, the Nobel laureate noted that, just like during the housing boom, it seems ridiculous to question an asset class that has become so valuable and attracted so many influential promoters. It sounds absurd to suggest crypto is “a house built not on sand, but on nothing at all.” Yet Krugman’s assessment is precisely that. “If you ask me, it looks as if we’ve gone from the Big Short to the Big Scam.”
The SEC is considering sending retail stock orders to auctions under a new proposal. Trading firms could be forced to compete in auctions to execute retail stock orders under the planned proposals. It comes after the regulator focused on payment-for-order flow as a barrier to market efficiency.
Cathie Wood’s Ark Investment Management is suffering a steeper drop in assets than almost any other US exchange-traded fund issuer this year. Ark’s lineup holds $15.3 billion across nine ETFs, a 48% decrease from the start of 2022, according to data compiled by Bloomberg Intelligence through June 1st. That’s the biggest collapse in assets among the 25 largest US issuers.
The average price per gallon of gasoline in the U.S. reached a new high of $4.92. In Michigan the average sits higher at $5.17 per gallon, according to AAA’s tracker.
The World Bank released a grim forecast for the global economy, concluding that “for many countries, recession will be hard to avoid.” Disruptions from the war in Ukraine, Covid lockdowns in China, and ongoing supply shortages could lead to 1970s-style “stagflation”—and hit low- and middle-income countries the hardest.

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Filed under: Alerts Sign-Up, Glossary Terms, Health Economics, Investing, LifeStyle | Tagged: Cathie Wood, Cathie Woods, gas, gasoline prices, Global Economy, Paul Krugman, SEC, Securities and Exchange Commission, World Bank | Leave a comment »

UPDATE: Ark Investment Management, Home Sales and Rent Inflation

Posted on May 20, 2022 by Dr. Marcinko

By Staff Reporters

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Ark Investment Management’s Cathie Wood says “exploding” inventories at major retailers like Walmart Inc. and Target Corp. paired with declining US consumer sentiment portend slower inflation on the horizon. The money manager was responding on Thursday to a tweet quoting world’s richest man Elon Musk saying the recent inflation surge was due to government pandemic stimulus, even as money velocity held constant.

Home sales slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs. Existing home sales fell 2.4% last month from March to a seasonally adjusted annual rate of 5.61 million, the National Association of Realtors said Thursday.

And, in April, the median U.S. rent hit a record high for the 14^th month in a row of $1,827, according to Realtor.com, a residential real estate information service. “If recent trends continue, we expect the typical U.S. asking rent to eclipse $2,000 by August,” it said. April rent increased 16.7% from a year earlier. That’s the third straight month in which year-over-year rent growth has dipped, down from 17.1% in January. Higher rents are taking money away from renters’ budgets for regular expenses and savings, Realtor.com said. Rent represents the biggest strain on renters’ overall finances, according to a Realtor.com survey.

Incidentally, a number of American corporate giants, including Walmart, Target, Bank of America, Charles Schwab, and Intel, hit 52-week lows yesterday.

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