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DAILY UPDATE: Intel CEO Out, Stellantis CEO Down and Mega Caps Up!

Posted on December 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The CEO Intel has been forced out after failing to return the American microchip company to the cutting edge, despite promises of billions from Joe Biden’s administration. Pat Gelsinger, who joined the Silicon Valley icon 45 years ago, said he had retired with immediate effect, three years after returning to the company with a pledge to resurrect US leadership in microchip technology.

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STOCKS UP

Super Micro Computer has been declared innocent of financial wrongdoing by…Super Micro Computer. Shares popped 26.86% on news that the company’s internal investigation revealed nothing wrong with its finances.
Gap continues its hot streak, rising 6.45% today thanks to an upgrade from JPMorgan analysts who think the retailer could gain another 20% from here.
Dana isn’t just the name of your favorite dental hygiene technician—it’s also an auto parts manufacturer that received an upgrade from Barclays analysts today. Shares gained 13.30%.
XPeng announced record car deliveries last month. Shares of the Chinese automaker jumped 5.31%.

STOCKS DOWN

Archer Aviation is a company that makes flying taxis. If that doesn’t sound like a good investment, a lot of investors would agree: Short interest is mounting, pushing shares down 23.72% today. Competitor Joby Aviation dropped 9.39% as well.
Upstart Holdings sank 14.47% after the AI-powered lending company received a downgrade from JPMorgan analysts. LendingClub was downgraded as well, and fell 4.93%.
Not all Chinese automakers had a great Monday: Li Auto fell 3.72% after announcing car deliveries dropped 5.25% month over month.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 14.77 points (0.24%) to 6,047.15; the Dow Jones Industrial Average^® ($DJI) fell 128.65 points (–0.29%) to 44,782.00; and the NASDAQ Composite^® ($COMP) added 185.78 points (0.97%) to 19,403.95.
The 10-year Treasury note yield added two basis points to 4.20%.
The CBOE Volatility Index^® (VIX)eased to 13.44.

CITE: https://tinyurl.com/tj8smmes

Chrysler-parent Stellantis said CEO Carlos Tavares is stepping down, effective immediately, after the automaker’s sales and profit sharply declined this year. Shares dropped about 7% in Monday trading. Stellantis’s shares have fallen more than 40% this year. The company said Sunday that it wasn’t changing the financial guidance that it gave in October.

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Filed under: Financial Planning, Funding Basics, Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors | Tagged: business, Carlos Tavares, CEO, DJIA, DOW, Intel, Marcinko, microchips, NASA, NASDAQ, news, Pat Gelsinger, S&P 500, Stellantis, tech, Technology, textbooks, TNX, VIX, WSJ | Leave a comment »

DAILY UPDATE: Markets Mixed as Technology Stocks Remains Under Pressure

Posted on February 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 6.29 points (0.1%) to 4,981.80; the Dow Jones Industrial Average^® (DJI) added 48.44 points (0.1%) to 38,612.24; the NASDAQ Composite dropped 49.91 points (0.3%) to 15,580.87.
The 10-year Treasury note yield (TNX) rose more than 4 basis points to 4.319%.
The CBOE Volatility Index^® (VIX) fell 0.05 to 15.37.

Chipmakers continue to be among the softest performers this week, which sent the Philadelphia Semiconductor Index (SOX) lower for the fourth-straight day. Small caps also remained under pressure as the Russell 2000^® Index (RUT) declined 0.5%, its third-straight daily decline. Energy shares were among upside leaders with an assist from a jump of more than 1.3% in WTI crude oil (/CL)futures.

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Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, Financial Planning, Investing | Tagged: CBOE, crude opil, DJIA, magnificent seven, NASDAQ, NYC, S&P 500, SOX, SPX, tech, technology stocks, TNX, VIX, WTI | Leave a comment »

DAILY UPDATE: IPOs Favorable as Markets Rise

Posted on October 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Resilient economic and earnings data, an expected end to Fed rate hikes, lower market volatility, and a broader recovery in the equity markets are favorable signs for IPO activity. With 8 of the 10 largest tech IPOs ever, the NYSE is ready when you are. Learn more.

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Here is where the major benchmarks ended:

The S&P 500 Index was up 18.71 points (0.4%) at 4,376.95; the Dow Jones Industrial Average (DJI) was up 65.57 points (0.2%) at 33,804.87; the NASDAQ Composite was up 96.83 points (0.7%) at 13,659.68.
The 10-year Treasury note yield (TNX) was down nearly 10 basis points at 4.558%.
CBOE’s Volatility Index (VIX) was down 0.93 at 16.10.

Real estate and utilities were among the market’s strongest sectors Wednesday, with the Dow Jones Utility Index (DJU) jumping more than 1% to a two-week high. Communication services and technology shares were also higher.

Energy stocks led sector decliners as crude oil futures fell more than 2%, pressured by reports Saudi Arabia will support efforts to stabilize oil markets to account for uncertainty caused by the fighting in Israel.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Funding Basics, iMBA, Inc., Investing | Tagged: CBOE, DJIA, DJU, DOW, Energy stocks, IPOs, NSDAQ, NYSE, real estate, Russell 2000, S&P 500, stock markets, tech, tech IPOs, utilities, VIX | Leave a comment »

DAILY UPDATE: Closed Markets and Tech Company Layoffs

Posted on December 27, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Since Christmas Day [Sunday], the U.S. stock markets were closed on Monday, December, 26th, 2022.

OPEN TODAY!

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Nevertheless, nearly 125,000 employees lost their jobs this year as more than 120 large U.S. tech companies, banks and manufacturers implemented massive rounds of layoffs, according to the Forbes layoff tracker, which documented major cuts (over 100) beginning in June when recession fears began to surge.

That’s a troubling figure for what had been one of the economy’s strongest growth sectors, but economists don’t expect it to spell doom for other industries. Even as tech companies downsized, the broader labor market remained strong throughout the year, with the unemployment rate ticking up slightly, to just 3.7% as of November.

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Filed under: Alerts Sign-Up, Investing, LifeStyle | Tagged: closed markets, markets, tech, tech company layoffs, Technology | Leave a comment »

DAILY UPDATE: Tech Workers Sought, and Elon Musk’s Twitter

Posted on December 19, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Laid off tech workers from Meta, Google and Twitter are being wooed by the federal government

Skilled tech workers laid off are in demand and the U.S. Department of Veterans Affairs wants to hire them.
The VA is looking to pay higher salaries than the agency had in the past and wants to make the hiring process easier. It’s banking on the mission of the agency to be a draw for talented tech workers.
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Moreover, economic reports last week may have ushered in a new era for the stock market and some of these companies—one where investors are less concerned about inflation and more worried about an oncoming recession. Either way, there’s not a lot of hope on Wall Street right now and, barring a miracle, all three indexes will close out the year solidly in the red.

Finally, Tesla posted its worst week since March 2020 as investors increasingly call out Elon Musk for focusing his efforts on Twitter (but maybe that’s coming to an end…) In fact, Musk posted a poll asking users whether he should step down as the company’s chief executive (“I will abide by the results of this poll,” he said.) As of 5am ET, more than 57% voted “yes”—he should step down.

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Filed under: Alerts Sign-Up, Career Development, LifeStyle | Tagged: musk, tech, Tech workers, twitter, workers | Leave a comment »

BIG TECH: Digital Wrecks!

Posted on November 16, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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According to journalist Neal Freyman:

The days of an internet company trying to e-scooter their way to solving world hunger through solar-powered NFT horse racing just to compete with Disney+ are over. Futuristic projects that were once a staple of Big Tech line items are getting squeezed in this “we definitelycan’t afford that anymore” economy.

That was made very clear yesterday.

1. As part of its anticipated mass layoffs this week, Amazon began to cut employees who were working on its AI assistant, Alexa. That division has an operating loss of more than $5 billion per year.

2. The hedge fund TCI Fund Management, which has a $6 billion stake in Alphabet, urged Google’s parent company to join its Big Tech peers in laying off workers yesterday, saying it’s overstaffed and paying its employees too much. It took specific aim at Google’s famous Other Bets division that incubated “moonshot” projects like Waymo, the autonomous vehicle company. That Other Bets unit brought in $3 billion in revenue over the last five years, but incurred $20 billion in operating losses, TCI’s letter to CEO Sundar Pichai said.

Big picture: While Snap and Microsoft are also nixing riskier long-term bets, the big Big Tech exception is Meta. Zuckerberg has cut back on some experimentation, but is staying committed to spending billions on the metaverse, despite investor concerns.

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Filed under: "Advisors Only", Alternative Investments, Breaking News, Events-Planner, Information Technology | Tagged: big tech, BIG TECH: Digital Wrecks, digital, digital wrecks, Neal Freyman, tech | 1 Comment »

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