Passport to Wall Street http://www.pws.io/ pl-PL Copyright 2021, Passport to Wall Street 60 All but Six of the Nation's Attorney Generals Urge Facebook to Ditch its Plans for Instagram Kids http://www.pws.io/all-but-six-of-the-nations-attorney-generals-urge-facebook-to-ditch-its-plans-for-instagram-kids <p class='black-text'>Forty-four attorneys general, from all but 6 of the nation's states, are urging Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to drop its plans to launch a kid-branded version of Instagram, arguing that such an app could harm kids' mental and health and expose them to danger from child predators.</p><p class='black-text'>Facebook will target the new app at children under 13, for whom Instagram is currently off-limits. The company claims that it's consulting with child development experts and safety advocates in building out the app and that the new service will be free of advertisements.</p><p class='black-text'>Facebook isn't unfamiliar with developing COPPA-compliant versions of its most popular services. In 2017 the company launched a kids version of its Messenger app, which was complete with parental controls, allowing parents to approve whom their children could or could not talk to through the app. Instagram Kids likely offer a similar set of features if and when it launches.</p><p class='black-text'><i>Buzzfeed News</i> was the first to <a href="https://www.buzzfeednews.com/article/ryanmac/facebook-instagram-for-children-under-13">break the news</a> that Instagram Kids was in development. In March, the group uncovered an internal company post from Instagrams VP of product, Vishal Shah charged developers at the company with building out the proposed service.</p><p class='black-text'>Controversy soon followed. Lawmakers grilled Mr.Zuckerberg back in March. In his defense, Mr. Zuckerberg claimed he lets his children use the company's Messenger Kids Service. The implication being that he'd have no problem allowing his children to use Instagram Kids. Later, in April, a coalition of child safety concerns sent a letter to Mr. Zuckerberg highlighting the potential harm the app could inflict on children "who are in the midst of crucial stages of developing their sense of self," <a href="https://www.vox.com/recode/22385570/instagram-for-kids-youtube-facebook-messenger">according to </a><i><a href="https://www.vox.com/recode/22385570/instagram-for-kids-youtube-facebook-messenger">Vox</a></i>.</p><p class='black-text'>Facebook's argument for the service can be boiled down to a single sentence: kids under 13 are already using Instagram, but at least with Instagram Kids, parents could have some say in how their children use the app.</p><p class='black-text'>To its credit, Facebook has also taken proactive steps to patch exploits in its existing services that might have potentially exposed children to danger. Steps such as limiting messages between teens and adults and making it harder for adults to find and follow teens on Instagram.</p><p class='black-text'>But for 44 of the nation's attorneys general, these measures simply aren't enough. At the heart of the coalition's letter is the notion that social media is bad for kids' mental health, self-esteem, and privacy.</p><p class='black-text'>"Use of social media can be detrimental to the health and well-being of children who are not equipped to navigate the challenges of having a social media account," <a href="https://ag.ny.gov/press-release/2021/attorney-general-james-urges-facebook-protect-children-abandoning-launch">goes the letter's opening argument</a>.</p><p class='black-text'>On self-esteem, the letter cites a 2017 survey by anti-bullying nonprofit Ditch the Label. The survey found that 42% of Instagram users experienced some form of cyberbullying on Instagram, the highest level on any platform.</p><p class='black-text'>Of course, the AGs' also mentions the risk of child abuse and sexual exploitation that could stem from kids' use of social media. In 2020 alone, Facebook had to scrub 20 million images depicting the sexual abuse of minors from both Facebook and Instagram, the letter points out.</p><p class='black-text'>Even with almost all of the nation's top law enforcement officials squarely against the idea of Instagram Kids, Facebook seems intent on pursuing it. The company has given no clear timeline as to when the app could launch; but when if and when the app does launch don't expect policymakers to go easy on Facebook.</p> http://www.pws.io/all-but-six-of-the-nations-attorney-generals-urge-facebook-to-ditch-its-plans-for-instagram-kids Fri, 14 May 2021 10:24:09 -0400 David Fladger Amazon Partners with Tile, Upgrades Sidewalk Offering http://www.pws.io/amazon-partners-with-tile-upgrades-sidewalk-offering <p class='black-text'>Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> recently announced new updates to its Amazon Sidewalk offering, which is a network that is intended to make devices work more smoothly inside and outside of the house, beefing up the service to better compete with Apple's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> new AirTag.</p><p class='black-text'>Initially, Tile will join Sidewalk to enable people to discover their lost items, and then, Level will work alongside with Sidewalk in order to take control of smart locks from all over the world.</p><p class='black-text'>There will also be another program that is being introduced, "CareBrand," a company that has designed a piece of technology that can be worn in order to make life easier for those, for example, who are living with dementia or the families of those involved.</p><p class='black-text'>In addition, Sidewalk support is being added to compatible Echo devices in the United States beginning on June 8, so that people can use newer device setup and faster network reconnections.</p><p class='black-text'>Tile is a service that discovers millions of lost items daily, and it will collaborate with Amazon Sidewalk starting on June 14, which will ultimately improve the overall Tile experience. Tile utilizes Bluetooth technology in order to find these misplaced items, and with Sidewalk, compatible Echo devices will be able to locate even more, including misplaced keys, wallets, and so on. Sidewalk will enhance Tile's in-home lost-and-found service with the technology of Alexa.</p><p class='black-text'>For example, one can just say, "Alexa, find my keys" and the Tile will start to let one know where the items are located. If many Echo devices are linked to Sidewalk, then misplaced items will be able to be found more quickly around the house.</p><p class='black-text'>CJ Prober, CEO of Tile, said, regarding this new technology, "Tile helps millions of people every day find their things, and we're always looking for opportunities to enhance the finding experience for our customers. To that end, working with Amazon to extend our finding network by securely connecting to Amazon devices like Echo smart speakers was an obvious choice."</p><p class='black-text'>The new creation of the particular technology of Tile surely has many advantages that will help people both in the short-term and long-term. It will enable them to become more aware of their surroundings, as well as to be more cognizant of where they have placed their personal items.</p><p class='black-text'>Additionally, the technology may assist those with memory problems. It will boost its network of connected devices to take on technologies like Apple's new AirTag. Essentially, the benefits outweigh the cons, so this technology will hopefully prove this to be true even in the coming months.</p> http://www.pws.io/amazon-partners-with-tile-upgrades-sidewalk-offering Thu, 13 May 2021 16:08:01 -0400 Stephanie Williams Market Update: Stocks Rebound as Investors Buy the Dip http://www.pws.io/market-update-stocks-rebound-as-investors-buy-the-dip <p class='black-text'>Stocks rebounded from Wednesday's lows on Thursday as market participants poured back into tech shares. All three major benchmarks rose by closing bell, with mega-cap tech stocks like Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> each jumping more than 1.5%.</p><p class='black-text'>On the economy front, producer prices rose more-than-expected in April, was service demand pushing prices sharply higher and demonstrating more inflation pressure. The Bureau of Labor Statistics (BLS) producer price index (PPI) for April increased by 0.6% month-over-month, topping estimates for a 0.3% rise, according to Bloomberg consensus data. Excluding food and energy prices, PPI matched March's gain with a rise of 0.7%.</p><p class='black-text'>For the year-to-date, producer prices climbed 6.2%, marking the greatest increase since the BLS first began calculating the 12-month data in 2010. Consensus economists expected a rise of 5.8%.</p><p class='black-text'>Meanwhile, new weekly jobless claims dropped to a new pandemic low of 473,000 for the week ended May 8, according to the Labor Department's latest report. The new total beat estimates for 490,000 and fell from the upwardly revised 507,000 tallied the prior week. Continuing unemployment claims also declined to 3.655 million for the week ended May, down from the previous week's 3.7 million reported.</p><p class='black-text'><b>Here's how the market settled on Thursday:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +1.22% or +49.45 points to 4,112.49</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +1.29% or +443.13 points to 34,020.79</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.72% or +93.31 points to 13,124.99</p><p class='black-text'><i>For Stocks</i>, Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares dropped on Thursday after CEO Elon Musk announced that the electric car maker will no longer accept Bitcoin for purchases, deepening losses as the stock has already declined in 11 of the last 13 sessions and is on track for its worst week since March 2020. Coinbase <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/COIN"><span style="color:#333">(</span><span style=";">COIN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="COIN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="COIN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="COIN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were also dragged lower on the news.</p><p class='black-text'><i>For Sector Performance</i>, every sector but Energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was higher by the end of Thursday's session, with Industrials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLI"><span style="color:#333">(</span><span style=";">XLI</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLI" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLI" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLI" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Financials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLF"><span style="color:#333">(</span><span style=";">XLF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Utilities <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLU"><span style="color:#333">(</span><span style=";">XLU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Materials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLB"><span style="color:#333">(</span><span style=";">XLB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading gains.</p><p class='black-text'><i>For Commodities and Currency</i>, the <b>U.S. Dollar</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> steadied on Thursday as a fresh producer prices report showed further evidence of rising inflation in the United States. The dollar index was flat at 90.739 in afternoon trade against six other global currencies. <b>Gold</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices bounced off a one-week low reached earlier in the session as a dip in U.S. Treasury yields boosted the yellow metal's appeal as investors moved to hedge against inflation. Spot gold was 0.5% higher at $1,824.89 per ounce in later trade, while U.S. gold futures settled 0.1% higher at $1,824.00 per ounce. <b>Crude</b> oil futures dropped on Thursday as Colonial Pipeline began to restart operations and the coronavirus crisis in India continued, harming demand outlooks. International benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was 3.36% lower at $66.99 per barrel, while domestic index West Texas Intermediate dropped 3.5% lower to $63.74 each.</p><p class='black-text'><i>For Friday</i>, market participants will focus on fresh data for April retail sales and a preliminary May consumer sentiment reading.</p> http://www.pws.io/market-update-stocks-rebound-as-investors-buy-the-dip Thu, 13 May 2021 15:52:23 -0400 Rachel Hemple Square 4% Higher Following Earnings, Revenue Beat http://www.pws.io/square-4-higher-following-earnings-revenue-beat <p class='black-text'>Square <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SQ"><span style="color:#333">(</span><span style=";">SQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> topped earnings and revenue expectations for Q1, sending shares 6% higher in after-hours trading. The company beat expectations in terms of other metrics like gross payment volume and user growth. Overall, it's benefitting from a variety of trends including the bull market in crypto, economy reopening, and digital wallet growth.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, Square reported earnings per share of $0.41 which beat expectations of $0.16 per share by a significant margin. Revenue came in at $5.1 billion vs $3.4 billion consensus expectations. This was a 266% increase from last year's Q1 with most of the gain attributed to crypto-trading revenue.</p><p class='black-text'>Gross profit for Cash App was $495 million, a 171% year over year gain. Bitcoin accounted for $3.5 billion in revenue, a 1000% increase from last year. However, it only accounted for $75 million in gross profit due to the low margins on this revenue.</p><p class='black-text'>Bitcoin is now firmly enmeshed in the company's strategy. It's a "flytrap" that can attract users to the platform and get them using it on a daily basis. Over time, the company believes it can successfully extract increasing amounts of revenue per user by offering different products and services.</p><p class='black-text'>On the conference call, CEO and founder Jack Dorsey said, "Our focus, first and foremost, is on enabling...bitcoin to be the native currency. It removes a bunch of friction for our business. And we believe fully that it creates more opportunities for economic empowerment around the world." As part of its bitcoin strategy, Square has bought $220 million worth of bitcoin on its balance sheet which has more than doubled.</p><p class='black-text'>In terms of guidance, the company anticipates gross profit growing by more than 135% and by approximately 130% year over year for its Cash App. It did warn that growth rates will moderate in coming quarters due to tougher comps.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Square was one of the hottest momentum stocks in the market from March 2020 to mid-February. The adoption of digital wallets exploded with the world going remote. Another catalyst was the company's embrace of crypto-currencies which also associated the stock with bitcoin.</p><p class='black-text'>Since its peak, shares are down nearly 20%. Now, Square is going to face some tough challenges. Growth will likely slow as the world returns to normal. Crypto-currency trading has brought a surge in revenue but margins are extremely tight. As a result, the company's profit margins have been steadily declining which could affect its multiples.</p><p class='black-text'>Long-term, the digital wallet revolution is going to be a massive disruptor for the economy, and Square is well-positioned. However, in the near-term, investors should remain patient and wait for lower prices.</p> http://www.pws.io/square-4-higher-following-earnings-revenue-beat Thu, 13 May 2021 13:07:36 -0400 Jaimini Desai T-Mobile, AT&T and Verizon Urge the FCC to Delay New Anti-Robocall Rule http://www.pws.io/t-mobile-att-and-verizon-urge-the-fcc-to-delay-new-anti-robocall-rule <p class='black-text'>According to the Wall Street Journal, the big three U.S. telecom companies have been pushing hard to delay the implementation of new U.S. Federal Communications Commission (FCC) regulations aimed at stemming the flow of illegal robocalls from overseas.</p><p class='black-text'>The new FCC rule would require foreign phone companies to step up their efforts to curb scammers or risk having their U.S.-bound calls blocked.</p><p class='black-text'>Set to go into effect on September 28, T-Mobile <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TMUS"><span style="color:#333">(</span><span style=";">TMUS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TMUS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TMUS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TMUS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, AT&T <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/T"><span style="color:#333">(</span><span style=";">T</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="T" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="T" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="T" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Verizon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VZ"><span style="color:#333">(</span><span style=";">VZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> all say that the new rule is too much too soon. They argue that foreign providers simply aren't ready to meet the FCC's requirements and that the new regulation could hamper legitimate phone traffic to the U.S.</p><p class='black-text'>The big three all claim to support the spirit of this particular effort and other efforts by the FCC efforts to head off illegal phone traffic. The Commission has changed rules to allow phone companies to screen out shady phone calls; they've mandated caller ID, and more than once, they've threatened to shut down companies that facilitate illegal robocalls.</p><p class='black-text'>But this new FCC rule would be a significant shift and would effectively give the FCC the authority to police phone companies overseas. Under the new rule, any phone company hoping to send a call to the U.S. through a U.S. number would have to register with the FCC after taking specific steps to mitigate unwanted calls.</p><p class='black-text'>The CTIA, a trade group representing U.S. telecom providers' interests, sent a letter back in December outlining the industry's concerns. The letter points out the risk U.S. citizens could have their calls screened out if they attempt to call home through an unapproved provider.</p><p class='black-text'>The industry is also concerned about what the rule might mean to the so-called chain of trust. The chain of trust refers to the concept that phone companies have trust each other to screen out illegal traffic as they transfer long-distance calls from one network to another. If one company in this chain doesn't comply with the FCC's mandates, then the call will have to be rerouted, resulting in roaming charges for U.S. citizens traveling overseas.</p><p class='black-text'>In addition, AT&T has pointed out that few, if any, foreign phone companies are ready for launch. Of the 50 foreign carriers surveyed by the telecoms giant, only one said it was taking the steps needed to register with the FCC.</p><p class='black-text'>"We would like to pause the process, reexamine what needs to be done, and continue to work on ways to create effective barriers to these incessant calls," Christ Oatway, Verizon associate general counsel, <a href="https://www.wsj.com/articles/at-t-verizon-and-t-mobile-challenge-rule-targeting-robocalls-11620552600">told the </a><i><a href="https://www.wsj.com/articles/at-t-verizon-and-t-mobile-challenge-rule-targeting-robocalls-11620552600">Wall Street Journal</a></i>.</p><p class='black-text'>But not everyone is so sure such a pause is needed. David Frankel, chief executive at ZipDXLLC was the only one to counter the telecoms' delay request. "How many Americans are overseas in circumstances where they are trying to call home this way, versus how many people are being bombarded by these illegal calls?" Frankel asked the <i>WSJ</i>. "For the telecommunications carriers in this country to say, 'Let's press the pause button and kick the can'... I said, No!"</p><p class='black-text'>Time will tell whether the FCC will kick the can down the road sometime before September 28.</p> http://www.pws.io/t-mobile-att-and-verizon-urge-the-fcc-to-delay-new-anti-robocall-rule Thu, 13 May 2021 13:04:41 -0400 David Fladger Treasury Yields Jump on Inflation Fears, Fed Still Not Worried http://www.pws.io/treasury-yields-jump-on-inflation-fears-fed-still-not-worried <p class='black-text'>Longer-term Treasury Bonds jumped earlier this week ahead of the Federal Reserve's inflation data, with simultaneous upward movement in the value of the U.S. Dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and a downward trend in the value of gold. Despite this, according to Federal Reserve Vice Chairman Richard Clarida, the Federal Reserve isn't worried.</p><p class='black-text'>Wall Street felt a bit of panic earlier in the week as it contemplated the still looming threat of inflation, driving major stock indices and many cryptocurrency markets down, as well as causing the price of gold to take a hit. Longer-term Treasury bonds, however, as they tend to do during periods of inflation-based volatility.</p><p class='black-text'>A myriad of factors is feeding inflation fears, but a critical factor may be the <a href="https://www.marketscreener.com/quote/stock/U-S-ENERGY-CORP-28722698/news/U-S-Energy-nbsp-S-stocks-rebond-following-rot-bond-yields-edge-down-33218245/">slower than expected</a> recovery of the job market. Currently, many experts fear that large numbers of Americans are unwilling to return to the labor market, as many now make more in unemployment support than they had at their previous jobs. As such, concerns of inflation tend to be joined by fears of worker shortages, producing production slowdowns, and commodity shortages.</p><p class='black-text'>The Federal Reserve isn't concerned, and appears to be weathering . spoke on inflation on Wednesday, stating that price spikes were only "transitory" and that the economy would stabilize in time. While some are beginning to grow concerned that the Fed may be misjudging the situation, others believe that the Fed is acting precisely as it should, given the situation.</p><p class='black-text'>"The case is really quite strong for the outlook for inflation being quite moderate," David Wilcox, a senior fellow at the Peterson Institute of International Economics, told <i><a href="https://www.bloomberg.com/news/articles/2021-05-13/fed-leaders-are-confident-inflation-is-transitory-here-s-why">Bloomberg</a></i>. "The basic strategy is exactly the right one, which is to project a realistic confidence about the outlook for inflation, combined with a readiness to pivot if circumstances change."</p><p class='black-text'>Looking to the Fed's yield curve rate table, 10-year yields were up 6.2% on Wednesday compared to a week prior, while 20-year yields were up 7%, and 30-year yields up 6.7%.</p> http://www.pws.io/treasury-yields-jump-on-inflation-fears-fed-still-not-worried Thu, 13 May 2021 12:57:46 -0400 Michael Mooney Uber, Lyft to Offer Free Rides to Vaccination Sites Through White House Partnership http://www.pws.io/uber-lyft-to-offer-free-rides-to-vaccination-sites-through-white-house-partnership <p class='black-text'>As part of the Biden administration's <a href="https://www.pws.io//biden-sets-new-vaccination-goal-70-of-adults-receiving-at-least-one-dose-by-july-4">ongoing plan</a> to vaccinate at least 70% of U.S. adults by July 4, the White House has teamed up with Lyft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LYFT"><span style="color:#333">(</span><span style=";">LYFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LYFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LYFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LYFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Uber <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UBER"><span style="color:#333">(</span><span style=";">UBER</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UBER" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UBER" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UBER" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to provide free rides to vaccination sites from May 24.</p><p class='black-text'>"As part of this historic commitment, Lyft and Uber will promote rides to and from tens of thousands of vaccination sites through their apps. People will be able to simply select a vaaintion site near them, follow simple directions to redeem their ride, and then get a ride to take them to and from a nearby vaccination site free of charge," the White House said in a<a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/05/11/fact-sheet-president-biden-to-announce-additional-efforts-to-get-america-vaccinated-including-free-rides-to-vaccination-sites-from-lyft-and-uber-vaccination-clinics-at-community-colleges-and-addit/"> statement</a>.</p><p class='black-text'>The vaccination program will run from May 24 until July 4th, with Lyft and Uber both handling the logistics.</p><p class='black-text'>"The vaccine is the key to getting us all moving again, and we're proud to do our part to move the country forward," Lyft co-founder and President John Zimmer said in a <a href="https://www.lyft.com/blog/posts/vaccines-for-all-announcing-free-rides-for-anyone-getting-a-shot">statement</a>. "We've always believed transportation has the power to improve people's lives, and this initiative makes that truer than ever. Helping more Americans get vaccinated helps the Lyft community of drivers and riders, and we're grateful to the Biden administration for prioritizing access."</p><p class='black-text'>"Vaccines are our best hope to beat this pandemic and soon everyone in America will be able to take a free Uber to get their shot," Uber CEO Dara Khosrowshahi said in a <a href="https://www.uber.com/newsroom/statement-from-uber-ceo/">statement</a>. "We are honored to deepen our previous global commitments, and partner with the White House and Lyft to provide free rides to vaccination sites across the U.S. This is a proud moment for me, for Uber, and for our country."</p><p class='black-text'>Both companies had already partnered with other businesses to provide free rides to vaccination sites as well as donation funds and incentives.</p><p class='black-text'>Back in March, Lyft launched a Fund-a-Ride campaign that would benefit lower-income individuals, senior citizen, and other people in need of assistance to getting to vaccination sites. Lyft had teamed up with Hilton <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HLT"><span style="color:#333">(</span><span style=";">HLT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HLT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HLT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HLT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Delta Air Lines <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DAL"><span style="color:#333">(</span><span style=";">DAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to offer their respective loyalty program members who donate to their Fund a Ride program reward incentives. Lyft also launched a central hub that allowed people to schedule rides to vaccination locations for either themselves or others to help expand access.</p><p class='black-text'>For Uber, the ride-hailing company partnered with Walgreens <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WBA"><span style="color:#333">(</span><span style=";">WBA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WBA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WBA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WBA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to allow users to book vaccine appointments and rides to the pharmacy. Uber, Walgreens and PayPal <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PYPL"><span style="color:#333">(</span><span style=";">PYPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PYPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PYPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PYPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> also donated $11 million to the Vaccine Access Fund, which helps provide transportation from underserved communities to vaccination sites.</p> http://www.pws.io/uber-lyft-to-offer-free-rides-to-vaccination-sites-through-white-house-partnership Thu, 13 May 2021 12:53:04 -0400 Rachel Hemple Frontier Group Holdings Up 11% Since IPO http://www.pws.io/frontier-group-holdings-up-11-since-ipo <p class='black-text'>Frontier Group Holdings <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ULCC"><span style="color:#333">(</span><span style=";">ULCC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ULCC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ULCC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ULCC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> made its public debut at the start of April. Since then, it's climbed 11%. It's fortuitous timing to go public just as the pandemic is receding, and travel is picking up in the United States.</p><p class='black-text'>Additionally, Frontier Group is exposed to the type of travel that has been recovering quickly - visits to see family and friends and trips to vacation destinations. In contrast, it has much less exposure to international flights to different continents and business travel.</p><p class='black-text'><i>Frontier Group Profile and IPO</i></p><p class='black-text'>Frontier Airlines is a low-cost carrier that has routes between 100 different airports and 31 international destinations that are close to the U.S. and typically vacation spots like Cancun or Puerto Rico. It often flies from smaller, regional airports as well, where there is less competition.</p><p class='black-text'>It's had a history of bankruptcies, reorganizations, and mergers which is largely a reflection of how tough the airline business has been especially for low-cost carriers. Small changes in demand or companies adding or eliminating routes can have massive downstream effects on smaller airlines. Additionally, there are significant fixed costs given the expense of buying and maintaining airplanes and the staff needed to operate an airline.</p><p class='black-text'>However, its recent iteration has shown more progress. From 2013 to 2019, it increased revenue from $1.3 billion to $2.5 billion. Of course, this was disrupted by the pandemic. However, investors still seem enthusiastic about the company's prospects as its IPO opened at $19 which was slightly above its pre-IPO price. Frontier was able to raise $500 million and gave the company a valuation of $4.2 billion.</p><p class='black-text'>The IPO is well-timed as it gives investors a way to invest in travel themes, however, due to its recent restructuring, it has less debt than many other airlines. Additionally, it has more exposure to the travel segments with the strongest recoveries.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Obviously, the biggest short-term variable for Frontier Group will be the coronavirus. On a longer timeframe, there has been significant progress and much reason for optimism. However, cases have stopped falling and simply plateaued, while the outlook for international travel has deteriorated with spikes in parts of the world.</p><p class='black-text'>Confidence is returning in the U.S. which is evident from TSA checkpoint travel data which shows travel volumes for late April that are at 1.5 million per day compared to 2.5 million per day in 2019. However, it's much better than 2020 when only 123,000 people were travelling at this time of the year. More importantly, the numbers keep improving on a week-to-week and month-to-month basis.</p><p class='black-text'>While the new variant is a concern and has been devastating certain parts of the world, most experts believe that the impact on the U.S. should be muted due to the vaccinations in combination with people already infected is bringing us closer to "herd immunity."</p> http://www.pws.io/frontier-group-holdings-up-11-since-ipo Wed, 12 May 2021 17:02:31 -0400 Jaimini Desai Market Update: Stocks Decline as Key Inflation Data Comes in Too Hot http://www.pws.io/market-update-stocks-decline-as-key-inflation-data-comes-in-too-hot <p class='black-text'>Stocks sharply dropped on Wednesday as market participants pulled out of high-growth stocks like technology shares as key inflation data for April showed higher-than-expected price increases. All three major benchmarks declined, with the S&P 500 and Nasdaq leading losses.</p><p class='black-text'>The Consumer Price Index jumped 4.2% in April compared to a year ago, according to the Labor Department's latest report on Wednesday, with inflation accelerating at its fast pace since 2008. The month's reading was above the 3.6% increase expected by Dow Jones estimates. The month-to-month gain for April was 0.8%, above the 0.2% expected.</p><p class='black-text'>Excluding volatile food and energy prices from the reading, core CPI rose by 3% year-over-year and 0.9% month-to-month, above respective estimates of 2.3% and 0.3%.</p><p class='black-text'><b>Here's how the market settled on Wednesday: </b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -2.15% or -89.12 points to 4,062.98</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -1.99% or -681.76 points to 33,587.40</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -2.67% or -357.75 points to 13,031.68</p><p class='black-text'><i>For Stocks</i>, Virgin Galactic <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPCE"><span style="color:#333">(</span><span style=";">SPCE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPCE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPCE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPCE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> continued to trade choppy on Wednesday, with shares dropping after Cathie Wood's Ark Invest revealing that its ARK Space Exploration & Innovation ETF <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ARKX"><span style="color:#333">(</span><span style=";">ARKX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ARKX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ARKX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ARKX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> had sold almost all of its stake in the space tourism company.</p><p class='black-text'><i>For Sector Performance</i>, Energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the only sector on the S&P 500 to end Wednesday's session in the green, with Materials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLB"><span style="color:#333">(</span><span style=";">XLB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Information Technology <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLK"><span style="color:#333">(</span><span style=";">XLK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Consumer Discretionary <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLY"><span style="color:#333">(</span><span style=";">XLY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading deep losses.</p><p class='black-text'><i>For Commodities and Currency</i>, the <b>U.S. Dollar</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> bounced off its previous session lows on Wednesday as traders fear that raising inflation may bring the Federal Reserve to tighten its monetary policy sooner that prior forecasts. The dollar index rose to 90.77 against six other currencies in later market trade. <b>Gold</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices declined on Wednesday as raising inflation boosted U.S. Treasury yields and the U.S. Dollar. Spot gold traded 0.9% lower at $1,820.11 per ounce in the afternoon, while U.S. gold futures settled down by 0.72% to $1,822.60 per ounce. <b>Crude</b> oil futures rose on Wednesday on signs of a recovering economy and positive forecasts for energy demand. International benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> climbed 1.1% higher at $69.29 per barrel, while domestic index West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> settled 1.2% higher at $66.03 each.</p><p class='black-text'><i>For Thursday</i>, all eyes will be on the Labor Department's weekly unemployment report amid increased inflation jitters.</p> http://www.pws.io/market-update-stocks-decline-as-key-inflation-data-comes-in-too-hot Wed, 12 May 2021 16:54:56 -0400 Rachel Hemple Uber Net Loss Narrows on Sale of Self-Driving Unit http://www.pws.io/uber-net-loss-narrows-on-sale-of-self-driving-unit <p class='black-text'>Uber Technologies <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UBER"><span style="color:#333">(</span><span style=";">UBER</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UBER" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UBER" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UBER" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> reported first-quarter results that missed on the top-line but missed on the bottom-line. However, the earnings result was driven by the company's $1.6 billion profit from its self-driving unit, ATG.</p><p class='black-text'>Overall, Uber Eats is driving the company's growth, while its ride-sharing unit is slowly improving from the depths of the spring. However, the company faces a major challenge with a shortage of workers that could force the company to raise rates which would compress margins.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, Uber posted a net loss of $0.06 per share which was significantly better than expectations of -$0.54 per share. Revenue came in below expectations at $2.9 billion vs $3.3 billion.</p><p class='black-text'>Overall, Uber had a loss of $108 million in the quarter which was an improvement from a $968 million loss in its previous quarter. However, a major factor was its $1.6 billion gain from the sale of its self-driving unit, ATG. A better measure for the company would be its operating performance which resulted in a loss of $1.5 billion.</p><p class='black-text'>Given the nature of the pandemic and how different regions were locked down and restricted travel at different times, it's tough to make year-over-year comps for Uber. However, the company expects to become profitable on an adjusted EBITDA basis by the end of the year. The company also warned that its delivery business would face tougher comps and likely lead to its revenue growth rate decelerating.</p><p class='black-text'>In Q1, mobility gross bookings came in at $6.8 billion, 38% lower than last year. Delivery gross bookings were $12.5 billion, a 166% gain from last year. Total revenue for Uber Eats was $1.7 billion, a 28% increase from the previous quarter.</p><p class='black-text'>In its conference call, management struck an optimistic tone as it said that ridership is on the upswing, and the company has been successfully adding more restaurants to its food-delivery platform including an agreement with GoPuff to supply more convenience-store and grocery items.</p><p class='black-text'>Of course, a major challenge will be recruiting drivers as many likely left the platform once the pandemic began last March. Uber is looking to spend $250 million on a one-time stimulus aimed at getting drivers back on the road. Currently, it has 3.5 million drivers on its platform which is a 22% decrease from last year. Not enough drivers would likely result in longer wait times and higher fares which could lead consumers to consider other options.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Uber is down by nearly 30% over the last 3 months. While the economy's gradual reopening is clearly a positive development, it's been an underperformer due to the rotation out of growth stocks. Therefore, investors should remain cautious in the near term but have a constructive outlook in the longer term.</p><p class='black-text'>Uber is dominant in ride-sharing, and this category should resume its growth once the world returns to normal. Given expectations of a huge burst in travel due to the coronavirus, the company should see a major boom in revenues in the second half of the year.</p> http://www.pws.io/uber-net-loss-narrows-on-sale-of-self-driving-unit Wed, 12 May 2021 11:52:41 -0400 Jaimini Desai Sony and Discord Team Up, Leaving Microsoft out in the Cold http://www.pws.io/sony-and-discord-team-up-leaving-microsoft-out-in-the-cold <p class='black-text'>The ink recently dried on a partnership between Sony <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SONY"><span style="color:#333">(</span><span style=";">SONY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SONY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SONY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SONY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and social gaming app Discord, a deal that has the potential to connect 140 million Discord users to the budding PlayStation Network.</p><p class='black-text'>For Sony, the deal could attract even more players to the PS5. The company recently posted record-breaking revenues thanks in large part to the sale of 7.8 million PS5 units since November.</p><p class='black-text'>Details from both companies are scant. All that is known at this point is that the two are working on bringing "the Discord and PlayStation experiences closer together on console and mobile starting early next year," according to a blog post penned by Jim Ryan, President and CEO of Sony Interactive Entertainment.</p><p class='black-text'>The exact level of integration between Discord and the PS Network remains unclear. In a limited integration scenario, users would alert their friends and followers that they're using their PlayStation, but little else. However, the 2022 timeline hints that both Sony and Discord are gearing up for a significant overhaul. The implication being that real-time chat features are in the works, features that would allow players to chat across platforms, something that could be a vital selling point for the PlayStation going forward.</p><p class='black-text'>For Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, the deal could represent a major blow. The Redwood-based Xbox maker had hoped to buy Discord for $12 billion earlier this year, likely in an effort to bridge the gap between its Xbox and Windows ecosystems.</p><p class='black-text'>At the same time Discord was negotiating with Microsoft, it was also fielding talks with Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Twitter <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWTR"><span style="color:#333">(</span><span style=";">TWTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. <a href="https://www.bloomberg.com/news/articles/2021-04-20/chat-app-discord-is-said-to-end-takeover-talks-with-microsoft">According to<i> Bloomberg</i></a>, the two companies pegged Discord's valuation at anywhere between $15-18 billion, far more than what Microsoft was offering.</p><p class='black-text'>Ultimately Discord rejected these and other offers and instead chose to opt for a long-term IPO rather than an immediate buy-out. Perhaps the level of interest expressed by Amazon, Microsoft, and Twitter during the negotiations swayed Discord to go this route. Ultimately Sony will become a minority stakeholder in Discord and invest an undisclosed sum as part of the company's Series H funding round.</p><p class='black-text'>"Empowering players to create communities and enjoy shared gaming experiences is at the heart of what we do, so we are beyond excited to start this journey with one of the world's most popular communication services," concludes Jim Ryan's blog post.</p><p class='black-text'>In the meantime, anxious players, stakeholders, and the gaming industry will have to wait until 2022 for further details.</p> http://www.pws.io/sony-and-discord-team-up-leaving-microsoft-out-in-the-cold Wed, 12 May 2021 11:50:36 -0400 David Fladger Twitter Launches Feature to Curb Potentially Harmful or Offensive Tweets http://www.pws.io/twitter-launches-feature-to-curb-potentially-harmful-or-offensive-tweets <p class='black-text'>The social media giant Twitter <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWTR"><span style="color:#333">(</span><span style=";">TWTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which is commonly used by individuals of all ages and backgrounds around the world, has recently taken into account the need to filter their content a bit more by launching a new feature to curb potentially harmful or offensive tweets by prompting users to rethink their replies.</p><p class='black-text'>Since social media is a form of written communication, then at times, people can express sentiments that they truly do not mean or end up regretting later on. So in 2020, Twitter tested prompts that inspired individuals to reflect a bit more before posting a tweet. Based upon the feedback that was received from the results of these tests, many improvements have been made to the overall system of Twitter, and the potential degree of harmfulness that it could do to users who are engaging on the platform.</p><p class='black-text'>The tests that Twitter conducted have led to a number of statistics and results. It has been found that: if prompted, 34% of people made changes to their replies or chose not to reply at all; after being prompted once, approximately 11% of individuals composed less offensive future replies; and if prompted, people were not nearly as likely to receive offensive replies in return.</p><p class='black-text'>Twitter, as a whole, has tweaked its system to choose how and when to send the prompts/reminders. They include the type of the relationship between the author and replier, as well as how frequently that they communicate with one another. If, for instance, two accounts follow and respond to one another, then there's a higher chance that they have a stronger understanding of how to speak with one another.</p><p class='black-text'>Twitter is also making changes to its technology to better represent issues with language in certain underrepresented communities. Profanities will be more strongly traced, and the technology will be improved in this respect.</p><p class='black-text'>Although the new Twitter feature may not have all its flaws worked out, it is certainly working to prevent harmful and offensive content, and thus, is allowing for a more user-friendly approach to the platform, which will ultimately draw in more individuals of all kinds.</p> http://www.pws.io/twitter-launches-feature-to-curb-potentially-harmful-or-offensive-tweets Wed, 12 May 2021 11:50:20 -0400 Stephanie Williams Snapchat Can Be Sued for Car Accidents, Court Finds http://www.pws.io/snapchat-can-be-sued-for-car-accidents-court-finds <p class='black-text'>In May 2017, three young men were driving at high speeds down a long rural road when they decided to share the feat on Snapchat <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SNAP"><span style="color:#333">(</span><span style=";">SNAP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SNAP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SNAP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SNAP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. The vehicle's speed was captured by Snapchat's "speed filter" before the vehicle, traveling at 123 mph, crashed into a tree. All three men were killed in the crash. Now, a federal appeals court has <a href="http://cdn.ca9.uscourts.gov/datastore/opinions/2021/05/04/20-55295.pdf">ruled</a> that the parents of those young men have the right to sue Snap Inc. regarding the incident.</p><p class='black-text'>The Snapchat "speed filter" has been controversial since its introduction, but this <a href="https://www.npr.org/2021/05/04/993579600/snapchat-can-be-sued-for-role-in-fatal-car-crash-court-rules">new ruling</a> opens the door for more car accident victims to sue Snap Inc. for the role it allegedly played in their crash.</p><p class='black-text'>Previously, tech companies have enjoyed broad immunity from civil suits under <a href="https://www.eff.org/issues/cda230">Section 230 of the Communications Decency Act</a>. This law protects companies from liability for the content posted by their users, whether that content is libelous, harmful, or outright dangerous. In keeping with that protection, the parents' suit was initially dismissed.</p><p class='black-text'>However, the recent ruling illustrates a distinction between the content posted by users and the design of the app itself. The ruling stated that the parents are blaming the "negligent design" of Snapchat, the creators of which they allege had a responsibility to design a "reasonably safe product."</p><p class='black-text'>"Snap indisputably designed Snapchat's reward system and Speed Filter and made those aspects of Snapchat available to users through the Internet," Judge Kim McLane Wardlaw for the Ninth Circuit Court of Appeals wrote. "This type of claim rests on the premise that manufacturers have a 'duty to exercise due care in supplying products that do not present unreasonable risk of injury or harm to the public.'"</p><p class='black-text'>Victims' rights advocates applauded the court's decision which they say will give more victims the right to sue tech companies for the harm they allegedly cause.</p><p class='black-text'>"It's a triumphant day to see that an internet company can be held responsible for products that are defectively designed," Carrie Goldberg told <i>NPR</i>.</p><p class='black-text'>However, those who study online speech are concerned that this decision could weaken the protections offered by Section 230. If tech and social media companies can be held liable for the content posted by users, then it's likely that those posts will be tightly restricted. Others argue that without Section 230, it wouldn't be possible for social media platforms to operate.</p><p class='black-text'>This isn't the first time that consumers have attempted to sue regarding Snapchat's Speed Filter. In October of last year, a <a href="https://blog.ericgoldman.org/archives/2020/10/snapchat-isnt-liable-for-its-speed-filter-even-if-section-230-doesnt-apply-maynard-v-snapchat.htm">Georgia appeals court ruled</a> that, while section 230 does not protect Snapchat on this front, the company still wasn't liable for the accident caused in that case.</p><p class='black-text'>In that case, a driver using the Speed Filter ran into another vehicle, injuring its passengers.</p><p class='black-text'>Snap argued that they had no responsibility for the injuries caused to people who were not using their app and that the driver was misusing the filter anyway, further disproving the company's responsibility for the incident.</p><p class='black-text'>The court found that since Snapchat didn't give awards or incentives for harmful behavior, and since the filter can be used in safe ways, that using the app correctly and safely is the responsibility of the user.</p><p class='black-text'>The Georgia case also isn't the first time that a suit has overcome a company's 230 protections only to fail on the merits of the case.</p><p class='black-text'>While some legal experts argue that allowing plaintiffs to plead around Section 230 will only lead to longer trials and higher court costs, there currently appears to be very few other ways for plaintiffs to have their cases heard in front of a jury. According to Goldberg, getting a jury trial is the "biggest hurdle in personal injury law."</p><p class='black-text'>Regarding the recent ruling, it's difficult to say which way the case will go from here. It could be decided in the same way as the Georgia case, or it could create a new precedent for these sorts of incidents. According to legal experts, the disagreement between the upper and lower courts regarding tech protections could ultimately result in this case going to the Supreme Court.</p> http://www.pws.io/snapchat-can-be-sued-for-car-accidents-court-finds Wed, 12 May 2021 11:27:13 -0400 Autumn McLain FDA Approves Pfizer-BioNTech Vaccine for Emergency Use in Adolescents http://www.pws.io/fda-approves-pfizer-biontech-vaccine-for-emergency-use-in-adolescents <p class='black-text'>The U.S. Food and Drug Administration (FDA) on Monday approved Pfizer's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and BioNTech's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNTX"><span style="color:#333">(</span><span style=";">BNTX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNTX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNTX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNTX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> request to allow adolescents between the ages of 12 and 15 to receive the companies' COVID vaccine on an emergency use basis. This decision follows a more than 2,000 participant study that demonstrated that the vaccine was 100% effective in that age group.</p><p class='black-text'>The two-dose vaccine regimen has been authorized for emergency use in individuals age 16 and older in the United States since Dec. 11, 2020. The U.S. Centers for Disease Control and Prevention's (CDC) vaccine advisory committee is scheduled to meet on Wednesday to review the vaccine's potential use in adolescents. If approved, as it is expected to be, the U.S. could start administering to younger Americans as soon as possible.</p><p class='black-text'>"Having a vaccine authorized for a younger population is a critical step in continuing to lessen the immense public health burden caused by the COVID-19 pandemic," said Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research, in a<a href="https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19-update-fda-authorizes-pfizer-biontech-covid-19-vaccine-emergency-use"> statement</a>.</p><p class='black-text'>From March 1, 2020 through April 30, 2021, approximately 1.5 million COVID-19 cases in individuals between the ages of 11 and 17 were reported to the CDC. While children and adolescents are less likely to develop severe COVID infection--or any symptoms at all--they can still spread the virus to more vulnerable populations.</p><p class='black-text'>"This is exciting news," U.S. National Institutes of Health Director Dr. Francis Collins <a href="https://www.cnbc.com/2021/05/10/its-a-big-deal-for-americas-push-to-reopen-says-nih-director-on-pfizer-vaccine-approval-for-adolescents.html">told </a><i><a href="https://www.cnbc.com/2021/05/10/its-a-big-deal-for-americas-push-to-reopen-says-nih-director-on-pfizer-vaccine-approval-for-adolescents.html">CNBC</a></i>, describing the FDA's decision as "a big deal" in the nation's fight against the pandemic. "We know that a million-and-a-half adolescents have been infected with COVID-19 since this pandemic stated, and not all of them have fared as well as most. And some of them have ended up with this ong COVID where they're not better, even weeks or months after getting ill, so we really want to protect adolescents."</p><p class='black-text'>The Biden administration has focused on vaccinating adolescents as part of President Joe Biden's plan to fully vaccinate 160 million Americans by July 4; Independence Day is a date that the White House expects to be a turning point towards a sense of normalcy for the nation.</p><p class='black-text'>Children under the age of 18 make up about 20% of the total U.S. population, according to U.S. government data.</p> http://www.pws.io/fda-approves-pfizer-biontech-vaccine-for-emergency-use-in-adolescents Tue, 11 May 2021 17:24:43 -0400 Rachel Hemple Biden Supports Waiving IP Protections on COVID Vaccines http://www.pws.io/biden-supports-waiving-ip-protections-on-covid-vaccines <p class='black-text'>The Biden Administration has announced that they will <a href="https://www.cnbc.com/2021/05/05/us-backs-covid-vaccine-intellectual-property-waivers-to-expand-access-to-shots-worldwide.html">support waiving intellectual property (IP) protections for COVID-19 vaccines</a>, a move that would grant countries struggling with coronavirus surges quicker access to lifesaving vaccine doses.</p><p class='black-text'>"This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures," United States Trade Representative Katherine Tai wrote in a statement. "The Administration believes strongly in intellectual property protections, but in service of ending this pandemic, supports the waiver of those protections for COVID-19 vaccines."</p><p class='black-text'>Tai further states that the Administration will coordinate with the private sectors to expand vaccine production and distribution while also working to increase access to the raw materials needed to create the doses. Tai's statement also noted that this decision was being made now that "our vaccine supply for the American people is secured".</p><p class='black-text'>This <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/biden-says-plans-back-wto-waiver-vaccines-2021-05-05/">decision by the Administration</a> has been met with praise from health officials and criticism from pharmaceutical companies, many of which have reported sharp revenue gains during the pandemic.</p><p class='black-text'>After the statement was released,<a href="https://www.reuters.com/business/healthcare-pharmaceuticals/pharma-shares-reel-after-biden-backs-covid-19-vaccine-ip-waiver-2021-05-06/"> shares of the lead producers of the vaccine dipped sharply</a>. Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares fell 1.7%; BioNTech SE <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNTX"><span style="color:#333">(</span><span style=";">BNTX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNTX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNTX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNTX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> fell 0.6%; Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> dropped 12% before rebounding to 1.3%; while Johnson & Johnson <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JNJ"><span style="color:#333">(</span><span style=";">JNJ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JNJ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JNJ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JNJ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and AstraZeneca <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AZN"><span style="color:#333">(</span><span style=";">AZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> ended the day flat.</p><p class='black-text'>Meanwhile, the World Health Organization's director-general, Tedros Adhanom Ghebreyesus, called the decision a "monumental moment in the fight against COVID-19" and a sign of the "moral leadership" of the Administration.</p><p class='black-text'>The Pharmaceutical Research and Manufacturers of America, a trade group that includes members such as AstraZeneca, Pfizer, and Johnson & Johnson, came out in strong opposition to the Administration's decision, arguing that waiving IP protections would actually hurt the global vaccine rollout.</p><p class='black-text'>"In the midst of a deadly pandemic, the Biden Administration has taken an unprecedented step that will undermine our global response to the pandemic and compromise safety. This decision will sow confusion between public and private partners, further weaken already strained supply chains and foster the proliferation of counterfeit vaccines." Stephen J. Ubi, the group's president and CEO, told reporters.</p><p class='black-text'>The <a href="https://www.cnbctv18.com/world/wto-mulling-intellectual-property-waivers-for-vaccines-9199661.htm">World Trade Organization is urging its members to quickly design an agreement</a> allowing the temporary easing of IP protections. The agreement was proposed in October by India and South Africa, both of which are facing massive virus surges.</p><p class='black-text'>Over the weekend, India reported 400,000 new cases per day, bringing the country's cumulative cases to nearly 21 million, <a href="https://coronavirus.jhu.edu/map.html">according to Johns Hopkins University</a>. The recent spike may be caused by a new, more contagious variant of COVID-19 that originated in India before being found in several other countries, including the U.S.</p><p class='black-text'>"The Biden Administration understands that a pandemic doesn't respect boundaries and that what's happening in India has global public health implications. If it spread to Africa or Latin America to the levels ravaging India that many countries on those continents would collapse," Dewardic McNeal, an Obama-era policy analyst at the Defense Department wrote.</p><p class='black-text'>"This move is just good global public health policy," McNeal added.</p><p class='black-text'>The Administration has discussed a temporary IP protection waiver before, specifically on an April call with Indian Prime Minister Narendra Modi. Just a few weeks ago Biden announced that the U.S. would <a href="https://www.cnbc.com/2021/04/25/us-to-give-india-raw-materials-for-vaccines-medical-supplies-to-fight-covid.html">give India access to the raw materials</a> needed to produce vaccine doses.</p><p class='black-text'>Critics of a possible IP waiver claim that waiving protections will only harm American competitiveness while allowing China to "piggyback on U.S. innovation" without actually improving the vaccine rollout. Clete Willems, a former attorney at the Office of the U.S. Trade Representative, called the announcement a "huge misstep by the Biden Administration."</p><p class='black-text'>Instead, critics hope to keep the production of vaccines in the U.S., allowing the country to export vaccines and increase American jobs.</p><p class='black-text'>However, proponents like McNeal argue that waiving these protections is a way to show other countries that America is a good friend to have, particularly in comparison to China.</p><p class='black-text'>"There is no question that vaccine diplomacy has become a major part of the geopolitical competition," McNeal wrote. "This move will severely undercut the Chinese efforts to spread its vaccine (and influence) globally."</p><p class='black-text'>"If the U.S. doesn't move on something like this with India in particular, it begs the question for many U.S. allies and partners 'what's in it for us?'," he added.</p> http://www.pws.io/biden-supports-waiving-ip-protections-on-covid-vaccines Tue, 11 May 2021 16:54:31 -0400 Autumn McLain Market Update: Stocks End Negative Following Tech Shares Choppy Rollercoaster Ride http://www.pws.io/market-update-stocks-end-negative-following-tech-shares-choppy-rollercoaster-ride <p class='black-text'>Stocks ended Tuesday's volatile session in the red as market participants were concerned about rising inflation and high valuations, with tech stocks taking the biggest hit in the morning. However, tech names rebounded in the afternoon, but the comeback did not spread to the rest of the market.</p><p class='black-text'>On the economy front, U.S. job openings surged to a record high in March at 8.123 million, according to the Bureau of Labor Statistics' monthly report, its highest level since the BLS began tracking the metric in 2000. March's reading topped expectations and jumped from February's upwardly revised reading of 7.526 million. Moreover, the layoff and discharge rate fell to a series low of 1.0% in March, while the quits rate remained unchanged March-over-February at 2.4%.</p><p class='black-text'>Meanwhile, small business optimism rose to a five-month high in April, according to the National Federation of Independent Business' monthly survey. The headline index increased to 99.8 in April from 98.2 in March, bringing the Optimism Index up by a total of 4.8 points over the last three months. Despite the more upbeat outlooks, a record 44% of small business owners reported they had job openings that could not be filled, and the net percent of owners increased average selling prices by 10 percentage points to 36%.</p><p class='black-text'>"Small business owners are seeing a growth in sales but are stunted by not having enough workers," NFIB Chief Economist Bill Dunkelberg said in a statement. "Finding qualified employees remains the biggest challenge for small businesses and is slowing economic growth. Owners are raising compensations, offering bonuses and benefits to attract the right employees."</p><p class='black-text'><b>Here's how the market settled on Tuesday:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -0.87% or -36.34 points to 4,152.09</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -1.36% or -472.47 points to 34,270.35</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -0.09% or -12.43 points to 13,389.43</p><p class='black-text'><i>For Stocks</i>, Novavax <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NVAX"><span style="color:#333">(</span><span style=";">NVAX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NVAX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NVAX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NVAX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> share dropped on Tuesday after the company pushed back its timeline for seeking COVID-19 vaccine approvals in the U.S., U.K, and European Union to the third quarter, with full production now expected by the fourth quarter.</p><p class='black-text'><i>For Sector Performance</i>, Materials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLB"><span style="color:#333">(</span><span style=";">XLB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the only sector to end the session in the green, with Real Estate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLRE"><span style="color:#333">(</span><span style=";">XLRE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLRE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLRE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLRE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Utilities <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLU"><span style="color:#333">(</span><span style=";">XLU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Industrials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLI"><span style="color:#333">(</span><span style=";">XLI</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLI" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLI" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLI" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Financials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLF"><span style="color:#333">(</span><span style=";">XLF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading losses.</p><p class='black-text'><i>For Commodities and Currency</i>, the <b>U.S. Dollar</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> fell in earlier in the session and then stabilized towards market close as investors braced for potential rising inflation. The dollar index fell as low as 89.979 against six other currencies and was last down 0.11% at 90.138 in afternoor trade. <b>Gold</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices declined on rising U.S. Treasury yields, but losses were capped by the weaker dollar. Spot gold was down by 0.1% at $1,834.19 per ounce in late afternoon trade, while U.S. gold futures settled 0.1% lower at $1,836.10 per ounce. <b>Crude</b> oil futures rose on Tuesday, as investor were still concerned over possible gasoline shortages due to the Colonial Pipeline cyber attack. International benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> climbed 0.5% to $68.67 per barrel, while domestic index West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> settled 0.8% higher at $65.41 each.</p><p class='black-text'><i>For Wednesday</i>, market participants will focus on key inflation data for April's consumer price index and core CPI.</p> http://www.pws.io/market-update-stocks-end-negative-following-tech-shares-choppy-rollercoaster-ride Tue, 11 May 2021 16:10:32 -0400 Rachel Hemple Baidu Tests Fully Driverless Robotaxis Ahead of 2022 Beijing Winter Olympics http://www.pws.io/baidu-tests-fully-driverless-robotaxis-ahead-of-2022-beijing-winter-olympics <p class='black-text'>Chinese internet giant Baidu <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BIDU"><span style="color:#333">(</span><span style=";">BIDU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BIDU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BIDU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BIDU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has introduced driverless robotaxi services to the public in Beijing, testing out the autonomous service ahead of the Beijing Winter Olympics in 2022.</p><p class='black-text'>This is considered China's very first self-sufficient vehicle service, during which users are able to call a robotaxi behind the wheel without any type of safety driver there. Essentially, this particular action will signify a step on the commercialization of autonomous driving.</p><p class='black-text'>The program will officially be introduced in Beijing's Shougang Park, which is one of the venues for the Winter Olympics, and will deliver visitors back and forth from the games. In order to get the vehicles to start working, the "Start the Journey" button must be pressed, which ascertains that seat belts are fastened and doors are shut. The trip only starts after all the passenger safety protocol checks are finished. There is no safety driver at the helm, and so the 5G Remote Driving Service is always there to permit human operators to remotely obtain access to vehicles.</p><p class='black-text'>At Beijing Shougang Park, robotaxis will be able to bring users to sports halls, work areas, coffee shops, and hotels. Throughout the upcoming Winter Olympics, the Apollo robotaxis will be there to offer shuttle services for athletes and staff.</p><p class='black-text'>"Introducing unmanned services is an indispensable stage for the commercialization of autonomous driving. Today, we are opening the fully driverless robotaxi services in Beijing for the public, which we achieved only after conducting countless scalable driverless tests in many cities over a long period of time," said Yunpeng Wang, vice president and general manager of autonomous driving at Baidu, in a press release.</p><p class='black-text'>Many other companies are racing to compete with one another in order to develop brand new types of artificial intelligence. It will remain a mystery as to which one will be most successful, but first, the nature of the service needs to be appropriately tried and tested.</p> http://www.pws.io/baidu-tests-fully-driverless-robotaxis-ahead-of-2022-beijing-winter-olympics Tue, 11 May 2021 13:06:35 -0400 Stephanie Williams Moderna Booster Showing Promise Against COVID Variants http://www.pws.io/moderna-booster-showing-promise-against-covid-variants <p class='black-text'>Moderna Inc <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has announced that its coronavirus vaccine booster is showing a degree of efficacy against novel variants of the virus. While initial data is promising, it has not been peer reviewed yet.</p><p class='black-text'>According to initial trial data offered by Moderna, its booster shot was shown to have increased immune response against the B.1.351 and P.1 strains of the coronavirus, which were discovered in South Africa and Brazil, respectively. The booster shots were issued to previously vaccinated individuals.</p><p class='black-text'>"As we seek to defeat the ongoing pandemic, we remain committed to being proactive as the virus evolves. We are encouraged by these new data, which reinforce our confidence that our booster strategy should be protective against these newly detected variants," said Moderna CEO Stéphane Bancel in a statement. "We look forward to sharing data on our multivalent booster candidate, mRNA-1273.211, which combines mRNA-1273 and mRNA-1273.351 in a single vaccine, when available. We will continue to make as many updates to our COVID-19 vaccine as necessary to control the pandemic."</p><p class='black-text'>Moderna will make its findings available online and is expected to submit its clinical trial results for peer review soon as well.</p><p class='black-text'>Moderna's findings come at a critical time in the ongoing pandemic, as many experts theorize that booster shots may be necessary to end the pandemic. It has also been <a href="https://www.cnbc.com/2021/02/27/what-if-covid-becomes-endemic.html">warned</a> by experts numerous times during the pandemic that coronavirus may become endemic as well, recurring periodically similarly to the flu, which may prompt the implementation of periodic booster shots as well.</p><p class='black-text'>U.S. Centers for Disease Control and Prevention Director Dr. Rochelle Walensky told <i>CNBC</i> on Tuesday that the U.S. government is planning for the potential need for COVID vaccine booster shots.</p><p class='black-text'>"What we're talking about it thinking ahead," Walensky said in an <a href="https://www.cnbc.com/2021/05/11/covid-booster-shots-cdc-director-says-us-planning-just-in-case.html">interview</a> with <i>CNBC</i>'s Meg Tirrell. "What happened if in a year from now or 18 months from now your immunity wanes? That's really our job is to hope for the best and plan for what might happen if we need further boosters in the future, the way we get flu vaccine boosters every year."</p> http://www.pws.io/moderna-booster-showing-promise-against-covid-variants Tue, 11 May 2021 13:06:06 -0400 Michael Mooney Zillow 4% Higher on Q1 Beat due to Strong Housing Market http://www.pws.io/zillow-4-higher-on-q1-beat-due-to-strong-housing-market <p class='black-text'>Zillow Group <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/Z"><span style="color:#333">(</span><span style=";">Z</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="Z" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="Z" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="Z" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> delivered first-quarter earnings that topped Wall Street's expectations on the top and bottom-line. However, shares remain down by nearly 40% from their high a couple of months ago. The pandemic led to a surge in visitors on Zillow as it caused a surge in demand amid a tight housing supply.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In the first quarter, Zillow earned $0.44 per share in Non-GAAP earnings which were well above consensus expectations of $0.25 per share. It was also a marked improvement from last year when the company lost $0.04 per share in Q1. Revenue came in at $1.2 billion, an 8% increase from last year and above expectations of $1.1 billion.</p><p class='black-text'>Looking at Zillow by segment shows strong performance across the board. The Homes segment, which includes the Zillow Offers iBuyer business, had revenue of $704.1 million, a decrease of 9% from last year but above expectations of between $595 million and $620 million.</p><p class='black-text'>Internet, media, and technology revenue was up 35% to $446.3 million and above expectations of $415 million to $428 million. In mortgages, the company had revenue of $68 million above expectations of $59 million to $64 million.</p><p class='black-text'>The company has become the dominant online destination for real estate information, especially among younger buyers. Traffic to its app and website reached 221 million monthly active users, up 15% from last year with 2.5 billion visits in total.</p><p class='black-text'>In Q2, Zillow expects revenue between $1.2 billion and $1.3 billion, slightly below expectations of $1.3 billion, and adjust EBITDA between $116 million and $140 million.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Despite the stock's recent correction, Zillow remains overvalued by many metrics. It has a price to sales ratio of 6.3 and a PE ratio above 80.</p><p class='black-text'>However, the stock's true promise is that it will be able to modernize and take a chunk of the real estate services market which total $1 trillion and is full of various inefficiencies that are seemingly ripe for tech disruption. The company's end goal is to handle real estate transactions from listing to closing.</p><p class='black-text'>It's only a matter of time before some company succeeds in accomplishing this. And, Zillow has a great chance given its early lead in terms of market share and growing traction. The recent bull market in housing is also another potential catalyst.</p><p class='black-text'>Therefore, the best approach for investors is to stay constructive on the stock but remain patient in terms of finding the best entry point.</p> http://www.pws.io/zillow-4-higher-on-q1-beat-due-to-strong-housing-market Tue, 11 May 2021 12:40:06 -0400 Jaimini Desai Uber and Arrival Team Up to Make a Ride-sharing Vehicle for the Future http://www.pws.io/uber-and-arrival-team-up-to-make-a-ride-sharing-vehicle-for-the-future <p class='black-text'>UK-based EV startup Arrival <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ARVL"><span style="color:#333">(</span><span style=";">ARVL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ARVL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ARVL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ARVL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and ridesharing giant Uber <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UBER"><span style="color:#333">(</span><span style=";">UBER</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UBER" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UBER" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UBER" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> recently unveiled plans to collaborate on a new electric vehicle, a new electric vehicle tailor-made for the future of ride-sharing.</p><p class='black-text'>While Uber is well known, Arrival is not. In March the company debuted on stock exchanges the world over with the help of a SPAC merger. The company trades among other unproven EV startups, such as Nikola. Startups that have yet to produce a single vehicle. And yet unlike its peers, Arrival actually has orders to fulfill. United Parcel Service <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UPS"><span style="color:#333">(</span><span style=";">UPS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UPS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UPS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UPS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> recently ordered 10,000 fully electrified vans from the company to shore up its delivery fleet,<a href="https://www.reuters.com/technology/uks-arrival-uber-develop-electric-ride-hailing-arrival-car-2021-05-03/"> according to <i>Reuters</i></a>.</p><p class='black-text'>"We have a great partnership with UPS to create a best-in-class electric delivery vehicle," said Tom Elvidge Arrival's Senior VP of Mobility, in a <a href="https://arrival.com/news/arrival-and-uber-to-collaborate-on-electric-car-for-ride-hailing-industry">statement</a>. "We hope to replicate that success with Uber as we develop the best possible product for ride hailing."</p><p class='black-text'>Both Arrival and Uber expect to announce their new vehicle's final design sometime before the end of the year, while the first model should come off the assembly line sometime in 2023.</p><p class='black-text'>Ultimately the goal of the partnership is to make a vehicle that appeals to as many Uber drivers as possible. The hope is to spur EV adoption and reduce ride-sharing's environmental impact, particularly in urban areas.</p><p class='black-text'>Looking at the vehicle's current renderings, it's clear that Arrival isn't designing some flying taxi for the future. <a href="https://www.theverge.com/2021/5/3/22417970/arrival-uber-ride-hailing-ev-electric-vehicle">According to Elvidge</a>, the goal isn't to reinvent the electric vehicle but to make small incremental changes that can add up to create something new. Changes the company hopes will add up to a better ride-sharing experience for both drivers and their passengers.</p><p class='black-text'>Drivers will find being behind the wheel for hours on end far more bearable, thanks to the inclusion of ergonomic seats. Navigation and finding new riders should be more straightforward, thanks to a large horizontal display mounted within eyeshot of the steering wheel.</p><p class='black-text'>Meanwhile, passengers will surely appreciate the additional foot room afforded by the foldable front seat, as well as the illuminated cubicles and handrails.</p><p class='black-text'>Despite all these new features, Arrival's primary focus remains affordability. EV's are closer than ever to parity with their internal combustion counterparts, and yet the cheapest EV still costs more than the cheapest gas guzzlers and hybrid vehicles. Arrival hopes to mitigate production costs using so-called "micro-factories," which are highly automated facilities with a minimal footprint.</p><p class='black-text'>Arrival's plans remain fraught with risk. It's unproven whether these micro-factories can genuinely cut back on costs. And then there's a chance whatever comes off the assembly line won't appeal to enough drivers.</p><p class='black-text'>In the UK, at least, Uber is doing everything in its power to ensure its drivers switch from the pump to the plug in time for the vehicle's debut. Two years ago, the company launched its Clean Air Plan in the London area, intending to raise money to help drivers transition to fully electric cars. So far, the initiative has raised £135 million.</p><p class='black-text'>"Our focus now is on encouraging drivers to use this money to help them [drivers] upgrade to an electric vehicle and our partnership with Arrival will help us achieve this goal," said Jamie Heywood, Uber's Regional GM for Northern and Eastern Europe, in a statement.</p><p class='black-text'>Uber hopes every one of its London drivers will upgrade to an electric vehicle by 2025, with drivers in North America and Europe following suit by 2030.</p><p class='black-text'>No doubt the car Arrival and Uber produce together will have a part to play in reaching that goal.</p> http://www.pws.io/uber-and-arrival-team-up-to-make-a-ride-sharing-vehicle-for-the-future Tue, 11 May 2021 12:35:28 -0400 David Fladger What Happened to Colonial Pipeline? http://www.pws.io/what-happened-to-colonial-pipeline <p class='black-text'>Over the weekend, Colonial Pipeline came under a cybersecurity attack that involved ransomware, forcing it to temporarily shut down all pipeline operations. The service disruption of the largest fuel pipeline in the United States has raised concern that the outage could lead to fuel shortages and surging gas prices.</p><p class='black-text'>The Colonial Pipeline is a private firm transports more than 100 million gallons of fuel daily between the Gulf of Mexico and the New York Harbor, meeting the fuel needs of more than a dozen U.S. states.</p><div class="image-holder"><img id="10539" alt="" src="//images4.paszport.ws/cached_images/1620756707-609ac8e39e69f.jpg" /><div class="copyright-holder">&copy; Colonial Pipeline</div></div><p class='black-text'>The pipeline confirmed on Saturday that it was the victim of a ransomware attack, leading the the company to take certain systems offline to contain the threat, including all pipeline operations and some IT systems. The company has also enlisted the service of a third-party cybersecurity firm to help with its investigation, but did not disclose which company.</p><p class='black-text'>On Monday, Colonial Pipeline updated that it is restoring pipeline operations in a "stepwise fashion" alongside the U.S. Department of Energy, which is leading and coordinating the Biden administration's response to the cybersecurity attack.</p><p class='black-text'>"Restoring our network to normal operations is a process that requires the diligent remediation of our systems, and this takes time," Colonial Pipeline said in a<a href="https://www.colpipe.com/news/press-releases/media-statement-colonial-pipeline-system-disruption"> media statement updated on Monday</a>. "In response to the cybersecurity attack on our system, we proactively took certain systems offline to contain the threat, which temporarily halted all pipeline operations, and affected some of our IT systems. To restore service, we must work to ensure that each of these systems can be brought back online safely.</p><p class='black-text'>"While this situation remains fluid and continues to evolve, the Colonial operations team is executing a plan that involve an incremental process that will facilitate a return to service in a phased approach," the pipeline operator added. The company hopes to restore full operations by the end of the week, and will continue to provide updates on the progress of its restoration efforts.</p><p class='black-text'>The Federal Bureau of Investigation (FBI) has formally blamed a criminal hacking group known as Darkside as the perpetrators behind the ransomware attack, <a href="https://www.nytimes.com/2021/05/10/us/politics/pipeline-hack-darkside.html">according to the <i>New York Times</i></a>. The FBI also issued an emergency alert to all electric utilities, gas suppliers and other pipeline operators to look out for code that looks like the kind that affected Colonial Pipeline.</p><p class='black-text'>White House press secretary Jen Psaki said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/05/10/statement-by-press-secretary-jen-psaki-on-the-colonial-pipeline-incident/">statement</a> that the Biden administration is monitoring supply shortages in the Southeast and has directed agencies across the federal government to use their resources to help alleviate potential shortages as they arise.</p> http://www.pws.io/what-happened-to-colonial-pipeline Tue, 11 May 2021 12:29:42 -0400 Rachel Hemple Biden Administration Rescinds Trump-Era Contractor Rule http://www.pws.io/biden-administration-rescinds-trump-era-contractor-rule <p class='black-text'>The Biden Administration is rescinding a Trump-Era ruling that makes it easier for employers to classify workers as contractors. The rule was previously enacted in January by the outgoing Trump administration.</p><p class='black-text'>The January revision to the Fair Labor Standards Act adjusted the "economic reality" test used to determine if a paid worker is legally considered a contractor or fully vested employee. The adjustments would have likely slanted some courts in favor of employers, though as of the official withdrawal of the FLSA adjustments on May 6, the Trump-era rule had not been used in any cases.</p><p class='black-text'>The rule wasn't likely to survive long, as some <a href="https://www.foley.com/en/insights/publications/2021/01/dol-new-rule-independent-contractor-classification">warned</a>, due to the desire of the incoming Biden administration to roll back controversial Trump-era regulations and expand labor rights. According to the <a href="https://www.dol.gov/agencies/whd/flsa/2021-independent-contractor">Department of Labor</a>, the revisions made under former President Donald Trump to the FLSA conflicted with its purpose;</p><p class='black-text'>"After reviewing the approximately 1,000 comments submitted in response to the NPRM, the Department has decided to finalize the withdrawal of the Independent Contractor Rule. As explained in the final rule, the Department believes that the Rule is inconsistent with the FLSA's text and purpose, and would have a confusing and disruptive effect on workers and businesses alike due to its departure from long standing judicial precedent."</p><p class='black-text'>As the rule hasn't been applied in any form yet, it is unlikely that the second revision will cause any problems. Previous guidance is still considered to be in effect, such as the DoL's previously issued <a href="https://www.mondaq.com/unitedstates/employee-rights-labour-relations/1065852/dol-rolls-back-trump-administration39s-independent-contractor-rule">seven factor</a> test.</p><p class='black-text'>The revision is likely the first of many significant changes to be made by the Biden administration at the Department of Labor. The desired expansion of workers' rights sought by the administration may see the revision of existing guidance. Many gig employers such as Uber <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UBER"><span style="color:#333">(</span><span style=";">UBER</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UBER" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UBER" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UBER" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, DoorDash <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DASH"><span style="color:#333">(</span><span style=";">DASH</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DASH" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DASH" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DASH" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Grubhub <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GRUB"><span style="color:#333">(</span><span style=";">GRUB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GRUB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GRUB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GRUB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Lyft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LYFT"><span style="color:#333">(</span><span style=";">LYFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LYFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LYFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LYFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> may soon find themselves facing entirely new guidance on the classification of workers.</p> http://www.pws.io/biden-administration-rescinds-trump-era-contractor-rule Mon, 10 May 2021 15:43:08 -0400 Michael Mooney WHO to Open Information Hub to Help Prevent and Respond to Future Global Public Health Emergencies http://www.pws.io/who-to-open-information-hub-in-berlin-to-help-prevent-and-respond-to-future-global-public-health-eme <p class='black-text'>The World Health Organization (WHO) recently announced a plan for a new global hub for pandemic and epidemic intelligence, data, surveillance and analytics innovation to help the world combat future infectious disease threats. The WHO Hub for Pandemic and Epidemic Intelligence will be established in collaboration with Germany that will be based in Berlin.</p><p class='black-text'>"One of the lessons of COVID-19 is that the world needs a significant leap forward in data analysis to help leaders make informed public health decisions," said WHO Director-General Dr. Tedros Adhanom Ghebreyesus in a <a href="https://www.who.int/news/item/05-05-2021-who-germany-launch-new-global-hub-for-pandemic-and-epidemic-intelligence">statement</a>. "This requires harnessing the potential of advanced technologies such as artificial intelligence, combining diverse data sources, and collaborating across multiple disciplines. Better data and better analytics will lead to better decisions."</p><p class='black-text'>The WHO Hub, which is due to officially open later this year, is will create a large network of global data to "predict, prevent, detect, prepare for, and respond to pandemic and epidemic risks worldwide," according to the global health agency. The hub is also designed to support the work of public health experts and policy-makers in all member countries with insights so that they can make faster decisions to prevent and respond to future public health emergencies.</p><p class='black-text'>"The current COVID-19 pandemic has taught us that we can only fight pandemics and epidemics together," Chancellor of Germany Angela Merkel said in a statement. "The new WHO Hub will be a global platform for pandemic prevention, bringing together various governmental, academic and private sector institutions. I am delighted that WHO chose Berlin as its location and invite partners from all around the world to contribute to the WHO hub."</p><p class='black-text'>The coronavirus pandemic began first in China in late 2019, but the virus's origin still remains unclear. Currently, the world has confirmed over 158 million COVID-19 infections and nearly 3.3 million deaths, according to <a href="https://coronavirus.jhu.edu/map.html">data compiled</a> by Johns Hopkins University.</p> http://www.pws.io/who-to-open-information-hub-in-berlin-to-help-prevent-and-respond-to-future-global-public-health-eme Mon, 10 May 2021 15:39:49 -0400 Rachel Hemple Market Update: Stocks Fell as Investors Rotated Out of High-Growth Tech Names http://www.pws.io/market-update-stocks-fell-as-investors-rotated-out-of-high-growth-tech-names <p class='black-text'>Stocks fell on Monday, with technology stocks leading losses, as investors rotated out of high-growth names amid fears of coming inflation and higher interest rates. All three market benchmarks declined, with the Nasdaq underperforming with a more than 2.5% drop.</p><p class='black-text'>Over the weekend, gasoline futures traded choppy after a ransomware attack forced the largest U.S. fuel pipeline, Colonial Pipeline to close. The company updated Monday afternoon that parts of its system are being brought back online, while the pipeline operator expects to restore service by the end of the week.</p><p class='black-text'><b>Here's how the market settled to start the week:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -1.04% or -44.08 points to 4,188.52</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -0.09% or -32.60 points to 34,745.16</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -2.55% or -350.38 points to 13,401.86</p><p class='black-text'><i>For Stocks</i>, Cathie Wood's flagship ARK Innovation ETF <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ARKK"><span style="color:#333">(</span><span style=";">ARKK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ARKK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ARKK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ARKK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> fell over 5% on Monday as innovation stocks were pressured throughout the session. Shares of Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Square <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SQ"><span style="color:#333">(</span><span style=";">SQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Roku <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ROKU"><span style="color:#333">(</span><span style=";">ROKU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ROKU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ROKU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ROKU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, DraftKings <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DKNG"><span style="color:#333">(</span><span style=";">DKNG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DKNG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DKNG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DKNG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Zillow <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ZG"><span style="color:#333">(</span><span style=";">ZG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ZG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ZG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ZG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> all declined.</p><p class='black-text'><i>For Sector Performance</i>, sectors on the S&P 500 ended Monday's session mixed, with Utilities <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLU"><span style="color:#333">(</span><span style=";">XLU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Consumer Staples <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLP"><span style="color:#333">(</span><span style=";">XLP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading gains, while Communication Services <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLC"><span style="color:#333">(</span><span style=";">XLC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Consumer Discretionary <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLY"><span style="color:#333">(</span><span style=";">XLY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Information Technology <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLK"><span style="color:#333">(</span><span style=";">XLK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> led losses.</p><p class='black-text'><i>For Commodities and Currency</i>, the <b>U.S. Dollar</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> slipped lower on Monday as a April's weak employment report prompted investors to abandon the greenback. The dollar index was down 0.11% at 90.051 against six other currencies in late afternoon trade, its lowest point since February 25. <b>Gold</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices rose on Monday on the back on the weaker dollar and market expectations that interest rates will remain low to support the U.S. economy. Spot gold increased by 0.4% to $1,836.89 per ounce, while U.S. gold futures settled 0.3% higher at $1,837.60 per ounce.<b> Crude </b>oil futures settled slightly higher on Monday, with international benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> closing up at $68.32 per barrel, while domestic index West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was up at $64.92 each.</p><p class='black-text'><i>For Tuesday</i>, investors will turn their attention to fresh data for March's job openings and the NFIB small-business index's reading for April.</p> http://www.pws.io/market-update-stocks-fell-as-investors-rotated-out-of-high-growth-tech-names Mon, 10 May 2021 15:01:34 -0400 Rachel Hemple IBM Creates the World's First 2nm Chip http://www.pws.io/ibm-creates-the-worlds-first-2nm-chip <p class='black-text'>This week, IBM <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/IBM"><span style="color:#333">(</span><span style=";">IBM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="IBM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="IBM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="IBM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> announced that it was able to develop the world's first 2-nanometer chip. This is considered a breakthrough in integrated circuit design as the previous smallest chip was a 3nm chip by Taiwan Semiconductor <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSM"><span style="color:#333">(</span><span style=";">TSM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'>IBM's 2nm chip will be able to produce CPUs that are capable of 45% higher performance or 75% less energy use than the standard designs that are used today. Currently, Intel's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/INTC"><span style="color:#333">(</span><span style=";">INTC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="INTC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="INTC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="INTC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> desktop processors are still being built on top of a 14nm process and are attempting to migrate to a 10nm chip. In contrast, competing chipmakers are already using a 7nm or 5nm standard.</p><p class='black-text'>Originally, process size was a good way to estimate a chip's power, because it correlates to the two-dimensional size of transistors etched onto the chip surface. However, now that chips have three-dimensional designs, it's no longer an effective indicator of a chip's power.</p><p class='black-text'>A more accurate measure is to look at a chip's transistor density. In essence, this is how many transistors are packed onto the chip. And, by this measure, the IBM chip really shines as it packs 333 million transistors onto 1 square millimeter.</p><p class='black-text'>In contrast, Intel's desktop chip has 45 million transistors per square mm, while its laptop chip has 100 million transistors per square mm. AMD's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMD"><span style="color:#333">(</span><span style=";">AMD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading chip has 91 million transistors per square mm, while Apple's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> M1 chip has 171 million transistors per square mm.</p><p class='black-text'>IBM believes that its new chip design could lead to cell phone battery life quadrupling. However, skeptics note that IBM's chip is months away from being produced, while TSMC's 5nm process is already in production, and 3nm chips are set to begin production next year. And, both of these chips have comparable performance measures.</p><p class='black-text'>Of course, IBM lacks the production capacity and would have to partner with a chip manufacturer. Reportedly, the company is in talks with Intel and Samsung although no agreement has been struck yet.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>While the last decade has been tremendous for tech stocks, IBM has been an exception. The stock has underperformed and is down 30% from its 2013 peak.</p><p class='black-text'>Notably, the company's revenue peaked in 2013 at around $105 billion and has declined to $70 billion in the last quarter on a trailing 12-month basis. EPS has dropped even more from $15 per share to $6 per share.</p><p class='black-text'>The company has consistently tried to innovate in enterprise software, cloud computing, AI, and now chip design. However, it's failed to have a meaningful breakthrough. Until this change, IBM seems more like a value trap that investors should avoid.</p> http://www.pws.io/ibm-creates-the-worlds-first-2nm-chip Mon, 10 May 2021 11:36:11 -0400 Jaimini Desai Jeff Bezos's Blue Origin Space Flight Ticket Auction http://www.pws.io/jeff-bezoss-blue-origin-space-flight-ticket-auction <p class='black-text'>American privately funded aerospace company Blue Origin recently announced that it plans to fly its first space tourism passengers starting on July 20, with one seat that will be auctioned to the public.</p><p class='black-text'>After years of test flights that did not have anyone on board, Jeff Bezos's Blue Origin will soon begin to start flying people on the New Shepard. They made this announcement about 60 years after Alan Shepard (whom the vehicle was named after) became the first American space on the Mercury 3 launch.</p><p class='black-text'>Ariane Cornell, director of astronaut sales of Blue Origin, said, "We have flown this vehicle 15 times and, after the last flight, we said, 'It's time. Let's put people on board.'"</p><p class='black-text'>Blue Origin did not make it evident as to who would be seated on the vehicle, but that it would have six available seats, as well as one available via an auction. The company stated that it would take sealed bids up until May 19, then pass through an unsealed bidding phase, which would then end in a live auction on June 12.</p><p class='black-text'>Blue Origin stated that the money accumulated from the auction would be donated to the nonprofit organization, Club for the Future, which supports STEM education activities.</p><p class='black-text'>Cornell chose not to disclose exactly how the company would sell tickets past the initial auction. "We don't have details on the prices for future seats, and we will announce the details of how those future seats will be sold in the future, after this auction," said Cornell. She also stated that Blue Origin would take advantage of its "most active bidders" in the auction so that there could be follow-up on future ticket sales.</p><p class='black-text'>In order to take flight on this particular New Shepard aircraft, individuals need to meet a certain number of physical and other such criteria, including being 18 years old, having a weight between 50 and 101 kg, being between 152 to 193 centimeters tall, and being able to withstand 3g's of acceleration during launch and 5.5g's "for a few seconds" during reentry.</p><p class='black-text'>Although many details still remain up in the air regarding the flight of the New Shepard aircraft, many steps have already been initiated in order to create an exciting event. Much effort and thought have been put forth into this particular project, so it will surely show in the level of interest that people will demonstrate in the auction toward gaining a seat on the aircraft.</p> http://www.pws.io/jeff-bezoss-blue-origin-space-flight-ticket-auction Mon, 10 May 2021 11:31:08 -0400 Stephanie Williams The World Economic Forum Projecting Possible Future Where all Assets are Tokenized on Blockchains http://www.pws.io/the-world-economic-forum-projecting-possible-future-where-all-assets-are-tokenized-on-blockchains <p class='black-text'>The <a href="https://www.coindesk.com/world-economic-forum-blockchain-disruption">World Economic Forum</a> wrote a report Thursday projecting a possible future where all assets will eventually be tokenized on blockchains. That is the same perspective of many crypto executives who predict that most, if not all, of modern finance will eventually become digital.</p><p class='black-text'>The report reads: "Many anticipate a future blurring of the lines between traditional publicly listed equities and tokenized private company shares." The report goes further and estimates the potential size of the traditional markets that might be disrupted by blockchain tokenization: $866.9 trillion. The calculation includes $95 trillion for equity markets, $106 trillion for debt markets, $10 trillion for securitized products, $560 trillion for derivatives, $89 trillion for asset management, $4 trillion for securities financing, and $2.9 trillion for securities lending. But the report believes the full process of tokenization of finance would take a while, suggesting that incumbent financial institutions and their overseers are likely to resist change.</p><p class='black-text'><b>Here is the rest of the week in review:</b></p><p class='black-text'><a href="https://www.coindesk.com/elon-musk-dogecoin-snl-2">Elon Musk</a> hosted Saturday Night Live and mentioned crypto many times. The billionaire CEO of Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and SpaceX expressed his support for crypto, especially Dogecoin (DOGE), before Michael Che and Colin Jost repeatedly asked him to explain the meme coin. Musk was introduced as a cryptocurrency expert named "Lloyd Ostertag." In the show's final sketch, Musk joked about creating a new currency based on "whatever I say," before the show briefly tried to explain the fiat money system. Elon's mother Maye also got in, saying she hopes her Mother's day gift is not Dogecoin, to which Elon replied that it is. Musk did warn his followers to "invest with caution," not putting their life savings into crypto. After a 73% weekly rally, Dogecoin fell 30% on a daily basis after SNL began at 11:30 PM Eastern. Barry Silbert, the founder of Digital Currency Group, disclosed Saturday that the firm is betting against Dogecoin's price.</p><p class='black-text'><a href="https://www.coindesk.com/vaneck-files-for-an-ethereum-exchange-traded-fund">VanEck</a> has filed for a new exchange-traded fund (ETF) based on Ether (ETH), according to new public records revealed Friday. The ETF firm, which currently has a proposed Bitcoin (BTC) ETF under review by the Securities and Exchange Commission, proposed an Ether ETF that would allow retail and institutional traders to gain exposure to the world's second-largest cryptocurrency without directly holding the asset. VanEck said it aims to work with Cboe BZX Exchange (BATS: CBOE) on the ETF offering, the same exchange providing support for VanEck's proposed Bitcoin ETF. If the SEC approves VanEck's Ether ETF, it would become the first Ether ETF in the US, coming after Canadian regulators already approved several Ether ETFs this year. WisdomTree <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WETF"><span style="color:#333">(</span><span style=";">WETF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WETF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WETF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WETF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, another company wanting to launch a Bitcoin ETF in the US, has also listed an Ether exchange-traded product in Germany and Switzerland.</p><p class='black-text'>Crypto prices climbed to $2.43 trillion this week, thanks to Ether's rise to a new record high of nearly $4,000. For the majors, only XRP ended in the red. In the top 100, the biggest losers were OKB, down 16.5%, BakeryToken (BAKE), down 15.2%, and Hedera Hashgraph (HBAR), down 14%. The biggest gainers were SHIBA INU (SHIB), up a whopping 669%, Telcoin (TEL), up 286%, and Bitcoin Diamond (BCD), up 254%. Next week traders will see if Ether can break the $4,000 level.</p><p class='black-text'><i>The author owns a small amount of BTC.</i></p> http://www.pws.io/the-world-economic-forum-projecting-possible-future-where-all-assets-are-tokenized-on-blockchains Mon, 10 May 2021 11:22:48 -0400 Eric Yao Facebook’s Oversight Board Punts Trump Ban Decision http://www.pws.io/facebooks-oversight-board-punts-trump-ban-decision <p class='black-text'>Facebook's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> newly appointed oversight board has decided that the company was right to ban former President Donald Trump following the January 6 insurrection, but that the suspension can't be "indefinite." Instead, <a href="https://www.vox.com/recode/22421136/facebook-oversight-board-decision-trump-ban-punting-back-zuckerberg">the board announced</a> that Facebook has six months to decide for themselves whether or not to make the ban permanent.</p><p class='black-text'>In the meantime, Trump will remain banned off of Facebook's platform. However, <a href="https://www.vox.com/recode/2021/5/5/22419029/trump-facebook-ban-suspension-oversight-board-decision%5C">the board's decision</a> creates an opening for Trump to return. The former president was banned initially because the risk of violence was "simply too great," according to <a href="https://www.facebook.com/zuck/posts/10112681480907401">Facebook CEO Mark Zuckerberg</a>.</p><p class='black-text'>In the same week as the Facebook ban, Trump was also banned permanently off of Twitter <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWTR"><span style="color:#333">(</span><span style=";">TWTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. While Trump's potentially dangerous behavior prior to the bans was far from ordinary, unilateral decisions by giant tech companies to allow or restrict the speech of users have many worried about the amount of power these companies have over public discourse.</p><p class='black-text'>Of course, Trump's situation is also unique in that he is a world leader, raising questions of whether or not politicians have to follow the same rules as everyone else. So far, political leaders have fallen into the "newsworthiness" exception, meaning that they are unlikely to face the same consequences as normal users.</p><p class='black-text'>The decision by Facebook's board shows that the current norm is to allow these mega-companies to decide for themselves what should and should not be allowed on their platforms.</p><p class='black-text'>"In applying a vague, standardless penalty and then referring this case to the Board to resolve, Facebook seeks to avoid its responsibilities," the board's ruling reads. "The Board declines Facebook's request and insists that Facebook apply and justify a defined penalty."</p><p class='black-text'>Still, the presence of the board at all is a move towards more oversight of these tech companies' choices. Facebook has stated that their "supreme court" has full autonomy over its decisions, along with a $130 million budget.</p><p class='black-text'>Criticism of the oversight board revolves around the alleged fact that it gives Zuckerberg a way to pass off the responsibility of making tough decisions. Because of this, the board's choice to send the ban back to Facebook is a sign that they won't simply make Facebook's choices for it.</p><p class='black-text'>"Facebook's decision to impose an indefinite suspension wasn't supported by their own rules. And then to request the oversight board to endorse this move was actually wrong," board co-chair Helle Thorning-Schmidt told reporters. Thorning-Schmidt further argued that Facebook had "shirked its responsibilities" by failing to give Trump's ban a clear time frame.</p><p class='black-text'>Of course, Trump hasn't been silent on the issue either.</p><p class='black-text'>"What Facebook, Twitter, and Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> have done is a total disgrace and an embarrassment to our Country," Trump wrote in a statement released shortly after the board's ruling. "These corrupt social media companies must pay a political price, and must never again be allowed to destroy and decimate our Electoral Process."</p><p class='black-text'>Trump's statement mirrors part of the speech that contributed to his ban in the first place: spreading questionable information about U.S. elections. He also denied the threat of COVID-19, made taunts about a nuclear conflict, and allegedly encouraged violence at the capital.</p><p class='black-text'>Meanwhile, Facebook is facing heat from all sides regarding the way it applies its rules. Lawmakers on both sides of the aisle have accused the company of enforcing rules in a partisan way. While Democrats argue that Facebook allows Republican misinformation to flourish, Republicans argue that Facebook does too much to restrict conservative speech.</p> http://www.pws.io/facebooks-oversight-board-punts-trump-ban-decision Mon, 10 May 2021 11:19:29 -0400 Autumn McLain PayPal Shares Flat Following Strong Q1 Earnings Report http://www.pws.io/paypal-shares-flat-following-strong-q1-earnings-report <p class='black-text'>PayPal <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PYPL"><span style="color:#333">(</span><span style=";">PYPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PYPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PYPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PYPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares finished flat following the company reporting strong Q1 results, beating on the top and bottom-line. Many mega-cap tech stocks have posted Q1 figures that topped expectations by a significant margin. Shares opened higher but this strength was sold into.</p><p class='black-text'>This is a change in character from how these stocks behaved over the past year. It's also a characteristic of stocks in bear markets. Therefore, in the near-term, investors should remain patient when investing in tech stocks as it could signal further near-term weakness especially as the headwinds for tech stocks are set to get more intense in the coming months.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, PayPal reported $1.22 in adjusted earnings per share, topping expectations of $1.01 per share. Revenue beat at $6.03 billion vs. $5.90 billion. Another important metric - total payment volume - exceeded expectations at $285 billion vs. $265 billion.</p><p class='black-text'>This was a big quarter for the company as Q1 net income increased to $1.1 billion from $84 million. It also maintained its growth by adding 14.5 million new accounts and now has a total of 392 million. Revenue increased by 31% on a surge in online shopping.</p><p class='black-text'>The company believes that cryptocurrency trading is a catalyst for growth as it's bringing new users to its platform. On its conference call, the management said that crypto-traders log into the platform more frequently and there are signs that they are beginning to engage with other PayPal services.</p><p class='black-text'>PayPal also announced plans to roll out a next-generation, "digital wallet" in Q3 that will provide a "customized and unique shopping, financial services, and payments experiences." Other fintech companies have been able to consistently increase revenue per user with these apps.</p><p class='black-text'>In terms of guidance for Q2, PayPal sees adjusted EPS of $1.12 and $6.3 billion in revenue. This was slightly above expectations of $1.10 in EPS and $6.2 billion in revenue. For the full year, PayPal expects revenue to grow 20% to $25.8 billion, and adjusted earnings to grow 21% to $4.70. Both figures are slightly above expectations.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Given the strong report and encouraging news on its new product for Q3, shares were up 5.5% after-hours. But, shares ended flat as this strength was sold into. Overall for the year, PayPal is up about 5%. This is a better performance than many high-multiple stocks but lags the S&P 500's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> nearly 25% YTD gain.</p><p class='black-text'>The results confirm that PayPal is on track to achieve its goals, and its momentum remains strong. However, the short-term outlook for tech stocks remains rough, so investors are advised to remain patient and wait for a better entry point.</p> http://www.pws.io/paypal-shares-flat-following-strong-q1-earnings-report Mon, 10 May 2021 11:15:57 -0400 Jaimini Desai Eight IPOs Raise $1.2 Billion Led by Jessica Alba's Honest Company http://www.pws.io/eight-ipos-raise-12-billion-led-by-jessica-albas-honest-company <p class='black-text'>The initial public offering (IPO) market remained active last week, with eight traditional IPOs raising more than $1.2 billion and four special purpose acquisition companies (SPAC) raising $610 million in their debuts. For the week ahead, four companies plan to raise nearly $844 million.</p><p class='black-text'>In the week's biggest offering, <b>Honest Company, Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HNST"><span style="color:#333">(</span><span style=";">HNST</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HNST" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HNST" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HNST" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> raised $413 million from pricing shares above the midpoint of its range. Co-founded by American actress Jessica Alba, the non-toxic lifestyle brand offers baby care, skin and personal care, and household and wellness products. The stock ended the week up 19%.</p><p class='black-text'>In the week's best performance, <b>Five Star Bancorp</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FSBC"><span style="color:#333">(</span><span style=";">FSBC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FSBC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FSBC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FSBC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> ended the week up 25% after it priced its shares at the high end to raise $105 million in its debut. The bank serves the greater Sacramento area through its seven branches and two loan offices, with focus on commercial real estate lending.</p><p class='black-text'><i>Here's the rest of the week's debut in order of offering amount: </i></p><p class='black-text'><b>Waterdrop Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WDH"><span style="color:#333">(</span><span style=";">WDH</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WDH" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WDH" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WDH" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> priced its shares at the high end of its range to raise $360 million. The Chinese health insurance platform was the nation's second most popular third-party life and health insurance broker by first year premiums in 2020, and number on medical crowdfunding platform by funds raised. The stock was the worst performer of the week, finishing down 19%.</p><p class='black-text'><b>Talaris Therapeutics, Inc. </b><nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TALS"><span style="color:#333">(</span><span style=";">TALS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TALS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TALS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TALS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> priced its shares at its midpoint to raise more than $150 million. The cell-therapy-focused biotech is currently enrolling patients for the Phase 3 clinical trial in the United States for adult living donor kidney transplant recipients. The stock ended the week down 4%.</p><p class='black-text'><b>Onion Global Ltd</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/OG"><span style="color:#333">(</span><span style=";">OG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="OG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="OG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="OG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> priced its downsized offering at the low end of its range to raise $67.5 million. The Chinese ecommerce platform offers more than 4,000 beauty, maternal and baby, fashion, and food and beverage brands to buyers across Asia. The stock finished down 3%.</p><p class='black-text'><b>Valneva SE</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VALN"><span style="color:#333">(</span><span style=";">VALN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VALN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VALN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VALN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> priced its shares within its range to raise more than $61 million. The French-listed biotech's portfolio contains a vaccine targeting Lyme disease in collaboration with Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which is currently in Phase 2 clinical trials. The stock ended the week up 12%.</p><p class='black-text'><b>Bowman Consulting Group Ltd.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BWMN"><span style="color:#333">(</span><span style=";">BWMN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BWMN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BWMN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BWMN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> priced its upsized offering at the high end of its range to raise nearly $52 million in its debut. The company offers planning, engineering, construction management, commissioning, environmental consulting, land procurement, and other services to over 2,200 clients is a broad group of end markets. The stock finished the week flat.</p><p class='black-text'><b>Anebulo Pharmaceuticals, Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ANEB"><span style="color:#333">(</span><span style=";">ANEB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ANEB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ANEB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ANEB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> priced its shares at the midpoint of its range to raise $21 million. The cannabinoid-overdose-focused biotech expects to begin a Phase 2 trial intended to reverse the negative effect of cannabinoid overdose in the Netherlands later this year. The stock ended the week up 1%.</p><p class='black-text'><i>Four debuts are slated for the week ahead: </i></p><p class='black-text'><b>Hear.com N.V. </b><nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HCG"><span style="color:#333">(</span><span style=";">HCG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HCG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HCG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HCG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> plans to raise more than $373 million from 16.22 million shares priced between $17 to $20 each. The hearing care services provider offers a data-driven approach to hearing care to deliver a personalized experience for consumers.</p><p class='black-text'><b>Zenvia Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ZENV"><span style="color:#333">(</span><span style=";">ZENV</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ZENV" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ZENV" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ZENV" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> plans to raise nearly $260 million from more than 12.9 million shares priced between $15.50 to $17.50 each. The Brazilian customer experience platform facilitated that flow of communication for more than 9,400 customers as of December 31, 2020.</p><p class='black-text'><b>Similarweb LTD.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SMWB"><span style="color:#333">(</span><span style=";">SMWB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SMWB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SMWB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SMWB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> plans to raise more than $191.6 million from 8 million shares priced between $19 to $21 each. The Israeli web analytics provider has blue-chip customers across a variety of industries, and they include marketers, strategy teams, salespeople, analysts, and investors, according to its filing.</p><p class='black-text'><b>Flora Growth Corp.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FLGC"><span style="color:#333">(</span><span style=";">FLGC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FLGC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FLGC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FLGC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> plans to raise more than $19 million from over 3.33 million shares priced between $4 to $5 each. The Canadian cannabis products developer cultivates and processes medical-grade cannabis oil and other products in Colombia.</p> http://www.pws.io/eight-ipos-raise-12-billion-led-by-jessica-albas-honest-company Mon, 10 May 2021 11:08:58 -0400 Rachel Hemple Market Update: Dow and S&P 500 Reach Fresh Record Close Despite Disappointing Jobs Report http://www.pws.io/market-update-dow-and-sp-500-reach-fresh-record-close-despite-disappointing-jobs-report <p class='black-text'>Stocks rose to record levels on Friday despite a weaker-than-expected <a href="https://www.pws.io/economy-adds-266000-jobs-in-april-badly-missing-expectations">jobs report</a> for April, as investors dismissed the report and bet the Federal Reserve will keep its monetary policy loose to support the economy. Both the Dow Jones Industrial Average and S&P 500 notched fresh closing highs, while the Nasdaq outperformed with a 0.88% gain.</p><p class='black-text'>For the week, the Dow rose 2.7% to break its two-week losing streak, while the S&P 500 gained 1.2% and the Nasdaq declined 1.5%.</p><p class='black-text'>U.S. employers added just 266,000 jobs in April, dramatically missing expectations for a rise of 1 million, according to the Labor Department's April jobs report. The unemployment rate increased to 6.1% in April from 6.0% in March, also missing expectations for a 5.8% drop. March's payroll gain was also revised lower, now showing a rise of 770,000 versus the 916,000 previously reported. February's payrolls were revised up by 68,000 to 536,000.</p><p class='black-text'>Altogether, the U.S. economy remains 8.2 million payrolls short of pre-pandemic levels, and the unemployment rate is still above February 2020 rates.</p><p class='black-text'><b>Here's how the market settled to close out the week:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.73% or +30.81 points to 4,232.43</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.66% or +277.91 points to 34,776.44</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.88% or +119.39 points to 13,752.24</p><p class='black-text'><i>For Stocks</i>, mega-cap tech stocks Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> rose higher as investors bet that the April's jobs report miss will keep the central bank's monetary policy loose.</p><p class='black-text'><i>For Sector Performance</i>, sectors on the S&P 500 all settled in the green, with Energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Real Estate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLRE"><span style="color:#333">(</span><span style=";">XLRE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLRE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLRE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLRE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Industrials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLI"><span style="color:#333">(</span><span style=";">XLI</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLI" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLI" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLI" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading gains.</p><p class='black-text'><i>For Commodities and Currency</i>, the <b>U.S. Dollar</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> declined to its lowest point in more than two months on Friday following April's disappointing jobs report. The dollar index was down 0.63% at 90.27 against six other global currencies in afternoon trading. <b>Gold </b><nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices rose on the falling dollar as investors rushed to the safe haven following the unexpected drop in U.S. job growth. Spot gold was up 0.84% at $1,830.41 per ounce in later trade, while U.S. gold futures settled 0.9% higher at $1,831.30 per ounce.<b> Crude</b> oil futures climbed slightly higher on Friday as investors continued to be optimistic towards global economic recovery, although the surging COVID-19 infection rate in India kept gains in check. International benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> settled 0.28% higher at $68.28 per barrel, while domestic index West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> gained by 0.29% at $64.90 each.</p><p class='black-text'><i>For the week ahead</i>, market participants will look towards fresh data on U.S. job openings for March and retail sales for April.</p> http://www.pws.io/market-update-dow-and-sp-500-reach-fresh-record-close-despite-disappointing-jobs-report Fri, 07 May 2021 15:59:06 -0400 Rachel Hemple Epic vs. Apple Legal Showdown Begins http://www.pws.io/epic-vs-apple-legal-showdown-begins <p class='black-text'>On May 3 in California, Epic Games, creator of the video game Fortnite, challenged Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> in federal court regarding what it calls "the Apple tax." The court battle between the giant companies is expected to last for several weeks and <a href="https://www.npr.org/2021/05/04/993273526/the-epic-versus-apple-trial-has-begun-heres-what-you-need-to-know">reportedly represents</a> the biggest legal threat that Apple has faced in decades.</p><p class='black-text'>Epic is accusing Apple of what it calls monopolistic practices, relating to the company's commissions on in-app purchases. Currently, Apple usually charges a 30% commission on every purchase made on their phones, with every payment being processed by Apple's own system. Based on the last fiscal year, the total of these commissions equates to several if not tens of billions of dollars.</p><p class='black-text'>For context, Apple is a $2 trillion company, and Epic is a $29 billion company. Due to the fact that iPhone sales peaked years ago, analysts believe the commission is a key revenue stream for Apple.</p><p class='black-text'>Apple argues that the commission is in place in order to cover the cost of safeguarding the security and privacy of apps on their store. However, at a <a href="https://www.protocol.com/app-store-hearing">Senate hearing on antitrust violations</a> last month, committee chair Amy Klobuchar pointed out that while Apple reportedly spends just $100 million per year to run the App Store, it brings in $18 billion per year from the platform.</p><p class='black-text'>"Those look like monopoly profits," Klobuchar said regarding the fee.</p><p class='black-text'>Apple's chief compliance officer, Kyle Andeer, answered Klobuchar's observation by claiming that "Apple's invested significant sums in technologies, resources, tools, to allow developers to build their apps, far in excess of this $100 million figure."</p><p class='black-text'>Meanwhile, Epic says that the fee, "the Apple tax" as it is called by critics, creates an unfair disadvantage for smaller developers while favoring Apple's own apps. Last August, in the midst of Epic and Apple's high-stakes dispute, Apple announced that Epic's latest version of <a href="https://www.npr.org/2020/08/27/906255942/new-fortnite-season-will-not-be-available-on-iphones-as-judge-sides-with-apple">Fortnite would not be available</a> on the App Store.</p><p class='black-text'>While Epic's case is apparently strong enough to warrant a full bench trial, U.S. laws tend to favor large corporations in antitrust matters. It isn't enough to show that Apple is a monopoly, which isn't illegal, but rather that the company is wrongfully using its monopolistic power to hurt competitors.</p><p class='black-text'>This isn't the first time Apple has faced antitrust legal pressure. At the Senate antitrust subcommittee hearing last month, several app developers testified regarding the veiled threats and bullying they had allegedly suffered at the hands of Apple and its lawyers. Developers like Match <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MTCH"><span style="color:#333">(</span><span style=";">MTCH</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MTCH" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MTCH" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MTCH" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Tile, and Spotify <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPOT"><span style="color:#333">(</span><span style=";">SPOT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPOT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPOT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPOT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> spoke about the unilateral and unexplained decisions that Apple is allegedly able to make due to the power they hold.</p><p class='black-text'>Spotify in particular pointed to the 30% commission as a sign of Apple's allegedly monopolistic tendencies. After Spotify changed its subscription price from $9.99 to $12.99 ostensibly to account for the fee, the company claims that Apple launched its own music listening platform at $9.99 per month.</p><p class='black-text'>The U.S. antitrust investigation of Apple has been underway for nearly two years. Last year, the Department of Justice began <a href="https://www.bloomberg.com/news/articles/2020-06-26/apple-s-app-store-rules-scrutinized-in-u-s-antitrust-probe">scrutinizing the same 30% commission</a> and restriction on payments systems.</p><p class='black-text'>In the European Union, Apple has <a href="https://apnews.com/article/europe-technology-business-2830ed9f769eab247eb4a77ff2684968">already faced antitrust charges</a> regarding its use of its power to regulate the distribution of music streaming apps. The charges were brought last month after Spotify complained that Apple was using its dominance to prevent potential customers from going through other avenues to pay for their subscription.</p><p class='black-text'>In response, Apple argued that Spotify actually doesn't pay the commission fee for 99% of its users.</p><p class='black-text'>"Once again, they want all the benefits of the App Store but don't think they should have to pay anything for that," Apple said in a statement. "The Commission's argument on Spotify's behalf is the opposite of fair competition."</p><p class='black-text'>However, Spotify pointed out that it wasn't their own success that was at issue, but rather the success of relatively smaller platforms like Deezer and Soundcloud.</p> http://www.pws.io/epic-vs-apple-legal-showdown-begins Fri, 07 May 2021 15:33:54 -0400 Autumn McLain 2021 Stock ETF Inflows Outpace 2020 as Investors Rally Behind U.S. Economic Recovery http://www.pws.io/2021-stock-etf-inflows-outpace-2020-as-investors-rally-behind-us-economic-recovery <p class='black-text'>Stock exchange-traded funds (ETF) only took four months in 2021 to outpace their inflows from the entirety of 2020, <a href="https://www.morningstar.com/articles/1037320/more-money-flows-into-stock-etfs-so-far-this-year-than-in-all-of-2020">according to <i>Morningstar</i> analysts</a>. Moreover, stock ETFs focused on U.S. markets have excelled due to rising consumer confidence towards the U.S. economic recovering from 2020's pandemic-rut and the nation's faster-than-expected vaccination campaign.</p><p class='black-text'>Stock ETFs have collected a total of $253.5 billion in flows so far in 2021, according to <i>Morningstar</i> data, with April contributing $53.2 billion to that total. Comparatively, stock ETFs took in $231.8 billion throughout 2020.</p><p class='black-text'>U.S. Stock ETFs like <b>iShares Core S&P Total U.S. Stock Market</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ITOT"><span style="color:#333">(</span><span style=";">ITOT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ITOT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ITOT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ITOT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and <b>iShares Core S&P 500 ETF </b><nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/IVV"><span style="color:#333">(</span><span style=";">IVV</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="IVV" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="IVV" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="IVV" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> have both outperformed other global market ETFs, with both funds gaining over 5% in April compared to <b>iShares Core MSCI EAFE ETF</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/IEFA"><span style="color:#333">(</span><span style=";">IEFA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="IEFA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="IEFA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="IEFA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> returning about 3%.</p><p class='black-text'>U.S. value stocks, in particular, have benefited from the economic recovery sentiment that had swept over Wall Street in the first quarter, with sectors like Energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Utilities <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLU"><span style="color:#333">(</span><span style=";">XLU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Industrials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLI"><span style="color:#333">(</span><span style=";">XLI</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLI" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLI" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLI" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Real Estate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLRE"><span style="color:#333">(</span><span style=";">XLRE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLRE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLRE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLRE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> seeing positive in-flows from the start of the year, according to <i>Morningstar</i>. However, growth stocks outperform value names in April, demonstrated by the <b>Vanguard Growth Index Fund ETF</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VUG"><span style="color:#333">(</span><span style=";">VUG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VUG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VUG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VUG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> raking in 6.95% for the month while the <b>Vanguard Value Index Fund ETF</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VTV"><span style="color:#333">(</span><span style=";">VTV</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VTV" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VTV" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VTV" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> only saw gains of 3.53%.</p><p class='black-text'>Interestingly, it seems like investors are more swayed by U.S economic recovery cues than normal market movers like corporate quarter earnings reports as Wall Street moves into the second quarter.</p><p class='black-text'>Credit Suisse Chief U.S. Equity Strategist Jonathan Golub wrote in an analyst note on Thursday that, to date, over 85% of S&P 500 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> components have reported Q1 earnings and of those, 86% of companies have beat Street estimates, with earnings topping those expectations by 22.4% in aggregate.</p><p class='black-text'>Despite this Q1 blow-out, companies that have topped estimates for both revenue and earnings have outperformed Wall Street by just 1.0% on average, compared to the historical average of 1.4%, Golub added.</p><p class='black-text'>It seems that investor's current trend of focusing primarily on U.S. economic data as the nation works to emerge into a post-pandemic world will continue to drive market moves beyond typical market drivers.</p> http://www.pws.io/2021-stock-etf-inflows-outpace-2020-as-investors-rally-behind-us-economic-recovery Fri, 07 May 2021 14:09:21 -0400 Rachel Hemple Economy Adds 266,000 Jobs in April, Badly Missing Expectations http://www.pws.io/economy-adds-266000-jobs-in-april-badly-missing-expectations <p class='black-text'>April's non-farm payroll figure came in at 266,000 jobs badly missing expectations of a million jobs added in the month and rupturing the narrative of a smooth rebound. It also likely pushes back any notion of the Fed tightening policy via tapering its asset purchases.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>The unemployment rate increased to 6.1% which is a significant improvement from 14.7% in April of last year. However, the economy remains short about 8 million jobs from its pre-crisis level. Economists were expecting the unemployment rate to drop to 5.8%.</p><p class='black-text'>For months, economists have been too pessimistic about the recovery in the labor market. Now, they were proved to be too optimistic. Equally important, job figures for the previous month were also revised lower to 770,000 from above 900,000.</p><p class='black-text'>One caveat is that the job figures are quite noisy month to month and that the underlying trend remains positive. However, one challenge for businesses has been the availability of workers as 4.6 million workers exited the labor force with only half expected to rejoin by the end of the year. Many are attributing this to the enhanced unemployment benefits for workers which boosts aid by $300 per week until September.</p><p class='black-text'>The bulk of gains came from the leisure and hospitality sectors which added 331,000 workers. However, it's still 2.9 million workers shy of pre-crisis levels. Schools reopening contributed another 31,00 jobs as well. Areas of weakness were temporary help which showed a drop in 111,000, and manufacturing saw a decline of 18,000.</p><p class='black-text'>It seems the recovery's biggest challenges are the availability of workers, people's fears about contracting the virus, and the drop in vaccination rates as some seem unwilling to take it.</p><p class='black-text'>In some ways, the tepid report is a validation of the Federal Reserve's dovish approach and refusal to consider any change to its policies until inflation targets are exceeded "on a symmetrical basis."</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Early in the market's recovery, there tends to the dynamic of "good news is bad and bad news is good." So, the market had a big rally on last month's beat and is rallying on today's miss. There was increasing chatter that the rising inflationary pressures would force the Fed's hand. This news certainly pushes back that timetable.</p><p class='black-text'>In fact, this pace of job creation actually increases the chances of another fiscal stimulus passing on the margins. Therefore, it's not surprising that this is the catalyst for the S&P 500 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to break out to new highs amid broad-based strength in the markets.</p> http://www.pws.io/economy-adds-266000-jobs-in-april-badly-missing-expectations Fri, 07 May 2021 12:55:07 -0400 Jaimini Desai CVS Health Unveils $100 Million Venture Fund to Invest in Digital Health Start-Ups http://www.pws.io/cvs-health-unveils-100-million-venture-fund-to-invest-in-digital-health-start-ups <p class='black-text'>Retail pharmacy giant CVS Health <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CVS"><span style="color:#333">(</span><span style=";">CVS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CVS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CVS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CVS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> recently announced that it plans to launch a $100 million venture fund in order to provide investment and expertise to digital health start-ups. By doing so, CVS aims to make healthcare more accessible after the coronavirus pandemic revealed blindspots and shortfalls in the industry.</p><p class='black-text'>This corporate venture capital fund is called "CVS Health Ventures," and it will invest in and collaborate with early-stage companies in order to make them more attainable, less costly, and less complicated.</p><p class='black-text'>"Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions. Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care," said Karen S. Lynch, President and CEO, CVS Health.</p><p class='black-text'>CVS Health has already created more than 20 direct investments through CVS and Aetna. The investments have created returns and partnerships that have been rather strong and persistent. The current investments include Unite Us, a technology platform that connects health care and social service providers, and LumiraDx, a point-of-care diagnostic platform.</p><p class='black-text'>Regarding this, Josh Flum, Executive Vice President, Enterprise and Business Development, CVS Health, said, "We will build on this experience by providing capital on our start-up and venture partners and helping them scale more rapidly through commercial relationships with our business units. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space."</p><p class='black-text'>Since CVS plans to focus mainly on companies with the capacity for technology-induced ingenuity and lack of digital healthcare that are rooted in CVS Health's core strategy, the fund will, at its beginning stages, come up with a greater sum of money. CVS is ultimately built upon the objective of "meeting people where they are at" and tweaking health care in order to meet their own needs. CVS would like to help people as much as they possibly can, and so that is its essential goal in investing in these start-ups.</p> http://www.pws.io/cvs-health-unveils-100-million-venture-fund-to-invest-in-digital-health-start-ups Fri, 07 May 2021 09:50:29 -0400 Stephanie Williams Housing Market Update: Too Many Realtors, Not Enough Real Estate http://www.pws.io/housing-market-update-too-many-realtors-not-enough-real-estate <p class='black-text'>There are now more realtors than there are properties on the market, and this glut of property agents may be leading to worse outcomes for both sellers and buyers.</p><p class='black-text'>The property market is <a href="https://www.msn.com/en-us/money/realestate/more-real-estate-agents-than-homes-for-sale-what-it-means-to-investors/ar-BB1f3cqE">currently thin</a>, with just 1.04 million homes on the market in January. That's a roughly 26% decrease from 2020 and the lowest number on record since 1982.</p><p class='black-text'>Despite this, according to data from the <a href="https://therealdeal.com/national/2021/03/22/the-are-more-agents-than-homes-for-sale/">National Association of Realtors</a> (NAR), realtor memberships have been increasing since 2012, with January 2021 seeing 1.45 million members, nearly 5% more than the year before it.</p><p class='black-text'>For context, there are now 40% more realtors than there are homes for sale today.</p><p class='black-text'>According to NAR, the number of active real estate agents usually goes up and down with the housing market, but since 2012 it has been steadily increasing.</p><p class='black-text'>Virtually everyone agrees on why this is: becoming a licensed realtor is relatively easy, and workers in other professions are often attracted by realtors' fixed commissions. With the pandemic putting countless Americans out of work, it's unsurprising that many of those people turned to real estate as a solution.</p><p class='black-text'>However, these new agents will soon find themselves facing a shrinking market in a pandemic. Landing deals in this kind of market with in-person visits limited would likely be difficult even for an established realtor.</p><p class='black-text'>Unfortunately, an influx of inexperienced realtors is far from a good thing for the market. According to <a href="https://paulgp.github.io/papers/Heterogeneous_Real_Estate_Agents_and_the_Housing_Cycle.pdf">recent research</a> by Sonia Gilbukh and Paul Goldsmith-Pinkham, houses listed by inexperienced realtors are less likely to sell, and when they do sell, they often sell for less.</p><p class='black-text'>Still, with homes for sale in such low supply, sellers are likely to be in a good position. However, they will still need to either make sure that their agent knows what they're doing, or do a for sale by owner (FBSO). An FBSO is a good option for those looking to maximize the cash they'll get from a sale, assuming they have the skills to make that sale happen.</p><p class='black-text'>Buyers, on the other hand, are not on strong footing. A thin market means that buyers would be facing limited options either way, but having to sift through a wave of inexperienced real estate agents doesn't help. If you're looking to buy in today's market, make sure you find an agent who will scour the market for the right property for you.</p> http://www.pws.io/housing-market-update-too-many-realtors-not-enough-real-estate Fri, 07 May 2021 09:42:10 -0400 Autumn McLain Pfizer Beats on Top and Bottom-Line Expectations in Q1 http://www.pws.io/pfizer-beats-on-top-and-bottom-line-expectations-in-q1 <p class='black-text'>Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> delivered Q1 earnings that topped Wall Street's expectations for the top and bottom-line. Revenue from its coronavirus vaccine was a major contributor to its strong results.</p><p class='black-text'>The company's vaccine breakthrough along with Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has been a game-changer in terms of the short amount of time it took to develop the vaccine. Additionally, while the vaccine will help the company make billions in profits over the next couple of years, it will certainly create trillions in value for the world.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, Pfizer generated $0.93 in earnings per share, beating expectations of $0.77 per share. Revenue beat at $14.6 billion vs $13.5 billion consensus expectations.</p><p class='black-text'>The company also announced its plans to file for full U.S. approval for its Covid-19 vaccine at the end of this month. If it gets U.S. Food and Drug Administration (FDA) approval, then Pfizer would be able to directly market the shot to consumers. This shot generated $3.5 billion in revenue in Q1.</p><p class='black-text'>In terms of its outlook, Pfizer increased revenue guidance to $26 billion an increase from its previous forecast of $15 billion. It expects profit margins on the vaccine to be in the 20% range on a pretax basis. The company believes that coronavirus booster shots may be necessary for certain populations on an annual basis.</p><p class='black-text'>Other parts of Pfizer's business including oncology, internal medicine, hospital, and rare disease grew at a double-digit rate in Q1, helped by the economy reopening.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>It's not surprising at all that Pfizer's stock and financials have exhibited such strong performance largely due to the vaccine. The whole point of capitalism is to efficiently and effectively reward people and companies that create value. After all, Pfizer is only capturing a small portion of the value it is creating for the world as it slowly returns to normal.</p><p class='black-text'>If Pfizer is correct and annual booster shots are required, then it could be a product that leads to recurring revenue. Despite all this good news, Pfizer's shares remain cheap by many metrics.</p><p class='black-text'>The company has a forward PE of 12 which is significantly cheaper than the market average. Further, the company pays a healthy 3.9% dividend and has above-average profit margins as well.</p> http://www.pws.io/pfizer-beats-on-top-and-bottom-line-expectations-in-q1 Fri, 07 May 2021 09:37:39 -0400 Jaimini Desai Expedia Changes Strategy to Meet New Post-Pandemic Travel Demand http://www.pws.io/expedia-changes-strategy-to-meet-new-post-pandemic-travel-demand <p class='black-text'>The traveling agency Expedia Group <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EXPE"><span style="color:#333">(</span><span style=";">EXPE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EXPE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EXPE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EXPE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> recently announced that it plans to change strategies, as it is welcoming more consumers to begin to plan trips again after the wave of the coronavirus pandemic. It is making more updates to the apps and websites in order to focus more so on accommodating consumers with their trips.</p><p class='black-text'>Expedia Group suggests that it would like to make quality over quantity the priority, given that in the past, it would only focus on the number of bookings. In addition, it is going to implement a global ad campaign so that the priorities can truly be set with a new form of company branding. The new brand tagline consists of the mantra, "It matters who you travel with," which conveys that Expedia would like to be a travel companion rather than a mere company that conducts business only.</p><p class='black-text'>Expedia desires to portray itself as supportive toward its customers, and would like for customers to get as much out of their travel experiences as possible.</p><p class='black-text'>This particular change in strategy came about mainly because the coronavirus pandemic made the travel industry go through such a difficult time. Travel spending decreased by around 42%, or $500 million from 2019 to 2020, <a href="https://www.cnbc.com/2021/04/19/expedia-switches-up-its-strategy-as-travel-starts-to-come-back.html">according to the U.S. Travel Association</a>.</p><p class='black-text'>Expedia conveyed that it made research regarding the characteristics that customers would like to see in a travel company. Some of them include new packages that bundle flights with accommodations and activities with total pricing and upfront virtual agents that will help travelers with information about health and hygiene.</p><p class='black-text'>"Like many travel brands, COVID-19 has forced us all to look inwards and reflect on who we are as a brand and what that means to our consumers. It became clear to us that in order for our travelers to have an amazing trip, it matters who they travel with, and we need to understand the important role we play in being that partner," said Shiv Singh, senior vice president and general manager of Expedia Brand, <a href="https://newsroom.expedia.com/2021-04-19-Expedia-Announces-New-Direction-in-Brand-Positioning-in-Anticipation-of-Post-Vaccination-Travel-Demand">stated in a press release</a>. "As travelers adjust to the new norms post-COVID, we must adjust as well, and this is just the first chapter in a multi-year journey to really deliver against our mission of being a brand that is there for travelers from start to finish."</p><p class='black-text'>With all the newfound qualities and characteristics that Expedia hopes to employ as a result of experiencing a drop in sales from the coronavirus pandemic, it will likely get back on its feet again and regain customer interest, especially with its newer, more supportive tactics. Expedia hopes to truly connect with customers rather than simply being concerned with numbers, and this fact alone will more than likely help its sales enormously.</p> http://www.pws.io/expedia-changes-strategy-to-meet-new-post-pandemic-travel-demand Thu, 06 May 2021 19:43:10 -0400 Stephanie Williams Vaccine Makers Trade Lower as Biden Administration Supports Waiving Patent Protections http://www.pws.io/vaccine-manufacturers-trade-lower-as-biden-administration-supports-waiving-patent-protections <p class='black-text'>Manufacturers of COVID-19 vaccines on traded lower on Thursday as the Biden administration announced support for temporarily waiving intellectual patent protections for leading COVID vaccines in a bid to increase global supplies as the coronavirus pandemic continues to surge worldwide.</p><p class='black-text'>The Biden administration's move comes as many mid- to low-income countries struggle to collect or distribute enough vaccines as their national coronavirus infection rates surge to their highest levels partially due to new, highly contagious COVID-19 variants. This unequal pandemic juxtaposition between richer nations like the U.S. working to vaccinate most of its population as poorer nations like India struggle to vaccinate their most vulnerable has lead to criticism from global health groups like the World Health Organization, calling it "<a href="https://www.pws.io/us-to-share-astrazeneca-vaccines-with-the-world-following-accusations-of-vaccine-nationalism">vaccine nationalism</a>."</p><p class='black-text'>"This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures. The administration believes strongly in intellectual property protections, but in service of ending this pandemic, supports the waiver of those protections for COVID-19 vaccines," said U.S. Trade Representative Katherine Tai in a <a href="https://ustr.gov/about-us/policy-offices/press-office/press-releases/2021/may/statement-ambassador-katherine-tai-covid-19-trips-waiver">statement</a> on Wednesday.</p><p class='black-text'>"The administration's aim is to get as many safe and effective vaccines to as many people as fast as possible," the statement continued. "As our vaccine supply for the American people is secured, the administration will continue to ramp up its efforts--working with the private sector and all possible partners--to expand vaccine manufacturing and distribution. It will also work to increase the raw materials needed to produce those vaccines."</p><p class='black-text'>The proposal that the Biden administration is backing was first introduced before the World Trade Organization last year by South Africa and India. The controversial proposal calls for the temporary pause of all patents, industrial designs, copyrights, and protection of trade secrets for all COVID-19 vaccines to help countries struggling to manufacture vaccines produce the life-saving doses as soon as possible.</p><p class='black-text'>Shares of vaccine makers including BioNTech <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNTX"><span style="color:#333">(</span><span style=";">BNTX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNTX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNTX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNTX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> fell on Wednesday following the White House's decision, and closed in the red after a choppy session on Thursday.</p> http://www.pws.io/vaccine-manufacturers-trade-lower-as-biden-administration-supports-waiving-patent-protections Thu, 06 May 2021 19:19:48 -0400 Rachel Hemple Market Update: Dow Sets New Record High as Weekly Jobless Claims Fall Below 500,000 http://www.pws.io/market-update-dow-sets-new-record-high-as-weekly-jobless-claims-fall-below-500000 <p class='black-text'>Stocks climbed higher on Thursday as economic recovery sentiment was boosted by a new pandemic low for weekly jobless claims and investors looked ahead to April's jobs report. All three benchmarks rose, with the Dow Jones Industrial Average closing near its session high to another record close.</p><p class='black-text'>The Labor Department reported that initial weekly unemployment gains totaled 498,000 for the week ended May 1, falling below 500,000 for the first time since March 2020. The better-than-expected report improved from last week's upwardly revised 590,000 total. Meanwhile, continuing jobless claims unexpectedly increased for the week ended April 14 to 3.690 million, totaling above the prior week's 3.653 million.</p><p class='black-text'><b>Here's how the market settled on Thursday:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.82% or +34.03 points to 4,201.62</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.93% or +318.19 points to 34,548.53</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.37% or +50.42 points to 13,632.84</p><p class='black-text'><i>For Stocks</i>, coronavirus vaccine maker--BioNTech <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNTX"><span style="color:#333">(</span><span style=";">BNTX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNTX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNTX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNTX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Johnson & Johnson <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JNJ"><span style="color:#333">(</span><span style=";">JNJ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JNJ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JNJ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JNJ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>--shares fell after the United States signalled that it supports waiving intellectual property protections for COVID vaccines. Etsy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ETSY"><span style="color:#333">(</span><span style=";">ETSY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ETSY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ETSY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ETSY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares plummeted lower after the ecommerce platform warned that sales will likely slowdown as its pandemic gains ease.</p><p class='black-text'><i>For Sector Performance</i>, all sectors on the S&P 500 ended the session in the green with Financials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLF"><span style="color:#333">(</span><span style=";">XLF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Consumer Staples <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLP"><span style="color:#333">(</span><span style=";">XLP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Communication Services <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLC"><span style="color:#333">(</span><span style=";">XLC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Information Technology <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLK"><span style="color:#333">(</span><span style=";">XLK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading gains.</p><p class='black-text'><i>For Commodities and Currency</i>, the <b>U.S. Dollar</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> slipped on Thursday as global market risk appetite improved. The dollar index was down by 0.34% at 90.948 in afternoon trading against six other global currencies. <b>Gold</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> jumped over the $1,800 level on the weaker dollar. Spot gold was up 1.6% at $1,814.50 per ounce in later market trade, while U.S. gold futures settled 1.8% higher at $1,815.17 per ounce. <b>Crude</b> oil futures dipped on Thursday as outlooks come under pressure on surging coronavirus cases in India. International benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> slipped by 0.6% to $68.54 per barrel, while domestic index West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was down by 1.4% at $64.71 each.</p><p class='black-text'><i>For Friday</i>, traders will focus on the Labor Department's monthly job's report for April, as well as quarterly earnings reports from companies like DraftKings <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DKNG"><span style="color:#333">(</span><span style=";">DKNG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DKNG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DKNG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DKNG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Nikola <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NKLA"><span style="color:#333">(</span><span style=";">NKLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NKLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NKLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NKLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p> http://www.pws.io/market-update-dow-sets-new-record-high-as-weekly-jobless-claims-fall-below-500000 Thu, 06 May 2021 17:16:24 -0400 Rachel Hemple Shopify Soars Following Strong Q1 Earnings Report http://www.pws.io/shopify-soars-following-strong-q1-earnings-report <p class='black-text'>Shopify <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SHOP"><span style="color:#333">(</span><span style=";">SHOP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SHOP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SHOP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SHOP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares jumped following its strong Q1 earnings report that topped on the bottom and top-line. However, shares gave back gains in the following days due to the sell-off in growth and tech stocks in addition to the company warning that growth could slow with economies reopening as consumers return to shopping in stores.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, Shopify posted revenue of $988.6 million which topped expectations of $862.7 million and was a 110% increase from 2020's Q1. Adjusted earnings per share came in at $2.01 which was significantly higher than analysts' expectations of $0.75 per share.</p><p class='black-text'>A contributor to earnings strength was Affirm <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AFRM"><span style="color:#333">(</span><span style=";">AFRM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AFRM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AFRM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AFRM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> going public. Shopify was an early investor in the company, owning $1.3 billion, and benefitted from its IPO in January with a $1.3 billion gain on its investment.</p><p class='black-text'>Gross Merchandise Volume on the platform more than doubled to $37.3 billion in the quarter. For many quarters, the number of sellers on the platform has grown in addition to transactions and average transaction size. Once, sellers are on Shopify's platform, the company has the opportunity to sell them higher-margin products and services such as credit, marketing, and various apps on Shopify's app store with the goal to help businesses increase their sales.</p><p class='black-text'>Shopify was cautious about its full-year outlook. It believes that as "populations are able to move about more freely, the overall economic environment will likely improve; some consumer spending will likely rotate back to offline retail and services; and the ongoing shift to ecommerce, which accelerated in 2020, will likely resume a more normalized pace of growth."</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Shopify was one of the big winners of the pandemic as businesses were forced to have an online presence. This resulted in Shopify's user growth and trajectory accelerating. Now, the company is facing somewhat of a reversion to the mean as it's likely spending in physical stores could be temporarily higher, while e-commerce growth rates could slip.</p><p class='black-text'>Further, the company will face higher comps in terms of growth rates. And, the market environment is already less favorable for growth stocks with interest rates rising and growth picking up.</p> http://www.pws.io/shopify-soars-following-strong-q1-earnings-report Thu, 06 May 2021 15:08:54 -0400 Jaimini Desai Pandemic Stress Paves the Way for Psychedelic Drug Developers http://www.pws.io/pandemic-stress-paves-the-way-for-psychedelic-drug-developers <p class='black-text'>The pandemic has brought with it spikes in countless tag-on issues exacerbated by isolation and lack of mobility. From food insecurity to domestic violence, many of the problems that Americans have to deal with during the best of times have gotten a lot worse over the last year.</p><p class='black-text'>Those same problems, however, represent profit opportunities for many business owners, investors, and developers. After all, when Wall Street sees a need, it's very likely to step in with a profitable solution to that need.</p><p class='black-text'>With mental health issues, substance abuse, and suicidal tendencies skyrocketing (the Centers for Disease Control and Prevention reported that <a href="https://www.cdc.gov/mmwr/volumes/69/wr/mm6932a1.htm">11% of American adults considered suicide</a> in the summer of 2020), companies like MindMed, the most recent <a href="https://www.axios.com/psychedelic-drug-developer-mindmed-public-1b3a5fa9-d6e0-4272-b0f3-3f89f0dcfe41.html">psychedelics company to go public</a>, are looking to offer psychedelic solutions to consumers and profitable business opportunities to investors.</p><p class='black-text'>Of course, the <a href="https://www.thecannabisinvestor.ca/the-rise-of-psychedelic-stocks-2-new-ipos-go-head-to-head-heres-the-surprising-winner/">emergence of psychedelics</a> on Wall Street last year had many people comparing it to the early days of the cannabis market. However, as the cannabis market has slowed, those investors are turning to psychedelics as a new promising recreational and medicinal drug sector. So far, investors in the psychedelic market include big names like Kevin O'Leary, a.k.a. Mr. Wonderful, and Bruce Linton, the founder and former CEO of cannabis company Canopy Growth <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CGC"><span style="color:#333">(</span><span style=";">CGC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CGC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CGC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CGC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'>The elephant in the room is the fact that psychedelics are considered a Schedule 1 drug by the U.S. government, meaning they have no legal medical uses, much less recreational ones. However, marijuana is also considered a Schedule 1 drug on the federal level. While psychedelics developers are looking for U.S. Food and Drug Administration (FDA) approval rather than state-by-state legalization, psychedelic market hot spots have cropped up in states that are interested in psychedelic reform, namely California, Colorado, Vermont, and Washington D.C.</p><p class='black-text'>As psychedelics awareness and education increases, psychedelics insiders foresee the stigma against these sorts of substances fading away, making legalization and decriminalization increasingly realistic. Indeed, Oregon became the first state to legalize psilocybin (psychedelic mushrooms) for medicinal use in 2020.</p><p class='black-text'>"We think this is really a voice and the will of the people that we need innovative solutions to mental health, but we believe, ultimately, these become mainstream medicines only with FDA approval," MindMed's co-founder <a href="https://finance.yahoo.com/news/wall-street-eyes-mental-health-as-the-next-great-growth-story-132619645.html?guccounter=1">told Yahoo Finance Live</a>.</p><p class='black-text'>Rather than pressing for recreational use, companies are leaning heavily into the medicinal side of the market. MindMed itself recommends that its products are used under medical supervision. This medical investment comes in the form of federally-authorized clinical trials on psychedelic use to treat things like PTSD, ADHD, anxiety, depression, and addiction.</p><p class='black-text'>"Psychedelics have been under-researched and stigmatized by society. As an investor, I am attracted to MindMed because they are solving health problems through federally-authorized clinical trials, and have no interest in recreational use," O'Leary <a href="https://www.thecannabisinvestor.ca/mindmed-becomes-first-psychedelics-firm-to-go-public-following-historic-ipo/">told <i>The Cannabis Investor</i></a>.</p><p class='black-text'>As investment in these companies grows, they will be able to expand testing and further ramp up their operations, meaning this is likely to only be the beginning of psychedelic development. While MindMed has seen quite a bit of high-profile investors, other companies like Champignon have seen even more promising entrances onto the market.</p><p class='black-text'>So far, companies are exploring the medicinal capabilities of psychedelic mushrooms and LSD, including non-hallucinogenic versions of both treatments. This focus on clinical trials and research means that most psychedelic developers have been operating under "significant losses," but developers stress that this is to be expected.</p> http://www.pws.io/pandemic-stress-paves-the-way-for-psychedelic-drug-developers Thu, 06 May 2021 15:06:28 -0400 Autumn McLain Palantir Brings on new CMO to Help with Healthcare Push http://www.pws.io/palantir-brings-on-new-cmo-to-help-with-healthcare-push <p class='black-text'>Dr. William Kassler's resume is indeed impressive. He's worked as the Chief Medical Officer at the New England Center for Medicare and Medicaid Services. He ran the U.S. Center for Disease Control and Prevention's (CDC) health research and evaluation branch, and he's even got private sector experience to boot. In fact, Dr. Kassler worked as the CMO for government health and human services at IBM <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/IBM"><span style="color:#333">(</span><span style=";">IBM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="IBM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="IBM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="IBM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Watson Health while moonlighting as the division's deputy chief health officer.</p><p class='black-text'>Due to this background, Palantir <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PLTR"><span style="color:#333">(</span><span style=";">PLTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PLTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PLTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PLTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> recently put Dr. Kassler in charge of its life science and public health teams. Like other tech companies, Palantir is pushing hard into public health in the wake of the pandemic.</p><p class='black-text'>According to Julie Bush, the company's head of public and government health initiatives, Palantir's public health efforts go back much further, all the way back to 2010 in fact.</p><p class='black-text'>Back then, the number-crunching firm put its software to good use to help the CDC coordinate data about food-borne outbreaks from different state health agencies. Palantir's software helped bring together "multiple data sources" to "answer critical questions quickly," Bush <a href="https://www.fiercebiotech.com/medtech/palantir-appoints-ibm-watson-health-vet-william-kassler-to-be-analytics-firm-s-first-cmo">told </a><i><a href="https://www.fiercebiotech.com/medtech/palantir-appoints-ibm-watson-health-vet-william-kassler-to-be-analytics-firm-s-first-cmo">FierceBiotech</a></i>.</p><p class='black-text'>And it's these capabilities proved more than necessary during the pandemic. Palantir's roster of public health clients more than doubled last year as the firm helped with vaccine rollouts and contact tracing. But despite this success, there are a few concurrent problems- which have since become the core focuses of Palantir's public health initiatives.</p><p class='black-text'>According to Bush, the company aims to achieve greater harmonization among different data sources, protect security and patient identities, manage various analytic models more efficiently, and improve collaboration between data scientists and health practitioners.</p><p class='black-text'>It's on this last item where Dr. Kassler's experience will be crucial. Using his public health know-how and his private tech experience, Dr. Kassler hopes to serve as an intermediary of sorts between these two camps.</p><p class='black-text'>"In order to deploy technology, you have to understand the theory and the logic and the practice of healthcare and public health," he told<a href="https://www.cnbc.com/2021/05/03/palantir-hires-former-ibm-watson-health-exec.html"> <i>CNBC</i> in an exclusive interview</a>.</p><p class='black-text'>"What I can bring to Palantir is my expertise as a clinician...as somebody who has been working in this field for years to help with the science and the strategy and the relationships."</p><p class='black-text'>Kasher also hopes to put Palantir's software solutions into the hands of public health officials to help them make better decisions in the next pandemic. Key areas he wants to focus on include: patching supply chain issues, dealing with localized hotspots, and tracking racial and ethnic inequities.</p><p class='black-text'>Kassler also wants to apply Palantir's tech to more practical uses. For instance, Palantir's software could help the CDC narrow down the location of outbreaks of food-borne illness to avoid sweeping food recalls. Or to help pharmaceutical companies and regulators to look through different datasets to help speed along the process of drug development.</p><p class='black-text'>"We have the ability to apply advanced analytic techniques... but we first have to get that data together and into a format that'll let us take advantage of these wonderful technological developments," said Dr. Kassler, quoted by <i>CNBC</i>. "That's what's really exciting about the tools that Palantir has to offer."</p> http://www.pws.io/palantir-brings-on-new-cmo-to-help-with-healthcare-push Thu, 06 May 2021 14:17:41 -0400 David Fladger Berkshire Hathaway 1.5% Higher to New Highs Following Strong Q1 Report http://www.pws.io/berkshire-hathaway-15-higher-to-new-highs-following-strong-q1-report <p class='black-text'>Berkshire Hathaway <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BRK"><span style="color:#333">(</span><span style=";">BRK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BRK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BRK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BRK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> reported Q1 earnings that exceeded expectations causing share prices to hit new highs. The conglomerate has a wide array of businesses in different industries, so its results indicate that the overall economy is doing well.</p><p class='black-text'>Operating income was up sharply. The company has a record cash haul of $145 billion and used $6.6 billion to buy back shares. Typically, this is an indication that CEO Warren Buffett doesn't find much value in the market.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, Berkshire reported $7.1 billion in operating income in Q1, a 20% increase from 2020's Q1. Total revenue came in at $64.6 billion last quarter, higher than the consensus of $63.7 billion.</p><p class='black-text'>Most of the strength was driven by the economy normalizing and strength in consumer spending, industrials, and transportation. Some of the industries that Buffett's subsidiaries represent include insurance, rails, trucks, utility, retail, and manufacturing saw signs of a recovery amid the economy reopening.</p><p class='black-text'>The company continued with its pace of buybacks - $6 billion. This follows $9 billion in the last quarter and $24.7 billion in 2020. Buffett has not made any deals like he has had in previous recessions. He has said that assets never got cheap enough, and the Fed acted so fast that he never got a chance to do anything.</p><p class='black-text'>He complimented the Fed by saying that the fact that he wasn't able to take advantage of any bargains meant that the Fed had done a good job. Buffett has said the current bull market's lofty valuation and duration are due in part to low rates. However, he likely believes the market is overvalued given his previous remarks about the market cap to GDP ratio and pockets of froth.</p><p class='black-text'>The other part of Berkshire - equity investments also did well due to the strong market and strength in value and cyclical stocks with a gain of $4.7 billion. Including operating income and investment income, the company generated $11.7 billion in net earnings. In contrast, a year ago it posted a net loss of $49.8 billion due to the coronavirus causing the economy and market to plummet.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Shares are up 18% due to the strength in value and cyclical stocks. Berkshire has considerable exposure to economic growth given its energy, railroad, and industrial holdings. It also has exposure to financials via its insurance arm.</p><p class='black-text'>Therefore, Berkshire's strength is a good indicator for growth prospects. Conversely, the continued uptrend in rates and strong growth environment over the next 24 months bodes well for Berkshire's stock which should continue outperforming after a decade of underperformance.</p> http://www.pws.io/berkshire-hathaway-15-higher-to-new-highs-following-strong-q1-report Thu, 06 May 2021 14:13:20 -0400 Jaimini Desai Bill and Melinda Gates to Divorce, Still Continue Charity Foundation http://www.pws.io/bill-and-melinda-gates-to-divorce-still-continue-charity-foundation <p class='black-text'>Earlier this week, co-founder and former CEO of Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Bill Gates and his wife, Melinda French Gates, announced on Twitter <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWTR"><span style="color:#333">(</span><span style=";">TWTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> that they will divorce after 27 years of marriage. The two stated that they still intend to continue to work together on their joint philanthropic work.</p><p class='black-text'>"After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage," the pair wrote in a statement<a href="https://twitter.com/BillGates/status/1389316412259270657"> tweeted</a> by Bill Gates.</p><p class='black-text'>"Over the last 27 years, we have raised three incredible children and built a foundation that works all over the world to enable all people to lead healthy, productive lives. We continue to share a belief in that mission and will continue our work together at the foundating, but we no longer believe we can grow together as a couple in this next phase of our lives," the couple added, referring to the Bill & Melinda Gates Foundation.</p><p class='black-text'>The Seattle-based Bill & Melinda Gates Foundation is the most influential private foundation in the world, with an endowment worth nearly $50 billion, <a href="https://www.marketwatch.com/story/bill-and-melinda-gates-divorcing-after-27-years-of-marriage-01620076979">according to</a><i><a href="https://www.marketwatch.com/story/bill-and-melinda-gates-divorcing-after-27-years-of-marriage-01620076979"> MarketWatch</a></i>. The foundation has focused on global health and equality efforts since its inception in 2000. The foundation is most praised for its work in reducing deaths caused by malaria and other infectious diseases in low-income countries.</p><p class='black-text'>Over the past year, the couple have been quite visible, with the pair regularly commenting on the state of the worldwide effort to combat to coronavirus pandemic. Their foundation also spent more than $1 billion towards pandemic relief and vaccine research.</p><p class='black-text'>While the financial details of the divorce were not disclosed at this time, Bill Gates currently owns 1.37% of Microsoft's outstanding shares, which is worth more than $26 billion and representing less than 20% of his wealth, <a href="https://www.cnbc.com/2021/05/04/next-comes-the-divorce-settlement-breakdown-of-bill-gates-wealth.html">according to </a><i><a href="https://www.cnbc.com/2021/05/04/next-comes-the-divorce-settlement-breakdown-of-bill-gates-wealth.html">CNBC</a></i>. Much of the couple's wealth is tied up in their foundation.</p><p class='black-text'>Bill and Melinda Gates are also members, and co-creators, of the Giving Pledge, which requires participants to donate the majority of their wealth to philanthropic causes. The couple founded the pledge with Berkshire Hathaway's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BRK.B"><span style="color:#333">(</span><span style=";">BRK.B</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BRK.B" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BRK.B" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BRK.B" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Warren Buffett.</p><p class='black-text'>Bill Gates is ranked as the world's fourth richest person, <a href="https://www.forbes.com/real-time-billionaires/#632940fc3d78">according to </a><i><a href="https://www.forbes.com/real-time-billionaires/#632940fc3d78">Forbes</a></i>, sitting behind Amazon's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Jeff Bezos, LVMH's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LVMUY"><span style="color:#333">(</span><span style=";">LVMUY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LVMUY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LVMUY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LVMUY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Bernard Arnault and Tesla's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Elon Musk. Forbes estimates that Gates's net worth is about $129 billion.</p><p class='black-text'>How the couple plan to settle their estate and any impact on their charity foundation will be closely watched by global markets.</p> http://www.pws.io/bill-and-melinda-gates-to-divorce-still-continue-charity-foundation Thu, 06 May 2021 14:11:29 -0400 Rachel Hemple Biden Sets New Vaccination Goal: 70% of Adults Receiving at least One Dose by July 4 http://www.pws.io/biden-sets-new-vaccination-goal-70-of-adults-receiving-at-least-one-dose-by-july-4 <p class='black-text'>President Joe Biden on Tuesday set his administration's latest goal for the nation's COVID-19 vaccination campaign: having 70% of American adults receive at least one dose of a vaccine and having 160 million fully vaccinated by July 4, the nation's celebrated Independence Day. Biden had previously set the Independence Day goal as a turning point for the pandemic towards a sense of normalcy.</p><p class='black-text'>In order to administer tens of millions more vaccines in the next two months, the White House will make <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/05/04/fact-sheet-president-biden-to-announce-goal-to-administer-at-least-one-vaccine-shot-to-70-of-the-u-s-adult-population-by-july-4th/">additional efforts</a> to encourage more people to receive a vaccine. Biden's new goal comes as his administration moves away from reaching herd immunity, instead to focus on delivering as many shots as possible, as soon as possible to curb the virus's spread.</p><p class='black-text'>"In the next two months, our focus is going to be on three groups: kids between 12 and 15 who are awaiting potential [U.S. Food and Drug Administration (FDA)] authorization to get a shot; two, adults who have had trouble locating a place to get a shot or who just haven't gotten around to it; and three, those we need more convincing of the necessity of getting the vaccine," Biden said in <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/05/04/remarks-by-president-biden-on-the-covid-19-response-and-the-vaccination-program/">remarks from the White House</a>.</p><p class='black-text'>The White House's new efforts to attract these three groups include increasing walk-in appointment availability, creating pop-up and mobile clinics to deliver vaccines to harder-to-reach communities, and funding vaccine education campaigns. The Biden administration is also developing plans to speed vaccinations for younger age groups once vaccines are cleared for emergency use by the FDA.</p><p class='black-text'>"You do need to get vaccinated," Biden added. "Even if your chance of getting seriously ill is low, why take the risk? It could save your life or the life of somebody you love."</p><p class='black-text'>Currently, about 150 million Americans have received at least one dose of either the two dose Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>-BioNTech <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNTX"><span style="color:#333">(</span><span style=";">BNTX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNTX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNTX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNTX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> or Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> regimens or the one-shot Johnson & Johnson <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JNJ"><span style="color:#333">(</span><span style=";">JNJ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JNJ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JNJ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JNJ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> vaccine. Biden's 70% goal equates to 181 million adults getting at least their first shot and fully vaccinating 160 million Americans.</p><p class='black-text'>Biden's new vaccination goal comes as the U.S. Centers for Disease Control and Prevention (CDC) said in a new report that COVID-19 cases will likely surge again in the United States due to the highly contagious B.1.1.7 variant strain, which was first identified in the United Kingdom.</p><p class='black-text'>The federal public health agency's data suggests that the variant's spread will lead to a surge that will peak in May, and then sharply decline by July.</p><p class='black-text'>"Although we are seeing progress in terms of decreased cases, hospitalizations and death, variants are a wildcard that could reverse this progress we have made," CDC Director Dr. Rochelle Walensky stated during a <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2021/05/05/press-briefing-by-white-house-covid-19-response-team-and-public-health-officials-34/">White House COVID press briefing</a> on Wednesday. "We are seeing that our current vaccine are protecting against the contaminant variant circulating in the country. Simply put, the sooner we get more and more people vaccinated, the sooner we will all get back to normal."</p> http://www.pws.io/biden-sets-new-vaccination-goal-70-of-adults-receiving-at-least-one-dose-by-july-4 Thu, 06 May 2021 12:28:50 -0400 Rachel Hemple Market Update: Dow Notches Fresh Record Amid U.S. Economic Recovery Optimism http://www.pws.io/market-update-dow-notches-fresh-record-amid-us-economic-recovery-optimism <p class='black-text'>Stocks rose on Wednesday, with the Dow Jones Industrial Average notching a fresh closing high, as strong quarterly earnings reports and continued economic optimism towards pandemic recovery uplifted investor sentiment.</p><p class='black-text'>Private payrolls rose by a less-than-expected 742,000 jobs in April, increasing by the most since September as the nation's vaccination campaign and easing public health restrictions continues to boost jobs recovery. This follows a revised raised of 565,000 jobs in March. Following current month-to-month trends, service providing sectors saw the most jobs growth, with sectors rising by 636,000 jobs.</p><p class='black-text'>Meanwhile, the IHS Markit U.S. services purchasing managers' index (PMI) came in above expectations at 64.7 for April. The ISM non-manufacturing index, however, came in slightly under expectations at 62.7 for the month. PMI readings above 50 represent expansion in the economic sector.</p><p class='black-text'><b>Here's how the market settled on Wednesday: </b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.07% or +2.93 points to 4,167.59</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.29% or +97.31 points to 34,230.34</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -0.37% or -51.08 points to 13,582.42</p><p class='black-text'><i>For Stocks</i>, Peloton Interactive <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PTON"><span style="color:#333">(</span><span style=";">PTON</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PTON" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PTON" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PTON" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares dropped more than 14% after the company and the U.S. Consumer Product Safety Commission announced two separate voluntary recalls of the Peloton Tread+ and Tread treadmills. The announcement came after one child death and 70 safety incidents linked to the exercise machine. Shares of major COVID vaccine makers--Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>--fell after the Biden administration announced that it supports waiving intellectual patent protections for COVID vaccines.</p><p class='black-text'><i>For Sector Performance</i>, sectors on the S&P 500 ended the session mixed, with Energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Materials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLB"><span style="color:#333">(</span><span style=";">XLB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> leading gains, while Real Estate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLRE"><span style="color:#333">(</span><span style=";">XLRE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLRE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLRE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLRE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Utilities <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLU"><span style="color:#333">(</span><span style=";">XLU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> led losses.</p><p class='black-text'><i>For Commodities and Currency</i>, the <b>U.S. Dollar</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> ticked slightly higher in afternoon trade on Wednesday as U.S. Treasury Secretary Janet Yellen signalled that interest rates may need to rise. The dollar index was higher at 91.31 against six other global currencies. <b>Gold</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices rose on the flat dollar, but sour interest rate sentiment kept gains in check. Spot gold was up 0.25% in afternoon trade at $1,782.00 per ounce, while U.S. gold futures rose 0.4% to $1,783.00 per ounce. <b>Crude</b> oil futures slipped lower as tradings pulled back from a recent two day rally. International benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was down at $68.83 per barrel, while domestic index West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was 0.09% lower at $65.63 each.</p><p class='black-text'><i>For Thursday</i>, market participants will turn their attention to fresh data for weekly unemployment numbers, as well as quarterly earnings reports for companies like Mondera <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and ViacomCBS <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VIAC"><span style="color:#333">(</span><span style=";">VIAC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VIAC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VIAC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VIAC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p> http://www.pws.io/market-update-dow-notches-fresh-record-amid-us-economic-recovery-optimism Wed, 05 May 2021 22:20:12 -0400 Rachel Hemple NIO Flat Following Mixed Q1 Results http://www.pws.io/nio-flat-following-mixed-q1-results <p class='black-text'>NIO <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NIO"><span style="color:#333">(</span><span style=";">NIO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NIO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NIO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NIO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were mostly unchanged following its Q1 results as the company missed on the bottom-line but exceeded revenue estimates. It also slightly missed on estimates for vehicle deliveries.</p><p class='black-text'>Between March 2020 until early January, NIO had been one of the best-performing stocks in the market. Some of the catalysts were the strength in the electric vehicle (EV) sector, the company's new vehicles were popular in the Chinese market, and its turnaround from near-bankruptcy. Since its January high, NIO is down by 40%.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, Nio posted $1.2 billion in revenue. This was a 480% increase from last year's Q1 and a 12% increase from the last quarter. The company posted a net loss of $0.48 per share. This is an improvement from last year when the company lost much more money and a 36% increase from the last quarter.</p><p class='black-text'>Another closely watched metric is vehicle deliveries which exceeded 20,000 for the first time in its history. This is a significant improvement from Q1 2020 when it just had 3,833 deliveries and a 20% increase from Q4's 17,350 vehicles. However, the company fell short of analysts' expectations of 20,070 deliveries.</p><p class='black-text'>The company was also able to generate higher margins due to a higher average selling price and falling costs along with increasing production. Gross margins were 21% which is a big improvement from last year's margins of -7%.</p><p class='black-text'>The company said that demand remains strong for NIO with waitlists for certain vehicles. Nio has generated a cult following in China with many parallels to Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, including many seeing the car as a status symbol. Like many auto companies, NIO has been adversely affected by the chip shortage which forced a 5day shutdown in one of its facilities in March.</p><p class='black-text'>Due to this factor, the company's forecast for 21,000 to 22,000 vehicle deliveries in Q2 fell short of expectations. This translates into revenue between $1.2 billion and $1.3 billion.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>Nio currently has a market cap of $65 billion despite being projected to sell less than 100,000 cars this month. In order to justify this valuation, the company will have to successfully continue growing sales and increasing margins.</p><p class='black-text'>While NIO has a large market share, and the total market size will also keep expanding, there is no guarantee that it will be successful. Picking winners and losers is not easy. Legacy automakers will also fight for market share, thus as new models become available, it's likely there could be intense price wars to win market share. Further, NIO also has the difficult and expensive task of increasing production which will also drain resources. In comparison, the legacy companies already have this productive capacity and distribution channels that NIO will have to build from scratch.</p><p class='black-text'>For these reasons, investors should be cautious with NIO.</p> http://www.pws.io/nio-flat-following-mixed-q1-results Wed, 05 May 2021 19:12:11 -0400 Jaimini Desai Verizon Sells AOL and Yahoo to Equity Firm http://www.pws.io/verizon-sells-aol-and-yahoo-to-equity-firm <p class='black-text'>Verizon Communications <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VZ"><span style="color:#333">(</span><span style=";">VZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is selling its media division, including legacy internet brands Yahoo and AOL, to a private equity firm.</p><p class='black-text'>Verizon Media Group will be spun off to Apollo Global Management and rebranded as Yahoo, according to a <a href="https://www.verizon.com/about/news/verizon-media-be-acquired-apollo-funds">press release</a> from the communications firm. Under the terms of the deal, Verizon will retain a 10% stake and will offload the division for $5 billion.</p><p class='black-text'>"We are excited to be joining forces with Apollo," <a href="https://www.verizon.com/about/news/verizon-media-be-acquired-apollo-funds">said Verizon Media CEO Guru Gowrappan</a>, who will remain with the company. "The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo's sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help to accelerate our growth for the long- term success of the company."</p><p class='black-text'>Verizon's media gamble began in 2015 with the acquisition of AOL, with the intent to challenge the advertising dominance of Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, but to no avail. Signs that Verizon's attempt to penetrate the realm of media and advertising were faltering when Verizon began to divest, starting with the sale of Tumblr in 2019 and progressing to include the sale of <a href="https://www.pws.io/buzzfeed-to-acquire-huffpost-from-verizon">HuffPost</a> last year.</p><p class='black-text'>Verizon's attempt was modest but was ultimately doomed to fall short of the deeply entrenched giants of the online media. Rather than dabble in media, Verizon appears to be focusing its efforts on its 5G rollout instead.</p><p class='black-text'>Wall Street seemed indifferent to the news. While Verizon has spent the week on an upward path so far, it's not much to write home about. Verizon managed to gain 0.27% on Monday, showing little noticeable push from the news of its sale. Verizon managed to keep the trend going, gaining 1% on Tuesday, and an additional 0.2% on Wednesday.</p> http://www.pws.io/verizon-sells-aol-and-yahoo-to-equity-firm Wed, 05 May 2021 18:54:37 -0400 Michael Mooney AMD Lower Despite Strong Earnings Report http://www.pws.io/amd-lower-despite-strong-earnings-report <p class='black-text'>Advanced Micro Devices <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMD"><span style="color:#333">(</span><span style=";">AMD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> beat analysts' expectations on the top and bottom-line which caused shares to open higher by 4.5%. However, investors sold into this strength, and the stock finished 2% lower. The company has benefitted from strength in chip demand which is leading to shortages and pricing power for manufacturers.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In Q1, AMD reported $0.52 per share in adjusted earnings which easily topped consensus expectations of $0.44 per share. This marked a 185% increase from last year's Q1 results. Revenue also came in higher at $3.4 billion against expectations of $3.2 billion for growth of 93%. The company met expectations for gross margins at 46%. This is a slight increase from last quarter's 45% but flat compared to last year.</p><p class='black-text'>The strongest segments for the company were its Enterprise, Embedded, and Semi-Custom units. These contain its server, embedded processor, semi-custom System-on-Chip, and game console businesses. All of these units have been extraordinarily strong due to a new console cycle, increased spending for cloud computing and data centers, people using stimulus money to buy phones, tablets, and PCs, and new technologies like automotive driving, AI, and machine learning which require a large number of chips.</p><p class='black-text'>AMD also increased its forecast for the next quarter and full-year. It expects revenue of roughly $3.6 billion for the next quarter, an increase of 86%. For the full year, AMD expects revenue growth of 50% compared to last year, driven by growth across all units. This is an upgrade from its previous quarter when it forecast 37% growth.</p><p class='black-text'>The company was even more positive on its conference call as CEO Dr. Lisa Su said that she expects revenue growth to continue at similar rates in future quarters. She attributed the strength to "another quarter of record server-processor revenue thanks in part to Epyc processor sales which more than doubled." It also reported new contracts that should lead to another boost for data center revenue from a "strong pipeline of new cloud, enterprise and high-performance computing wins."</p><p class='black-text'>It also addressed concerns that its production could be disrupted by the semiconductor shortage. The company believes it should be able to manage these issues and thus remains confident in its forecast.</p><p class='black-text'><i>Stock Price Outlook</i></p><p class='black-text'>AMD has been a strong performer over multiple timeframes. Over the past year, its stock is up 50.1%, slightly outpacing the S&P 500 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Interestingly, the stock has remained in an uptrend over the past few months, while many tech stocks have faltered. Further, it looks ready to continue its trajectory of replacing Intel <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/INTC"><span style="color:#333">(</span><span style=";">INTC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="INTC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="INTC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="INTC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> as the premier chipmaker.</p><p class='black-text'>In terms of its stock price, AMD is following the recent pattern of companies that have posted strong earnings and raised guidance but then sold off. This might indicate some sort of consolidation in the near term but overall, AMD continues to gain ground on its competitors, benefit from the trends fueling the tech sector and provides exposure to new growth industries.</p> http://www.pws.io/amd-lower-despite-strong-earnings-report Wed, 05 May 2021 18:48:01 -0400 Jaimini Desai