Tesla Model S Plaid Deliveries Start In First Gear; S&P 500 Hits High; Google, RH In Buy Zones| Investor’s Business Daily

Dow Jones futures rose slightly Friday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally on Thursday shrugged off a hot inflation report, with the S&P 500 index hitting a record high and Treasury yields fresh lows.


A bipartisan group of senators announced an infrastructure deal late, but will party leaders back it? Tesla CEO Elon Musk held a low-key, no-surprise Model S Plaid event Thursday night, announcing that deliveries will start with a slow ramp up.  Tesla stock rose slightly early Friday after reclaiming a key level Thursday.

In Thursday’s session, several stocks broke out or flashed buy signals, including RH (RH), Signet Jewelers (SIG), Zscaler (ZS), CrowdStrike (CRWD), Google parent Alphabet (GOOGL) and Adobe (ADBE).

Meme stocks sold off Thursday, including GameStop (GME), AMC Entertainment (AMC), Clover Health (CLOV), Bed Bath & Beyond (BBBY) and Workhorse Group (WKHS).

Some bounced back somewhat, including GME stock and AMC.

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Homebuilders fell sharply, including Century Communities (CCS), LGI Homes (LGIH) and D.R. Horton (DHI). That continues their weak performance despite sliding Treasury yields.

Several hot stocks sold off as share offerings priced, after the sale plans knocked them earlier this week. Those include Celsius (CELH), PLBY Group (PLBY) and Rev Group (REVG). All three lost 15% or more. CELH stock has a clearly failed breakout while PLBY stock wiped out an early entry. REVG stock broke below the low of a base.

Adobe and Google stock are on IBD Leaderboard and Long-Term Leaders. Google, CELH stock and CRWD stock are on IBD 50.

Bipartisan Infrastructure Deal?

A bipartisan group of 10 senators — five from each party — say they’ve reached a “tentative understanding” on an infrastructure spending deal without explicit tax increases. The package reportedly includes $579 billion in additional spending. Including baseline outlays, spending would be $974 billion over five years or $1.2 trillion over eight. The senators suggest indexing the gas tax to inflation, providing a de facto increase, and using unused Covid funds.

But it’s unclear if President Biden or congressional leaders from either party will go back it.

Dow Jones Futures Today

Dow Jones futures rose 0.25% vs. fair value. S&P 500 futures climbed 0.15% and Nasdaq 100 futures advanced 0.15%.

The 10-year Treasury yield kept sliding, dipping two basis points to 1.44% after hitting 1.43% overnight.

Copper futures rose 2%, a positive sign for various mining stocks.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Stock Market Rally

The stock market rally rallied at Thursday’s open but then pulled back in late morning, with the Nasdaq briefly turning negative. But the major indexes rebounded.

The 10-year Treasury yield initially rose modestly on the hot inflation report, but reversed lower to 1.46%, setting new three-month lows. Bond traders do not appear concerned with inflation or the Federal Reserve, which meets next week.

The Dow Jones Industrial Average edged up 0.1% in Thursday’s stock market trading, with Apple (AAPL) and Caterpillar (CAT) weighing on blue chips. The S&P 500 index climbed 0.5%. The Nasdaq composite advanced 0.8%. The small-cap Russell 2000 retreated 0.8%.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) retreated 1.7% due to some sharp individual losers. The Innovator IBD Breakout Opportunities ETF (BOUT) rose 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) gained 1.8%. ADBE stock is the No. 1 component in IGV, which also owns CRWD and ZS stock. The VanEck Vectors Semiconductor ETF (SMH) rose 1.3%.

SPDR S&P Metals & Mining ETF (XME) dipped 0.4% and Global X U.S. Infrastructure Development ETF (PAVE) slid 1%. U.S. Global Jets ETF (JETS) also fell 1%. SPDR S&P Homebuilders ETF (XHB) retreated 1.1%, with the ETF losses minimized because RH stock is the No. 1 component.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) popped 1.9% and ARK Genomics ETF (ARKG) 2.7%. ARKK closed just below its 50-day and 200-day lines, while ARKG reclaimed those levels on Wednesday. Tesla stock is the No. 1 holding for ARK Invest across its ETFs.

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Tesla Model S Plaid Event

Tesla (TSLA) finally held its Model S Plaid event Thursday night, touting the revamped luxury electric sedan.

The Model S Plaid can go from a rolling start to 60 miles per hour in just under two seconds. But Plaid deliveries will take a lot longer to pick up.

At the end of the brief event, Elon Musk said Tesla will begin deliveries of 25 Plaid sedans “now.” He said that’ll soon pick up to hundreds per week, reaching 1,000 per week in the third quarter.

The EV giant paused Tesla Model S and X production for months as it switched over to “Plaid” versions. Elon Musk originally said in late January that Model S Plaid deliveries would begin in February.

The Model S Plaid looks very similar to the decade-old Model S on the outside. But the interior has been refreshed somewhat. Elon Musk touted the new screens and sound system, as well as the Plaid’s video game capabilities.

On Wednesday, Tesla raised the price of its high-end Plaid by $10,000 to $129,990. But that top-of-the-line Plaid won’t hit 200 mph, as previously claimed, until the right tire and wheel mix is available in the fall.

On Sunday, Musk canceled the Plaid Plus, saying the Plaid is “so good.” The Plaid Plus, which was priced well above the Plaid, was supposed to have a range topping 500 miles.

The Model S Plaid Plus cancellation could reflect further trouble with mass producing 4680 battery cells. If so, that would be a bad sign for the Tesla Semi and Cybertruck, both of which are slated to use the 4680 cells.

The Plaid event had no surprises about batteries, the Cybertruck or any other Tesla vehicle or project.

Tesla stock climbed slightly in premarket trade.

On Thursday, Tesla stock popped 1.9% to 610.12, reclaiming its 200-day line. TSLA stock remains below its sliding 50-day line.

RH Stock

RH stock surged 16% to 707.14, rebounding from its 50-day line and breaking a trend line. The upscale furniture retailer reported booming earnings and revenue growth, guiding higher on sales and margins. RH stock is 8.1% above its 10-week line, so it’s actionable here. But investors could wait to see if it forms a handle. RH stock is on track to have a base with a 733.15 buy point after Friday.

Signet Stock

Signet stock vaulted from its 50-day line to a record high, clearing a flat base with a buy point of 68.39/68.46. Shares hit an intraday high of 74.80 but then slashed gains before rebounding somewhat. Signet stock closed up 14% to 69.58.

The relative strength line for SIG stock hit a new high. The RS line, the blue line in the charts provided, tracks a stock’s performance vs. the S&P 500 index.

Zscaler Stock

Zscaler stock popped 4.55% to 204.91, moving above a double-bottom buy point of 199.60, after hitting resistance multiple times at just below 200. The last time was on May 26, following strong Zscaler earnings. ZS stock broke a tiny trend line earlier in the week.

The RS line for Zscaler stock is off the February peak but is at a three-month high.

CrowdStrike Stock

CrowdStrike, another cybersecurity play with a similar chart to ZS, jumped 6.85% to 228.60, breaking past resistance right around 227. CRWD stock was actionable from a short trend line break; again, much like ZS stock. The official buy for CRWD stock is 251.38.

Adobe Stock

Adobe stock rose just over 4% to 535.52, a record close and clearing a 525.54 early entry in a nine-month consolidation. ADBE stock is 5.8% above its 10-week line, which can be an attractive buying area for Long-Term Leaders. But, Adobe earnings are due June 17, giving new investors little time build a cushion in ADBE stock.

The RS line for Adobe stock is trending higher again, but has fallen significantly since last September.

Google Stock

Google stock edged up 1.1% to 2,435.13, edging past a 2,431.48 buy point from a flat base. The RS line hit a record high along with GOOGL stock, giving the weekly MarketSmith chart a very bullish blue dot.

GME Stock

GME stock plunged 27% to 220.39. GameStop stock is now down 11% for the week despite rising in the prior three sessions.

Late Wednesday, GameStop topped earnings views and named two Amazon execs to be its CEO and CFO. But it also said it might sell 5 million shares of GME stock, at a time when investors are punishing stock offerings. GameStop also disclosed an SEC probe related to trading in the stock.

Executives also again didn’t take questions in a brief GameStop earnings call.

Other Meme Stocks

Clovis Health slumped 15% to 14.34 after reversing from record highs Wednesday to close down 24%. While CLOV stock hasn’t erased Tuesday’s 86% gap-up surge, it has fallen below that day’s low. So anyone who actually bought CLOV stock on Tuesday is now down.

AMC stock skidded 13% to 42.81. Since the wild June 2 gap up, AMC stock has remained within that day’s trading range.

WKHS stock slid 11%. BBBY stock fell 8%.

Most investors should avoid meme stocks. The wild moves offer the potential for huge gains but also massive losses. Given the weak fundamentals and often-poor company prospects, most of these stocks are likely to see huge declines over time.

But if you’re going to play meme stocks, buy them as they clear some plausible resistance on a chart. Do not chase them. Consider using options so you can size your potential loss up front. Consider at least partial profits quickly and be ready to cash out before seeing a massive gain turn into a loss.

Market Rally Analysis

The S&P 500 index finally moved above its early May peak to an all-time high, despite the late morning wobble. The Dow Jones and Nasdaq are closing in on record territory. The Russell 2000 is pulling back but after a strong run.

However, the S&P 500 has been nudging higher, not showing real power in the past couple of weeks. Tracking volume on the major indexes is tricky when meme stocks are in play, with CLOV stock trading more than 700 million shares on Tuesday.

But new buying opportunities continue to appear, as RH, Zscaler and even Adobe stock show. Some stocks rebounded bullishly from early losses, including Roblox (RBLX). Miners and many other stocks are quietly forming positive consolidations.

Chip-gear makers and many medicals had solid sessions.

But it’s still a tricky stock market rally.

Homebuilders are breaking down despite falling Treasury yields. Financials are struggling. After opening higher as the 10-year yield nudged up, they retreated once again as interest rates hit fresh lows.

The brutal sell-offs in CELH stock and others announcing and pricing share offerings is something to note. Sometimes, stocks quickly shake off share offering news, but not always. With a lot of new IPOs in recent months, investors have to be ready for share offerings and lock up expirations.

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What To Do Now

Buying as close to the buy point as possible, at least with your initial position, is crucial in the current market environment. As a stock gets extended, don’t chase it.

To avoid missing out, do your homework. Build up those watchlists, taking a closer look at a select handful of nearly actionable stocks. Stay engaged with the market, using alerts when possible to catch breakouts as they’re happening. That way, you can buy the right stocks at the right time.

Even if you do everything right, some of your buys are going to struggle or fail. The key is to keep those losses small.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.


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Thank you for stopping by and checking out this post on current World Business news published as “Tesla Model S Plaid Deliveries Start In First Gear; S&P 500 Hits High; Google, RH In Buy Zones| Investor’s Business Daily”. This post was posted by My Local Pages Australia as part of our national news services.

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Best gifts for men 2021: What to buy men who have everything this Father’s Day

f you’ve spent more time than you’d care to admit scouring high and low for the perfect gift for that special someone in your life, and have still come up short, welcome to the only gift guide you’ll need from now on.

When searching for the man in your life, our dedicated edit is here to save the day, not to mention your precious brain cells. Shopping can be tough, often even harder for people you know really well. 

To that end, we’ve put together a selection of the nicest gift ideas designed for men of all tastes in mind – from S.Os and boyfriends, to grandads, uncles and your old pops. We’ve cherry picked the best, most wonderful ideas that will have him beaming with joy on Father’s Day, anniversaries, birthdays and beyond.

We’re talking tech and DIY accessories to boozy gifts to stylish accessories that’ll update his wardrobe in a flash, ready to take on 2021.

Whether you’ve budgeted for a little luxury, or want to make a grand gesture to thank him for being a rockstar over the pandemic, you can consider this your cheat sheet to giving him the best present ever.

Jump to different categories or enjoy a leisurely scroll through our best gifts for him edit.

Shop our favourite gifts for men below

If he’s looking to smarten up his bathroom cabinet, a new fragrance could go down a treat. Dunhill has just launched Driven, made with perfumer Dave Apel, there are top notes of red apple, followed by cardamom at the heart and a cedarwood dry down. The blend of woody, citrus and gentle floral notes is the perfect mix for the modern elegant gentleman.

£46 | House of Fraser

Beards may be all the rage right now, but if your dad is a clean shave-only sort of bloke then he may appreciate new kit to add to his bathroom cabinet. Harry’s offer a design-led approach to shaving, and the Winston Kit in particular is an ideal introduction into the brand. As well as the polished chrome razor, he will get three German-engineered blade cartridges and some foaming shave gel. There’s also a travel cover to protect the blades when he’s on the move. A great price for premium grooming.

£24 | Harry’s

Shop all products at Harry’s

Slowly but surely, the menfolk of Britain are cottoning on to the fact that grooming and skincare isn’t just women. Foreo is making a play for their side of the bathroom cabinet with this beard face cleaner, which makes sure his whiskers are clean and cleansed. Comes with a two-year warranty.

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Brisbane property developer Kevin Seymour submits offer to buy derelict heritage-listed Lamb House

Prominent Brisbane property developer Kevin Seymour has confirmed he is in the running to buy heritage-listed Lamb House.

The dilapidated 119-year-old mansion at Kangaroo Point is on the market after its owner Joy Lamb failed to maintain it and pay more than $300,000 in council rates.

The Public Trustee is handling the sale of the six-bedroom cliff top house which is being marketed by Savills.

Mr Seymour said he made his offer before the deadline closed at 2:00pm on Thursday.

He said he did not know if his offer would be high enough — he is planning a costly “pristine” renovation with a modern kitchen and a “wet edge pool” overlooking the city.

When asked if he would live in the house, Mr Seymour said no.

“Definitely not, it would be a showpiece,” he said.

Mr Seymour said he would either sell the house after renovating it or try to “strike a deal” with the council or state government to open it to the public.

He would not give any indication of how much he had offered to buy the property although the prime inner-city land was valued at $6.1 million in 2019.

Meanwhile, Brisbane stockbroker and chairman of Racing Queensland, Steve Wilson, declined to confirm whether or not he put in an offer.

Mr Wilson said he was “passionate about the role of fine buildings , parks , environments and places of historical significance — both for our First Nation people and subsequent immigrants”.

Brisbane City Council recently passed planning amendments to protect the 3,146 square metre site from development, meaning it can not be subdivided.

The house itself is listed on the Queensland Heritage Register.

Real estate agent Robert Dunne said he presented “a number” of offers to the Public Trustee on Thursday for consideration.

He would not say how many offers were on the table and declined to give a ballpark figure on how much he expected the Federation-style property to sell for.

Mr Dunne could also not give a timeframe on how long it would take for a decision to be made on the offers presented.

The Public Trustee was asked what guidelines it followed when handling sales on behalf of customers.

“The Public Trustee has a responsibility under legislation to operate honestly and with reasonable diligence to protect our customer’s interests,” they said in a statement.

“In exercising that duty, the Public Trustee works with the customer and their support network to incorporate the customer’s views, wishes and needs to achieve the best outcome for the customer.”

If a sale is completed, it will be the first time the mansion has left the Lamb family’s hands.

Joy Lamb became the sole owner of the property in 1996 after her husband died, but she has not lived there for many years.

The mansion has been badly damaged by wet weather and squatters, with photos showing rotting timber, crumbling brickwork and graffiti-covered walls.

Any sale will bring the long running dispute between Mrs Lamb and Brisbane City Council to an end.

Mrs Lamb has previously said she wanted to retain ownership.

“It is my property and my husband’s family land over three generations and remains so in any decent person’s opinion,” she said.

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Buy Logan policy increases Council’s local spend

With an annual spend of $500 million on goods and services, Logan City Council believes that supporting local businesses should be priority.

It has adopted an improved Buy Logan procurement policy to ensure opportunities for the city’s businesses are maximised when bidding for Council contracts.

Procurement and Appropriations Special Committee Chair, Councillor Jacob Heremaia, said Council was a significant buyer of goods and took its responsibility to support City of Logan businesses very seriously.

“When Council purchases goods and services from local suppliers or those that have strong links to the city, we help create jobs and stimulate the local economy,” Cr Heremaia said.

“Council adopted a Buy Local policy two years ago and was one of the first in Australia to do so.

“We’ve now taken the opportunity to review and further refine the policy to ensure we continue to support suppliers that are part of the Logan community.”

Council has set a target of having 45 per cent of its annual procurement spend sourced locally.

Cr Heremaia said he hoped that level could increase as Council’s procurement model matured.

“And we’re already surpassing that – in January 2021, Council spent $85 million or 47 per cent of the monthly spend with local suppliers,” he said.

To provide comparison, in the 2019/2020 financial year, Council spent 18 per cent with local suppliers.

“The improved Buy Logan policy will help us exceed that target, but we’re also looking at other initiatives such as supplier engagement sessions for upcoming tenders and identifying gaps in areas where we don’t currently spend money locally to try to increase it.”

Meadowbrook business JET Excavators and Trucks established in City of Logan more than 20 years ago and supplies earthmoving services to Council.

Director Gabby Murphy said the company was also committed to supporting local businesses.

“From the early beginnings, we have had a focus on getting the best people for the job,” she said.

“We’ve been fortunate to hire locally and have focused on generating a list of quality local suppliers throughout our business.

“Our commitment to Logan has seen us heavily invest in infrastructure that ensures plant and equipment reliability; innovation and technology that improves safety; access to quality local plant operators; and environmental outcomes – and these investments are being made right here in Logan.”

Cr Heremaia said Council was meeting its Local Government Act requirements while also giving local industries every opportunity to compete for Council business.

“We focus on best value to balance value for money – which is not just the ‘cheapest price’ as people might expect – with the potential investment in local businesses and genuine employment opportunities,” he said.

“This includes creating new jobs, ensuring sustainability of existing local jobs or upskilling local workforces and creating new opportunities.”

Local businesses wishing to be considered for Council procurement can register expressions of interest by calling 3412 3412 or emailing council@logan.qld.gov.au

Watch our video featuring Cr Heremaia and Gabby from JET Excavators and Trucks: https://youtu.be/wIQD1T3d3Ek

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Buy Logan policy increases Council’s local spend
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6.5m households in UK plan to buy an electric car by 2030

Ofgem data points to consumer shift as ban on sale of new petrol and diesel vehicles approaches

One in four UK households intend to buy an electric car in the next five years, as a ban on the sale of new petrol and diesel vehicles in 2030 approaches, according to research.

More than 6.5m households plan to buy an electric vehicle or plug-in hybrid, research by the energy watchdog Ofgem has found. This equates to 24%, or nearly one in four, of all energy households.

Continue reading…

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Dow Jones Futures: Still A Tricky Market Rally, But ASML, Google Flash Buy Signals; Bitcoin Breaks Support

Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The Bitcoin price retreated Saturday, undercutting a key support area.


The stock market rally suffered losses last week, with breakouts and key sectors struggling, though the major indexes bounced on Thursday and Friday.

ASML (ASML), Google parent Alphabet (GOOGL), Maravai LifeSciences (MRVI), Goldman Sachs (GS) and Nutrien (NTR) held up well. All five stocks are in buy zones or flashing early entries. But they also boast relative strength lines at or near record highs.

The RS line, which tracks a stock’s performance vs. the S&P 500 index, is a great way to spot the true leaders in any environment, including the current choppy market rally.

The RS line, the blue line in the charts provided, also spots false leaders. Apple (AAPL) regained its 50-day moving average on Friday and showed some other positive technical signals. But the RS line for Apple stock is right at nine-month lows, according to MarketSmith analysis.

Meanwhile, investors don’t need the RS line to spot Tesla (TSLA) as a laggard. Still, it’s helpful to know that while Tesla stock hasn’t quite hit a fresh 2021 low, its RS line has.

Google stock and ASML are on IBD Leaderboard. ASML and Goldman Sachs stock are on SwingTrader. ASML stock also is on the IBD 50 list. MRVI stock was Friday’s IBD Stock Of The Day.

How To Find Strong Stocks In A Tough Market

Bitcoin Price Undercuts Lows

The Bitcoin price on Saturday resumed its decline, falling below $47,000 and undercutting its late April low to the lowest since late February. Bitcoin is back above $47,000.

Bitcoin came under pressure as Tesla CEO Elon Musk announced late Wednesday that the EV maker would no longer accept the cryptocurrency for vehicle purchases, citing environmental concerns. Bitcoin uses a lot of energy, even compared to other cryptocurrencies. Musk continued to promote Dogecoin.

Dow Jones Futures Today

Dow Jones futures open at 6 p.m. ET Sunday, along with S&P 500 futures and Nasdaq 100 futures.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.

Coronavirus News

Coronavirus cases worldwide reached 163.16 million. Covid-19 deaths topped 3.38 million.

Coronavirus cases in the U.S. have hit 33.69 million, with deaths above 599,000.

Stock Market Rally Last Week

The stock market rally finished last week on a relative high note, but there were broad-based losses.

The Dow Jones Industrial Average fell 1.1% in last week’s stock market trading. The S&P 500 index retreated 1.4%. The Nasdaq composite slumped 2.3% and the small-cap Russell 2000 2%. But all ended well off their weekly lows.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) tumbled 3.1% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) skidded 3.6%. The iShares Expanded Tech-Software Sector ETF (IGV) dipped 1.1%. The VanEck Vectors Semiconductor ETF (SMH) slumped 4.2%. ASML stock is a big SMH component.

SPDR S&P Metals & Mining ETF (XME) slipped 1.4% as iron and copper prices came off highs. Global X U.S. Infrastructure Development ETF (PAVE) pulled back 1.2%. U.S. Global Jets ETF (JETS) eked out a 0.4% advance. SPDR S&P Homebuilders ETF (XHB) tumbled 4.4%. The Financial Select Sector SPDR ETF (XLF) edged up 0.3%. Goldman stock is a significant holding.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) tumbled 4.9% and ARK Genomics ETF (ARKG) 5.3%. Despite solid bounces Friday, both are still well below their 200-day lines. Tesla stock is the No. 1 holding across ARK Invest’s ETFs.

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Stocks Flashing Buy Signals

ASML stock jumped 4% to 647.76 on Friday, breaking a short downtrend and extending Thursday’s rebound from the 50-day line. Shares did fall 1.6% for the week. Unlike most chip-gear rivals, ASML stock only dipped below its 50-day line last week. If ASML can lead a chip-equipment revival, it would be a positive sign for techs and the overall stock market rally.

Google stock slumped 3.3% for the full week. But after falling back to its 50-day/10-week line, the FANG stock rebounded on Thursday and Friday. At 3.2% above the 10-week line, GOOGL stock is still actionable.

Best Dividend Stocks: 5 Strong-Yield Stocks Beating The S&P 500

Goldman Sachs stock just undercut its 356.95 buy point from a flat base or shallow cup on Wednesday. But GS stock bounced back on Thursday and Friday, ending the week down 0.55% at 368.77. Goldman Sachs is one of several Dow Jones components in buy zones with strong RS lines.

Nutrien stock rose 2.1% to 60.54 on Friday, paring its weekly loss to 1.4% and regaining a 59.87 cup-base buy point. One of several leading stocks from the strong fertilizer group and healthy agricultural sector, NTR stock has been on a strong uptrend since the March 2020 bottom.

Maravai stock rose 2.1% to 37.93 for the week, masking a typically volatile week in which shares fell as low as 33.53. Maravai makes a compound for the mRNA coronavirus vaccines from Pfizer (PFE) and Moderna (MRNA), but analysts see growth potential beyond the pandemic for this biotech IPO. MRVI stock has a 39.95 handle in a messy consolidation. But at that point, shares would likely look extended relative to the 10-week line. Investors might want to start a position now as MRVI stock breaks a downtrend in its handle.

Apple Stock

Apple stock fell 2.1% last week to 127.45, but found support at its 200-day moving average and reclaimed its 50-day line on Friday. It’s not too far from a 137.17 cup-with-handle buy point. An aggressive trader might see AAPL stock as being on the cusp of an early entry from the 50-day line and breaking a downtrend in its handle.

But the RS line for Apple stock is just off 2021 lows, showing that it’s not a leader right now but a false prophet.

Tesla Stock

If Apple stock is a false prophet, then Tesla stock might be an excommunicated former leader. Shares did manage to reclaim their 200-day line on Friday. But TSLA stock plunged 12% for the week. The RS line for Tesla stock also is at the lowest level since last November.

Tesla stock actually looks better than ARKK or rival EV stocks, but that’s an awfully low bar. Tesla stock needs extensive repair work.

Market Rally Analysis

The stock market rally remains under pressure, but looks much better than on Wednesday, when the Dow Jones and S&P 500 were falling toward their 50-day lines. Both rebounded to close the week above their 21-day exponential moving averages. The Nasdaq and Russell 2000 are still below their 50-day lines, but not too far off.

Friday’s strong price gains came on light market volume.

The four market indexes all closed in the upper half of their ranges. Perhaps this will end up being a support week, but that isn’t always clear until after the fact.

Ultimately, the major indexes closed the week lower, along with many sectors. Breakouts continued to be treacherous.

Again, choppy market rallies are extremely difficult for active investors. Traditionally, waiting for a stock to prove itself via a breakout, following some sort of uptrend, offers the best odds for success. But with the market rally swinging up and down and sectors rotating in and out of favor, buying a few days or weeks into a stock or group move may mean you’re buying near a short-term top. But buying at the first signs of a stock or overall market rebound can lead to almost instant losses as well.

As Copper Prices Soar, Teck Stock Is Sitting On Green Metal Mother Lode

What To Do Now

Bottom line: Investors should remain cautious. Size your positions relatively small, perhaps starting positions off their 50-day lines, like ASML. Keep your exposure relatively low, spread around a wide array of industries. When screening for stocks, pay close attention to those with relative strength lines at or near highs. That way you can hone in on true leaders like Google stock or ASML, while not being swayed by false prophets such as Apple. Continue to steer clear of highly valued growth stocks like Tesla, unless you have a low-cost basis.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.


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Neighbours dig deep to buy Geelong West renovation project

Seven bidders contested 22 Potter Street, Geelong West at Saturday’s auction.

Geelong West buyers who know the value of their own backyard have paid a big premium to get their hands on an untouched renovation project next door.

Seven bidders contested the original three-bedroom bungalow at 22 Potter Street, pushing the sale price $200,000 above expectation.

The immediate neighbours secured the 483sq m north-facing property for $831,000 at Saturday’s auction.

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Stockdale & Leggo, Belmont agent Rod van der Chys calls the auction.

A big crowd braved the wintry weather to attend on Saturday.

Dual street frontages onto Potter and Lupton streets opens to the door to a rear extension or possible townhouse development at the property.

Stockdale & Leggo, Belmont agent Rod van der Chys said the flexibility to add value underpinned the depth of competition from renovators, developers and builders.

Bidding opened at $640,000 — more than what the vendors were hoping for — but the eventual buyers only entered the race at $823,000.

The kitchen is due for an update.

The wide entrance hall is surprisingly spacious.

Mr van der Chys said the high opening bid immediately knocked several interested parties out of the competition.

“I thought (the buyers’) strategy of coming in at the very last minute was very clever,” he said.

“We were just about to knock it down and the others had said they were out so it’s quite disheartening for the other bidder.

“But you have got to have the money to take it off them — deep pockets is the only strategy that works in a market like this.”

The dual street access appealed to potential buyers.

He said the neighbours did not revealed their plans for the almost 100-year-old house but clearly couldn’t pass up an opportunity in a part of Geelong West they know and love.

The house comes with a loungeroom, kitchen/meals area, a central bathroom and rear sunroom, plus a garage with rear access.

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Florida, Virginia, Georgia and North Carolina declare states of emergency over gas shortages after Colonial Pipeline hack as 1,000 fuel stations run dry in Southeast as people panic buy

The governors of Florida, Virginia and Georgia all declared states of emergency Tuesday in a bid to protect fuel supplies, with some gas pumps already dry in Atlanta and other cities, as the impact from the Colonial Pipeline ransomware attack continues to ripple across the country – hitting the Southeast especially hard. 

Panic buyers streamed into gas stations across the Southeast as the key pipeline that supplies the area was threatened by the attack. 

More than 1,000 gas stations in the Southeast are now running out of fuel, according to S&P’s Oil Price Information Service. 

The Southeast is particularly vulnerable because it has fewer refineries and pipelines to deliver fuel, compared to the Northeast, which is less at risk. The Southeast is also less equipped to quickly import large quantities of gasoline from other countries, according to The Wall Street Journal.

The worst shortages were in North Carolina, where 9.7 per cent of all stations in the state were without fuel, according to Gas Buddy Tracker. Virginia was second hardest-hit, with 7.9 per cent of gas stations empty, followed by Georgia with 6.5 per cent and South Carolina with 4.3 per cent.  

In five states – Georgia, Florida, South Carolina, North Carolina and Virginia – demand was up by a collective 40.1 per cent on Monday. 

Ron DeSantis, Republican governor of Florida; Ralph Northam, the Democrat governor of Virginia, and Brian Kemp, Georgia’s Republican governor, announced their state’s measures on Tuesday.

Their moves came a day after the governor of North Carolina took the same step. 

Kemp announced the waiving of sales tax on gasoline until May 15 – a move which critics said could push more people to attempt to fill their cars at the pumps.   

The states of emergency provide more leeway to local officials to deal with the crisis, and increases flexibility and funding for state and local governments to make sure they have enough fuel supply.

DeSantis on Tuesday night in an executive order, said ‘the disruption of Colonial Pipeline operations poses a significant and immediate threat to the continued delivery of such fuel products to the State of Florida.’ 

Florida’s gasoline supplies are largely unaffected by the outage, but a rash of panic buying starting Monday — especially across north Florida — has caused local shortages. 

Northam said: ‘This emergency declaration will help the Commonwealth prepare for any potential supply shortages and ensure Virginia motorists have access to fuel as we respond to this evolving situation.’

Northam’s order says that current gasoline reserves in Virginia are sufficient to address immediate supply concerns. 

Kemp signed an executive order to temporarily suspend the gas tax in Georgia in light of the Colonial Pipeline cyber attack.

He urged Georgians not to panic buy, and also announced that the state is increasing the weight limits for trucks transporting fuel, providing more supply for stations as they receive deliveries. 

A small gas station chain, Parker’s, which serves Georgia and South Carolina, announced on Facebook on Tuesday that customers would be limited to $50 worth of gas. 

The governor’s office said in a release that the order further prohibits price gouging by bad actors looking to exploit the situation.

‘My office has been in close contact with company and industry officials since we first learned of the Colonial cyber attack over the weekend,’ said Kemp. 

‘Unfortunately, extensive media coverage has caused people to panic which has resulted in higher gas prices. We are taking action to relieve some of the cost burden from Georgians as Colonial recovers by suspending fuel taxes, increasing the weight limit for supply trucks, and prohibiting price gouging.

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Single parents will be offered help to buy their first home in next week’s federal budget

Under the measure announced ahead of Tuesday’s federal budget, up to 10,000 first-time buyers with dependants will be able to access the scheme over four years.

Single parents buying their first home may soon be able to with a deposit of only two per cent under a new federal scheme.

The program allows first home buyers to obtain a loan for a new or newly-built home with a deposit of as little as two per cent with the government guaranteeing up to 18 per cent of the loan.

Under the measure announced ahead of Tuesday’s federal budget, up to 10,000 first-time buyers with dependants will be able to access the scheme over four years.

Minster for Women’s Economic Security Jane Hume says the aim is to make the “great Australian dream” accessible for single mothers.

“We know that so many single parents use so much of their income towards rent and building that deposit is so much harder for them with the demands of children,” she said.

“So this is all about removing those barriers to building that deposit and it’s also about giving those a hand up who need it the most.”

The government has also extended its similar First Home Loan Deposit Scheme to an additional 10,000 buyers.

That scheme allows first-time buyers to build or purchase new homes with a deposit as small as five per cent.

Both measures are designed to fuel construction and boost property ownership, building on the government’s HomeBuilder program, which provided grants of $25,000 for new homes and major renovations.

“The government understands the importance of owning your own home and the significant economic and social benefits home ownership provides,” Treasurer Josh Frydenberg said.

However Labor spokesman Jason Clare said it was too little, too late.

“This government has had eight years to fix housing affordability and it’s just got worse,” he told reporters in Sydney.

“What the government’s announced today is not enough to fix this.”

Mr Clare renewed calls to scrap the cap on the number of people able to benefit from the scheme.

More than 100,000 Australians buy a home for the first time every year and the scheme at best helps only 20,000 of them, he said.

Australian Council of Social Services chief executive Dr Cassandra Goldie called it a “cheap as chips” measure that will have no impact on struggling single parents.

There has to be more in the budget to help the one in three single parents living in poverty, she said.

“The question will be: is this it,” she said.

“It’ll help a handful … (but) we are still leaving hundreds of thousands of the lowest income, single parents absolutely behind.”

However, the Commonwealth and NAB banks and peak housing industry associations are all fans.

“The new Family Home Guarantee will be a revolution in providing single custodial parents, the overwhelming majority of whom are women, with a step up to gaining the security that comes with home ownership,” Master Builders Australia chief executive Denita Wawn said.

In Sydney and NSW regional centres, the schemes are capped at homes worth $950,000, while the rest of the state has a limit of $600,000.

The cap for Melbourne and Victorian regional cities is $850,000 and elsewhere in the state, $550,000.

In Brisbane and Queensland regional centres it is $650,000 falling to $400,000 in country areas.

WA, SA, Tasmania and the NT have state-wide caps of $550,000, while the ACT limit is for dwellings worth $600,000.

More than half the first-home buyers who have accessed the scheme are under 30, while 15 per cent of the guarantees went to people over 40.

Around 85 per cent of people bought a house, with 10 per cent purchasing a unit or apartment and four per cent buying townhouses.

The average annual income for applicants is $70,000 for singles and $115,000 for couples.

The government is also increasing the amount in voluntary superannuation contributions that can be released to buy a first home from $30,000 to $50,000 and providing $124.7 million in extra state funding to bolster public housing stocks.

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Best Semiconductor Stocks To Buy Next Week? 4 Making Headlines

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This story originally appeared on StockMarket

Should Investors Be Watching These Top Semiconductor Stocks In May 2021?

Semiconductor stocks are an interesting play in the stock market today, to say the least. Why? For the most part, it is because of how crucial semiconductor chips are in our world today. Safe to say, semiconductors are the brains behind most of the tech around us right now. From our smart devices and home appliances, and even the cars we drive, semiconductors are present. Now, seasoned and new investors alike would likely be familiar with the current chip shortages throughout the globe. Without going into too much detail, this shortage stems from surges in chip demand across various consumer-focused industries. Nonetheless, while the shortage persists, demands remain at an all-time high. Could this be a buying opportunity for investors now?

Well, Citigroup (NYSE: C) analyst Christopher Danely appears to believe so. Earlier this week, Danely argued that there could be “more upside” in semiconductor stocks for now. Moreover, the analyst also reiterated his buy rating on semiconductor manufacturer Texas Instruments (NASDAQ: TXN). Positive analyst notes aside, some of the largest names in the industry continue to make massive plays as well. As of last month, the Taiwan Semiconductor Manufacturing Company (NYSE: TSM) revealed plans to significantly boost its manufacturing capabilities. This plan would involve investments of $100 billion over three years. Evidently, the semiconductor industry is not resting on its laurels. Overall, I can understand if investors are eager to jump on the top semiconductor stocks on the stock market now. In light of that, here are four names worth taking note of.

Semiconductor Stocks To Watch Right Now

QuickLogic Corporation

QuickLogic is the leading provider of open configurable computing solutions based on 100% open-source software and hardware. In essence, it is a fabless semiconductor company that develops low power, multi-core MCU, FPGAs, and embedded FPGA intellectual property (IP), voice, and sensor processing. QUIK stock currently trades at $6.22 as of Friday’s closing bell.

tech stocks to buy (QUIK stock)

In February, the company reported its fourth-quarter financials. QuickLogic reports that it has accelerated progress in transforming its business from primarily a product company to a platform company. It also passed the Amazon (NASDAQ: AMZN) AVS Certification for hearable reference design so that OEMs can evaluable smart hearable products quickly and easily.

Total revenue for the quarter was $2.5 million, a 40% increase compared to the last quarter. A chunk of this revenue came from its mature product revenue, at $1.7 million, which is up by 46% compared to its previous quarter. Given all of this, will you consider adding QUIK stock to your watchlist?

[Read More] Cheap Stocks To Buy? 4 Cloud Computing Stocks To Know

Nvidia Corporation

Nvidia is a multinational tech company that is based in Santa Clara, California. The company essentially focuses on personal computer graphics, graphics processing units (GPU), and also on artificial intelligence (AI). Its GPU product brands are aimed at specialized markets. Specifically, GeForce for gamers and Quadro for designers. NVDA stock currently trades at $592.49 as of 4:oo p.m. ET Friday. Recently, Baird analyst Tristan Gerra covered the company.

best tech stocks to buy right now (NVDA Stock)

In particular, he placed an outperform rating and an $800 price forecast on the company’s stock. That would represent a 38% increase from the stock’s current price. According to Gerra, Nvidia’s leadership in AI positions the tech titan for continued success. AI computing is set to be one of the most transformational technologies of our era after all according to him.

Lastly, he also praised Nvidia’s competitive edge that has barriers to entry that are among the highest within the semiconductor industry. This could insulate Nvidia’s sales and profits from the competition. For these reasons, will you consider watching NVDA stock?

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Advanced Micro Devices Inc.

AMD is a multinational semiconductor company that is based in Santa Clara, California. It develops computer processors and related technologies for both the business and consumer markets. For more than 50 years, the company has driven innovation in high-performance computing, graphics, and visualization technologies. AMD stock currently trades at $78.81 as of Friday’s close. Last week, the company reported its first-quarter financials for 2021.

best tech stocks to buy (AMD stock)

In detail, it reported a revenue of $3.45 billion for the quarter, a 93% increase year-over-year. AMD also posted a gross profit of $1.58 billion, an increase of 94% year-over-year. Also, net income for the quarter was $555 million, up by 243% year-over-year or an earnings per share of $0.45.

Given these impressive financials, the company continues to accelerate its business with the best product portfolio in its history. It also continues to enjoy strong execution and robust market demand for its products. Notably, its data center revenue more than doubled and it has increased its full-year guidance. Given all of this, will you consider adding AMD stock to your portfolio?

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ON Semiconductor Corporation

Another top semiconductor company to know now would be ON Semiconductor (ON). Primarily, the company supplies semiconductors that serve as power, analog, sensor, and connectivity solutions. Its core end markets include the automotive, industrial, cloud, and Internet of Things sectors.

top semiconductor stocks to watch (ON stock)

Notably, ON can do all of this through its global network of manufacturing facilities and engineering centers. For investors, ON stock would be among the more affordable bets in the current pool of semiconductor stocks. As it stands, the company’s shares are looking at gains of over 130% in the past year. However, seeing as it has taken a breather from its all-time high seen last month, would it be wise to buy on the dip here?

Well, in its recent quarter fiscal posted earlier this week, ON reported stellar figures. To begin with, the company saw massive year-over-year surges of 742% in net income and 766% in earnings per share. Furthermore, ON also ended the quarter with over $1 billion in cash on hand. CEO Hassane El-Khoury cited good execution from his team and strong demand from ON’s key end-markets as key factors of this performance. Given ON’s role in the current electric vehicle market, would you consider adding ON stock to your May watchlist?

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