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    CNBC's Jim Cramer said Monday he believes investors who continue to sell stocks due to Covid fears are making a mistake at this point in the pandemic. "If you're dumping stocks because you're worried about a re-ignition of Covid, you're going to get left behind as this market grinds higher into year-end," the "Mad Money" host said. Cramer was referring back to Friday's action on Wall Street, when the Dow Jones Industrial Average fell 0.75%. The decline came as investors globally grappled with news that Austria would re-enter a full national lockdown because of a jump in Covid cases. The coronavirus remains a threat from a public-health perspective, Cramer said, while encouraging Americans to sign up for vaccine booster shots. However, he contended from an economic standpoint, investors need to recognize "the worst of the pandemic is over." Individuals who are dumping travel and leisure stocks right now, in particular, "are creating terrific buying opportunities" for others, he said. "The big box stores got their inventory. Many of the smaller stores are no longer a factor because they actually got...
    Boeing investors have reached a $225million agreement with current and former company officials to settle a lawsuit over the safety negligence of the 737 MAX.   Shareholders had accused Boeing board members and several executives as well as current CEO David Calhoun of failing to ensure that control and information instruments on the plane were functioning effectively. According to the Wall Street Journal, the compensation will be paid out by insurers, not the board members and executives.  Boeing investors have reached a $225million agreement with current and former company officials to settle a lawsuit over the safety negligence of the 737 MAX (pictured) Boeing has also agreed to hire a mediator to handle internal issues and appoint a board representative with aviation safety experience. The agreement, expected to be filed by Delaware's Court of Chancery by Friday, will not require Boeing to admit to negligence on behalf of persons sued in the case, the WSJ reported. RELATED ARTICLES Previous 1 Next At least 37 unruly airline passengers could be charged by... EXCLUSIVE: Business class passenger...
    The far-left Netroots Nation progressive group has paired with Mark Zuckerberg’s corporate investors to rally progressives in favor of wage-cutting, rent-inflating, job-shifting migration and amnesty policies. The pro-migration cooperation was displayed on October 7 when the group allocated time during its virtual annual conference to let one of Zuckerberg’s lobbyists tout amnesty with far-left Rep. Joe Neguse (D-CO). “It’s a commitment that I feel like binds your work and my work together, that we are committed to seeing relief for families, for immigrant communities who have suffered for far too long without any real solution,” said Marissa Molina, the state director for FWD.us, an advocacy group for Zuckerberg and other West Coast investors. In response, Neguse lamented the growing unpopularity of the pro-migration goals shared by Zuckerberg’s group and some progressives: There was a time not that long ago 15 years ago, 10 years ago, where there was general consensus about the principles that would undergird a comprehensive immigration reform bill in the United States Congress … What we’re really in need of is political will. And that’s it. I...
    VIDEO21:2921:29Watch CNBC's full interview with legendary short seller Jim ChanosSquawk Box Short-seller Jim Chanos warned that retail investors late in the game could be left holding the bag as more red flags emerged in a speculative stock market. "The problem with getting more people, retail, involved is that it always seems to happen toward the end of every cycle. Retail wasn't there at '09 at the bottom. They weren't there in '02 after the dotcom bubble collapsed. They were certainly there at '99," Chanos said on CNBC's "Squawk Box" on Tuesday. "So the problem in the last few cycles as I see it is that we get promotors and insiders and people who have done very well cashing out as retail is buying." The historic recovery rally from the pandemic has attracted a record number of new retail investors to participate in the stock market. Many of them gravitated towards the most volatile and riskiest areas of the market for outsized short-term returns, including shares of companies with failing businesses like AMC and GameStop. Meanwhile, a flood of companies rushed...
    CDC slideshow warns dangers of delta variant as COVID cases rise in US An Israeli-managed oil tanker was attacked off the coast of Oman, killing 2 crew members (Bloomberg) -- Peruvian assets are set to underperform on Friday after new President Pedro Castillo held a ceremony to swear in his cabinet without naming a finance minister, further fueling investor anxiety over his policy plans. His chief economic adviser, Former World Bank economist Pedro Francke, arrived at the national theater in Lima, then left shortly before the ceremony. Francke, who had been a favorite to get the job, didn’t reply to a written request for comment. The event started more than two hours late. © Bloomberg Peruvian President Pedro Castillo Takes Office Pedro Castillo, Peru’s president, departs from an inauguration ceremony in Lima on July 28. Load Error Euro-denominated bonds declined ahead of the U.S. market open and the yield on benchmark 10-year notes has jumped to 2.7%, the highest in six weeks. The currency, which has lost nearly 8% this year, hasn’t traded in the local market since...
    House to take up residential eviction moratorium extension First group of Afghan nationals who assisted U.S. troops arrive from Kabul (Bloomberg) -- Peruvian assets are set to underperform on Friday after new President Pedro Castillo held a ceremony to swear in his cabinet without naming a finance minister, further fueling investor anxiety over his policy plans. His chief economic adviser, Former World Bank economist Pedro Francke, arrived at the national theater in Lima, then left shortly before the ceremony. Francke, who had been a favorite to get the job, didn’t reply to a written request for comment. The event started more than two hours late. © Bloomberg Peruvian President Pedro Castillo Takes Office Pedro Castillo, Peru’s president, departs from an inauguration ceremony in Lima on July 28. Load Error Euro-denominated bonds declined ahead of the U.S. market open and the yield on benchmark 10-year notes has jumped to 2.7%, the highest in six weeks. The currency, which has lost nearly 8% this year, hasn’t traded in the local market since Tuesday. Castillo emerged out of relative obscurity this...
    U.S. House to take up residential eviction moratorium extension First group of Afghan nationals who assisted U.S. troops arrive from Kabul (Adds investor comment) Load Error By Tom Arnold, Karin Strohecker and Marc Jones LONDON, July 30 (Reuters) - Peru's dollar-denominated bonds slid on Friday after President Pedro Castillo appointed Guido Bellido, a member of his Marxist party, as prime minister and did not name a finance minister in his cabinet, raising uncertainty about the direction of policy and the economy. The move, which dimmed hopes for a moderate administration, sent the 2060 bond issue down 1.4 cents on the dollar to trade at 88.8 cents, near to one month lows. The 2032 issue fell 1 cent, Refinitiv data showed. Investors are growing wary about Peru's prospects under Castillo, who won last month's election year with a self-described Marxist-Leninist party. Bellido's appointment on Thursday underlined the influence that far-left Free Peru will have in Castillo's administration, which began on Wednesday and is set to last until 2026. "It's probably too early to make conclusions, but the opening gambit...
    Big Oils rise in climate lawsuits draws parallels to Big Tobacco 40 Cities That Could Be Poised For a Housing Crisis © Pavlo Gonchar—SOPA Images/LightRocket/Getty Images In this photo illustration, the GameStop (GME) stock price and a chart are seen on a smartphone screen. A growing cadre of Gen Z investors are anticipating a summer of meme stock mania, ready to capitalize on the next big short squeeze after a fateful two weeks in January when GameStop’s stock price skyrocketed over 1500%. But while meme stocks may have introduced a new, young audience to the wonders of investing, popular finance TikTok creators say the viral trading craze is fueling unrealistic expectations. According to a recent report from financial services giant Fidelity, more than half of Gen Z-aged people surveyed made a trade in the first three months of 2021, a period of time when attacks on short sellers had begun fueling heightened market volatility. Fidelity’s findings support the notion that these attacks were driven by hyper-online investors and indicate that rather than relying on traditional market monitoring methods, around...
    New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030. And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025. JUST WATCHEDFamed investor Michael Burry bets against TeslaReplayMore Videos ...MUST WATCHFamed investor Michael Burry bets against Tesla 03:24It seems investors are a bit infatuated with these legacy Big 3...
    New York (CNN Business)Tesla is one of the world's most valuable companies. But there are growing concerns on Wall Street over the fact that CEO Elon Musk does not have a clear successor. While Musk is not likely to step aside at Tesla (TSLA) anytime soon, it's evident he has many more interests — some would call them distractions — beyond electric vehicles. He's been obsessed with cryptocurrencies, especially dogecoin, as of late and talked about it briefly while hosting "Saturday Night Live." He's also in charge of SpaceX, another high-profile company. With all that in mind, some analysts and fund managers are hoping Musk will finally hire a chief operating officer. Or, at a bare minimum, they want him to announce a Tesla succession plan.They have a point.It makes no sense for Tesla to be essentially a one-man show while SpaceX has an extremely adept COO in Gwynne Shotwell, one of that company's first hires, who is capable of stepping in to lead if Musk were unable to do so. Why doesn't Musk have someone like Shotwell at Tesla?...
    According to Ritholtz, the rebound in the markets has taken many by surprise and they question this situation before the appearance of a fourth wave of covid-19 in various parts of the world. “The problem is that many of the explanations are based on cliches (a 20% drop indicates a bear market), assumptions (you can spot a bubble in real time), and market myths (why is the time it takes for the Earth to orbit the sun relevant to stocks?) that often carry investors astray ”said Ritholtz. What are these wrong explanations or assumptions? Ritholtz highlights these four factors: Context Momentum Externalities Buyers / Sellers rotation We share Ritholtz’s explanations with you. Context matters: The S&P 500 Index posted its best 12-month performance in history between March 23, 2020 and March 23, 2021, gaining 74.8%. This seems impressive and suggests something important, but lacks the proper context to fully understand what happened. Go beyond denominator blindness and look at the big picture. Instead of looking at a 12-month chart that starts...
    Essential jobs take many forms. When it comes to transporting goods, about 15.5 million trucks are operating in the U.S. moving vital freight across the country. And every truck needs a driver. Eight years ago, April Coolidge — then in her mid-40s — decided to stop selling real estate and start driving a truck. As a single mother, she didn't want to take out loans to go to college and she needed to start earning money without years of training.  Coolidge's father was a truck driver, so she turned to him for advice. Now, she works for Walmart Transportation, where drivers start out making $87,500 a year on average. Since the coronavirus outbreak, Coolidge is working overtime to help keep store shelves stocked. But the pandemic has also presented some unique challenges.  Check out this video to learn more about Coolidge's story and how the Covid-19 outbreak has changed her time on the road.   More from Invest in You:'Predictably Irrational' author says this is what investors should be doing during the pandemicCoronavirus forced this couple into a 27-day quarantine amid their...
    More On: gamestop Google deletes thousands of negative Robinhood app reviews This Redditor made millions off GameStop, sparked market frenzy Facebook reverses course on banned Robinhood trading group ‘Dr. Frankenstein’ of short selling says his firm will make a major shift The Reddit-fueled GameStop insanity was far from game over Friday — as the retailer’s stock price resumed its market rollercoaster ride, the mastermind behind the Wall Street attack spoke publicly and one of the czars of short-selling admitted defeat at the hands of the mob. The struggling brick-and-mortar video-game retailer got a boost on Friday after Robinhood lifted its trading freeze and shares rose by as much as 114 percent to $413.98 at the opening bell. That price was down to $300 by 1:34 p.m. Now, the man behind the madness is revealed after rallying an army of average investors in the Reddit forum WallStreetBets under the name “DeepF–kingValue.” “I didn’t expect this,” Keith Gill, 34, a dad of two from Boston who recently worked for a life insurance company, told the Wall Street Journal. WallStreetBets, launched in...
    Andrew Left, founder and CEO of Citron ResearchAdam Jeffery | CNBC Citron Research, which was forced to close out its short position in GameStop amid a frenzy in retail buying, said Friday it will no longer publish short reports and instead will focus on long positions. "After 20 years of publishing Citron will no longer publish 'short reports'," the firm said in a tweet. "We will focus on giving long side multibagger opportunities for individual investors." Short seller and Citron Research founder Andrew Left said earlier this week that after speculative retail traders drove up GameStop's stock, he covered the majority of his short position in GameStop at a loss. He previously said GameStop will fall back to $20 a share "fast" and called out attacks from the "angry mob" that owns the stock. "20 years ago I started Citron with the intention of protecting the individual against Wall Street, against the frauds and the stock promotions were just all over," Left said in a YouTube video on Friday. "Where we started Citron was supposed to be against the establishment, we've...
    More On: gamestop Gloves are off: Steve Cohen and Dave Portnoy are in a Twitter war over GameStop AOC, Ted Cruz find common ground calling for Robinhood probe Wall Street’s wild ride: Reddit renegades continue to roil markets Mets’ Steve Cohen ‘not feeling the love’ amid GameStop chaos A Reddit user dished on what it was like to be part of the “mother of all short squeezes,” which drove the cost of GameStop, a flailing video game company, to unprecedented highs and left wealthy hedge fund investors who shorted the stock in the lurch.  “We’re all, at the end of the day, a bunch of schmucks who’re having fun,” Reddit user Fage138 told Quartz, which didn’t publish the man’s real name.  The engineering student at the University of Alberta in Canada and regular on the WallStreetBets Reddit page told the outlet he trades stocks on the side for fun and first bought shares of GameStop in mid-November when they were just $13 a share, he told the outlet. The Minecraft nerd, who’s been in the group since 2018, invested...
    A head-scratching David and Goliath story is playing out on Wall Street over the stock price of a money-losing video game retailer. An army of small-pocketed, optimistic investors is snapping up shares of GameStop. That's in direct opposition to a group of wealthy investors who are betting on the retailer's stock price plunging.  The result: GameStop's stock soared nearly 145% in less than two hours Monday morning, only to come back to earth to close with a modest 18% gain on the day. The shares were set to jump again before the start of trade on Tuesday.  Overall, the stock has risen more than 400% over the past three months — unusual for a struggling company that has lost $1.6 billion over the last three years. Its stock fell for six straight years before rebounding in 2020. But GameStop has been a target of many professional investors who say the company will continue to founder as sales of games continue to move online. Investor says family was threatenedThese investors have been betting that GameStop's stock will fall. The most public expression...
    A head-scratching David and Goliath story is playing out on Wall Street, over the stock price of a money-losing video game retailer. An army of small-pocketed, optimistic investors are snapping up shares of GameStop. That's in direct opposition to a group of wealthy investors who are betting on the retailer's stock price plunging. The resulting action is wild: GameStop's stock soared nearly 145% in less than two hours Monday morning, only for the gains to disappear quickly afterward. In all, the stock has risen more than 300% in just the past month. The struggling company has lost $1.6 billion over the last three years. Its stock fell for six straight years before rebounding in 2020. So, it might seem like a strange place for the locus of so much movement. But GameStop has been a target of many professional investors who say the company will continue to founder as sales of games continue to move online.Investor says family was threatenedThese investors have been betting that GameStop's stock will fall. The most public expression was made by short-seller Andrew Left of...
    This is one sick game. Investors piled into shares of GameStop on Friday, sending the video game retailer up 51 percent in an apparent effort to squeeze out a short seller who says he’s being threatened and harassed for predicting that GameStop’s shares are going to $20. Noted short seller Andrew Left of Citron Capital posted a letter to his website Friday — just one day after he made his prediction — saying the threats have gotten so severe he’s asked the FBI, local law enforcement and the Securities and Exchange Commission to investigate. “These are not just name-calling and hacking but have extended to the harassment of bullying of minor children,” Left wrote referring to his family.   Earlier Thursday, Citron Research suspended a livestream event to explain its short position on GameStop, saying there were attempts made to hack its Twitter account. Left has also received unwanted food deliveries at his home and has been signed up for Tinder, he told The Post. “I have never experienced anything like this viciousness,” he said in an interview...
    More On: gamestop GameStop investor Ryan Cohen nets $300M profit as shares surge GameStop shares soar on strong holiday sales, new board members PS5 fans wreak havoc at GameStops on Black Friday GameStop shares soar as investor hatches plan to challenge Amazon This is one sick game. Investors piled into shares of GameStop on Friday, sending the video game retailer up 51 percent in an apparent effort to squeeze out a short seller who says he’s being threatened and harassed for predicting that GameStop’s shares are going to $20. Noted short seller Andrew Left of Citron Capital posted a letter to his website Friday — just one day after he made his prediction — saying the threats have gotten so severe he’s asked the FBI, local law enforcement and the Securities and Exchange Commission to investigate. “These are not just name-calling and hacking but have extended to the harassment of bullying of minor children,” Left wrote referring to his family.   Earlier Thursday, Citron Research suspended a livestream event to explain its short position on GameStop, saying there were...
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