Analyst news

• Financial Crime: Death and deceit in Malibu: How yogi couple befriended and stole millions from vulnerable rich doctor

  02-02-2023 23:08 via rocketnews.com
  The tragic end of Dr. Mark Sawusch’s life all started in an ice cream shop in Venice Beach. On June 23, 2017, Sawusch — a brilliant, but troubled ophthalmologist who struggled with bipolar disorder — met Anton David and Anna Moore. It was a fateful encounter that would eventually lead to his death and the plundering of his vast fortune.David, whose real name is Anthony Flores, was a guru-esque figure with long, flowing hair and a beard, who worked as a hair stylist on film shoo
  
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• Crypto: Why NFTs saw $946 million in trading volume in January – the highest since June 2022

  04-02-2023 23:05 via rocketnews.com
  Non-fungible tokens registered $946 million in trading volume in January 2023, up 38% from December, and the highest on record since June 2022, according to an updated Feb. 2 report by DappRadar, which tracks and analyzes the activity of NFT marketplaces. Non-fungible tokens, which provide proof of ownership of a digital asset like online artwork, surged in popularity in 2021 with the sale of a $69 million digital art piece by Beeple. Two large NFT art collections, including CryptoPunks and the
  
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• Earnings Outlook: Wall Street wants to know when ‘GTA VI’ is going to drop, too.

  04-02-2023 23:00 via rocketnews.com
  The biggest question for Take-Two Interactive Software Inc. executives would be the same for gamers and Wall Street analysts: When is the next “Grand Theft Auto” going to drop? Take-Two’s TTWO, -4.74%blockbuster game is due for its first new iteration in nearly a decade, and Wall Street analysts have definitely taken note, even diving into hacked materials for earnings projections. The last installment of GTA grew to become the most lucrative videogame in history, and Take-Two&
  
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• Where Should I Retire?: Want an ‘average’ retirement lifestyle? You’ll need more than $1 million — sometimes a lot more — in these cities.

  04-02-2023 20:37 via rocketnews.com
  It now takes retirees more than a cool million to fund an average lifestyle in nearly 40% of the 384 U.S. metropolitan areas. Nationally, retirees would need an average nest egg of $1.07 million. Meanwhile, a retiree in San Francisco needs nearly $1.37 million, a study by LendingTre …
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• The Margin: 1 out of every 8 older Americans is a junk-food addict, survey finds

  04-02-2023 20:29 via rocketnews.com
  A sizable number of older Americans are addicted to junk food, according to a new survey from the University of Michigan. The survey, conducted as part the university’s National Poll on Healthy Aging, found that one in eight adults between the ages of 50 and 80 met the criteria for addiction to highly processed food items, such as sugary sodas, chips and fast-food fare. And 44% of the older-adult population had at least one symptom of addiction, whether it was intense cravings for these fo
  
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• What’s Worth Streaming: Here’s everything new coming to Amazon’s Prime Video in February 2023

  04-02-2023 20:19 via rocketnews.com
  Amazon’s Prime Video has a solid lineup in February 2023, including new seasons of the comedy “Harlem” and the fantasy “Carnival Row.” Season 2 of “Harlem” (Feb. 3), from writer Tracy Oliver (“Girls Trip”), follows four stylish and ambitious best friends (Meagan Good, Grace Byers, Jerrie Johnson and Shoniqua Shandai) living in Harlem, who balance careers and relationships while trying to figure out the next stages of their lives. Oliver recen
  
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• : Amazon cut jobs for first in 20 years, stock suffers biggest drop in 22 months

  04-02-2023 20:08 via rocketnews.com
  Amazon.com Inc. had a bad year in 2022, with the e-commerce and cloud giant recording its biggest loss ever. Its employees had a bad year, too: For the first time in 20 years, the company shrank its workforce. According to Amazon’s 2022 annual report, released late Thursday, the company had 1,541,000 full- and part-time employees as of Dec. 31, 2022. That’s down 4.2% from the 1,608,000 employees Amazon had at the end of 2021.That marked the first decline in its workforce since the do
  
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• Outside the Box: Tech stocks have been minting money this year, but many investors fear getting burned if they buy the rally now

  04-02-2023 16:53 via rocketnews.com
  Microsoft kicked off a slate of technology earnings earlier this week, reporting largely solid numbers that could have quickly been deemed a victory for technology stocks overall if not for CEO Satya Nadella’s cautious guidance. Investors surmised that the technology sector broadly could be in for some hard knocks — even after its impressive January bounce.While Microsoft MSFT, -2.36%has been a bellwether for growth over the past few years, it, along with its FAANG compatriots, inclu
  
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• : ‘I’m very optimistic’: Rocket Companies CEO says the housing market will return to ‘normal’ in 2023 

  04-02-2023 16:43 via rocketnews.com
  As mortgage rates fall, housing-market players say they felt a sense of relief wash over them. One CEO says he’s upbeat about the rest of the year. “I’m very optimistic about housing this year,” Jay Farner, CEO of Rocket Companies RKT, -4.55%,told MarketWatch in a recent episode of Barron’s Live. “It’s going to be a strong market.” His optimistic comments come at a challenging time for the housing market. Mortgage rates have taken off since th
  
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• Economic Report: Mortgage rates fall to lowest level since mid-September. Freddie Mac says 3 million more people now qualify for a home loan.

  04-02-2023 16:41 via rocketnews.com
  The numbers: Mortgage rates continue to fall, making homeownership slightly more affordable for millions of Americans. The 30-year fixed-rate mortgage averaged 6.09% as of Feb. 2, according to data released by Freddie Mac on Thursday.  That’s down 4 basis points from the previous week — one basis point is equal to one-hundredth of a percentage point. Last week, the 30-year was at 6.13%. Last year, the 30-year was averaging at 3.55% Rates were at the lowest level since mid-S
  
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• Chuck Jaffe: Market pros are so happy about stocks right now, you have to wonder if they’re too bullish

  04-02-2023 14:40 via rocketnews.com
  There’s an old saw about how if you lay all the world’s economists end to end, they still won’t point in any one direction or reach a conclusion. There’s no such adage about market technicians, but in the past six weeks it appears that the diehard group of technical analysts have all reached the same eventuality, one involving mostly good times ahead.Technicians are so happy that it highlights the big schism between the market’s fundamentals and the technical indica
  
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• The Moneyist: ‘I always say yes’: The trainers at my gym flatter and cajole me into taking classes. I’ve racked up credit-card debt to pay for them. Why can’t I say no?

  04-02-2023 03:13 via rocketnews.com
  Dear Quentin,I am a 31-year-old man, not yet married, earning decent money and have no great financial burden in my family. I have learned from your replies to others that many money problems are not only about the numbers — income, rate of return or which stock to buy and when — but also about our personalities, how we behave in life and how we deal with others when money is involved.I find it difficult to reject the constant offers of new sessions with trainers at my gym or the sal
  
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• Market Extra: The stock-market rally survived a confusing week. Here’s what comes next.

  04-02-2023 03:07 via rocketnews.com
  Despite a Friday stumble, stocks ended a turbulent week with another round of solid gains, keeping 2023’s young but robust stock-market rally very much alive. But a cloud of confusion also sets over the market, and it will eventually need to be resolved, strategists said.Stocks rose early in the week as traders continued to bet that the Federal Reserve won’t follow through on its forecast to push the federal funds rate to a peak above 5% and hold it there, instead looking for cuts by
  
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• : RH to restate quarterly results after errors in earnings-per-share calculations

  04-02-2023 01:42 via rocketnews.com
  RH, the retailer formerly known as Restoration Hardware RH, -0.99%,said in a filing late Friday that it will restate per-share earnings results for several periods after it found mistakes in the way it accounted for some pretax losses related to debt payments. RH also updated its fiscal 2022 revenue outlook, saying it expects a revenue drop to around the lower end of the range it provided in December. The company at that point called for a revenue decline of between 3.5% and 4.5% vs. a previous
  
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• : Chinese moviegoers — starved for entertainment and craving normalcy — are set to put the country’s film industry back on top

  04-02-2023 01:17 via rocketnews.com
  While global and domestic businesses eagerly await the return of Chinese consumer spending, one industry in particular is already doing gangbusters. China’s box-office receipts this year have hit the 10 billion yuan ($1.5 billion) mark — the earliest in any year that it has ever done so.The explosion of moviegoing comes as authorities in December abolished most of the country’s harsh anti-COVID policies. The resulting wave of infections was so swift and vast that nearly all of
  
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• : Tesla’s Elon Musk found not liable in ‘funding secured’ trial

  04-02-2023 01:13 via rocketnews.com
  Tesla Inc. Chief Executive Elon Musk was found not liable on Friday in a federal trial in San Francisco over his “funding secured” and other tweets in 2018.Musk testified last week he considered the tweets around his idea of taking Tesla TSLA, +0.91%private his way of “doing the right thing” for all Tesla shareholders.U.S. District Judge Edward Chen ruled earlier that Musk’s tweets about taking Tesla private were not true and that Musk acted with recklessness. It wa
  
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• The Tell: A pre-jobs data bet may have have netted trader $10 million profit, report says

  03-02-2023 23:52 via rocketnews.com
  A big fed-funds futures bet placed just before the release of what turned out to be a blowout U.S. January jobs report may have netted a trader a profit north of $10 million, Bloomberg reported Friday. The trader sold the January 2024 fed-funds futures contract FFF24, -0.26%,the report said, with the trade completed through a block sale of 13,996 contracts. That carried an approximate risk of $580,000 of profit or loss per each basis point move in the contract.The trade was placed around 8:15 a.
  
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• : RH to restate quarterly results after errors in EPS calculations

  03-02-2023 23:45 via rocketnews.com
  RH, the retailer formerly known as Restoration Hardware RH, -0.99%,said in a filing late Friday that it will restate per-share earnings results for several periods after it found mistakes in the way it accounted for some pretax losses related to debt payments. RH also updated its fiscal 2022 revenue outlook, saying it expects a revenue drop to around the lower end of the range it provided in December. The company at that point called for a revenue decline of between 3.5% and 4.5% vs. a previous
  
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• : Chip sales hit a record in 2022, even as a pandemic shortage turned into a glut

  03-02-2023 23:45 via rocketnews.com
  Global semiconductor sales managed to rise slightly to a record high in 2022 even as a two-year pandemic-driven chip shortage flipped to a glut about midyear, slowing down sales dramatically. Sales of chips worldwide rose 3.2% to a record $573.5 billion in 2022, from 2021’s total of $555.9 billion, when they topped a half a trillion dollars for the first time, according to Semiconductor Industry Association on Friday. Chip sales were strong until about mid-2022, when previously optimi
  
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• Mark Hulbert: Are we in a new bull market for stocks?

  03-02-2023 23:25 via rocketnews.com
  News flash: We may be in a new bull market. That’s the good news. The not-so-good news is that the recent rally may have gotten ahead of itself and a pullback would be health-restoring to the bull market. Read: Jobs report shows blowout 517,000 gain in U.S. employment in January The…
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• Personal Finance Daily: Rocket Companies CEO says the housing market will return to ‘normal’ in 2023 and what happens when the COVID-19 emergency declaration ends? Brace for big changes to your health coverage and medical costs

  03-02-2023 23:18 via rocketnews.com
  Hi, MarketWatchers. Don’t miss these top stories.How does a recruiter find a job for himself? This man sent out 39 applications in less than a month, but he’s not giving up: ‘I’m just throwing as many darts at the board as I can’ The jobs report showed the economy added 517,000 jobs in January, nearly three times most estimates.. Read More ‘I’m very optimistic’: Rocket Companies CEO says the housing market will return to ‘normal&rsq
  
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• Market Snapshot: U.S. stocks fall after blowout jobs report, disappointing earnings, but Nasdaq books longest weekly win streak since November 2021

  03-02-2023 22:44 via rocketnews.com
  U.S. stocks ended lower, with losses led by the technology-heavy Nasdaq Composite, after an unexpectedly strong surge in January nonfarm payrolls and disappointing earnings from a trio of tech-related corporate heavyweights.Still, the Nasdaq rose for a fifth straight week, notching its longest weekly winning streak since the week ending Nov. 5, 2021, according to Dow Jones Market Data.How did stocks trade? The Dow Jones Industrial Average DJIA, -0.38%fell 127.93 points, or 0.4%, to close at 33,9
  
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• : Here’s why the jobs report was so good despite Big Tech layoffs

  03-02-2023 22:41 via rocketnews.com
  Amid a wave of Big Tech layoffs, the U.S. economy added more than half a million new jobs in January, the Labor Department said Friday. How did that happen? The tens of thousands of layoffs in tech and the media industry do appear somewhat in the data for the information industry, which showed a net loss in job …
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• : Carvana stock enjoys best week ever as ‘meme-like’ run continues

  03-02-2023 22:32 via rocketnews.com
  Carvana Co. shares did a U-turn Friday to continue their winning streak and finish their best week ever. Carvana CVNA, +1.40%shares increased 1.4% to $14.45, for their seventh consecutive daily gain, after hitting declines of as much as 9.1% earlier in Friday’s session. Their “meme”-like win streak led to an 86% gain on the week, the best weekly gain on record for the stock, which went public in April 2017.The stock has now rocketed 124.7% in the seven-session winning streak, i
  
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• The Fed: ‘Wow,” Fed’s Daly says after killer jobs report, but it doesn’t alter Fed’s inflation-fighting plan

  03-02-2023 20:55 via rocketnews.com
  The president of the San Francisco Federal Reserve said the huge increase in new U.S. jobs in January was a “wow” report, but she stressed the central bank needs more information before it decides how much further to raise interest rates. “What I am seeing is a strong labor market,”Mary Daly said in an interview on Fox Business.Yet she also said it’s premature to draw conclusions. The Fed needs to see more data on the economy, she reiterated, before deciding its nex
  
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• The Ratings Game: GoPro’s stock sinks back below $1 billion market cap after poor outlook

  03-02-2023 20:35 via rocketnews.com
  GoPro Inc.’s market cap slipped back below $1 billion again on Friday after the sports-camera maker’s forecast fell short of Wall Street expectations, but some analysts see the company heading in the right direction. GoPro GPRO, -12.15%shares dropped as much as 15.5% Friday after the company’s earnings topped Wall Street expectations for the quarter but its forecast fell well below the consensus. Shares fell to an intraday low of $5.46 — or by as much as $1 a share from T
  
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• Coronavirus Update: Omicron subvariant that’s dominant in U.S. extends lead over other variants in latest week, CDC data shows

  03-02-2023 20:24 via rocketnews.com
  The omicron subvariant that became dominant in the U.S. several weeks ago continued to extend its lead over other variants in the latest week, according to Centers for Disease Control and Prevention data that was updated on Friday. XBB.1.5, the omicron sublineage that first emerged in small numbers in October, accounted for 66.4% of cases in the week through Feb. 4, the data shows. That’s up from 61.3% the previous week. The prior dominant variants, BQ.1.1 and BQ.1, together accounted for
  
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• Peter Morici: The WTO no longer serves U.S. foreign-policy interests

  03-02-2023 20:23 via rocketnews.com
  The World Trade Organization no longer serves U.S. foreign policy interests. The U.S. and its allies established the General Agreement on Tariffs and Trade to limit tariffs and quantitative restrictions and to promote trade in goods. Re-christened the WTO in 1995, agreements were added to cover trade in services and discipline domestic policies affecting commerce in areas such as foreign-investment performance requirements, intellectual-property protection, product standards, governmen
  
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• Market Snapshot: Dow down modestly, Nasdaq falls sharply after blowout U.S. jobs report, disappointing corporate earnings

  03-02-2023 20:17 via rocketnews.com
  The Dow Jones Industrial Average was trading lower Friday afternoon, as U.S. stocks fell after an unexpectedly strong surge in January nonfarm payrolls and disappointing earnings from a trio of tech-related corporate heavyweights.How are stocks trading? The Dow Jones Industrial Average DJIA, -0.68%fell almost 143 points, or 0.4%, to around 33,911, after sliding 220 points at its session low. The S&P 500 SPX, -1.34%was down 39 points, or 0.9%, at about 4,141. The Nasdaq Composite COMP, -1.89%
  
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• Retirement Weekly: Retirees: Don’t fall for a popularity contest when it comes to your investments

  03-02-2023 20:15 via rocketnews.com
  Fortune’s annual ranking of most admired companies provides yet more evidence of why you should be a contrarian. Since the magazine’s year-ago list was released, each of th …
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