Now is the time to be paying careful attention to the year's hottest stocks, namely those in tech.
Out of nowhere Wednesday afternoon, the bottoms dropped out for Apple (AAPL) , Netflix (NFLX) , and Facebook (FB) as the market selloff intensified. In the end, shares of these big names in tech noticeably underperformed the S&P 500. With stocks looking to be under pressure again on Thursday, as Wednesday evening brought more bad news on Trump (5:30 p.m. seems to be the drop time for new Trump revelations), if tech really lags again it could be a sign of institutional investors starting to buy into the worst fears on Trump (possible impeachment, or at the very least an economic agenda that doesn't get through Congress). That selling could eventually spread to other sectors.
Here are a few things that could keep stocks in the red, for now:
- Investors are still reacting harshly to new Trump news.
- The dollar is showing renewed weakness as confidence in the U.S. economy wanes.
- Conference presentation season is about to start, and companies could strike an even more cautious tone.
- The next employment report is 16 days away -- upbeat jobs data has been a positive for stocks.
Buckle up, folks, and have those Apple Watch alerts set from TheStreet's new mobile app.
Read This Or Lose Out
About that iPhone supercycle: Here is your piece of daily Apple (AAPL) meat, fanboys. A new note from Morgan Stanley strongly suggests the iPhone 8 will be heavily adopted by current iPhone users, TheStreet points out. Count me as one waiting to see if this piece of plastic and metal will cost $1,000.
Shake Shack has a new book: The upstart better burger chain dropped a new book this week titled Shake Shack: Stories & Recipes, which takes a look back at its founding and a glimpse into its future. I sat down on-camera with Shake Shack (SHAK) CEO Randy Garutti at the original location in NYC to talk about the book, but also what life has been like as a public company. Remember, shares of the restaurant chain have fallen 22% since a sizzling IPO in January 2015, despite strong sales and earnings.
Watch the full interview here. The guy in background was perhaps listening in for some inside information...
SALT conference has been kind of newsy: Great coverage by TheStreet's Ron Orol at this year's SALT conference. You can catch it all here, and I suggest you do. Here is an interesting piece pegged to some gloomy comments made by billionaire real estate mogul Sam Zell on the state of commercial real estate.
Zell was just in our office two weeks ago, see video below.
Getting tired of this: It's time for media outlets to put a ban on having LaVar Ball on-air. First off, the outspoken dad of who is likely to be the first pick in the NBA draft disrespected a female host on Fox Wednesday. Now, he is out there claiming his son -- who has not even played an NBA game -- deserves a $3 billion shoe deal from Nike (NKE) , Under Armour (UA) or Adidas (ADDYY) . Ball has lost any shred of commonsense, and needs to be put on ice by the networks.
For $850 million, Nike could buy dying Sears Holdings Corp. (SHLD) and be an owner of some lucrative commercial real estate for damn near eternity.
Here is my response to what happened today with LaVar Ball. pic.twitter.com/kPb83onpES— Kristine Leahy (@KristineLeahy) May 17, 2017
Conservatives uninterested in Trump and Russia: Fox's ratings have taken a hit in the past few days, as viewers tune into MSNBC and CNN to get the latest on all things Trump chaos. Guess those two networks are doing more fair and balanced reporting...
This is disgusting: Despite Jordan Belfort, aka the Wolf of Wall Street, still owing victims $100 million, he is apparently living the high life again reports Inside Edition. Everything that is still wrong with Wall Street is captured in one single story.
Watch Belfort teach you how to close below.
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