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Dow Jones drops 275 points in unemployment claims; Meta soaring on strong sales, $40 billion in buybacks

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The Dow Jones Industrial Average fell briefly by 275 points Thursday after lower-than-expected initial jobless claims from the Labor Department, the social media giant. Meta platforms (meta) rose 20% after announcing strong sales results in the fourth quarter and $40 billion worth of share buybacks.




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The Labor Department said first-time jobless claims fell to 183,000 from 186,000 in the previous week. The number was expected to rise to 193,000, according to Econoday estimates. This past week saw claims debut much lower than expected for the second week in a row.

Includes major earnings reports Bristol-Myers Squibb (BMY), ConocoPhillips (policeman), Eli Lilly (LLY) And merck (Mrk).

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BMY shares fell 1.5%, while Conoco shares fell more than 3% in early morning trading. Pharmaceutical giants Eli Lilly and Merck fell 2.5% and 2.6%, respectively.

Amazon (AMZN), apple (AAPL), the alphabet (Google) A report is due late Thursday.

stock market today

Electric vehicle leader Tesla rose 4.4% Thursday morning. Tech giants in the Dow Jones Apple and Microsoft (MSFT) were sharply higher after the stock market opened today.

ELF Beauty (dwarf), which is the last World Bank stock for the day, it rose 15% after its fourth-quarter results. Alignment Techniques (ALGN) rose 23% as Goldman Sachs upgraded the stock after its report late Wednesday.

IBD Stock Leaderboard demon (PI), etsy (ETSY), nextstar (NXST) And wing stop (wing) – as well as the Dow Jones stock c. B. Morgan Chase (JPM) – among the top stocks to buy and watch, with the market’s bull run still going strong.

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impinj is IBD Leaderboard stock. Etsy was one of the last IBD stocks for the day. Nexstar has been among the IBD 50 stocks to watch lately. Impinj and Wingstop appeared in the stocks column near the buy zone for this week.


IBD’s newest MarketDiem service gives you actionable ideas for stocks, options and cryptocurrencies directly in your inbox.


Dow jones today: oil prices and treasury yields

After the opening bell on Thursday, the Dow Jones Industrial Average fell 0.7%, and the S&P 500 rose 0.7%. The heavy Nasdaq Composite jumped 1.9%, supported by strong early gains from Meta, Alphabet and Align Technologies.

Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(up 1.9%, SPDR S&P 500 ETF)spy) down 0.9% early Thursday.

Bonds rallied after the Fed’s key meeting on Wednesday, sending the 10-year US Treasury yield down sharply, ending the session at 3.39%. The 10-year yield fell to 3.36% Thursday morning, near recent lows.

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Oil prices crept lower after dropping 3% on Wednesday, in the aftermath OPEC’s decision to keep its production unchanged. West Texas Intermediate crude futures lost less than 1% in morning trading, settling at just under $76 a barrel.

Stock market rise

On Wednesday, the Dow Jones Industrial Average rose slightly, and the S&P 500 rose 1.05%. The Nasdaq Technology Composite advanced 2%.

The Big Picture column on Wednesday asked if investor sentiment had gotten too hot. The column said: “It doesn’t look like it Weekly upward ratio among newsletter editors surveyed by Investors Intelligence Undoubtedly, it rose to the highest level in more than a year. However, at last week’s peak of 46.5%, it still means that the majority of these experts believe that stocks today are either still in a bear market or will be heading for a mean-type correction.

Now is an important time to read IBD’s Big Picture column amid the continued rally in the stock market.


Five Dow Jones stocks to buy and watch now

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Dow Jones stock to buy and watch: JPMorgan

Banking giant JPMorgan is in a 5% buy range above 138.76 flat bottom buy points after falling 0.3% on Wednesday. The 5% buy zone tops at 145.70. JPM shares traded slightly lower early Thursday.

JPM shares It shows 94 constants from a perfect 99 IBD composite classification, per IBD stock check. The composite rating is designed to help investors easily find the highest growth stocks.


4 growth stocks to buy and watch Stock market rise


Top stocks to buy and watch: Impinj, Etsy, Nexstar, and Wingstop

IBD Leaderboard Impinj stock raced out of the buy range above 129.12 buy points on the cup base, up 7.2% on Wednesday. The overbought area increased by 5% to 135.58. PI stock rose 0.7% on Thursday.

Backstory: Impinj’s expertise lies in RF semiconductors for element identification, location and authentication. While the company lost money in 2020, it gained 25 cents per share in 2021. Annual earnings are expected to rise 284% to 96 cents per share this year.

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Etsy is also above the 137.01 buy point in a cup with handle after Wednesday’s 1.45% rally. With the stock above the entry level, the buy zone rises 5% to 143.86. Shares of Etsy were up 2.8% Thursday morning.

Backstory: The company is an online e-commerce platform provider where creators of arts and crafts, vintage items, and other unique goods go to sell their products. It has a unique business model that has moved in the last few years from a niche e-commerce market to a better shopping destination among many categories.

Media giant Nexstar tops out at 204.72 buy points for the trophy rule and was named Tuesday’s 50 IBD. Earnings release is scheduled for February 9th. Shares rose 0.1% early Thursday.

Backstory: America’s largest local television group, Nexstar Media produces and distributes local and national news, sports, and entertainment content. In addition to its leading position in television, Nexstar is one of the world’s leading diversified media companies.

Wingstop is fast approaching a buy point of 170.97 on a lopsided cup base, with a gain of 2.9% on Wednesday. Keep an eye out for a potential handle to make a lower entrance. WING shares were up 2.7% early Thursday.

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Backstory: The Dallas-based restaurant chain has more than 1,900 locations in the United States and international markets, according to Dow Jones Newswires. Its international locations include Mexico, Colombia, Panama, Singapore and the United Kingdom. The company added 40 stores in the third quarter of the last fiscal year. Fourth-quarter earnings are due on February 22nd.


How did your online broker perform in the IBD Best Online Broker Survey 2023?


Stocks to buy and watch the stock market rise

These are the seven biggest stocks to buy and watch in the stock market today, including leader Dow Jones.

Company Name Code The right point of purchase base type
Monster (mnst) 104.75 Flat base
Vertex (VRTX) 324.85 cup base
nextstar (NXST) 204.72 cup base
etsy (ETSY) 137.01 mug with handle
JPMorgan (JPM) 138.76 Flat base
wing stop (wing) 170.97 cup base
Source: IBD data as of February 2, 2023

Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live


Tesla stock

Tesla stock rose 4.7% on Wednesday, closing at its highest level since Dec. 5. Despite its strong rebound since Jan. 6, stocks are still below the 200-day line. On Wednesday, Tesla stock closed down about 53% from its 52-week high.

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And the shares looked set to add to Wednesday’s gains, rising 4.4% Thursday morning.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones shares, Apple shares rose 0.8% on Wednesday ahead of the iPhone maker’s after-hours earnings results. Stocks are still holding above the 50-day line after strong gains in recent sessions. The stock is still down nearly 20% from its 52-week high. AAPL stock rose 2.4% on Thursday.

Microsoft stock rose 2% on Wednesday, testing a potential resistance level at the 200-day line. Shares are still 20% behind their 52-week high. MSFT trading was up 2.2% Thursday morning.

Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.

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Top growth stocks to buy and monitor

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MarketSmith: Research, charts, data and training in one place

How to Find Growth Stocks: Why the IBD Tool Simplifies Your Search for Top Stocks

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Rast’s accusations against Alec Baldwin were formally dismissed by Reuters

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© Reuters. FILE PHOTO: A view of the movie “Rust” playing at Bonanza Creek Ranch near Santa Fe, New Mexico, US January 20, 2023. REUTERS/Drone Base/File Photo

Written by Andrew Hay

TAOOS, New Mexico (Reuters) – Special prosecutors in New Mexico on Friday dropped charges against actor Alec Baldwin in the 2021 shooting of “Rust” cinematographer Halina Hutchins, referring to what many legal analysts described as a rationale for a prosecution. flawed jurisprudence.

A person close to prosecutors said the move followed new evidence of the gun Baldwin was carrying when he fired the shot that killed Hutchins while shooting the movie in Santa Fe, New Mexico.

This information undermined the prosecution’s case after a series of legal flops, leading them to dismiss the charges before a May hearing when a judge was to decide whether there was enough evidence to prosecute Baldwin and gunsmith “Rust” Hannah Gutierrez Reid.

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“The case was dismissed without bias and the investigation is active and ongoing,” prosecutors Carey Morrissey and Jason Lewis said in a memo.

Prosecutors went on to charge Gutierrez Reed, 25, with manslaughter. She has said she held the live round in the gun thinking it was a dummy round. The preliminary hearing in her case has been postponed to August 9.

The dismissal of the same charge against Baldwin came after his attorney presented evidence last week that the copy of the .45 Colt Baldwin has used has been modified with new parts since being manufactured by Italian gunsmith FLL Pietta.

The information compromised the prosecution’s argument that the gun was in fully working condition and could only fire if Baldwin recklessly pulled the trigger, according to the person familiar with the case.

Special prosecutors have said they may re-file charges against Baldwin once new evidence is examined, though legal experts are skeptical.

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“This very weak case against Baldwin should never have been brought in the first place,” said Ambrosio Rodriguez, a former district attorney with the District Attorney’s Office in Riverside County, California.

Filming for “Rust” resumed in Montana this week with many of the same lead actors, including Baldwin, and was expected to wrap up in May.

Rust Movie Productions (RMP) said in February that it would not resume filming in New Mexico, without giving a reason. A Santa Fe prosecutor charged Baldwin and others in January.

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Leading news reporter Jill Christian dies at 83

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Gail Christian, who broke barriers as a black on-air reporter and came to national prominence at NBC News and PBS, died April 12 in Los Angeles. She was 83 years old.

Her wife, Lucy Debardelapine, said it was a complication from a recent bowel surgery.

Christian overcame a troubled youth—including a prison term for armed robbery—to end a career as a prominent television journalist and news executive in the 1970s and 1980s, an era when the industry was dominated by white men.

It became a visible presence in American living rooms with it coverage to NBC News on the trial of Patricia Hearst, the newspaper heiress who was kidnapped in 1974 by a gang of left-wing revolutionaries called the Symbionese Liberation Army, and who was convicted two years later for participating in a bank robbery with the group.

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But for Ms. Christian, it wasn’t enough just to appear as a rare black face on the evening news.

She said in Interview with the Chicago Tribune In 1986. I felt that was the reason I was there. I didn’t resent it in the least. I felt then, as I feel now, that it is very dangerous for a group of people to live in a society in which they are not allowed to explain themselves.”

It has succeeded in this task with features like “A Country Called Watts”, An hour-long 1977 NBC News special that explored the efforts of residents of this Los Angeles neighborhood to come together and re-evaluate the bloody civil unrest that occurred in response to police brutality in 1965, rebuilding burned-out blocks in the face of perceived government indifference and continued police harassment.

Gary Gilson, former faculty director of a summer program for minority students at Columbia University’s Graduate School of Journalism, in a phone interview. “And her pioneering role as a black news reporter allowed black kids to see, many for the first time, an impressive person on television who looked like them. It gave them recognition and hope.”

After two years at NBC News, Ms. Christian became news director for public station KCET in her hometown of Los Angeles, where she created a “60 Minutes”-style investigative series called “28 Tonight” (the station was on channel 28).

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The program featured several award-winning segments, including a segment on a banking scandal that harmed low-income communities and another on a chemical spill in Orange County that caused illnesses in the area, each of which won a Peabody Award.

In 1981 she moved to Washington, where she began nearly a decade as the news director for the Public Broadcasting Service.

“Since I’ve been in the business, I’ve always wanted to be one of the officers who goes out in that little room and decides what’s going to be covered and who’s going to cover it,” she said in a 1976 interview with the Los Angeles Times. “But at NBC, I never saw any women walk into that little room. Nor any minorities. I thought this was my chance.”

She added, “As Bobby Seale said,” referring to one of the founders of the Black Panther Party, “take the time.”

Jill Christian Jill Patricia Wells was born on February 20, 1940, in Los Angeles, one of four children of Edwin Wells, who worked on an assembly line for the Hughes Aircraft Company, and Lucille (Scruggs) Wells, who owned a cosmetology college. In the Leimert Park neighborhood of South Central Los Angeles. (She later adopted Christian, a name from her mother’s family, as her professional surname.)

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Ms. Christian grew up in Venice, California, and spent three years studying world history at California State University, Los Angeles, before dropping out to join the Air Force in 1962. She was caught in a raging crowd after being discharged, and in 1965, was found guilty of Armed robbery after eroticism in a hotel.

The theft, which resulted in less than $100, led to her admission to the California Institute for Women in Chino for 18 months. Christian said in a 1976 interview with TV Guide. “I really didn’t need to do that. I had a loving family, unlike a lot of the others in prison. I was just kind of pushed out at the time.”

After she had served her time, a paroled colleague who was working as a switchboard operator at The San Francisco Examiner gave her a tip that the paper was planning to hire two black reporters to diversify its staff. Without any experience, Ms. Christian considered the opportunity far-reaching, but talked her way into the role of an apprentice by stretching the truth.

“I gave them this song and they danced around working on this little black paper that the Klan burned,” she told the Tribune.

In 1970, she participated in an 11-week summer program for minority students in broadcast journalism at Columbia. (Geraldo Rivera was a classmate.) Two years later, she was hired by local NBC affiliate KNBC. She worked there for six years before NBC News hired her.

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Her tenure at PBS ended in 1989, shortly after the network found itself embroiled in controversy over the airing of a pro-Palestinian documentary, Days of Rage, which Ms. Christian had acquired and was responsible for vetting. A news report confirmed that the film was partially supported by undisclosed Arab funding, which was denied by the film’s producer.

In an interview with The New York Times, Ms. Christian said she quit PBS for other reasons. She said, “You’re burning because this is a no-win situation.” “You are silent when things are going well and angry when there are questions.”

She eventually settled in Palm Springs, California, with Mrs. DeBardelaben, whom she married in 2016. In 2003, the couple started the Palm Springs Women’s Jazz Festival.

In addition to Mrs. DeBardelaben, Mrs. Christian is survived by her grandson. Her daughter, Sunday Barrett, died in 2019.

While Ms. Christian kept quiet about her prison term early in her career, she finally decided to divulge it to a sympathetic NBC executive. “The guy just looked at me,” she recalls. He says: I don’t have enough problems. Do I have to listen to you? Get outta here.’ I didn’t hear another word.”

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Economic mood and other investment stories you may have missed this week

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This week has been a tough bullish one. Here’s what investors saw:

  • Oil prices have given up most of the gains from the OPEC+ production cut.

  • The Philadelphia Fed Manufacturing Index hit a new low for this economic cycle and missed expectations. Other indicators from the Conference Board The leading economic indicator I also fell.

  • Initial jobless claims were a surprise to the upside for the fourth consecutive week.

  • Weak earnings and more caution emerged from freight operators JB Hunt and Union Pacific as well as auto retailer AutoNation. Netflix and Taiwan Semiconductor, a major supplier to Apple, also issued guidance warnings.

  • There have been more layoffs in Meta’s Cloroxwith reports of planned job cuts at Disney.

  • Tesla reported a quarterly gross margin loss recently price cuts.

The bottom line is that there is an ongoing negative shift in economic data, most likely as interest rates continue to rise in the economy. This is a red flag.

Oddly enough, however, investors can’t seem to jump into it judging by the resilience of the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average.

“The latest data is further evidence that there will be a recession in the US soon, which fits with our own view at DB Research that it is expected to happen later in the year,” Jim Reed, Deutsche Bank strategist wrote in the client note.

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Good words of wisdom now.

Tesla CEO Elon Musk speaks to a visitor as he arrives to look at the Tesla Gigafactory construction on September 3, 2020, near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)

3 things you might have missed

1. The mood among AmEx cardholders: I met with American Express CEO Stephen Squarey, and he struck an optimistic tone about order trends.

“The economy is definitely divided, and I think at the lower end of the economy, we’re seeing some pressure, but we don’t have that,” Squirey said, adding that he sees strong demand for travel in the spring and summer. The call to travel lines up with what we’ve heard about this earnings season from Delta and United Airlines.

2. Elon Musk is following the storm. An interesting highlight from Tesla’s earnings call was when Elon Musk said he didn’t see the economy improving until 2024. The CEO predicted another year of “stormy economic weather” before “things start to get sunny in the spring of next year.”

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Musk joins the likes of JPMorgan CEO Jamie Dimon in using weather to describe the economic outlook.

3. About this credit cost: In an exclusive on Yahoo Finance Live, Loretta Mester, President of the Federal Reserve Bank of Cleveland, tells Jane Schoneberger that there is only one direction for interest rates in the near term: higher.

“I think that, given the complexity of inflation, and given the still-strong job market, I think rates should go above the 5% level,” Mester said.

Loretta J.  Jim Urquhart

Loretta J. Jim Urquhart

C-Suite, quote of the week

“We are not seeing a significant drop in trade [among consumers]John Mueller, CEO of Procter & Gamble (PG) told Yahoo Finance Live. We are witnessing, if anything, more careful use of the product they purchased. So they might use half a sheet of a Bounty paper towel instead of a full sheet. But overall, again, just looking at the numbers, the consumer holds up very well.”

planner of the week

For those investors who are ignoring the dangers of the impending debt ceiling, here’s a helpful reminder from the macroeconomics team at Goldman Sachs on how markets will price in the 2011 debt ceiling debate:

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Remember the debt ceiling debacle of 2011?

Remember the debt ceiling debacle of 2011?

Brian Suzy He is the Executive Editor of Yahoo Finance. Follow Suzy on Twitter @tweet and on linkedin. Deal tips, mergers, activist positions, or anything else? Email brian.sozzi@yahoofinance.com

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