It looks like America has even more open jobs
It looks like America has even more open jobs
From CNN Business’ Anneken Tappe
The biggest data release of the day is JOLTS, showing how many open jobs America had in May. And it looks like we’re ripe for another record as the worker shortage continues to weigh on US employers.
Economists polled by Refinitiv predict 9.4 million positions were waiting to be filled in May, more than the whopping 9.3 million from April, which marked a record high in the data series that started in 2000.
While the job openings data lags a lot of other measures of the labor market, such as the monthly jobs report, economists have been paying close attention to it because it’s telling us how the jobs recovery is going. Businesses are keen to reopen to pre-pandemic capacities but various factors, including child care, are keeping workers at home, leading to a mismatch of labor supply and demand.
The May JOTLS data is released at 10 am ET.
Chobani files to go public
From CNN Business’ Jordan Valinsky
Greek yogurt maker Chobani has confidentially filed paperwork for an initial public offering.
In a short release, the company didn’t disclose the number of shares of stock that will be sold, the price range or what exchange it will trade on. It expects to begin trading following the regulatory approval process.
Chobani is mostly known for its yogurt, but has expanded beyond that recently including coffee.
Forever 21 owner Authentic Brands files to go public
From CNN Business’ Jordan Valinsky
Authentic Brands Group, the parent company of several well-known consumer brands including Aeropostale, Barney’s New York, Forever 21 and even Sports Illustrated, has filed to go public.
Its revenue grew nearly 2% compared to the year prior to $489 million in 2020, which the company said in a regulatory filing that its business model has “been resilient throughout the Covid-19 pandemic.”
Other financial details, including the number of shares its planning to sell, weren’t revealed. However, it plans to trade under the symbol “AUTH” on the New York Stock Exchange.
Authentic Brands Group was founded by CEO Jamie Salter in 2010.
US stocks point to higher open
US stock futures were slightly lower after pointing higher after a rough start to the week Tuesday. Tech stocks continued to lead the way, with the Nasdaq pointing to a fourth-straight session of gains – and inching toward a record high.
Stocks gained as bond yields continued to fall and investors remained optimistic that the Federal Reserve’s minutes, due to be released at 2 pm ET, wouldn’t be quite as hawkish as some had feared.
The S&P 500’s streak of record closes ended at seven on Tuesday as US markets finished mostly lower.
Here’s where things stand as of 6:00 am ET:
- The Dow rose 22 points, or 0.06%.
- The S&P 500 is 0.13% higher.
- The Nasdaq Composite rose 0.38%.
Didi shares crash as China tightens the regulatory screws
From CNN Business’ Michelle Toh
Didi shares plunged almost 20% Tuesday in New York as fallout continued over news of the company’s troubles in China.
The company’s stock, which made its US debut only last week, closed down 19.6% on Tuesday at $12.49, well below its closing price of $15.53 on Friday.
Tuesday was the first trading day in the United States since Chinese regulators banned Didi’s ride-hailing platform from app stores in the country over the weekend. US markets were closed on Monday for the 4th of July holiday.
Read more here.
Betting against meme stocks could get you seriously burned
From CNN Business’ Paul R. La Monica
Many investors are still betting against top momentum and Reddit meme stocks — despite getting burned in the process.
Richard Branson’s space tourism company Virgin Galactic is one of the most heavily shorted stocks among customers of online broker TradeZero America.
Shares of Virgin Galactic (SPCE) have nearly doubled this year due to optimism about the demand for suborbital travel.
Another popular short with TradeZero America clients: AMC (AMC), but the movie theater chain’s shares have soared an astounding 2,350% in 2021, fueled by massive support from an army of Reddit traders who are betting that Hollywood’s triumphant box office comeback will continue.
Marin Software (MRIN), another stock embraced by the Reddit crowd, is a top short pick of TradeZero customers, too. Shares of the online advertising company have shot up more than 1,000% this year.
Read more here.
Source: http://rss.cnn.com/~r/rss/cnn_topstories/~3/GYwZPVXg_qk/h_670f71d9910f7c0d665bdb6a7eda4b3b
