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Metalottery Revolutionizes Lottery

Seethereality — Fri, 17 May 2024 10:47:13 +0000

Metalottery revolutionizes the traditional concept of lottery gaming by introducing a decentralized blockchain platform that offers unprecedented transparency, fairness, and thrilling experiences for players worldwide.

Metalottery, a groundbreaking online lottery platform built on blockchain technology, emerges as the first decentralized blockchain lottery platform, promising a new era of transparent, thrilling, and rewarding lottery gaming experiences. By fusing cutting-edge blockchain technology with the excitement of lotteries, Metalottery revolutionizes lottery gaming.

Unmatched Fairness and Frequency of Draws

Unlike traditional lotteries, Metalottery employs Chainlink‘s Verifiable Random Function (VRF) to ensure provably fair and unbiased results for every draw. With new lottery rounds starting every 8 hours, players can revel in the excitement of winning more frequently than ever before, enhancing the overall gaming experience.

The Heart of Metalottery: The PLT Token

At the core of Metalottery lies the Pool Lottery Token (PLT), the platform’s native token that fuels its ecosystem. Players can use PLT tokens to purchase tickets conveniently through Metalottery’s website. Additionally, players can spin the “Wheel of Fortune” for extra rewards and engage with a growing community of lottery enthusiasts on Telegram and Discord.

Empowering Players Globally

Dioni Bouropoulos, COO of Poollotto Finance, emphasizes Metalottery’s commitment to inclusivity and accessibility. Through a seamless integration of innovative technology and user-friendly interface, Metalottery empowers players worldwide to take control of their lottery experience. Participation is fee-free, with all ticket proceeds contributing to the jackpot, aligning with Metalottery’s vision to build the largest lottery community globally.

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Dow Jones Tickles 40,000 Before Retreating As Walmart Jumps On Earnings; New Warren Buffett Stock Soars

Seethereality — Fri, 17 May 2024 10:43:15 +0000

The Dow Jones Industrial Average touched the 40,000 mark before it and the other indexes flirted with break-even territory Thursday afternoon. Some blue chips led the stock market today as Walmart (WMT) jumped in heavy volume on solid earnings, while Chubb (CB) climbed as it became the latest major Warren Buffett holding.

The Dow crossed the 40,000 mark several times throughout the morning as it lifted marginally after rallying 0.9% on Wednesday. On Thursday, it hit 40,051 intraday, aiming for its 11th rise in 12 sessions, but drifted down to around 39,910 in recent action. The popular blue chip index has gained 6% so far in 2024.

The Dow’s move came one day after a pivotal rally spurred a boost in Investor’s Business Daily’s suggested exposure to stocks. Some market observers highlighted the positive impact that artificial intelligence — in addition to a growing economy and healthy corporate earnings — is having on the market.

“We are living through the fourth innovation boom since the 1960s tied to AI, automation and profitability,” Scott Helfstein, head of investment strategy at Global X, wrote in an email sent to IBD. “Those booms worked out well for companies and stocks in the past. Expansion to new highs usually last two years and delivers returns of 50%.”

AI and datacenter-related companies including SMCI (SMCI), Dell Technologies (DELL) and Microsoft (MSFT) backtracked in reasonable form after posting big gains on Wednesday. These companies got some airtime during Thursday’s IBD Live show.

Stock Market Today: Transport Stocks Trim Losses

The Dow Jones transportation average, which lagged the major indexes on Wednesday, fell as much as 0.5% early Thursday. But the index nearly wiped away those losses.

Meanwhile, the Nasdaq composite edged lower. The S&P 500 was flat. Both raced to all-time highs on Wednesday following an inflation report that showed U.S. consumer prices did not continue to accelerate. The consumer price index rose 0.3% month on month in April, meeting the Econoday consensus forecast. It gained 3.4% vs. a year earlier, slowing from a 3.5% increase in March.

Volume bulged vs. the same time Wednesday on the Nasdaq and fell on the New York Stock Exchange.

Breadth in the stock market Thursday was also roughly even. According to ThinkorSwim, 1,984 stocks rose on the Nasdaq while 2,099 companies fell. On the NYSE, decliners led advancers 1,570 vs. 1,338.

In other financial markets, crude oil futures rose 0.8% to $79.26 a barrel while natural gas surged 3.1%. Gasoline futures rallied 1.7% while gold edged 0.4% lower.

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Retailer Breaks Out In Stock Market Today

Walmart, the discount retailing titan, added fuel to the bullish story in stocks with solid growth in same-store sales. The company also reported solid year-over-year increases in other segments such as digital ads and global e-commerce revenue.

Walmart blasted more than 6% higher to top a mild double-bottom chart pattern that showed a 60.89 entry point. Earnings in the April-ended fiscal first quarter jumped 22% to 60 cents a share on a 6% pickup in total sales.

In a double bottom, the second sell-off must show a low that undercuts the first sell-off low.

In the case of Walmart’s chart, the stock made a first low of 58.88 and a second low of 58.55. That means the middle peak between the two lows, or 60.89, marks a buy point within the bullish chart pattern seen among many past big stock market winners.

Growth investors generally should prefer companies in the large-cap and megacap arena that can grow their profits at a faster rate than sales. This implies firm pricing power or the ability to reduce costs, boosting margins.

Insurance Sector Leader A New Buffett Holding

Insurance giant Chubb became the latest major Warren Buffett holding, according to filings with the Securities and Exchange Commission. Chubb shares jumped nearly 4%.

One of the day’s early big movers, Chubb rose more than 4% and hit a session high 270.16. Shares also surged above a 260.58 proper buy point in a nine-week flat base. The 5% buy zone from 260.58 goes up to 273.61.

The company has enjoyed stout profit gains amid an industry that has sharply raised premiums. Chubb’s earnings have grown 17%, 58%, 108% and 23% vs. year-ago levels in the past four quarters. MarketWatch reported that Buffett’s holding company, Berkshire Hathaway (BRKA), owned 25.9 million Chubb shares as of March 31.

However, Wall Street expects the firm, now based in Switzerland, to see a 4% decline in earnings this year to $21.67 a share. Following Thursday’s boost, CB now has a market value of $107 billion.

According to IBD Stock Checkup, Chubb holds a respectable 91 Composite Rating out of a best-possible 99. The IBD Composite Rating combines fundamental, technical and fund ownership metrics into a single easy-to-use score. However, it’s best used as a stock selection tool, not for timing buys and sells in an individual stock market leader.

Bloomberg Intelligence reported that Buffett may have been attracted to Chubb’s sizable reinsurance business.

Stock Market Today: Deere, Dillard’s Fall

Meanwhile, some individual companies including Deere (DE) and Dillard’s (DDS) fell due to disappointing quarterly reports.

Farm equipment supplier Deere sank more than 3.7% and dipped below 400 in heavy turnover. The stock tried to pass a 414.80 buy point within a long, winding base. Deere shares are trying to gain buying support at a key technical level on its chart, the 50-day moving average. Volume zoomed four times the stock’s typical level.

Deere beat reduced top- and bottom-line views but issued a soft outlook.

Dillard’s fell 1.3% to 449.81 in heavy volume. Earnings fell 6% to $11.09 a share on a 4% dip in sales to $1.55 billion. The department store chain, primarily located in the South, nevertheless is building a new base with a 476.48 correct buy point.

Building and road construction-related firms also fell en masse. For sure, such stocks have made strong runs in recent years. Eagle Materials (EXP) dropped 5% in above-average volume. The gypsum and cement supplier has achieved a 36% gain year to date and attempted a breakout from a narrow base with a 272.72 buy point.

Now, Eagle is testing critical support at the 50-day moving average. Irish asphalt and cement firm CRH (CRH) dropped 3%, losing much of its gains over the prior two sessions.

China Stock Market Laggard

Further, China electric-vehicle maker Li Auto (LI), a true laggard so far this year, lopped off more than 2% and fell for the fourth time in five sessions after announcing an 18% staff cut. Shares have dropped 32% year to date.

Li Auto, a former highflier after the pandemic stock market bottom in April 2020, dropped 2.6%. Shares remain pinned below their falling 50- and 200-day moving averages on the stock market today, a bearish sign.

Li hosts a weak Relative Strength Rating of 12 on a scale of 1 to 99. In general, favor those growth leaders in the stock market with an RS Rating of 90 or higher.

Earnings After The Close

After the close, the stock market will pay close attention to earnings from Applied Materials (AMAT), with a Relative Strength Rating of 92, and salvaged car auctioneer Copart (CPRT) and its 81 RS score.

Analysts see Applied Materials, the chip equipment giant, posting earnings of $1.84 a share in the April quarter, up 3%, on sales of $6.04 billion.

The highest individual earnings estimate is at $1.96 a share, which would mark a 10% year-over-year gain.

Please follow Chung on X/Twitter: @saitochung and @IBD_DChung

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'Big Short' Investor Michael Burry Bets Heavy On Gold, Renewable Energy Stocks, Exits Amazon, Alphabet

Seethereality — Fri, 17 May 2024 10:42:06 +0000

‘Big Short’ Investor Michael Burry Bets Heavy On Gold, Renewable Energy Stocks, Exits Amazon, Alphabet

Michael Burry, the legendary investor who famously predicted the 2008 financial crisis, has once again made headlines with his latest 13F filing for his hedge fund Scion Asset Management LLC.

The first quarter of 2024 reveals a strategic recalibration towards physical commodities and renewable energy, while Burry shifted away from some tech giants.

The total market value of Scion’s 13F securities increased from $94.6 million to $103.49 million. The fund’s activity included five new purchases, additions to 11 existing positions, and complete sell-offs of 14 stocks.

Top 5 Buys: A Golden Bet On Gold And Clean Energy

Burry’s top buys for Q1 2024 reveal a clear pivot towards physical precious metals and clean energy, underscoring his anticipation of rising value in these sectors.

Leading the charge is the Sprott Physical Gold Trust ETV (NYSE:PHYS), with Scion increasing its position by $7.62 million, marking a 7.37% change in the portfolio. This substantial investment highlights Burry’s confidence in gold as a hedge against economic uncertainty. The aforementioned gold fund has delivered a 16% return year to date, outperforming the broader stock market, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), which rose by 12%.

Next in line is Cigna Holding Co (NYSE:CL), where Scion increased its stake by $7.26 million, representing a 7.02% portfolio change. This move reflects Burry’s continued belief in the resilience and growth potential of the healthcare sector.

Reflecting confidence in the energy sector, Burry added $6.59 million worth of BP Plc ADR (NYSE:BP), translating to a 6.37% portfolio change. This investment signifies Burry’s recognition of BP’s strong position in the global energy market, especially amid BP’s transition to cleaner energy sources.

Last week, the British energy company’s electric vehicle charging unit announced plans to acquire Tesla Inc. (NASDAQ:TSLA) supercharging sites in the US as part of its expansion efforts.

Burry’s commitment to renewable energy is further emphasized by a $5.06 million increase in First Solar Inc. (NYSE:FSLR), representing a 4.89% change in the portfolio. This move aligns with the global shift towards sustainable energy solutions, showcasing Burry’s foresight in capitalizing on this growing trend.

Rounding out the top five buys is Baidu Inc ADR (NASDAQ:BIDU), with a $4.38 million addition, marking a 4.07% portfolio change. This investment underscores Burry’s confidence in the long-term potential of Chinese technology companies.

In his Q4 2023 13F filing, Burry increased stakes in two major Chinese retail giants, JD.com Inc (NASDAQ:JD) and Alibaba Group Holdings (NASDAQ:BABA).

At the end of the first quarter 2024, Burry further increased his stakes in these two giants, purchasing an additional 160,000 shares of JD.com and 50,000 shares of Alibaba.

Top 5 Portfolio Divestments: Burry Trims Tech Giants

Burry made notable divestments in several high-profile tech stocks during the first quart.

Oracle Corp (NASDAQ:ORCL) tops the list, with Scion decreasing its holdings by $5.77 million, a 5.57% change in the portfolio.

CVS Health Corp (CVS) followed closely, with a $5.62 million reduction, a 5.43% change in the portfolio. This move might reflect concerns over potential challenges in the healthcare sector.

Nexstar Media Group (NASDAQ:NXST) ranked third in terms of largest sales, with Burry reducing the stake by $5.57 million (5.39% change).

Notably, Burry opted to completely exit his positions in two major U.S. tech giants, suggesting a reevaluation of their growth prospects following a strong rally.

Alphabet Inc. (NASDAQ:GOOGL) saw a full divestment, with Burry selling $5.35 million worth of shares (a 5.17% change).

Similarly, Amazon.com Inc. (AMZN) experienced a complete exit, with a $4.99 million reduction, representing a 4.82% portfolio change. This move highlights Burry’s cautious stance on the future performance of one of the world’s largest e-commerce platforms.

Portfolio Summary

The top five holdings by weight in the Scion Asset Management LLC’s portfolio by the end of the Q1 2024 are:

JD.com Inc: 9.53%.
Alibaba Group Holding Ltd: by 8.74%.
HCA Healthcare Inc (NYSE:HCA): 8.06%.
Citigroup Inc (NYSE:C): 7.64%.
Sprott Physical Gold Trust: 7.37%.

Read now: Warren Buffett’s Berkshire Confirms Apple Sale, Dumps This PC Maker, Finally Reveals Mystery Stock: Here Are The Portfolio Changes To Know

Image created using artificial intelligence via Midjourney.

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This article ‘Big Short’ Investor Michael Burry Bets Heavy On Gold, Renewable Energy Stocks, Exits Amazon, Alphabet originally appeared on Benzinga.com

Major Insurer Delivers Massive Sticker Shock To California Homeowners

Seethereality — Fri, 17 May 2024 10:41:57 +0000

Major Insurer Delivers Massive Sticker Shock To California Homeowners

California homeowners who were looking for relief from high insurance premiums may want to brace themselves for a nasty surprise if they carry Travelers Insurance. The national insurance giant recently announced they would be hiking homeowners’ premiums in the Golden State by an average of 15.3%. The move will affect an estimated 320,000 policyholders and goes into effect in June of this year.

Although the average premium increase is 15%, some homeowners will see their rates increase by as much as 25%, which will only place further strain on the budgets of California homeowners. As hard as it may be to believe, the homeowners receiving the premium increases may be the lucky ones in this equation. Travelers also announced plans to cancel 6,600 policies for California homeowners.

The New York-based insurer is citing the increased risk and costs associated with wildfires and other natural disasters like mudslides or floods as the motivation behind both the premium increases and the cancellations. Regardless of whether they received a policy increase or a cancellation, the homeowners affected by this move will find a very difficult market waiting for them if they try to shop for new rates or a replacement policy.

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In recent years, California’s insurance market has been getting increasingly difficult for consumers as more and more insurers opt to quit the market entirely rather than deal with the risk of writing policies. In addition to Travelers, major insurance carriers with national recognition like State Farm, Allstate, and Farmers have recently reduced policies and dramatically raised premiums for the policies they renewed.

As recently as March, State Farm announced it would drop 72,000 California homeowners’ policies. Like Travelers, all the insurers backing out of California are making these moves based on their fears over covering natural disasters, which are striking the state with more frequency and potency every year. In what can only be taken as an acknowledgment of the deep challenges facing the industry, California’s Insurance Commission approved Travelers’ rate increases.

Travelers released a statement to Los Angeles-based KTLA News about the increases, which said in part “The approved adjustments to our California homeowner’s insurance rates are a necessary step toward aligning pricing to the risks that our customers are facing.” The increases, from Travelers, also come on the heels of a recent proposal by California’s Insurance Commissioner to let insurers use predictive modeling to calculate rate increases.

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The Commissioner is also proposing to streamline and expedite the process of approving rate increases. Both moves could pave the way for even higher insurance premiums because currently, insurers are limited to using actual losses from past claims as the basis for rate increases. That specific limitation was introduced in 1988 under a measure known as Proposition 103 which also required insurers to get California Insurance Commission approval before increasing rates.

Since then, property values in California have skyrocketed and insurers say the current model for calculating rates is out of step with the cost and risk of providing homeowners coverage. California Insurance Commissioner Ricardo Lara has said these industry concessions are part of his “Sustainable Insurance Strategy” plan which is designed to keep as many private insurers operating in California as possible.

Another pressing issue with California’s insurance market is that as more insurers exit the state, it only increases the number of homeowners relying on California’s state-run FAIR Plan for insurance. Although FAIR advertises itself as an option of last resort, its website is getting thousands of applications per week from homeowners who are priced out by private rates.

Of course, all this only adds to the misery for any Travelers policyholder who just opened up their renewal envelope. They are likely to shop around and discover that they are the lucky ones to have gotten the option to renew at all. Many of their neighbors could be even worse off. The California insurance crisis has not yet affected homeowners as badly as the one in Florida, but it’s trending in that direction.

Whatever happens, both the California Insurance Commission and the private insurers operating in the state will have to come to some sort of mutually beneficial arrangement. If they cannot, one of the world’s most lucrative real estate markets could be in for an incredibly bumpy ride because it’s simply impossible for a multi-trillion-dollar real estate market to exist if property owners can’t get insurance.

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This article Major Insurer Delivers Massive Sticker Shock To California Homeowners originally appeared on Benzinga.com

Nvidia Dethroned: This AI Chip Stock Now Rules This Elite Screen

Seethereality — Fri, 17 May 2024 10:40:24 +0000

Artificial intelligence behemoth Nvidia (NVDA) led April’s list of new buys by top managers. Nvidia stock also earned a spot on this screen in February and March. But in this month’s list of new buys by the best mutual funds, fellow AI and semiconductor leader Broadcom (AVGO) has snatched the crown, while Nvidia failed to even make an appearance.

In fact, from Microsoft (MSFT) and Meta Platforms (META) to Alphabet (GOOGL) and Amazon.com (AMZN), none of the Magnificent Seven stocks made the cut.

But the top-performing institutional investors showed their love for Broadcom, scooping up roughly $8.3 billion worth of AVGO stock. With Nvidia gone from the list, only Arm Holdings (ARM), which just posted a disappointing full-years sales outlook, joined Broadcom from the fabless semiconductor group.

Featured as the IBD Stock Of The Day on Monday, AVGO stock briefly broke out Wednesday before slipping back below the new entry.

Including Broadcom, a total of eight companies, including Super Micro Computer (SMCI), Salesforce.com (CRM) and Chipotle Mexican Grill (CMG), each saw over $1 billion in capital inflows from the best mutual funds.

The links below highlight just a portion of this month’s new buys and sells by top funds.

Click here to see all the stocks on the list.

Broadcom, SMCI In Demand Among Best Mutual Funds

The best mutual funds also scooped up shares of financial giants JPMorgan Chase (JPM) and American Express (AXP).

As these savvy investors did in March and April, top funds also bet big on the broad building sector. Trane Technologies (TT), a maker of energy-efficient environment products for commercial and residential applications, led the industry, taking in roughly $1.14 billion.

Company	Symbol	$ Amt Invested (bil)	Comp Rating	EPS Rating	RS Rating	SMR Rating
Broadcom	(AVGO)	8.37	98	86	95	A
Super Micro Computer	(SMCI)	5.82	99	99	99	A
JPMorgan Chase	(JPM)	2.35	94	88	88	A
American Express	(AXP)	1.38	94	93	91	A
Chipotle Mexican Grill	(CMG)	1.33	99	97	93	A
Eaton	(ETN)	1.33	95	94	94	A
Salesforce	(CRM)	1.27	91	97	82	A
Trane Technologies	(TT)	1.14	98	95	94	A

Broadcom, JPM Near Buy Points

A number of names on the list of new buys by the best mutual funds are in or near new buy zones.

Finding support at its 50-day moving average, Broadcom has etched a consolidation pattern with a 1,438.17 buy point.

JPM stock has financed a new breakout from a second-stage flat base and remains in buy range above a 200.94 buy point.

Booz Allen Hamilton (BAH), which outshines Nvidia and Palantir (PLTR) as the driving force of AI in the federal government, remains in buy range from a breakout in a flat base.

Tradeweb Markets (TW) has jumped to the top of its buy zone since reporting earnings on April 25.

Builders Near Buy Points

Representing the big demand for the building sector among the best mutual funds, Modine Manufacturing (MOD) joins homebuilders PulteGroup (PHM) and Toll Brothers (TOL).

Featured as the IBD Stock Of The Day on May 6, Modine continues to tease a breakout past a 106.01 buy point with its relative strength line on the rise. It reversed below that entry on Thursday. Modine reports earnings on May 21.

Toll Brothers has nailed down a breakout from a flat bases. Homebuilding peer broke out Wednesday, but slipped back below its 121.08 point on Thursday.

Follow Matthew Galgani on X, formerly Twitter, at @IBD_MGalgani.

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'$2 Million Is Nothing' Suze Orman Warns Don't Retire If You Don't Have At Least $5 Million Or $10 Million Saved

Seethereality — Fri, 17 May 2024 10:39:21 +0000

‘$2 Million Is Nothing’ Suze Orman Warns Don’t Retire If You Don’t Have At Least $5 Million Or $10 Million Saved

On the “Afford Anything” podcast, Suze Orman delivered a pointed critique on the notion of retiring early with a $2 million portfolio. She was direct in her advice, emphasizing the insufficiency of such an amount for early retirement. “Two million dollars is nothing,” Orman declared, “It’s nothing. It’s pennies in today’s world, to tell you the truth.”

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Orman expanded on the potential financial dangers that could deplete such savings quickly. “If you have $20 (million), $40 (million), $50 (million) or $100 million, be like me, okay. If you have that kind of money â€¦ and you want to retire, fine,” she explained, contrasting this with the risks faced by those with less substantial sums. “But if you only have a few hundred thousand dollars, or a million, or $2 million, I’m here to tell you…if a catastrophe happens…what are you going to do? You are going to burn up alive.”

Addressing the common retirement strategy of withdrawing 4% annually, Orman was skeptical: “I think that in the long run, $80,000, especially after taxes and as you get older, is not going to be enough. You may think it’s going to be enough, but it’s just not,” she stated firmly.

Her advice underscores the importance of ample financial cushioning, particularly if unexpected costs arise, such as health care or family support needs. “Think about it logically,” Orman urged, highlighting potential expenses that could easily top hundreds of thousands annually.

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When asked if $3 million was enough Orman firmly stated it was not. “If you don’t have at least $5 million or $10 million, don’t retire early,” Suze asserted.

Orman’s assertion that individuals need “at least $5 million to retire early” stirred a mix of reactions, with some viewing it as excessively cautious while others validate her perspective.

Financial Samurai supports Orman’s viewpoint, highlighting that with today’s low interest rates, a larger capital is necessary to generate sufficient risk-adjusted income for early retirement. This is particularly relevant considering the need to depend more on investment income due to the diminishing reliability of traditional retirement income sources like Social Security and pensions.

While Orman faced significant backlash for her statements, with critics arguing that her figures are unattainable for most, the underlying principle she advocates is prudence.

This idea resonates with a segment of the financial community that sees the wisdom in ensuring a substantial financial buffer to address uncertainties in retirement, especially given potential long-term trends such as increasing health care costs and ongoing economic fluctuations. Orman’s conservative approach, advocating for a higher threshold of retirement savings, reflects a cautious strategy designed to safeguard against the unknowns of future decades.

Financial planning is crucial for a secure retirement, and while Suze Orman’s recommendations may not be suitable for everyone, consulting a financial advisor can help you craft a personalized plan that aligns with your unique goals and risk tolerance. An advisor can help you assess your current financial situation, including your income, expenses, debts, and savings, and create a road map to reach your retirement goals.

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This article ‘$2 Million Is Nothing’ Suze Orman Warns Don’t Retire If You Don’t Have At Least $5 Million Or $10 Million Saved originally appeared on Benzinga.com

Applied Materials Forecast Fails to Impress Following Rally

Seethereality — Fri, 17 May 2024 10:38:00 +0000

(Bloomberg) — Applied Materials Inc., the largest US maker of chipmaking machinery, failed to impress investors with its latest forecast following a rally in the shares this year.

The GameStop guy is back. But he seems to be having a midlife crisis.

Seethereality — Fri, 17 May 2024 10:37:57 +0000

Roaring Kitty’s return has caused meme-stock chaos. But the latest mania seems destined to crash.Roaring Kitty; Getty Images; Alyssa Powell/BI

It was kind of cool that Keith Gill walked off into the sunset after the GameStop craze. Gill, who goes by Roaring Kitty on X and YouTube and by DeepFuckingValue on Reddit, was at the center of the 2021 GameStop saga. He was the leader of the retail-trader Davids facing down the Wall Street Goliaths, if that’s the storyline you buy into. After the mania subsided — and after a trip to testify before Congress — Gill, a 30-something dad from Massachusetts, fell off the map. The assumption was that he probably made a lot of money off of the whole thing, but nobody really knows. He didn’t even participate in the big Hollywood movie about him that came out last year.

Now Gill seems to be back, sort of. His Roaring Kitty account started tweeting again this week: On Sunday night it shared an image of a guy leaning forward in his chair, followed up on Monday with a bunch of video compilations of different movies. The videos have a “we’re so back” tenor, but it’s not clear what we’re back to. Does Gill have something cooking? Or is he just screwing around? It’s all pretty cryptic and doesn’t make a ton of sense. He hasn’t explicitly said he’s trading again or even really mentioned GameStop. It’s giving midlife crisis — like, if you told me Gill was getting divorced and bought a Porsche, I would not be shocked.

Whatever the case, the market is into it. GameStop’s stock has popped. It jumped by more than 70% on Monday and 60% on Tuesday, halting trading amid volatility multiple times. Short-sellers are once again hurting. Shares of AMC, GameStop’s fellow meme stock, surged by nearly 80% on Monday and 30% on Tuesday. The movie-theater chain took advantage of the rally to raise $250 million of new equity capital the same day. Both gave back some gains on Wednesday, but they’re still up quite a bit for the week.

The market casino is back open, at least for now.

The recent surge in these stocks doesn’t make any more sense than it did in 2021. GameStop’s fundamental business story hasn’t changed — it’s a struggling game retailer whose supposed turnaround has not come to fruition. The same goes for AMC: The actual business didn’t get better overnight. What’s changed is Roaring Kitty is tweeting, and not even really about a company. It’s just meme time again. While Robinhood crashed during the fervor a few years ago, it’s E-Trade that’s having issues now.

Beyond the stocks, crypto has been bouncing back lately, too. Bitcoin hit a high in March, thanks in part to the launch of a bunch of bitcoin exchange-traded funds. Crypto trading volumes on Robinhood hit $36 billion in the first quarter of the year, a 224% increase from the year prior. Even the crypto commercials are back. Crypto.com is running an ad during the NBA playoffs repeating the “fortune favors the brave” line Matt Damon was delivering on its behalf during the Super Bowl in 2022; this time around it’s showcasing UFC fighters and has Eminem doing the talking. This is all pretty familiar, though as my colleague Peter Kafka likes to point out, nobody is really pretending this crypto surge is about building anything or the coins doing anything. “Number go up” is the whole shebang.

All of this feels a little sad — like it’s trying to recapture a moment and spirit that is well in the past. In 2021, people were stuck at home with money to blow, and buying shares of GameStop was a way to channel some energy. The whole episode was exciting, novel, and fun. Now it’s just kind of like, OK, I guess we’re doing this again. Even if the “little guys taking on Wall Street” story was overblown during the 2021 rally, the newness of it and the fervor around the movement made it feel like a brief market-warping event. This latest bout of meme-stock mania has a narrower bent: young, male, nihilist. It seems like more of a rush to a hot blackjack table than any sort of groundswell. And given that shares of GameStop and AMC have started to fall, it’s already fading anyway.

Maybe this run will be different and these stocks and coins won’t completely crash again, but I wouldn’t count on it. People are out and about more, and there’s more stuff to spend on. Said stuff is also more expensive because of inflation, and stimulus checks are not on the way. If you bought GameStop or AMC shares in 2021, it might not be a bad time to consider selling some to break even. Check on that dogecoin you put in your Coinbase account a few years ago, too.

America has become a nation of gamblers — or maybe it always was, and the proliferation of sports betting and meme stocks and cryptocurrency has just made that extra obvious. Roaring Kitty is back, and people are tossing their money into the GameStop slot machine. Just remember, the house always wins.

Read the original article on Business Insider

Can You Guess How Many Americans Have $2 Million Saved For Retirement? It's Probably Less Than You'd Expect

Seethereality — Fri, 17 May 2024 10:36:21 +0000

Can You Guess How Many Americans Have $2 Million Saved For Retirement? It’s Probably Less Than You’d Expect

While retiring with a $2 million nest egg might seem rare, it’s closer to what many Americans now believe they need to retire comfortably.

A survey from Northwestern Mutual reveals that Americans feel they need $1.46 million for a comfortable retirement, a number that has surged by 53% since 2020. This dramatic increase, influenced by inflation and growing financial pressures, suggests that a $2 million target may not be as far-fetched as it appears, especially for someone who is 60 and plans to retire in five years.

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According to recent data from LIMRA, only a small fraction of American households, specifically those headed by someone aged 60 or older, report having investable assets of at least $2 million. This figure represents just 7% of such households, indicating a significant gap between the wealthiest retirees and the majority.

Despite the rarity, those who do achieve this financial milestone enter their later years with considerable confidence. LIMRA’s research found that 80% to 90% of these wealthy households believe their savings will comfortably last them until they are 90 years old. This contrasts sharply with households that have less savings, where confidence levels dip considerably. For instance, among those with $1 million to $2 million, confidence is noticeably lower, continuing to decrease as asset levels drop.

The research also sheds light on broader economic concerns influencing retirement planning. Many Americans are increasingly relying on lifetime-guaranteed income sources like annuities to ensure financial stability in retirement. This trend reflects concerns over the sufficiency of Social Security and traditional pension plans, which fewer future retirees believe will cover their basic living expenses.

Trending: 82% of Americans aren’t using this government secured 5% passive income stream, are you one of them?

To help bridge the gap toward achieving a substantial retirement nest egg, here are some practical tips:

1. Start Early and Save Consistently: The power of compound interest grows over time, so starting your savings early can have a significant impact on your retirement funds.

2. Diversify Your Investments: Don’t put all your eggs in one basket. Diversifying your investments can help manage risk and increase your chances of achieving your financial goals.

3. Maximize Retirement Account Contributions: Take full advantage of retirement accounts, such as 401(k)s and IRAs, especially if they offer employer matches.

4. Consider Annuities for Guaranteed Income: Annuities can provide a steady income stream in retirement, which can be particularly valuable as a supplement to Social Security.

5. Plan for Healthcare Costs: Healthcare can be a significant expense in retirement. Consider long-term care insurance and other ways to mitigate these costs.

6. Work with a Financial Advisor: A professional can provide personalized advice based on your financial situation and retirement goals.

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Jeannine Mancini has written about personal finance and investment for the past 13 years in a variety of publications including Zacks, The Nest, and eHow. She is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Mancini believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty, or undertaking, stated or implied, as to the accuracy or completeness of the information.

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Warren Buffett's Berkshire Confirms Apple Sale, Dumps This PC Maker, Finally Reveals Mystery Stock: Here Are The Portfolio Changes To Know

Seethereality — Fri, 17 May 2024 10:36:18 +0000

Warren Buffett’s Berkshire Confirms Apple Sale, Dumps This PC Maker, Finally Reveals Mystery Stock: Here Are The Portfolio Changes To Know

Investment guru Warren Buffett confirmed Wednesday the trimming of his Apple, Inc. (NASDAQ:AAPL) stake and finally shed light on the mystery stock his firm, Berkshire Hathaway, Inc. (NYSE:BRK) (NYSE:BRK), accumulated ahead of the first quarter.

Apple, Chevron Trimmed: Berkshire reduced its Apple position by a little over 116 million.

The firm now owns 789,368,450 Apple shares valued at $135.36 billion, a 13F filing shows. This is the second straight quarter that the Buffett-led company has diluted its Apple stake.

The iPhone manufacturer remains Berkshire’s top holding.

Earlier this month, Buffett — at the annual Berkshire shareholder meeting — said the dilution has to do with footing the tax bill and the desire to hold more cash due to economic uncertainties.

After adding 15.9 million Chevron Corp. (NYSE:CVX) shares in the fourth quarter, the firm sold 3.1 million shares of the oil giant in the first quarter. The latest 13F showed Berkshire owning 112.98 million shares worth $305.70 million.

But Berkshire added 4.32 million shares of Occidental Petroleum Corp. (NYSE:OXY), with its latest stake amounting to 248.02 million.

Berkshire maintained its stake in its other three core holdings:

Bank of America, Inc. (NYSE:BAC): 1.03 million shares valued at $39.17 billion
American Express Co. (NYSE:AXP): 151.61 million shares valued at $34.52 billion
Coca-Cola Co. (NYSE:KO): 400 million shares valued at $24.47 billion

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Mystery Stock Unveiled: Berkshire also finally disclosed the mystery stock it sounded out earlier. The firm bought a big chunk of Chubb Limited (NYSE:CB) shares.

Berkshire accumulated 25.92 million shares of the property and casualty insurer at a valuation of $6.72 billion. This stake gives Berkshire a 6.4% stake in the insurer (based on 406 million in outstanding shares).

Insurance has been a staple sector in Berkshire’s portfolio. Other holdings include auto insurer GEICO, reinsurance company General Re and Alleghany Corporation, a holding company of property and casualty reinsurance and insurance operating subsidiaries.

HP Stake Jettisoned: Berkshire cashed out of HP Inc. (NYSE:HPQ) in the first quarter. The firm sold all the 22.85 million shares (worth $687.64 million) of the computer and peripherals maker it held at the fourth quarter.

Other Disposals: Among the other portfolio stocks, the firm part disposed include:

	Current Position (number of shares)	Q-o-Q Change
Louisiana-Pacific Corporation (NYSE:LPX)	6.60M	-6.34%
Paramount Global (NASDAQ:PARA)	7.53M	-88.11%
Sirius XM Holdings Inc. (NASDAQ:SIRI)	36.68M	-8.85%

At the shareholder meeting, Buffett previewed the Paramount Global sale and took the responsibility for zeroing in on the investment.

“It was 100% my decision, and we’ve sold it all, and we lost quite a bit of money,” he said.

Berkshire Hathaway’s Class A shares were little changed at $413.01 in premarket trading, according to Benzinga Pro data.

Now Read: Bill Ackman’s Pershing Square Q1 Shake-Up: Home Retailer Dumped, Hot Restaurant Stake Trimmed And A ‘Magnificent 7’ Holding Juggled

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This article Warren Buffett’s Berkshire Confirms Apple Sale, Dumps This PC Maker, Finally Reveals Mystery Stock: Here Are The Portfolio Changes To Know originally appeared on Benzinga.com