New York Times: Companies That Rode Pandemic Boom Get a Reality Check

New York Times: Companies That Rode Pandemic Boom Get a Reality Check. “While the pandemic battered the economy, tech companies and consumer companies powered by digital technology stood out as islands of growth. But with coronavirus cases and deaths falling, more than two million Americans a day getting vaccinations and the overall economic outlook improving, investors are starting to turn elsewhere.”

CNET: AMC, GameStop stock are on a Reddit-fueled roller coaster. Why, and what happens next

CNET: AMC, GameStop stock are on a Reddit-fueled roller coaster. Why, and what happens next. “Over the past few months, a bunch of Reddit users have worked to push up the value of shares for video game retailer GameStop, despite Wall Street investors betting the company will fail. In the process, they sent the stock up more than 14,300% (you read that right), with some wild fluctuations. Then they started spreading their strategy to struggling movie chain AMC, too. In their wake, these online market players have upended Wall Street, creating a drama filled with memes, app trading disasters and weird internet lingo as big-time investors have lost billions of dollars.”

CNBC: Hackers look to buy brokerage log-ins on the dark web with Robinhood fetching highest prices

CNBC: Hackers look to buy brokerage log-ins on the dark web with Robinhood fetching highest prices. “As a new generation of investors flock to the stock market, criminals are looking for ways to exploit them. Hackers have turned to the dark web, where log-ins for accounts at major brokerage firms are listed for sale, according to security analysts and listings seen by CNBC.”

New York Times: As Virus Spread, Reports of Trump Administration’s Private Briefings Fueled Sell-Off

New York Times: As Virus Spread, Reports of Trump Administration’s Private Briefings Fueled Sell-Off. “On the afternoon of Feb. 24, President Trump declared on Twitter that the coronavirus was ‘very much under control’ in the United States, one of numerous rosy statements that he and his advisers made at the time about the worsening epidemic. He even added an observation for investors: ‘Stock market starting to look very good to me!’ But hours earlier, senior members of the president’s economic team, privately addressing board members of the conservative Hoover Institution, were less confident.”

Barron’s: The Pandemic Has Swelled the Ranks of Zombie Companies. Here’s How to Recognize Them.

Barron’s: The Pandemic Has Swelled the Ranks of Zombie Companies. Here’s How to Recognize Them.. “With Halloween near, investors need to keep an eye out for zombies. The pandemic has boosted the number of zombie companies—unprofitable, cash-poor firms that rely on financial markets to cover their costs—reports money manager Principal Global Investors. In the first quarter, Principal found 18% of companies in the Bloomberg Total Return Index couldn’t cover interest costs with the previous year’s pretax earnings, up from a little more than 10% a year ago.”

Salon: Why is the stock market soaring amid a pandemic? Because Trump thinks that may save him

Salon: Why is the stock market soaring amid a pandemic? Because Trump thinks that may save him. “All told, Donald Trump is a bit of an expert at blurting things that force the markets to bend to his will. And he’s engaging in similar shenanigans now, while Americans are dying by the thousands. Before the pandemic and accompanying economic calamity hit us, it’s possible, while not proven, that Trump used his inexplicable trade war to seize control over the indexes. Since Trump launched the trade war with China in early 2018, whenever he’d announce good news about negotiations with Beijing — which were probably lies — the markets would rise. Whenever he’d announce bad news along those lines, the markets would collapse. We can see it in the charts: Since 2018, we’ve observed wildly unprecedented whiplash swings by hundreds of points in single days of trading, and most of those […]

MarketWatch: Dow plunges 7%, marks worst day since March as Fed’s grim outlook and rising cases of coronavirus unsettle bulls

MarketWatch: Dow plunges 7%, marks worst day since March as Fed’s grim outlook and rising cases of coronavirus unsettle bulls. “U.S. stocks on Thursday marked the worst day since the height of the coronavirus-induced rout, amid signs of a re-acceleration of cases of COVID-19, and as investors digested Wednesday’s sobering economic outlook from Federal Reserve Chairman Jerome Powell. The market moves came even as the number of Americans filing for first-time jobless benefits declined again in the most recent week.”

New York Times: How Upbeat Vaccine News Fueled a Stock Surge, and an Uproar

New York Times: How Upbeat Vaccine News Fueled a Stock Surge, and an Uproar. “Moderna’s stock price jumped as much as 30 percent. Its announcement helped lift the stock market and was widely reported by news organizations, including The New York Times. Nine hours after its initial news release — and after the markets closed — the company announced a stock offering with the aim of raising more than $1 billion to help bankroll vaccine development. That offering had not been mentioned in Moderna’s briefings of investors and journalists that morning, and the company chairman later said it was decided on only that afternoon.”

Vox: The economy is in free fall. So why isn’t the stock market?

Vox: The economy is in free fall. So why isn’t the stock market?. “Earlier in the coronavirus crisis, Wall Street had a meltdown. Stocks plunged amid fears of the disease’s spread and its potential impact on the global economy, sometimes to the point that trading was halted altogether to rein in the chaos. But in recent weeks, the market has been doing okay. It’s not at the record highs it was in mid-February, but it’s not bad — the S&P 500 is hovering around where it was last fall. And given the state of the world — a deadly global pandemic with no end in sight, 30 million Americans recently out of jobs, an economy that’s fallen off of a cliff — a relatively rosy stock market is particularly perplexing.”

Quartz: Wall Street’s watchdog is obscuring data that could protect investors

Quartz: Wall Street’s watchdog is obscuring data that could protect investors. “BrokerCheck is operated by an industry-run regulator. And the way it presents data has the power to distort markets and protect the profits of financial institutions. The only reason we know this is that, finally, its grip on the data is slipping. Starting a few years ago, a handful of pioneering academics were able extract the critical firm-related data from individual profiles. It’s thanks largely to these analyses, which offer vastly more complete data on firm behavior, that we’re starting to see how little investors are being told—and how much the ignorance costs them.”