Stock Alert: Safe Bulkers Up 11%
Safe Bulkers, Inc. (SB) shares are rising more than 8 percent on Monday morning trade, continuing the rally that started in mid-April. There were no specific corporate announcements from the company today.
The marine dry-bulk transportation services company had announced on Friday that they will announce first-quarter results on May 5.
Currently, the shares are trading at $3.99, up 11.28 percent from the previous close of $3.59 on a volume of 2,115,223. The shares have traded in a range of $0.82-$4.20 on average volume of 994,603.
Supreme Court won't take Maryland bump stock ban case
WASHINGTON — The Supreme Court is declining to take up a challenge to Maryland’s ban on bump stocks and other devices that make guns fire faster.
The high court on Monday turned away a challenge to the ban, which took effect in October 2018. A lower court had dismissed the challenge at an early stage and that decision had been upheld by an appeals court. As is typical, the court didn’t comment in declining to take the case.
Maryland’s ban preceded a nationwide ban on the sale and possession of bump stocks that was put in place by the Trump administration and took effect in 2019. The Supreme Court previously declined to stop the Trump administration from enforcing that ban. Both Maryland’s ban and the nationwide one followed a 2017 shooting in Las Vegas in which a gunman attached bump stocks to assault-style rifles he used to shoot concertgoers from his hotel room. Fifty-eight people were killed and hundreds were injured.
U.S. Manufacturing Growth Unexpectedly Slows In April
Growth in U.S. manufacturing activity unexpectedly slowed in the month of April, according to a report released by the Institute for Supply Management on Monday.
The ISM said its manufacturing PMI slid to 60.7 in April after jumping to a more than 37-year high of 64.7 in March.
While a reading above 50 still indicates growth in manufacturing activity, economists had expected the index to inch up to 65.0.
“Worker absenteeism, short-term shutdowns due to part shortages, and difficulties in filling open positions continue to be issues that limit manufacturing-growth potential,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.
The unexpected pullback by the headline index came as the production index tumbled to 62.5 in April from 68.1 in March and the new orders index fell to 64.3 from 68.0.
The employment index also slumped to 55.1 in April from 59.6 in March, indicating a slowdown in the pace of job growth in the manufacturing sector.
Meanwhile, the report showed the prices index jumped to 89.6 in April from 85.6 in March, reaching its highest level since July of 2008.
“Aluminum, copper, chemicals, all varieties of steel, plastics, transportation costs, wood and lumber products all continued to experience price increases as a result of product scarcity,” said Fiore.
On Wednesday, the ISM is scheduled to release a separate report on activity in the service sector in the month of April. The ISM’s services PMI is expected to inch up to 64.3 in April from 63.7 in March.
Why Cowen Says Buy the Dip in DraftKings
Online gambling became popular as casinos shut down during the pandemic, and since then these stocks have risen to prominence. However, recently these online gaming stocks have dropped off, and this could provide an interesting buying opportunity. DraftKings Inc. (NASDAQ: DKNG) is one of these stocks that pulled back over the past month, but one analyst thinks that it could jump nearly 25% from here.
Cowen upgraded DraftKings to Outperform from Market Perform and issued a $70 price target, implying upside of 23.5% from the most recent closing price of $56.66.
According to the report, current legalization trends suggest that the second half of 2021 through the end of 2022 could result in DraftKings being live in states representing up to 51.2% of the adult population.
The report specifically detailed:
In Q1:21, we have seen state-by-state market concentration solidify around the top 4 operators where collective OSB handle share exceeded 90% in WV (99.7%), IN (92.5%), IA (92.9%), IL (98.3%), MI (90.6%), and VA (99.0%).
The stock dropped below the 50-day moving average ($62.53) at the beginning of April and has remained there since. The 200-day moving average ($50.73) has been supporting the stock for over a year.
Excluding Monday’s move, the DraftKings stock had outperformed the broad markets with a gain of about 21% year to date. In the past 52 weeks, the share price was up closer to 191%.
DraftKings stock traded about 2% to $57.85 on Monday, in a 52-week range of $19.95 to $74.38. The consensus price target is $73.50.
Etherium Price Crosses $3000 For The First Time
Etherium, the second-largest cryptocurrency by market capitalization, reached an all time record price breaking the $3000 barrier Monday.
The token, transacted on the ethereum blockchain, rose as high as $3,188 in the UK morning trading session.
Ether is trading at $3120 while writing this report, with a gain of 6.63 percent over the last 24 hours.
Its current market capitalization is $360 billion and global trade volume is $35 billion, according to Coinmarketcap.
Ethereum started an upward trend last week boosted by a report that the European Investment Bank (EIB) plans to issue a two-year 100-million-euro digital bond on the Ethereum blockchain network.
The dream run started on April 26, and the second most popular cryptocurrency added its weight by around $1000, or nearly 50 percent.
A section of investors tout Ether as one of the key players in a decentralized financial system in the future.
Meanwhile, the most popular virtual currency Bitcoin hovered around $58,000 on Monday, showing signs of approaching the next level of resistance of $60,000.
The leading cryptocurrency is trading at $57782 as of this writing, with a gain of 1.34 percent over the last 24 hours. BTC improved by more than $4000 within a week.
Its current market capitalization is $1.079 trillion, according to Coinmarketcap.