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Johnson & Johnson is scaling back shipments of its single-dose Covid-19 vaccine by 86% next week as it grapples with manufacturing issues at a major plant in Baltimore.

The government has allocated only 700,000 J&J shots to states next week, down from 4.9 million the week prior, according to data from the Centers for Disease Control and Prevention.

J&J is awaiting regulatory clearance for a Baltimore facility, which is run by Emergent BioSolutions Inc, and is working with the U.S. Food and Drug Administration to secure authorization.

Workers at the Baltimore plant several weeks ago mixed up ingredients for the J&J and AstraZeneca vaccines, which led to roughly 15 million ruined J&J doses. The Biden administration has put J&J in charge of vaccine manufacturing at the plant and stopped production of the AstraZeneca vaccine there.

Once it receives authorization, J&J could deliver up to eight million doses each week, White House Covid-19 coordinator Jeff Zients said during a press briefing on Friday. And the company remains on track to deliver 100 million doses by the end of May.

Gov. Gretchen Whitmer of Michigan has called on the Biden administration to surge vaccines in her state, which is grappling with the worst outbreak in the country. Michigan is expected to receive 17,500 J&J doses next week, an 88% drop compared to the previous week.

The administration said it will continue allocating shots based on population and doesn’t plan to surge doses to harder hit states since it can’t predict where infections could rise next.

“There are tens of millions of people across the country in each and every state and county who have not yet been vaccinated,” Zients said on Friday. “And the fair and equitable way to distribute the vaccine is based on the adult population by state, tribe, and territory. That’s how it’s been done, and we will continue to do so.”

“The virus is unpredictable. We don’t know where the next increase in cases could occur,” he added.

New York Gov. Andrew Cuomo said in a statement on Friday that the state will only receive 34,900 doses, an 88% drop compared to the previous week.

“As has been the case since the beginning of our vaccination effort, the X-factor is supply, supply, supply, and like every other state, our allocation of Johnson & Johnson doses will be significantly lower next week,” Cuomo said.

California will see its J&J allotment drop from 572,700 to 67,600; Florida from 313,200 to 37,000; and Texas from 392,100 to 46,300.

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Some states have also temporarily halted J&J vaccinations at certain facilities after people suffered adverse reactions. The Georgia Department of Public Health paused all shots at one site after eight people experienced reactions, and other sites in North Carolina and Colorado also stopped administering doses due to reactions.

However, the CDC said it didn’t find any safety issues or reason for concern regarding the J&J doses, according to a statement from the North Carolina Department of Health and Human Services. The Colorado Department of Public Health and Environment also said there’s “no cause for concern.”

“After reviewing each patient’s symptoms, analyzing other vaccinations from the same lot of the vaccine and speaking with the CDC to confirm our findings, we are confident in saying that there is no reason for concern,” Dr. Eric France, the department’s chief medical officer, said in a statement.

The J&J vaccine was the third vaccine authorized in the U.S. after vaccines from Pfizer and Moderna. As of Friday evening, the company delivered nearly 15 million doses in the U.S, according to CDC data.

The U.S. is administering a seven-day average of 3 million vaccine doses each day. One in five Americans are now fully vaccinated, according to the CDC.

The rate of new Covid cases and deaths in the U.S. has dropped dramatically from the winter peak when hundreds of thousands of new infections and thousands of deaths were being reported daily.

The seven-day average of new cases in the U.S. was 67,000 on Saturday, according to data from Johns Hopkins University. That’s comparable to the surge that swept the nation last summer. The U.S. is reporting 982 deaths daily on average.

New infections are increasing in 23 states as the more infectious variant first identified in the U.K. has become the dominant strain in the U.S. President Joe Biden has called for states to open vaccine appointments to all adults by April 19 as the nation races to immunize as many people as possible as the virus mutates.

Source: https://www.cnbc.com/2021/04/10/us-states-face-steep-decline-in-jj-vaccine-next-week-as-feds-work-to-approve-baltimore-plant.html

Have a successful week!

The post U.S. states face steep decline in J&J Covid vaccine amid production problems at Baltimore plant appeared first on Trading Concepts, Inc..

The stock market closed mostly higher on Friday despite a choppy open with the major indexes closing out a solid week of gains. Tech recovered earlier losses to trade in positive territory while the small-caps danced in the red for most of the session before edging slightly higher into the closing bell.
 
The strong showing remains a bullish development ahead of the official start for the first-quarter earnings season with record highs and previous resistance levels back in play. Traders seem to believe earnings will be much better than forecasts and will provide some justification of current valuation levels.
 
The Dow tagged an intraday and all-time high of 33,810 before settling at 33,800 (+0.9%). Unchartered territory and lower resistance at 33,750-34,000 was cleared and held. A close above the latter would suggest ongoing momentum towards 34,250-34,500.

The S&P 500 tapped a fresh record peak of 4,129 before going out at 4,128 (+0.8%). Fresh and lower resistance at 4,125-4,150 was cleared and held. A move above this level keeps upside towards 4,175-4,200 in focus.

The Nasdaq traded to an afternoon high of 13,905 while closing at 13,900 (+0.5%). Prior and lower resistance from early February at 13,850-14,000 was recovered. A close above the latter would indicate a possible run towards 14,100-14,250 with the all-time peak at 14,175.

The Russell 2000 tested an opening low of 2,231 before finishing at 2,243 (+0.04%) while holding its 50-day moving average for the second-straight session. Near-term and upper support at 2,225-2,200 was challenged but held. A close below the latter would signal a backtest towards 2,175-2,150. Below is a chart of the IWM.

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ANALYST UPGRADES/DOWNGRADES

Charles Schwab (SCHW) upgraded to Outperform from Market Perform at JMP Securities
Harley-Davidson (HOG) upgraded to Buy from Neutral at Northcoast
Philip Morris (PM) upgraded to Overweight from Neutral at JPMorgan

Altice USA (ATUS) downgraded to Neutral from Buy at Citi
Chuy's (CHUY) downgraded to Hold from Buy at Stifel
Credit Suisse (CS) downgraded to Equal Weight from Overweight at Morgan Stanley

MONDAY'S EARNINGS ANNOUNCEMENTS 
Before the open: Aphria (APHA), Canaan (CAN), TuanChe (TC)

After the close: BioHiTech Global (BHTG), MIND Technology (MIND), Simulations Plus (SLP)

MONDAY’S ECONOMIC NEWS
​No major announcements

METALS/ OIL
Gold closed at $1,744.80 an ounce,  down $13.40
Silver settled at $25.33 an ounce, down $0.33
Copper finished at $4.04 a pound, down $0,05
Crude Oil was at $59.34 a barrel, down $0.45
Bitcoin Investment Trust (GBTC) ended at $49.65 up $0.60

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

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The post Bulls Get Weekly Win Although Small-Caps Slack appeared first on Trading Concepts, Inc..

The beast that is Amazon Prime is under attack as major retailers seek recurring revenue streams and look to keep legions of new customers that they gained during the COVID-19 pandemic. 

Electronics giant Best Buy (BBY) is the latest to step into the ring long dominated by Prime. 

Best Buy said this week it has begun piloting a subscription service dubbed Best Buy Beta. For $199.99 a year, members get exclusive pricing, unlimited Geek Squad technical support, two years of protection on most product purchases, free standard shipping with no delivery minimums, and free in-home delivery and installation on certain electronics and appliances. Members also receive extended product return windows. 

It marks Best Buy's first true subscription product. The service is being piloted in Iowa, Oklahoma, and eastern Pennsylvania. Expansion is already planned for Best Buy's hometown state of Minnesota, North Carolina and Tennessee. 

Wall Street analysts say Best Buy Beta shouldn't come as a shock to anyone. 

"During the past 12 months, there has been a material evolution of customer shopping behavior with millions of new customers engaging with consumer electronics (many via Best Buy). Simply put, we view this pilot as Best Buy's tool to turn the billions of interactions it's had with new (and reactivated) customers over the past year into lifelong relationships by showing them the full ecosystem the retailer offers through delivery, installation, repair, and technical expertise," said Jefferies analyst Jonathan Matuszewski. 

Matuszewski added, "From an execution standpoint, we believe the lowest hanging fruit will be current Total Tech Support members who currently pay $199 for a fraction of the benefits included in Best Buy Beta. Next, we believe Best Buy will be targeting less loyal customers or non-customers, including those shopping consumer electronics at Amazon (via Prime), Walmart (via Walmart+), and Target."

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Other retailers apparently echo Matuszewki's sentiment.

The world's largest retailer Walmart launched Walmart+ in September 2020. For $98 a year or $12.95 a month, Walmart+ gives members unlimited free delivery from 4,700 U.S. stores, discounts at Walmart and Murphy oil stations, and faster in-store checkout. 

Meanwhile, home furnishings retailer Bed Bath & Beyond continues to promote its relatively new Beyond+ subscription. Priced at $29 annually, it gives members 20% off their entire purchase and free shipping. 

Despite the new entrants, Amazon Prime is still seen as the king of retail subscriptions given what a member gets for the price. 

Prime is priced at $119 a year, and offers free delivery, access to movies and music and photo gathering (among other nuances). Amazon keeps the number of Prime subscribers closely guarded, but it reportedly has more than 130 million in the U.S. alone. 

Source: https://finance.yahoo.com/news/best-buy-is-the-latest-retailer-to-attack-amazon-prime-162141154.html

Have a fantastic day and I hope today’s article helps.

The post Best Buy is the latest retailer to attack Amazon Prime appeared first on Trading Concepts, Inc..

The stock market regained momentum on Thursday with all of the major indexes closing higher and the broader market flirting with recent records. Much of the rally was attributed to Fed Chairman Powell after he said once again that the central bank has the tools to handle any temporary inflation pressures.
 
The Nasdaq traded to a late day high of 13,830 before settling at 13,829 (+1%). Prior and lower resistance from early February at 13,750-13,900 was recovered. A close above the latter would signal a retest towards 14,000-14,150 with the all-time peak at 14,175.
 
The Russell 2000 tapped a high of 2,243 while ending at 2,242 (+0.9%). Current and lower resistance at 2,225-2,250 and the 50-day moving average were cleared and held. A move above the latter would indicate additional upside towards 2,275-2,300. Below is a chart of the IWM.
 
The S&P 500 finished at 4,097 (+0.4%) with the all-time peak hitting 4,098 ahead of the closing bell. Key resistance at 4,100 was once again challenged but held for the fourth-straight session. A pop above this level would suggest ongoing strength towards 4,125-4,150.
 
The Dow closed at 33,503 (+0.2%) with the afternoon high tagging 33,506. Near-term and lower resistance at 33,500-33,750 was recovered. A move above the latter and the all-time high of 33,617 would signal a breakout towards the 34,000 area.

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ANALYST UPGRADES/DOWNGRADES

Bilibili (BILI) upgraded to Outperform from Neutral at Credit Suisse
MSC Industrial (MSM) upgraded to Overweight from Equal Weight at Wells Fargo
Textron (TXT) upgraded to Buy from Neutral at Goldman Sachs

Lamb Weston (LW) downgraded to Neutral from Buy at Goldman Sachs
NXP Semiconductors (NXPI) downgraded to Equal Weight from Overweight at Morgan Stanley
Sonoco Products (SON) downgraded to Equal Weight from Overweight at Wells Fargo

FRIDAY'S EARNINGS ANNOUNCEMENTS 
Before the open:  Jiayin Group (JFIN), JinkoSolar Holding (JKS), Vinco Ventures (BBIG)

After the close: None

FRIDAY’S ECONOMIC NEWS
Producer Price Index - 8:30am
Wholesale Trade - 10:00am
Baker-Hughes Rig Count -
1:00pm

METALS/ OIL
Gold closed at $1,758.20 an ounce,  up $16.60
Silver settled at $25.58 an ounce, up $0.33
Copper finished at $4.09 a pound, up $0.04
Crude Oil was at $59.79 a barrel, up $0.23
Bitcoin Investment Trust (GBTC) ended at $49.05 up $1.48

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

Not sure the best way to get started?

Follow these 3 simple steps ...

Step #1: Get These FREE Reports & Videos
Options INCOME  Profits   8 Video  Series    Habits that Kill Traders...


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Step #3: Connect with The Community
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The post Record Highs Back in Focus appeared first on Trading Concepts, Inc..

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP
CO-HOST: ANDREW GIOVINAZZI, THE OPTION PIT
CO-HOST: MIKE TOSAW, ST. CHARLES WEALTH MANAGEMENT

ON THIS EPISODE MARK, UNCLE MIKE AND THE ROCK LOBSTER BREAK DOWN:

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  • THE RESULTS IN THE LATEST ROUND OF OUR BROKER MADNESS TOURNAMENT
  • FAVORITE/LEAST FAVORITE OPTIONS BROKER FEATURES
  • AND MUCH MORE...

Keep an eye on Lithium Americas (LAC).

With the EV boom fueling lithium demand, stocks like LAC could easily race to higher highs.

B. Riley analysts just initiated a buy rating on the stock with a price target of $25. “Domestic projects offer several inherent advantages over overseas imports, namely lower freight rates and sourcing risk,” as quoted by Barron’s. “These advantages will, in our opinion, lead to local lithium projects, like Thacker Pass, outperforming foreign suppliers in the long run.”

Thanks in part to the electric vehicle story, lithium prices appear to have bottomed out, and are expected to move higher in the early part of 2021, as noted by Resource World.  “It is anticipated demand for vehicle battery metal will increase sharply over the next several years as automakers abandon internal combustion engines for EVs.”

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The stock market traded in a narrow range ahead of and after the latest meeting minutes from the Federal Reserve before closing mixed on Wednesday. The Fed noted the economy was far from achieving their broad-based goal of maximum employment, suggesting a sharper and more sustained rebound would be needed before policymakers begin to think about tightening. 
 
The S&P 500 made a morning run to 4,083 while settling at a record close of 4,079 (+0.2%). Key resistance at 4,100 was challenged but held for the third-straight session. A move above this level would signal momentum towards 4,125-4,150.
 
The Dow tested an intraday low of 33,347 before finishing slightly higher at 33,446 (+0.1%). Near-term and upper support at 33,250-33,000 was challenged but easily held. A drop below the the latter would suggest a further pullback towards 32,750-32,500.
 
The Nasdaq ended at 13,688 (-0.1%) with the opening low reaching 13,653. Current and upper support at 13,600-13,450 was challenged but held. A close below the latter and the 50-day moving average would indicate a further fade towards 13,400-13,250.
 
The Russell 2000 closed at 2,223 (-1.6%) after tapping a late day low of 2,217. Near-term and upper support at 2,225-2,200 and the 50-day moving average were breached and failed to hold. A move below the latter would signal additional weakness towards 2,175-2,150. Below is a chart of the IWM.

 

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ANALYST UPGRADES/DOWNGRADES

Abercrombie & Fitch (ANF) upgraded to Buy from Neutral at UBS
Fox Corp. (FOXA) upgraded to Equal Weight from Underweight at Wells Fargo
Lazard (LAZ) upgraded to Overweight from Equal Weight at Morgan Stanley

Casey's General Stores (CASY) downgraded to Market Perform from Outperform at Raymond James
FibroGen (FGEN) downgraded to Neutral from Buy at H.C. Wainwright
Sempra Energy (SRE) downgraded to Neutral from Buy at Seaport Global

THURSDAY'S EARNINGS ANNOUNCEMENTS 
Before the open:  Apogee Enterprises (APOG), Conagra Brands (CAG), Constellation Brands (STZ), New Frontier Health (NFH), Northern Technologies International (NTIC)

After the close: Aehr Test Systems (AEHR), Afya Limited (AFYA), Levi Strauss & Co. (LEVI), PriceSmart (PSMT), WD-40 (WDFC)

THURSDAY’S ECONOMIC NEWS
Jobless Claims - 8:30am

METALS/ OIL
Gold closed at $1,741.60 an ounce,  down $1.40
Silver settled at $25.25 an ounce, up $0.06
Copper finished at $4.05 a pound, down $0.06
Crude Oil was at $59.56 a barrel, up $0.16
Bitcoin Investment Trust (GBTC) ended at $47.57 down $3.05

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

Not sure the best way to get started?

Follow these 3 simple steps ...

Step #1: Get These FREE Reports & Videos
Options INCOME  Profits   8 Video  Series    Habits that Kill Traders...


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Step #3: Connect with The Community
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The post Fed Minutes Not Much Impact appeared first on Trading Concepts, Inc..

Amazon CEO Jeff Bezos on Tuesday voiced support for raising the corporate tax rate but stopped short of saying he supports President Joe Biden’s plan for the increase.

“We support the Biden Administration’s focus on making bold investments in American infrastructure,” Bezos said in a statement. “We recognize this investment will require concessions from all sides — both on the specifics of what’s included as well as how it gets paid for (we’re supportive of a rise in the corporate tax rate).”

Last week, Biden unveiled a more than $2 trillion package that outlines sweeping upgrades to the nation’s bridges, roads, public transport and airports, among other transportation infrastructure. It also included investments in care for elderly and disabled Americans, building and retrofitting affordable housing and advancing American manufacturing and job-training efforts, among other goals.

To fund the package, Biden has proposed hiking the corporate tax rate to 28% from 21%. The corporate tax rate had been cut under President Donald Trump to 21% from 35% as part of a 2017 tax law.

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Bezos’ support for a tax increase is notable given that Amazon has previously faced scrutiny over its tax record, including from Biden. Last May, Biden, then a presidential candidate, told CNBC that Amazon “should start paying their taxes.”

Biden singled out Amazon again last week during an address in Pittsburgh, slamming the company for using “various loopholes so they’d pay not a single solitary penny in federal income tax.”

In response, Amazon’s top spokesperson, Jay Carney, said in a tweet: “If the R&D Tax Credit is a ‘loophole,’ it’s certainly one Congress strongly intended. The R&D Tax credit has existed since 1981, was extended 15 times with bi-partisan support and was made permanent in 2015 in a law signed by President Obama.”

After paying $0 in U.S. federal income tax for two years, Amazon paid $162 million in federal income taxes in 2019. The company, which benefits from a variety of tax credits and deductions, reported total revenue last year of $386 billion.

Source: https://www.cnbc.com/2021/04/06/jeff-bezos-says-he-supports-a-hike-to-corporate-tax-rate.html

I hope this article has been helpful.

The post Jeff Bezos says he supports a hike to corporate tax rate appeared first on Trading Concepts, Inc..

The stock market traded in a tighter range on Tuesday before ending slightly lower as Wall Street took a breather following Monday’s record-setting rally. The blue-chips and small-caps showed the most weakness despite a strong JOLTS report with job openings climbing 268,000 to 7,370,000 in February.
 
While this underscored the increasingly good news on the economic recovery and the labor market, Wednesday’s update from the Fed minutes may have also played a role in keeping traders cautious.
 
The Russell 2000 tagged an opening high of 2,280 before going out at 2,259 (-0.3%). Near-term and lower resistance at 2,275-2,300 was breached but held for the second-straight session. A close above the latter would suggest ongoing strength towards 2,325-2,350 with the mid-March record peak at 2,360. Below is a chart of the IWM.
 
The Dow traded to an afternoon low of 33,380 before closing at 33,430 (-0.3%). Fresh and upper support at 33,500-33,250 was breached and failed to hold. A move below the the latter would signal a further fade towards 33,000-32,750.
 
The Nasdaq finished at 13,698 (-0.1%) with the morning high hitting 13,776. Current and lower resistance at 13,750-13,900 was cleared but held. A close above the latter would indicate a retest towards 14,000-14,150 with the mid-February all-time peak at 14,175.
 
The S&P 500 tagged its fourth-straight all-time high after reaching 4,086 before settling slightly down at 4,073 (-0.1%). Near-term and lower resistance at 4,100-4,125 was challenged but held. A close the latter would suggest additional breakout potential towards 4,150-4,175.

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ANALYST UPGRADES/DOWNGRADES

Hudbay Minerals (HBM) upgraded to Buy from Underperform at BofA
United Airlines (UAL) upgraded to Equal Weight from Underweight at Morgan Stanley
Wynn Resorts (WYNN) upgraded to Buy from Hold at Argus

Chevron (CVX) downgraded to Neutral from Buy at Goldman Sachs
Credit Suisse (CS) downgraded to Hold from Buy at Societe Generale
Pioneer Natural (PXD) downgraded to Neutral from Overweight at JPMorgan

WEDNESDAY'S EARNINGS ANNOUNCEMENTS 
Before the open:  Blue Hat Interactive Entertainment Technology (BHAT), Lamb Weston Holdings (LW), MSC Industrial Direct (MSM), Overseas Shipholding Group (OSG), RPM International (RPM), Schnitzer Steel Industries (SCHN), Simply Good Foods Company (SMPL)

After the close: Dolphin Entertainment (DLPN), ePlus (PLUS), Landec (LNDC), Resources Global Professionals (RGP), Richardson Electronics (RELL)

WEDNESDAY’S ECONOMIC NEWS
MBA Mortgage Applications - 7:00am
Import and Export Prices - 8:30am
FOMC Minutes -
2:00pm

METALS/ OIL
Gold closed at $1,743.60 an ounce,  up $14.80
Silver settled at $25.19 an ounce, up $0.41
Copper finished at $4.11 a pound, down $0.03
Crude Oil was at $59.40 a barrel, up $0.64
Bitcoin Investment Trust (GBTC) ended at $50.62 down $2.33

I hope this helps you prepare for the trading day. Make it a great one!

 Todd Mitchell

Not sure the best way to get started?

Follow these 3 simple steps ...

Step #1: Get These FREE Reports & Videos
Options INCOME  Profits   8 Video  Series    Habits that Kill Traders...


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Premium Advisories | Featured  Educational  Programs 


Step #3: Connect with The Community
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The post Bulls Take a Breather appeared first on Trading Concepts, Inc..

After falling from about $64 to $39.66, Nio (NIO) found double bottom support and is just beginning to pivot higher.  RSI, MACD, and Williams’ %R are also deep in oversold territory.  From here, we’d like to see the NIO stock retest its 50-day moving average around $49.

Helping, Nio deliveries are still strong, despite the semiconductor shortage.

“NIO delivered 7,257 vehicles in March 2021, a new monthly record representing a strong 373% year-over-year growth. The deliveries consisted of 1,529 ES8s, the Company’s 6-seater and 7-seater flagship premium smart electric SUV, 3,152 ES6s, the Company’s 5-seater high-performance premium smart electric SUV, and 2,576 EC6s, the Company’s 5-seater premium smart electric coupe SUV. NIO delivered 20,060 vehicles in the first quarter of 2021, a new quarterly record representing an increase of 423%,” according to a company press release.

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The post Extreme Option Profits Chart of Day…Nio (NIO) appeared first on Trading Concepts, Inc..

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