Connect with us

News

The $21 billion Twitter poll

Published

on

0214549_M_O_Connor_1000x600.jpg

By Michael O’Connor   

Markets are officially on a roll, with the S&P 500 and the Nasdaq notching multiple record-high closes in recent weeks.

Much of the recent uptrend following a difficult September has been driven by a solid Q3 earning season. The S&P 500 has rallied 9% in recent weeks as 82% of companies within the index beat earnings estimates, well above the 69%, 15-year average. As we move forward, the comp figures will become more difficult to beat, but unwavering demand looks set to support earnings into the future.

Inflation Scare

In news that will hardly be surprising to anyone who has stepped foot inside a grocery store over the last six months, inflation across a broad swath of products that consumers buy every day hit its highest point in more than 30 years.

The October consumer price index figures, which monitor a basket of products ranging from petrol and healthcare to groceries and rents, rose 6.2% from a year ago. While much of this recent inflation is thought to be transitory, given current supply constraints, these higher-than-expected figures put inflation and the need for tighter monetary policy firmly back on the radar.

Musk's Twitter Machine

Tesla stock fell almost 20% in two days after Elon Musk indicated he would sell 10% of his stake in the company off the back of a Twitter poll.

If he does, it will trigger what would surely be one of the largest capital gains tax liabilities for an individual in history — a cool $6.7 billion.

In true Musk fashion, he took to Twitter on Saturday and proposed selling 10% of his Tesla stock, worth roughly $21 billion. The masses voted in favour of the sale with a 58% majority.

While Musk framed to poll as a response to the democrat's proposal to tax unrealised stock gains of US billionaires, looking to cash out during seemingly overbought conditions is hardly surprising.

Tesla's Market Cap jumped over $200 billion off the back of a $4 billion Hertz contract announcement that has yet to be signed, hard to argue with the idea of banking some gains.

Zoom's Rise and Fall

Zoom's precipitous decline continued, finishing the week down 6.2%. After peaking in October 2020, Zoom has lost roughly 55% of its market value, falling from $588 to $260 a share in just over a year.

Even though Zoom's financial results continued to impress through much of 2021, growth is starting to slow, and the collapse of the proposed acquisition of Five9 has hampered the company's attempt to diversify revenue.

While Zoom's demise might sound strange, given the work-from-home environment many of us still find ourselves in, when markets fully price in all future growth potential, it only takes a little nudge in the other direction to trigger enormous moves.

Market Outlook

Zoom serves as a reminder that while the stock market valuations continue to steadily increase at an index level, if you zoom out..(pun intended)...substantial volatility remains at the stock level.

Stocks like Peloton, Zillow and Moderna cratered last week as the indexes steadily climbed to all-time highs.

The Nasdaq composite index is up over 24% year-to-date, but if you look a little closer, 50% of the companies within the index have experienced a 20% correction at some point during the year, while 20% of the companies within the index have experienced a 50% correction or more.

Volatility is alive and well, but an index-driven market makes it appear like everything just keeps going up.

Advertisement

News

Published

on

By

Rising football star Luke Doolan talks life at Kerry FC

This week, our Transition Year student Luke Mangan caught up with one of Kerry FC’s young talents, Luke Doolan. The pair discussed Doolan’s journey in football so far, including his early days with Killarney Athletic to now playing for Kerry FC.

When you were growing up, who was your football or soccer idol, and why?

Messi, because he’s the greatest player to play the game.

Who was your childhood hero?

I’d say my father. He helped me a lot throughout my career.

If you weren’t a footballer, what would your dream career be?

I wanted to be an astronaut. I wanted to go to space, but somehow, I don’t think that’ll happen now.

What does it feel like to be part of a great team with good support every week?

It’s great. The support every week is brilliant. We work hard; the training is very good. We play well every week for a very good club.

What’s it like to have been with your local club, Killarney Athletic, to now being with the green of Kerry?

Killarney Athletic were very good to me. When I was starting off coaches like JP Mullins were fantastic. Then when I went into the seniors, it was great to have Brendan Moloney and Joe Hurley, who both have a lot of experience.

In a county known for GAA, how does it feel to be such an icon for Kerry soccer?

It feels good. Obviously, Kerry has a big association with the GAA and Kerry FC is new. Soccer is gaining more momentum in the county, which is great to see.

Do you ever see yourself playing in a football game like FIFA sometime?

Yeah, it would be cool to be honest because I play it at home. So yeah, it would be nice to see myself in the game sometime.

Tell me more about your time with Athletic.

I played with great players when I was young, those in my Athletics team and the youths’ team. We had some great players there, some of the best in the county. It’s a great team with fantastic coaches involved. Then with my move to Kerry FC, obviously you have Colin [Healy], Conor [McCarthy], Chris [Collopy]. Brilliant coaches who really help me to push my game and get further in my career.

How did it feel to finally get your first minutes for Kerry?

Nerve-wracking but glad to finally get onto the pitch. It took me a while but I’m glad to get minutes. I’ve only been there for a few months now and I’m just grateful to be involved in the squad and to get some minutes in.

You mentioned Brendan Moloney. How did it feel being coached by him?

He’s class to be fair. He had some bad injuries which knocked him back in his career. Obviously, he is still a class player. He came back to Athletic, his home club, and he’s still there now. Great for the club and great for the team to keep going on with their history and what they do, so yeah, he’s a great coach.

Luke Doolan will be travelling with the Kingdom when they go to Dublin at the weekend ahead of their FAI cup semi-final clash with Shamrock Rovers at Tallaght Stadium on Sunday at 6pm.

Attachments

Continue Reading

News

Chamber members hear from Council CEO at luncheon

Published

on

By

Killarney Chamber of Tourism and Commerce held their quarterly luncheon last Tuesday with Kerry County Council CEO Fearghal Reidy in attendance.

The gathering of Killarney business owners took place at the Muckross Park Hotel.

The attendees were informed that the new Kerry-Cork corridor, which involves the construction of a major road from Farranfore to Killarney, could commence within a five-year period.

He explained that €2 million was provided to advance the project last year with another €1 million approved this year.

Mr Reidy advised that negotiations have taken place with Irish Rail regarding the provision of more frequent rail services for Kerry and there has been significant investment in local and national roads.

He outlined several key priorities for Kerry County Council which included housing, climate action and tourism.

He also spoke about the South Kerry Greenway which is set to be operational within the next six months and explained there is an ambitious overall greenway strategy planned to connect the entire county.

Mr Reidy said that Kerry will be a top-class greenway destination.

He praised the council outdoor staff in Killarney and expressed his pride at the work they do.

He said: “I walked the streets of Killarney at 8.15am this morning and the outdoor staff were cleaning, planting and doing brilliant work. Killarney has a great reputation for its Tidy Towns work and for being so well presented.”

The attendees were advised to voice opinions, good or bad, to ensure improvements are always being made.

Continue Reading