Connect with us

News

The $21 billion Twitter poll

Published

1 year ago

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.

Related Topics:
Continue Reading
Advertisement

News

Start clocking up those ‘Kingdom Kilometres’

With an increase in daylight hours there’s no better time to clock up the ‘Kingdom Kilometres’ on foot or by cycling along the county’s two new Greenways. The recently opened […]

Published

1 day ago

on

29 March 2023

By

0254025_Kerry_Greenways_2.jpg

With an increase in daylight hours there’s no better time to clock up the ‘Kingdom Kilometres’ on foot or by cycling along the county’s two new Greenways.

The recently opened Kingdom of Kerry Greenways between Tralee and Fenit and between Listowel and Abbeyfeale are already proving hugely popular with locals and visitors to Kerry.

Representatives of the tourism Industry, local public representatives, travel writers and influencers gathered in Kerry on Monday to experience the exciting new tourist attractions and welcome the arrival of the longer daylight hours as the clocks changed over to summertime.

Sarah Hanrahan, a social media influencer who posts about Irish travel and has more than 100,000 Instagram followers, described the experience.

“Ireland has some of the most amazing outdoor spaces. For a lot of my followers and other people, connecting with green spaces has become much more important to their overall sense of well-being as well as their health and fitness. It’s been really gorgeous to experience the Tralee to Fenit, and Listowel to Limerick Kingdom of Kerry Greenways; a fantastic trip sampling the warm hospitality of Kerry and a great reminder of the active holiday options that are right on our doorstep.”

The new purpose-built trails provide an accessible and inclusive experience for visitors of all abilities.

Mayor of Tralee, Cllr Mikey Sheehy and the Mayor of Listowel, Cllr Aoife Thornton, said that the greenways offer an exceptional recreational amenity for everyone to enjoy.

“The greenways are situated in some of Kerry’s most scenic landscapes and offer spectacular and safe off-road facilities for people of all ages to enjoy as the landscape comes into bloom. They also offer warm hospitality at the trail head towns of each route.”

Visit www.kerrygreenways.ie to find out more.

Attachments

Continue Reading

News

St Patrick’s Day parade winners announced

Killarney Valley Classic and Vintage Club has won the sought-after overall award in recognition of their colourful and action-packed entry to this year’s St Patrick’s Day parade in Killarney. Delighted […]

Published

1 day ago

on

29 March 2023

By

Killarney Valley Classic and Vintage Club has won the sought-after overall award in recognition of their colourful and action-packed entry to this year’s St Patrick’s Day parade in Killarney.

Delighted club representatives were presented with the Seán O’Keeffe Perpetual Trophy – in memory of the former Mayor of Killarney and parade stalwart – at a gala presentation of prizes in the International Hotel, Killarney on Tuesday night.

The award for the Best Interpretation of the Theme, which was Killarney: Experience More, went to the Wander Wild Festival who received the Michael Courtney Perpetual Trophy which is dedicated to the memory of another former mayor of the town who spearheaded the annual St Patrick’s Day celebrations for many years.

The John ‘Killer’ O’Callaghan Perpetual Trophy for the Best Sporting Entry was won by Killarney Athletic AFC and the Peter Irwin Memorial Trophy for the Best Marching Group and Cultural/Arts Entry went to Millstreet Pipe Band.

The Best Sports Club was Spa GAA, the Best Children’s Group prize was won by Kilcummin Comhaltas and the Best New Entry was Killarney Rugby Football Club.

There was an international flavour to the Best Musical Entry which was scooped by the Glenridge High School Marching Band from New Jersey.

The prize for the Best Voluntary Group went to the Kerry Stars Special Olympics Club, the Best School Award went to the Fiona Crowley Stage School and the Best Activity Group was deemed to be Scorchers Cheerleading Club.

The Most Entertaining Entry went to the Killarney Tidy Towns group, the prize for the Most Original Entry was won by Liebherr Container Cranes and the Most Imaginative Entry in the parade was the Art House, Killarney.

The Most Stylish Entry prize was awarded to the Ukrainian community whose representative said they were delighted to play a part in Ireland’s national holiday and thanked the people of Killarney for the warm welcome they have received.

Other prizes presented on the night included the Best Window Display which went to Christy Healy’s on New Street who were celebrating 100 years in business on St Patrick’s Day, while the Europe Hotel and Resort won the Best Green-Themed Building prize.

The judges for the parade were Br Pat Lynch, Guardian, Franciscan Friary, Pam Brosnan, Killarney Musical Society and Denis McMahon.

The awards were presented by Killarney St Patrick’s Festival Chairman Paul Sherry, Mayor of Killarney Cllr Niall Kelleher, Killarney Chamber of Tourism and Commerce Senior Executive Bridget O’Keeffe, and parade grand marshal Cathal P Walshe.

Attachments

Continue Reading

Trending