tw0122
11 hours ago
May not hit $125 the fake jobs report was broken down.. 785k government workers hired last month? lol And yet, it didn't take long to find what the BLS did this time to make the jobs appear much stronger than expected, a political imperative for the highly politicized agency tasked with making the Kamala/Biden economy appear stronger than it was exactly one month ahead of the election.
The answer, ironically, was in the number of government workers, which exploded higher, and were not only instrumental in pushing the Household Survey print much higher, but meant the difference between a 4.1% and 4.5% unemployment rate.
Here is what happened.
In September, the number of government workers as tracked by the Household Survey soared by 785K, from 21.421 million to 22.216 million, both seasonally adjusted (source: Table A8 from the jobs report). This was the biggest monthly surge in government workers on record (excluding the outlier print in June 2020 which was a reversal of the record plunge from the Covid collapse months before).
While government workers soared by the most on record, private workers rose by just 133K, a far more believable number, and one which however would indicate that the recent labor market malaise continues.
tw0122
17 hours ago
The United States Justice Department and the Securities and Exchange Commission told the Supreme Court that an Nvidia investor class-action lawsuit alleging the tech company misrepresented its sales to crypto miners should be greenlit.
Nvidia and the investor group have been in a legal battle since 2018, which has now reached the top US court.
In an Oct. 2 amicus brief, US Solicitor General Elizabeth Prelogar and SEC senior lawyer Theodore Weiman argued that the suit had “sufficient details” to survive a district court dismissal, adding that the Supreme Court should greenlight its revival by an appeals court.
The two agencies said they have a “strong interest” in the case because it concerns laws designed to limit frivolous securities-related lawsuits.
“Meritorious private actions are an essential supplement to criminal prosecutions and civil enforcement actions” by the DOJ and SEC, the brief added.
Highlighted excerpt of the DOJ and SEC brief outlining their interest in backing the Nvidia investors. Source: The Supreme Court of the United States
The investor group tried to sue Nvidia in 2018, alleging it hid over $1 billion in GPU sales made to crypto miners. It claimed the chipmaker’s CEO, Jensen Huang, downplayed Nvidia’s sales to the industry.
The group alleged Nvidia’s sales were propped up by miners, which they argue was apparent when the firm’s sales collapsed alongside the crypto market in 2018.
The case was dismissed, but the group appealed the decision, which led to the Ninth Circuit appeals court reviving it last August. Nvidia then petitioned the Supreme Court to reverse it.
Nvidia claimed the suit relied on an expert opinion that fabricated information about its business and income, but the DOJ and SEC have rebutted, saying it “is not what occurred here.”
The agencies also acknowledged the investors’ rebuttal of Nvidia’s claims, which was said to have evidence relating to accounts from ex-Nvidia executives and a Bank of Canada report claiming the firm understated its crypto revenue by $1.35 billion.
Nvidia declined to comment on the DOJ and SEC brief.
In a separate amicus brief filed the same day, 12 former SEC officials backed the investors, saying “private enforcement of the federal securities laws is vital to the integrity of US capital markets.”
They attacked Nvidia’s arguments, which they claimed would create rules “requiring plaintiffs to possess internal company documents and databases before discovery and to preclude the use of experts at the pleading stage.”
They added: “Neither is supported by the law or good policy.”
Six additional amicus briefs supporting the investor group were filed on Oct. 2. They were from quantitative experts, legal professors, institutional investors, the American Association for Justice and the Anti-Fraud Coalition.
DiscoverGold
1 day ago
Options Traders Continue to Target Nvidia (NVDA) Stock
By: Schaeffer's Investment Research | October 3, 2024
• NVDA saw the most options activity out of all equities in the last two weeks
• The stock is up over 150% since the start of 2024
Chipmaker Nvidia Corp (NASDAQ:NVDA) is a staple on Senior Quantitative Analyst Rocky White's list of stocks that attracted the most options volume over the last two weeks. Once again, the semiconductor giant took the top spot on White's list.
Nvidia stock saw 33,749,250 calls and 20,076,334 puts traded in the last 10 sessions. The weekly 9/27 125-strike call was the most active contract by far over this timeframe, followed by the 120-strike call in the same series.
Nvidia stock was last seen 2.8% higher to trade at $122.13, getting a boost after CEO Jensen Huan called demand for its Blackwell chips "insane." The security hit a June 20, all-time high of $140.76, with its 160-day moving average keeping the pullback from that peak in check. NVDA is also looking to reconquer its 80-day trendline, which has acted as both support and resistance in the last few months. For 2024, shares boast a 154% lead.
The stock's 10-day call/put volume ratio of 1.90 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 96% of readings from the past 12 months. What's more, its 50-day call/put volume ratio of 1.56 at the ISE, CBOE, and PHLX sits in the 85th percentile of annual readings as well, indicating a big call bias.
Traders looking to join in on the action can do so for a bargain. This is per Nvidia stock's Schaeffer's Volatility Index (SVI) of 47% that sits higher than just 12% of readings from the last 12 months. This suggests options players are pricing in lower-than-expected volatility right now.
Read Full Story »»»
DiscoverGold
Bountiful_Harvest
1 day ago
"Nvidia Insider Share Sales Top $1.8 Billion and More Are Coming"
"Nearly 11 million shares have been sold by Nvidia executives and directors in 2024, the most in a year since at least 2020 after adjusting for stock splits, according to data compiled by the Washington Service.
It represents a tiny percentage of the company’s 24.5-billion outstanding shares, but the sales are coming at a time when investors are already on edge about Nvidia’s delayed Blackwell chips and the longevity of artificial intelligence-related spending.
More sales are planned.
While Chief Executive Officer Jensen Huang recently completed the sale of 6 million shares under a pre-arranged trading plan, a trust controlled by director Mark Stevens has filed to sell 3 million additional shares, on top of the 1.6 million he sold this year prior to that filing..."
https://finance.yahoo.com/news/nvidia-insider-share-sales-top-112931175.html/
Jetmek_03052
2 days ago
I doubt we see those levels until the 10K is reported in mid to late February. I believe we could see upwards of $130-$150/share, if reports leak about how well Blackwell sales are going in the fourth quarter.
This time next year, if everything goes as expected (no wars, currency defaults, election madness, etc) and Blackwell sales do as well as forecasted? I believe $250/ share isn't out of the question. With all the doubt/rumors about Blackwell problems (that have so far proven to be false), I don't think Blackwell has yet been factored into the price of NVDA stock.