Good morning. Happy Friday.
The Asian/Pacific markets did very well. China, Hong Kong, South Korea, Taiwan, Australia, New Zealand, Thailand and the Philippines did great. Europe, Africa and the Middle East are currently quiet and little changed. Turkey and Sweden are up; the UK, Denmark and Portugal are down. Futures in the States point to a positive open for cash market.
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The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
State of the Economy
The economy was a big theme in President Biden’s State of the Union address last night, which was broadcast from Capitol Hill at 9 PM ET. There was plenty to debate in terms of his economic record, with familiar partisan finger-pointing on many of the data points, especially with regards to jobs, trade, inflation and the federal deficit. The large audience and viewership also offered Biden the ability to sell voters a second term, and perhaps of more interest to the market, what his platform would include as the country heads into the 2024 general election.
Taxes: “It’s time to raise the corporate minimum tax to at least 21% so every big corporation finally begins to pay their fair share. I also want to end the tax breaks for Big Pharma, Big Oil, private jets, and massive executive pay. That’s why I’ve proposed a minimum tax of 25% for billionaires. Just 25%. That would raise $500B over the next 10 years. Under my plan, nobody earning less than $400K will pay an additional penny in federal taxes.”
Healthcare: “This year Medicare is negotiating lower prices for some of the costliest drugs on the market that treat everything from heart disease to arthritis. Now it’s time to go further and give Medicare the power to negotiate lower prices for 500 drugs over the next decade. That will not only save lives it will save taxpayers another $200B. I want to cap prescription drug costs at $2K a year for everyone.”
Housing: “I want to provide an annual tax credit that will give Americans $400 a month for the next two years as mortgage rates come down to put toward their mortgage when they buy a first home or trade up for a little more space. My administration is also eliminating title insurance fees for federally backed mortgages. For millions of renters, we’re cracking down on big landlords who break antitrust laws by price-fixing and driving up rents. I’ve cut red tape so more builders can get federal financing, which is already helping build a record 1.7M housing units nationwide. Now pass my plan to build and renovate 2M affordable homes and bring those rents down.”
Lowering costs: “Too many corporations raise prices to pad their profits – charging you more and more for less and less. That’s why we’re cracking down on corporations that engage in price gouging and deceptive pricing. Pass Senator Bob Casey’s bill to put a stop to shrinkflation. I’m also getting rid of junk fees those hidden fees added at the end of your bills without your knowledge. My administration just announced we’re cutting credit card late fees from $32 to just $8. My administration has proposed rules to make cable travel utilities and online ticket sellers tell you the total price upfront so there are no surprises.”
Manufacturing: “Where is it written that we can’t be the manufacturing capital of the world? We are. We will. Instead of importing foreign products and exporting American jobs, we’re exporting American products and creating American jobs – right here in America where they belong. And thanks to our CHIPS and Science Act, the United States is investing more in research and development than ever before. It takes time, but the American people are beginning to feel it.” (108 comments)
Jobs report
The U.S. nonfarm payrolls report due today is expected to show solid growth in February, following up on the blockbuster print in January. With that labor market strength and robust GDP growth, the Federal Reserve can likely afford to be patient in making its next move on interest rates. “It may be time to tune out,” SA analyst Logan Kane writes in You Can Stop Paying Attention To The Jobs Report. “Government statistics around jobs and inflation are becoming less insightful. For those who are macro-inclined, continuing unemployment claims are more useful to track than nonfarm payrolls.” (25 comments)
Weight loss pills
Novo Nordisk (NVO) shares hit an all-time high on Thursday after the Danish drugmaker reported promising results from an early-stage clinical trial of its experimental oral weight-loss drug. Amycretin – a long-acting co-agonist of GLP-1 and amylin – helped patients lose 13% of their weight in 12 weeks on the pill, compared to Novo’s highly popular Wegovy, which helped patients shed around 6% in the same amount of time. Meanwhile, Novo expects Wegovy to be approved in China this year and is already planning to launch the drug there in capped volumes. (45 comments)
Road show
Reddit’s (RDDT) path to the public markets will begin on Monday, with the social media platform going on the road to pitch its vision to prospective investors. It’s reportedly seeking a valuation of up to $6.5B, targeting an IPO price range of $31-$34 a share, and aims to price its initial public offering on Mar. 20. In its IPO filing, Reddit – which is well-known for its meme stock forums like WallStreetBets – warned of increased volatility when trading its shares, especially given user participation in the IPO. Investing Group Leader Donovan Jones also sounded some caution about the stock, as performance may be challenged until Reddit can reach profitability. (2 comments)
Today’s Economic Calendar
7:00 Fed’s Williams Speech
8:30 Non-farm payrolls
1:00 PM Baker Hughes Rig Count
What else is happening…
Powell Day 2: Rate cuts can start this year if disinflation continues.
Rivian (RIVN) hits the accelerator after unveiling new models.
Boeing (BA) production delay sees United (UAL) pause pilot hires.
Impressive stats from Gap (GPS) during the holiday quarter.
Hess (HES) confident it will prevail in Exxon (XOM) arbitration.
Down to Earth: Astra Space (ASTR) plunges on take-private deal.
Kroger (KR) rallies on margin improvement and strong guidance.
UnitedHealth (UNH) said to have paid $22M to ransomware group.
Broadcom (AVGO) fiscal 2024 outlook falls short of expectations.
Did Huawei and SMIC use U.S. technology to make advanced chips?
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Good morning. Happy Thursday.
The Asian/Pacific markets leaned to the downside. Taiwan and Indonesia did well; Japan, China, Hong Kong and the Philippines were weak. Europe, Africa and the Middle East currently lean to the upside. Denmark, France, Turkey, Finland, Spain and the Netherlands are up; Poland, Greece and Israel are down. Futures in the States point to a moderate gap up open for cash market.
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The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Full disclosure
The proposal had been pitched for years, but the SEC has finally adopted new rules that will require many public companies to disclose climate-related risks in their financial statements and annual reports. Lively debates and legal threats have surrounded the updated framework, and there’s still some confusion about the guidelines. On a basic level, the rules would provide “investors with consistent, comparable, decision-useful information, and issuers with clear reporting requirements,” according to the agency, but not everyone is happy about the new requirements.
Quote: “The SEC is merit neutral. We’re agnostic to climate risk itself, but we have a role to play in disclosures made by companies… and that they have proper controls around those disclosures,” Chairman Gary Gensler declared. “It’s about investors making investment decisions and what risks it poses to investors. It’s grounded in materiality, a multi-decade old concept, that companies disclose that which a reasonable investor would consider amongst the total mix of information.”
To translate, Gensler framed the new guidelines as more related to the risks that companies and investors may face from the effects of climate change versus the risks that corporate businesses might pose to the climate. However, some of the new rules in the framework do center around how companies contribute to climate change. Namely, Scope 1 emissions, or those that result from a company’s operations, as well as Scope 2, which come from energy and power bought by a company. The most difficult greenhouse gases to calculate – Scope 3 – were left out of the final proposal, and refer to indirect emissions of a company’s product, like those produced by its suppliers and customers.
Nearly half of all public U.S. companies registered with the SEC will be required to report Scope 1 and 2 emissions if they are considered material climate-related risks. Meanwhile, the controversy surrounding the new disclosures resulted in a close 3-2 vote at the SEC, with the two dissenting Republican Commissioners calling the framework “climate regulation promulgated under the Commission’s seal” and stating it would “increase the typical external costs of being a public company by around 21%.” A coalition of ten states also filed a legal challenge to vacate the new rules, referring to them as “illegal and unconstitutional.”
Go deeper: “Climate-focused investment is more than just excluding companies that have risk to climate change. It really is taking advantage of those opportunities,” AllianceBernstein writes in The Weather Is Changing For Climate-Focused Investors. “Capital flows in this area are not dependent upon economic growth and cycles. We’re seeing secular growth here that shouldn’t be vulnerable to economic slowdown.” Also see Climate-Focused Investing: Two Approaches For Equity Portfolios.
KaPow!
While the Fed’s restrictive monetary policy is putting pressure on economic activity and inflation, cutting interest rates too soon could cause damage. That’s according to Jay Powell’s testimony before the House Financial Services Committee, where he reiterated that there was no evidence the economy was falling into a recession. It may also be appropriate to “begin dialing back policy restraint at some point this year,” but the central bank needs “greater confidence that inflation is moving sustainably toward 2%.” SA Investing Group Leader Mott Capital Management said the Fed Chair pretty much stayed on script, though “he seemed to put some distance” around the dot plot from the FOMC’s December meeting. (95 comments)
Equity infusion
There had been worries over real estate loans and internal controls, but New York Community Bancorp (NYCB) is raising more than $1B from an investor group led by the firm of former Treasury Secretary Steven Mnuchin. It’ll come along with an executive shakeup, including for Alessandro DiNello, who was only named CEO last Thursday. The investment is “a positive endorsement of the turnaround that is underway,” according to DiNello, adding that the bank now has a strong balance sheet and liquidity position. NYCB sank 42% on Wednesday before the news, and after a string of trading halts, shares resumed to end the session 7.5% higher. The stock is still down 66% YTD. (272 comments)
SOTU
President Biden will deliver his high-stakes State of the Union address at 9 PM ET, likely focusing on efforts to lower healthcare costs, as well as raising taxes on the rich and corporations. The speech will give Biden a wide platform to detail his economic priorities and provide contrasting views to that of Donald Trump, who is set to become the Republican presidential candidate. The address comes amid growing economic concerns, on account of a tight labor market and sticky inflation. The speech could also serve to “reassure markets that Biden still is up to the job,” said Pangaea Policy founder Terry Haines, amid skepticism about the 81-year-old president’s ability to serve a second term. (15 comments)
Today’s Economic Calendar
7:30 Challenger Job Cut Report
8:30 International Trade in Goods and Services
8:30 Initial Jobless Claims
8:30 Productivity and Costs
10:00 Jerome Powell Speech
10:30 EIA Natural Gas Inventory
11:30 Fed’s Mester Speech
3:00 PM Consumer Credit
4:30 PM Fed Balance Sheet
What else is happening…
Nvidia (NVDA) within a whisker of adding $1T in market cap this year.
Dutch government striving to keep ASML (ASML) in Netherlands.
NTSB chief: Boeing (BA) still hasn’t provided details about blowout.
Tesla (TSLA) falls as Morgan Stanley warns the bear case is in play.
Bayer (OTCPK:BAYZF) wins latest jury trial over Roundup weedkiller.
Enbridge sees Canadian pipelines maxing out capacity in 3-4 years.
Guyana dispute: Hess slips as Exxon (XOM) confirms arbitration filing.
Apple (AAPL) bans Fortnite maker Epic Games’ developer account.
Victoria’s Secret (VSCO) plummets on expectations of challenging Q1.
JOLTS report: Job openings roughly stable in January, quits rate slips.
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Good morning. Happy Wednesday.
The Asian/Pacific markets leaned to the upside. Japan, Hong Kong, India, Taiwan, Indonesia, Singapore and Thailand did well; China and South Korea were weak. Europe, Africa and the Middle East are doing well. South Africa, Spain, the Netherlands, Italy, Portugal, Austria and Saudi Arabia are leading. Futures in the States point to a moderate gap up open for cash market.
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The dollar is down. Oil and copper are up. Gold and silver are flat. Bonds are up.
Stories/News from Seeking Alpha…
Easy does it
Get ready for Fed Chair Jerome Powell’s semiannual monetary policy testimony before Congress, which is taking on additional importance as investors continue to reassess where rates are headed and the timing of such moves. Powell will answer questions from the Senate Banking Committee today, prior to appearing before the House Financial Services Committee tomorrow. He’s expected to reaffirm his commitment to “the incoming data,” and will proceed carefully until the economic landscape becomes clearer.
Backdrop: The Fed has paused its aggressive hiking cycle since the last 25 bps increase in June 2023, which interestingly was the last time Powell appeared before Congress. At the time, the Fed’s preferred inflation gauge, the core PCE price index, was running at a 4.6% clip on an annual basis. As of last month, the figure had dropped to 2.8%, suggesting that higher interest rates are having their intended effect on combating price pressures.
“I am going to need to see at least another couple more months of inflation data,” Christopher Waller, a key member of the Fed’s Board of Governors, said in the lead up to Powell’s testimony. “The strength of the economy and the recent data we have received on inflation mean it is appropriate to be patient, careful, methodical, deliberative – pick your favorite synonym. Whatever word you pick, they all translate to one idea: What’s the rush?”
What else to watch: Lawmakers may still push Powell for a more detailed plan, as well as how higher rates are impacting everything from labor and wages to loans and the housing market. Soft landing talk and other commentary can further excite markets, which are now pricing in a first rate cut for June. Things could also get political, especially during an election year and before President Biden’s State of the Union address, and that could reflect accordingly in the various questions from Democratic and GOP committee members.
Bull run
Bitcoin (BTC-USD) briefly surpassed its November 2021 record high on Tuesday as demand for the token continued to be fueled by excitement over spot bitcoin ETFs and the April halving event. The top cryptocurrency rose to $69,200, propelling its market cap to as high as $1.35T, which exceeded the entire U.S. high-yield bond market. However, the momentum was short-lived, likely due to profit-taking, with a sharp reversal seen in volatile trade. In the same session, spot gold (XAUUSD:CUR) climbed to a new record, buoyed by expectations of a June rate cut and a move into safe havens. (118 comments)
Goes the clock
TikTok could be forced to divest from Chinese parent firm ByteDance (BDNCE) within 165 days or face a U.S. ban, as a bipartisan group of lawmakers introduced a bill seeking to address concerns surrounding the popular short video app. The legislation would empower the president to designate social media apps that pose national security risks, which could lead to restrictions unless they sever ties with foreign adversary-controlled entities. The bill still faces an uphill battle. There have been several previous failed attempts at outlawing TikTok, like Montana’s state-wide ban that was blocked by a federal judge.
Behind the wheel
Ahead of plans to launch commercial ride-hailing services in Austin, Waymo, Alphabet’s (GOOG, GOOGL) self-driving unit, will begin robotaxi testing with rides for employees. Note that cities in Texas cannot regulate autonomous vehicles. The announcement comes just days after a California regulator greenlit the company’s commercial robotaxi services in Los Angeles, the San Francisco Peninsula, and on San Francisco freeways. Despite its service expansion, Waymo continues to face safety concerns and public ire over its self-driving cars, with a robotaxi set ablaze last month in San Francisco’s Chinatown. (2 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
10:00 Job Openings and Labor Turnover Survey
10:00 Jerome Powell Speech
10:00 Wholesale Inventories (Preliminary)
10:30 EIA Petroleum Inventories
12:00 PM Fed’s Daly Speech
2:00 PM Fed’s Beige Book
4:15 PM Fed’s Kashkari Speech
What else is happening…
Google’s (GOOGL) Sergey Brin: Gemini launch was ‘messed up.’
Tesla (TSLA) halts production in Germany after suspected arson.
CrowdStrike soars as results top estimates; buys Flow Security.
Target (TGT) gets applause from higher margins and guidance.
Worst day for SoFi Technologies (SOFI) after convertible note offering.
November rematch in store as Biden/Trump dominate Super Tuesday.
iPhone (AAPL) sales in China drop 24% as Huawei popularity grows.
How will the CFPB’s late fee credit card rule impact bank earnings?
Soft guidance from Nordstrom (JWN) overshadows upbeat results.
First Solar (FSLR): Tariff exemptions threaten U.S. solar manufacturing.
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Good morning. Happy Tuesday.
The Asian/Pacific markets leaned to the downside. Japan and Taiwan did well; Hong Kong, South Korea, Singapore and the Philippines were weak. Europe, Africa and the Middle East lean down. Russia and Italy are up; Denmark, Poland, the UAE and Greece are down. Futures in the States point to a moderate down open for cash market.
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The dollar is up. Oil and copper are down. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Bold targets
Investors today were closely watching the annual gathering of China’s National People’s Congress, where the nation’s rubber-stamp parliament sets economic priorities for the coming year. A GDP growth target of “around 5%” was announced (with a CPI of about 3%), as well as an unemployment rate of 5.5%, as the country aims to create more than 12M new urban jobs. While the bold growth goal was the same level in 2023, there are additional headwinds to consider this time around, including domestic demand and deflation worries, a property crisis, demographic challenges, and a stock market rout.
Quote: “It is not easy for us to realize these targets,” Premier Li Qiang told the nearly 3,000 delegates at the Great Hall of the People in Beijing. “We need policy support and joint efforts from all fronts.”
So how does the world’s second-largest economy plan to make them happen, especially with higher base number comparisons? While the premier’s traditional press conference was scrapped this year, there were references to policies supporting childbirth, stabilizing housing projects, and harnessing “new productive forces” for industrial capacity. More importantly, China will lift all foreign investment restrictions in the manufacturing sector and “pool together strategic scientific strength and non-governmental innovation resources to make breakthroughs in core technologies in key fields.” Contrary to some expectations, no stimulus bazooka was unveiled at the gathering, but a government work report revealed plans to issue 1T yuan ($139B) in ultra-long special bonds for major projects not included in the budget.
Rising competition: China named some specific industries for innovation including “new energy cars” and “new material,” and pointed to development plans for quantum computing, big data and artificial intelligence. It’s part of a self-sufficiency drive that saw the central government spend 3.3T yuan ($417B) on research last year, or about 2.6% of total GDP. The U.S. has been playing a similar game with the CHIPS and Science Act and the Inflation Reduction Act, which both pumped hundreds of billions of dollars into key industries in the name of national security and competitive advantage, as well as restricting hi-tech chips to China and imposing serious export controls.
Super Tuesday
The single biggest delegate haul of any day in the U.S. presidential primary is on tap, and will likely mark the last attempt by Nikki Haley to secure traction toward a nomination among Republicans. Fiscal discipline has been a big talking point for Haley and GOP frontrunner Donald Trump as the U.S. began the new year with the national debt surpassing $34T for the first time. The discussion to balance the budget has also roped in tax policy and tax cuts, social security, trade practices with China, how to handle tariffs, and closing the southern border.
World’s richest
Elon Musk has been dethroned as the globe’s richest person by Amazon (AMZN) founder Jeff Bezos. It comes after Tesla (TSLA) shares slumped 7.2% on Monday, with shipments from its Shanghai factory dropping to their lowest in over a year, as well as price cuts and discounts. While the Magnificent Seven stocks have helped push U.S. markets to record highs, Tesla has been an outlier by sliding 25% YTD, leading some to rebrand the group as the “Spectacular Six.” Musk’s wealth could shrink further, as his $55B pay package was recently voided. (6 comments)
Calling it off
Shares of the low-cost airlines are still on the move after JetBlue (JBLU) terminated its $3.8B deal to acquire Spirit Airlines (SAVE). The decision comes after a federal judge in January blocked the merger on antitrust grounds, and although the airlines were appealing the ruling, experts believed it would’ve been an uphill battle to reverse it. “We believed this merger was worth pursuing because it would’ve unleashed a national low-fare, high-value competitor to the Big Four airlines,” said JetBlue CEO Joanna Geraghty, with Spirit leader Ted Christie blaming regulatory obstacles for the failed combination. (18 comments)
Today’s Economic Calendar
9:45 PMI Composite Final
10:00 Factory Orders
10:00 ISM Service Index
What else is happening…
WSB survey results: Half of respondents are crypto negative – see the others.
FAA finds quality control lapses at Boeing (BA), Spirit AeroSystems (SPR).
Biggest plane order by American Airlines (AAL) in more than a decade.
App Store: EU hits Apple (AAPL) with $2B fine over music streaming.
Gold climbs to record high as market eyes possible June rate cut.
New York Community Bancorp (NYCB) plunges after rating downgrades.
GameStop (GME) shares notch seventh straight session of gains.
Investors pull funds from Cathie Wood’s ARKK as key holdings fall.
Perrigo (PRGO) starts shipments of first OTC birth control pill.
SA Quant: SMCI at strong buy rating upon entry to S&P 500.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets leaned to the upside. China, South Korea and Taiwan posted gains; Indonesia and Singapore posted losses. Europe, Africa and the Middle East lean to the downside. Denmark, Russia and Greece are up; the UK, Poland, Turkey, Finland, Austria and Saudi Arabia are down. Futures in the States point to a down open for the S&P and flat open for the Nasdaq.
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The dollar is up. Oil is down; copper is up. Gold is down; silver is up slightly. Bonds are down.
Stories/News from Seeking Alpha…
End of winter
There had been some debate over the past few seasons, but pretty much everyone can now agree that the crypto winter is finally over. Bitcoin (BTC-USD), along with other major cryptocurrencies, have all seen a big recovery since the end of October, coming out of a deep freeze that took place over much of the past two years. Things have not only defrosted, but have heated up the engines in recent weeks as splashy headlines and new developments prompt the industry to shout, “Back to the moon!”
Fasten your seatbelts: Bitcoin is up nearly 30% over the past week and more than 150% over the past six months. It’s currently trading at $65,000, as the crypto closes in on its all-time high of around $69,000 set in November 2021. The strong advance comes along with strong risk-on sentiment in the broader market, though there are multiple drivers specific to the industry that have also sparked a rally in crypto stocks.
First and foremost among the catalysts has been the launch of spot Bitcoin ETFs and the subsequent cash inflows from Wall Street and the retail crowd. BlackRock’s iShares Bitcoin Trust (IBIT) has even amassed $10B in under two months, marking the fastest any new ETF has ever hit such a milestone. The launches have helped cement crypto as an established asset class, giving an avenue to those waiting to use a mainstream vehicle to hedge and diversify, or invest in the sector. It’s also created robust demand for those hunting for digital gold, helping push the price of Bitcoin (BTC-USD) higher and higher.
On the supply side: “Bitcoin is scheduled to undergo its fourth halving in April, one of the most anticipated events of 2024 within the crypto space,” SA analyst Nicholas Kitonyi writes in a new article. “Halving is a process where Bitcoin mining is cut in half, reducing the number of new bitcoins released to the market… and was introduced to ensure BTC remains scarce. Investors have often targeted the period before the next Bitcoin halving to acquire more bitcoins in anticipation of a post-halving rally.” Take the WSB survey. (44 comments)
Crude awakening?
As widely expected, OPEC+ has decided to extend cutbacks in oil production through the first half of the year to support prices by warding off a surplus. Curbs of 2.2M barrels a day will remain until the end of June, with Saudi Arabia making up half of the promised cuts to output. “Sticking to voluntary production cuts until the end of the year would be a strong signal and should be seen as price-positive,” according to Commerzbank analyst Carsten Fritsch, although an extension only into Q2 likely has been priced in and should not move prices significantly. (70 comments)
Buyout bid
An investor group bidding to acquire Macy’s (M) has raised its offer by about $1B after the department store chain rejected a prior proposal as too low. Arkhouse Management and Brigade Capital offered to buy shares they don’t already own for $24 each, or $6.6B in total, which is 33% higher than Macy’s closing price on Friday. The stock jumped 16% in response in premarket trading on Monday, while the company’s board said it will “carefully review” the latest offer in consultation with financial and legal advisors. SA analyst Young Investor Analytics previously flagged potential challenges that Arkhouse and Brigade may face in closing the deal. (47 comments)
Record run
The S&P 500 (SP500) is enjoying a strong run to start the year, a big thanks to artificial intelligence. See the largest contributors and detractors here. Speaking of the benchmark index, Super Micro Computer (SMCI) and Deckers Outdoor (DECK) will be added to the S&P 500 as part of the latest quarterly rebalancing, replacing Whirlpool (WHR) and Zions Bancorporation (ZION). “The changes ensure each index is more representative of its market capitalization range,” S&P Dow Jones Indices said in a statement. (20 comments)
Today’s Economic Calendar
Auto Sales
11:00 Fed’s Harker: “Economic Impact of Higher Education”
What else is happening…
AI battle: Is Google (GOOG, GOOGL) in danger of being replaced?
The $1T club could soon have its first non-tech members.
Boeing (BA) is in talks to acquire Spirit AeroSystems (SPR).
Bayer wins Arkansas Roundup trial; Delaware suit ends without verdict.
Japan’s Nikkei tops 40,000 for the first time as historic rally continues.
Crafts retailer Joann (JOAN) said to be considering bankruptcy filing.
Texas wildfire: Homeowner blames Xcel Energy (XEL) unit’s power line.
Troubled EV maker Fisker (FSR) in talks with Nissan (OTCPK:NSANY).
Bright spots in CRE space: logistics, data centers, telecom towers.
‘Dune 2’ (WBD) scores the biggest box-office debut of the year.
Here are the stocks with the most insider buying and selling.
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