Big tech names have gotten into the hot seat with state and federal regulators, largely thanks to a high-profile data breach at Facebook. In hearings last year, Facebook CEO Mark Zuckerberg testified before the U.S. Senate, and made a repeat trip to Capitol Hill last week.
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| |  Good morning. Big tech names have gotten into the hot seat with state and federal regulators, largely thanks to a high-profile data breach at Facebook. In hearings last year, Facebook CEO Mark Zuckerberg testified before the U.S. Senate, and made a repeat trip to Capitol Hill last week.
At the same time he was trying to win some much-needed friends in Congress, Facebook quietly agreed to buy CRTL-Labs, a tech startup working on software to let people control computers only using their minds. How this acquisition will help win over regulators and avoid a breakup of the tech giant remains to be seen.
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| | |  | DOW 26,811.84 | -0.51% | | | | S&P 2,966.97 | -0.83% | | | | NASDAQ 7,993.63 | -1.46% | | | | | *As of market close | | | • | Stocks declined yesterday, as President Trump made a much-anticipated speech at the UN including some sharp barbs on trade. | | | • | Oil prices dropped nearly 3 percent, to $57 per barrel. | | | • | Gold rose half a percent, to $1,540 per ounce. | | | • | Cryptocurrencies were slammed by double-digits, with Bitcoin hitting $8,500. | | | |
| | | RBC Raises Alphabet Price Target to $1,500 | | | | Royal Bank of Canada (RBC) reaffirmed its outperform rating on Alphabet, parent company of Google (GOOG). The bank raised its price target on shares from $1,425 to an even $1,500.
With shares of the search engine giant around $1,240, the new prices target represents an upside potential of 21 percent. Shares have traded as high as $1,289 in the past year, and shares are well off the 52-week low of $970.
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| | Wynn Resorts Upgraded to Buy at Goldman Sachs | | | | Wynn Resorts (WYNN) received an upgrade from investment firm Goldman Sachs, from neutral. The bank also raised its price target on the stock to $155 from $140. With shares around $111, the implied upside is almost 40 percent higher from here.
Shares of Wynn Resorts have traded as high as $150 in the past year, and as low as $90, so shares are still on the lower end of their 52-week range.
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| | Insider Activity: USA Technologies Inc (USAT) | | | | Investment fund Hudson Executive Partners LP bought 143,200 shares of USA Technologies (USAT). Already a major holder with over 10 percent of shares, the $638,000 buy increases the fund's holdings to over 8,339,170 shares.
This is the second buy from the fund following the purchase of 1 million shares back in August, at prices 26 percent higher than where shares currently trade. Insiders have otherwise been holding their shares in the past two years.
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| | | | Unusual Options Activity: Snapchat (SNAP) | | | The October 11th $18.50 call options on Snapchat (SNAP) saw over 18,400 contracts trade against a prior open interest of 500, a 31-fold surge in volume. Traders are betting that shares, around $17.50, can rally another $1, or 5 percent, higher in the next 16 days.
That's a reasonable bet, as shares have more than tripled off their 52-week lows of $4.82, and shares have traded as high as $18.36 in the past year.
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| | | | TOP | | | ISRG | 2.557% | | | | CAG | 2.284% | | | | HBI | 2.267% | | | | CBOE | 1.993% | | | | NSC | 1.894% | | | BOTTOM | | | MRO | 6.718% | | | | HP | 5.931% | | | | HAL | 5.434% | | | | XEC | 5.139% | | | | NKTR | 5.094% | | | | |
| | |  | | People have definitely bought into the bearish macro view…When you look at the pattern over the past four or five years, it is definitely quite an important inflection point. They haven't gone maximum defensive…People are thinking the cavalry is going to come quickly to create stimulus to provide that turnaround. | | - David Bowers, Absolute Strategy Research head of research, on rising bearish views on the market and why traders haven't been aggressive about shifting their strategy.  | |
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