Jeff Hartman brings an AM studio show to the BTSC family of podcasts with the latest episode of our newest offering “Let’s Ride”. Wall Street closed higher on Thursday as strong performance by technology bigwigs more than offset negative effects of weak economic data. Mike Milbury’s comment about how women could be a disruption in the NHL bubble is the latest opinion of his that has viewers upset.
The past couple seasons, the Steelers have made trades whether it be in training camp or right before the regular season. This is something that seems to be a given in recent team lore. With potential free agents and some players that the team feels can garner draft capital or other talent in a transaction, there may be Steelers in their last couple of black-and-gold weeks. This is the main topic that will be discussed on the latest episode of the morning flagship show in the BTSC family of podcasts. Join Co-Editor Jeff Hartman with his show, “Let’s Ride” as he wonders aloud about Kevin Colbert’s dealing potential.
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Jeff Hartman of BTSC walks you through everything you need to know regarding the Black-and-Gold.
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Author: Bryan Anthony Davis
Stock Market News for Aug 21, 2020
Wall Street closed higher on Thursday as strong performance by technology bigwigs more than offset negative effects of weak economic data. Meanwhile, investors remained unanswered when a congressional deal will take place related to the second round of fiscal stimulus. All three major stock indexes ended in positive territory.
The Dow Jones Industrial Average (DJI) rose 0.2% to close at 27,739.73 reversing its three-day losing streak. Notably, 18 components of the 30-stock blue-chip index ended in the red while 11 finished in green and one remained unchanged.
The tech-laden Nasdaq Composite ended in positive territory to close at 11,264.95, surging 1.1% or 118.49 points. This marked its 35th closing high this year so far. In the intraday trading, the tech-heavy index recorded all-time high at 11,283.42.
Moreover, the S&P 500 gained 0.3% to end at 3,385.51. The Technology Select Sector SPDR (XLK) and the Communication Services Select Sector SPDR (XLC) gained 1.3% and 1.2%, respectively while the Energy Select Sector SPDR (XLE) tumbled 2.2%. Notably, three out of eleven sectors of the benchmark index closed in positive territory while eight in negative zone.
The fear-gauge CBOE Volatility Index (VIX) was up 0.8% to 22.72. A total of 8 billion shares were traded on Thursday, lower than the last 20-session average of 9 billion. Decliners outnumbered advancers on the NYSE by a 1.54-to-1 ratio. On Nasdaq, a 1.46-to-1 ratio favored declining issues.
Wall Street is witnessing a wonderful performance since Mar 23 solely due to an extraordinary rally of the technology sector in the last four and half months, defying coronavirus-induced economic devastations. Generally, investors opt for safe haven assets like government bonds, gold and high-yielding defensive stocks during severe market volatility. However, it seems that the growth-oriented technology sector has become the new safe haven.
Delay in fresh stimulus and Fed’s gloomy outlook about the U.S. economy compelled investors to opt for technology stocks as this sector has performed the best in the second-quarter 2020 defying the pandemic. Yesterday, shares of Apple Inc. AAPL, Microsoft Corp. MSFT, Facebook Inc. FB, Alphabet Inc. GOOGL and Netflix Inc. NFLX gained 2.2%, 2.3%, 2.4%, 2.1% and 2.8%, respectively. Apple sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Negotiations between the Republicans and Democrats fell apart. Treasury Secretary Steven Mnuchin said that the Trump administration is ready to further negotiate with Democrats and may provide more money as fiscal stimulus if it was required for an amicable solution.
Mnuchin said that President Trump ” wants to provide money for kids and jobs, a second round of the PPP and to help small businesses cover payroll during the pandemic.” Notably, the unemployment benefit of $600 per week came to an end by the end of July. Meanwhile, new trench of stimulus are unlikely to come before September.
The Department of Labor reported that Initial Jobless Claims grew 135,000 to 1.106 million for the week ended Aug 15. This compares unfavorably with the consensus estimate of 883,000. Moreover, the previous week’s data was revised upward by 8,000 to 971,000. Notably, the previous week was the first week after the outbreak of the pandemic in which weekly jobless claims fell below 1 million.
Continuing Claims — those who have collected benefits for two straight weeks — were reported at one week lag. This data decreased by 636,000 to 14.844 million. The previous week’s continuing claims were revised 6,000 lower to 15.48 million.
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don’t buy now, you may kick yourself in 2021.
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Click to get this free report Microsoft Corporation (MSFT) : Free Stock Analysis Report Apple Inc. (AAPL) : Free Stock Analysis Report Netflix, Inc. (NFLX) : Free Stock Analysis Report Facebook, Inc. (FB) : Free Stock Analysis Report Alphabet Inc. (GOOGL) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
Author: Zacks Equity Research
NHL analyst faces backlash after insensitive comment, George Karl and Mark Jackson trade Twitter jabs, more sports news
It hasn’t been a good week for announcers.
NHL analyst Mike Milbury is the latest example after his comments on the NHL bubble and women. Cohost John Furslund spoke about the bubble environment when Milsbury made his insensitive comment.
“If you think about it, it’s a terrific environment with regard to — if you enjoy playing and enjoy being with your teammates for long periods of time, it’s a perfect place,” Forslund said.
Milbury responded, “Not even any woman here to disrupt your concentration.”
It’s not the first time Milbury has been in the news since the NHL’s return. He also questioned Boston Bruins goalie Tuukka Rask’s reason for opting out earlier this month. Rask chose to be with his wife and three young daughters.
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Mike Milbury on Tuukka Rask: “Nobodies simply opted to leave the bubble just because they didn’t want to be here and they needed to be with their family. I would’ve not have done it, the rest of the league’s players have not done it.” #NHLBruins pic.twitter.com/6Hc2tnuHVk
It will be interesting to see if this is the final straw for Milbury. He has been involved with TV broadcasting since 2008.
The way @realmikemilbury said this so casually tells us exactly what time he’s BEEN on so no one should be shocked. But the way he went unchecked on-air and the silence from his peers in this industry. Phew we’ve got a ways to go https://t.co/BeW9KrYtbo
The NHL released a statement about Milbury’s actions.
“The National Hockey League condemns the insensitive and insulting comment that Mike Milbury made during last night’s broadcast and we have communicated our feelings to NBC,” the statement read. “The comment did not reflect the NHL’s values and commitment to making our game more inclusive and welcoming to all.”
Milbury also issued an apology, saying it wasn’t his intention to disrespect anyone.
Mark Jackson and George Karl get defensive on Twitter
It’s not often we see two former NBA coaches trading jabs over social media, but 2020 hasn’t been a normal year.
Former Denver Nuggets coach George Karl didn’t take too kindly to Mark Jackson’s comments on an ESPN broadcast about Carmelo Anthony. Jackson noted Anthony’s willingness to play defense and questioned if he was properly motivated by his past teams, when he wasn’t playing the same caliber of defense.
“There’s a shared responsibility for whoever allowed that defense to be played because for some reason, he has brought in with this culture, and he’s committed to it,” Jackson said during the Lakers-Blazers game.
There’s a saying that a wounded dog will howl, and even though Jackson didn’t specifically name-drop Karl, Anthony’s former coach in Denver felt disrespected, so he fired back.
I heard @MarkJackson13 is taking shots at my defensive coaching during tonight’s broadcast.
Remind me, how many all-star teams did you coach, Mark? How many DPOYs? How many Finals appearances? How many of my teams became dynasties right after I left?
Jackson coached the Warriors from 2011-14. They went from 23 to 51 wins in Jackson’s three seasons, but Golden State went to five consecutive NBA Finals after he was fired.
If you remember, it was Jackson who put Karl out in his final season as a head coach. The Nuggets fired Karl in 2013 after losing a 4-2 series against the Warriors in the first round. Maybe Karl has some bad blood from that series.
Jackson’s statement wasn’t wrong. As a player, his Indiana Pacers defeated Karl’s Milwaukee Bucks in the 1999 and 2000 playoffs. Between coaching and playing, Jackson is 3-0 in the playoffs against Karl.
Head-to-head, Jackson has a clear advantage, but Karl’s Hall of Fame coaching resume is legit. Karl is sixth all-time in wins and led the Seattle SuperSonics to the NBA Finals in 1996.
Washington Football team head coach Ron Rivera diagnosed with cancer
Washington Football Team head coach has been diagnosed with lymph node cancer. Reports are that the cancer is still in the early stages, so Rivera is planning on getting treatment and coaching.
“I’m planning to go on coaching,” he told Schefter. “Doctors encouraged me to do it too. They said, ‘If you feel strongly, do it. Don’t slow down, do your physical activities.’ But everyone keeps telling me by week three or four, you’ll start feeling it.”
Washington Head Coach Ron Rivera tells me he has been diagnosed with lymph node cancer after a self check. Rivera shared the news with his team tonight but says the cancer is in the early stages and is considered “very treatable and curable”.
If the treatment limits Rivera’s coaching abilities, he said that he does have a plan B in place.
Since being hired in January, Rivera has been in charge of a complete culture shift in Washington’s organization. He’s hired more people of color and minorities to change the old outlook on Washington while making it a more diverse and inclusive place.
Julie Donaldson and Jason Wright are two of the most notable hires. Donaldson will be the first woman to be a regular part of an NFL’s broadcast team, and Wright became the first Black person to be hired as team president of an NFL team.
Adding my prayers for health to the innate strength and deep resilience in @RiverboatRonHC ’s body, mind, and Spirit.
Author: Damichael Cole