Podcast Summary
President Biden's Economic Achievements and Plans: Biden highlighted 15M new jobs, declining inflation, chip factories, Medicare drug negotiations, IPO plans for Reddit, minimum tax for billionaires, and clean energy jobs.
During his State of the Union address, President Biden highlighted his economic achievements over the past three years, including the creation of 15 million new jobs, a decline in inflation, and plans for new chip factories and expanded Medicare drug negotiations. Elsewhere, Reddit announced plans for its IPO, targeting a valuation of up to $6.5 billion and a price range of $31 to $34 per share. Additionally, President Biden proposed a minimum tax rate of 25% for billionaires and plans to cut carbon emissions by 50% by 2030, creating tens of thousands of clean energy jobs.
Skechers Faces $1.25M SEC Penalty for Undisclosed Payments to Executives' Family Members and Loans: Skechers agreed to pay a $1.25M penalty to the SEC for failing to disclose payments to family members and loans to executives. The company did not report the employment of two relatives and a consulting relationship with a household member. Additionally, two executives owed the company over $120,000 for personal expenses.
Skechers USA has agreed to pay a hefty penalty of $1,250,000 to the SEC for failing to disclose payments to family members of its executives and undisclosed loans. From 2019 to 2022, Skechers did not disclose the employment of two relatives and a consulting relationship with a person sharing a household with an executive. Moreover, the company did not disclose that two executives owed more than 120,000 dollars to the company for personal expenses paid by the firm. Despite not admitting or denying the SEC's findings, Skechers has agreed to a cease and desist order and the penalty. On a brighter note, the stock market ended at a new record high on Thursday, with the Nasdaq gaining 1.51%, the S&P 500 adding 1.03%, and the Dow advancing 0.34%. In other news, Mattel is focusing on Barbie for growth, Rivian Automotive soared after new model unveilings and capacity expansion, and the South by Southwest festival in Austin, Texas, could provide funding opportunities for startups. Pre-market, Dow, S&P, and Nasdaq futures are mixed, with crude oil down 0.5% and Bitcoin up 0.7%.
Marvell Technology's Stock Price Drops Despite Strong Earnings, Focus Shifts to US Jobs Report: Marvell Technology's stock price dropped despite strong earnings due to a disappointing Q1 outlook. The US jobs report, set for release, will provide insights into the health of the labor market and economy.
While European markets saw minimal losses, the FTSE 100 decreased by 0.4% and the DAX by 0.1%, Marvell Technology experienced a significant drop of nearly 6% despite strong Q4 earnings due to disappointing Q1 outlook. The focus shifts to the US jobs report for February, which is set to be released at 8:30 AM. Economists anticipate 190,000 new jobs and a steady unemployment rate of 3.7%. This report will be a crucial indicator of the health of the US labor market and economy. Marvell Technology's stock price decline serves as a reminder of the importance of considering both positive and negative financial data when making investment decisions. The US jobs report will provide valuable insights into the current state of the labor market and the potential impact on the broader economy. Join Seeking Alpha's community of real investors to stay informed and discuss stocks and ETFs in-depth. For more market insights, tune in to Wall Street Breakfast every weekday morning. I'm your host, Julie Morgan, and I wish you a productive and successful day.
