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The S&P 500 is on track to have its worst three days since January, after the market sell-off continued. Internet and tech stocks continued to shed value. At the closing bell, the Dow Jones Industrial Average fell 166 points to finish at 16,245. The Nasdaq dropped 47 points to finish at 4,079, while the S&P 500 lost 20 points to end the day at 1,845.
Here's a recap of other major events today.
- Look Out, Netflix: Multiple reports state that Yahoo! Inc. (Nasdaq: YHOO) announced plans to create its own original programming to compete against high-end cable-TV networks and streaming services like Netflix (Nasdaq: NFLX) and Hulu. According to reports, Yahoo is in negotiations to order four web television series, including 10-episode, half-hour comedies. The company has even set per-episode budgets at staggering levels from $700,000 to several million dollars. The company's CEO Marissa Mayer plans to pitch its TV-caliber concepts to advertisers later this month.
- Amazon Attacks Grocery Stores: Now that Amazon.com (Nasdaq: AMZN) has crushed mid-tier brick-and-mortar retail stores, it's turning its attention to the grocery category. Though Amazon has generated a lot of buzz with its new Fire TV product, the company is also building a grocery delivery system called Dash. It is featured on the West Coast of the United States. The Dash product allows users to add groceries and household products to their shopping lists through the company's AmazonFresh program. The program will expand to densely populated cities as its popularity grows.
- Another Big Pharma Deal: Consolidation in the pharmaceutical sector kicked off the week. Mallinckrodt (NYSE: MNK) has announced its plans to purchase California-based Questcor Pharmaceuticals (Nasdaq: QCOR) for nearly $5.6 billion. Questcor's primary product is H.P. Acthar Gel, a drug that helps manage autoimmune and inflammatory conditions. According to reports, it has approval in the United States to treat 19 different indications. Mallinckrodt will purchase Questcor for roughly $86.10 per share. Get more info here on why QCOR is such a hot buy…
- He Said What: St. Louis Fed President James Bullard said that the sharp tradeoff that leveled emerging markets in summer 2013 was the result of "global macroeconomic equilibrium" and that he doesn't believe there needs to be improved coordination of global monetary policy by central banks. The statement is somewhat surprising following the emerging market sell-off that occurred in the wake of the U.S. Federal Reserve's continued tapering of quantitative easing. [Bad news for emerging markets is good news for investors – because it creates double-barreled winners like this stock.]
- Helping the Unemployed: The U.S. Senate is likely to pass an extension of federal unemployment benefits for more than 2 million Americans through May 31, 2013. The deal is expected to pass this afternoon and will retroactively provide benefits to many Americans who have been unable to find work since Dec. 28.
Monday's Top Four Profit Opportunities
- Our Dr. Kent Moors says that LNG Is "One of the Best Investments of the Decade." Strangely, some investors think that it's too late to get in on the massive profits fueled by America's booming resource. It's not too late. In fact, natural gas exporters will be among the top energy stocks of the decade, and here is your opportunity to join the income plays of a lifetime.
- Knock Out the Food Inflation Bully: Maybe you've noticed that the price of food has been soaring lately – and at a double-digit clip. Meanwhile, household income is barely rising. But if you know where to invest your money, you can actually make food inflation pay off. This investment idea will get you started on your way to big profits this summer…
- The Best Play in a Trillion-Dollar Market: Activist investor Carl Icahn just cleared our path to a big profit – a company in a hot new market whose shares could surge 50% in the next two years. Michael Robinson wants to tell you how Icahn did this – and show you the stock that's ready to run…
- The Clock Is Ticking: There's an immense new challenge to the U.S. role in the global economy that few are watching. It's a dominant role we've held since the latter part of World War II, and for 70 years it's gone largely unchallenged. Until now. As Shah Gilani explains, the story isn't complicated, but it will be disturbing to some… and profitable to others…
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.