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KEY POINTS
OVERALL MARKET
A satisfactory jobs report for June pushed market indices into the green by market close today.
The market closed in the green today, with the S&P 500 index adding one more day to its 7-day winning streak.
The Bureau of Labor Statistics released June's job report today, and the results were pleasing to investors. Non-farm payrolls increased by 850,000 jobs last month, bringing more optimism to the market. Investors responded accordingly, with all three indices showing good movement. GET THE DAILY MARKET RECAP
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ZipRecruiter (ZIP) and Staffing 360 (STAF) stocks jumped after a positive Employment Report.
After reading the jobs report this morning, I decided to look at the Staffing and Employment Services list of stocks on Stock Card. Many companies are still scrambling for workers, though employment is steadily rising. This situation creates an excellent growth opportunity for staffing agencies and employment platforms.
Among the biggest winners today, I noticed Staffing 360 Solutions Inc (STAF). Its share price rose roughly 30% by market close! The company has been struggling with debt in the past and announced a 6-to-1 reverse stock split last month to keep its share price above $1, a NASDAQ requirement to stay listed on the exchange. It was also forgiven for a $10 million PPP loan debt which adds to the 55% debt reduction the company has achieved in the past year. With the demand for employment services on the rise, the company may grow rapidly and could be a good one to add to our watchlists. Another beneficiary of the job's market situation is ZipRecruiter Inc (ZIP). The company went public in May at around $21 per share, and it is now hovering near $26. An earnings report in May showed a 5% increase in revenue since last year’s same quarter. While 5% growth in revenue is not as high as many other recent IPOs, as employers scramble to hire more employees, Zip Recruiter may grow much faster than before. This is a good stock for your watchlists. WHAT'S DOWN?
A decline in background checks reported by the FBI may mean fear and panic subsides, but gun stocks such as Smith & Wesson Brands (SWBI) are taking a hit.
In an unexpected turn, demand for guns appeared to slow in June. Today the FBI released data showing that background checks were 22% lower last month. Background checks are a good indicator of demand for guns because they are prerequisites to purchases. The demand has been higher the first three months this year than any month in 2020, but it is slowly dropping. It may mean panic and fear are subsiding in society, and people are starting to feel normal again.
That's most likely why we see shares of Smith & Wesson Brands (SWBI) taking a hit. After reaching an all-time high this year due to gun and ammo shortages, it seems the demand has peaked and is now going back to normal. WANT TO RECIEVE THIS DAILY MARKET RECAP IN YOUR MAIBLOX?Comments are closed.
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