A mixed close for the trading week šŸŽ¢

US indexes ended closed Friday's session just shy of the record-highs set earlier in the week.

Author

Adam Garcia
May 17, 2024

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Hereā€™s what moved the market today.

Markets šŸ“ˆ

The market closed the week with mixed results after notching record highs earlier in the week. The Nasdaq posted a slight loss, while the Dow and S&P 500 edged higher.

  • DJIA [+0.2%]

  • S&P 500 [<0.1%]

  • Nasdaq [-0.1%]

  • Russell 2K [<0.1%]

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Market-Moving News šŸ”Ž 

Boaz Weinstein at the Bloomberg Invest event in New York, US, on Wednesday, June 7, 2023. (Jeenah Moon | Bloomberg | Getty Images)

šŸŽÆActivist Boaz Weinstein Takes Aim at BlackRock Funds

Boaz Weinstein, known for his involvement in JPMorgan Chaseā€™s infamous ā€œLondon Whaleā€ trading loss in 2011, has set his sights on index fund behemoth BlackRock.

Fight for Rights šŸ„Š
Saba Capital, Weinsteinā€™s hedge fund, has outlined its strategy in a presentation obtained by CNBC, detailing plans to advocate for change at 10 closed-end BlackRock funds. These funds, according to Saba, trade at a significant discount to their underlying asset values compared to peers, a situation Saba attributes to BlackRockā€™s management.

Push for Change šŸ“Š 
Saba Capital aims to gain board control over three BlackRock funds and secure a minority slate in seven others. Additionally, it seeks to remove BlackRock as the manager of six out of the ten funds.

Weinstein's Critique šŸŽ™ļø
Weinstein emphasized the underperformance of the targeted funds, noting that nine out of the ten have incurred losses for investors over the past three years. He voiced his concerns on CNBC's "Squawk Box," outlining his belief that BlackRock's management approach contradicts its governance expectations for companies.

The Argument āš–ļø
Saba's campaign, dubbed "Hey BlackRock," centers on governance issues. The hedge fund accuses BlackRock of running the closed-end funds in a manner inconsistent with its own corporate governance standards

Top Winners and Losers šŸ”„

Ipower [IPW] $2.89 (+97.9%)
was upgraded from ā€œneutralā€ to ā€œoutperformā€ by analysts at Zacks Investment Research.

Cheetah Net Supply [CTNT] $10.80 (+44.0%)
continued its hot streak after closing a follow-on public offering on Wednesday.

Jiade [JDZG] $11.68 (+40.3%)
extended its gains after rallying 104% on Thursday. It closed its IPO on the Nasdaq on Wednesday.

Heart Test Labs [HSCS] $6.97 (+38.3%)
began trading on a 1-for-100 reverse split-adjusted basis at the open of todayā€™s trading session.

Faraday Futures [FFIE] $1.65 (+134%)
retreated after rallying more than 3,000% this week in an epic short squeeze rally.

Amplitech [AMPG] $1.44 (33.0%)
filed a non-timely 10-Q with the SEC, according to a late Thursday regulatory disclosure.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
ā€” Adam G.
Elite Trade Club

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