Palantir CEO Karp Discloses $10.3 Million Stock Sale. That’s the Tip of the Iceberg.

Palantir co-founder Stephen Cohen made a similar filing, disclosing the sale of 173,595 shares for total proceeds of about $3.9 million shares.

Cramer Says Forget Tech And Look To These Sectors In Q2

As the second quarter kicks off, CNBC host Jim Cramer has cautioned against investing in tech and healthcare stocks. What Happened: Cramer said he is bullish on industrial and bank stocks and advised investors to focus on the boom-and-bust cyclical stocks amid a booming economy. “As the second quarter gets rolling, I think this market will become even kinder to the industrials and ... the banks and even less hospitable to tech and health care,” Cramer said on CNBC’s "Mad Money" show. Cramer touted steel products supplier Cleveland-Cliffs Inc. (NYSE: CLF) as a likely winner in the second quarter. See also: Best Growth Stocks Right Now According to Cramer, the company is putting up numbers that are attracting money from big fund investors who are shifting away from tech stocks such as Amazon.com Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), Zscaler Inc. (NASDAQ: ZS) and ServiceNow Inc. (NYSE: NOW). The shares of all the four tech companies are down in a range of 5% to 14% for the year-to-date period. Cleveland-Cliffs’ stock jumped almost 17% in Wednesday’s trading session after the company provided updated financial guidance for the first and second quarters as well as for fiscal 2021. The company will announce its first-quarter earnings results on April 22. Money managers are interested in companies that can deliver the biggest upside surprises and are not bothered about the most exciting long-term growth stories, according to Cramer. He also noted that higher inflation as the economy gains momentum could be devastating for stocks of companies that may represent future growth. See Also: Return On Capital Employed Overview: Cleveland-Cliffs Why It Matters: U.S. stocks closed mostly higher on Wednesday, the last day of the first quarter. The S&P 500 added 0.4% and the tech-heavy Nasdaq Composite rose 1.5%, while the Dow Jones Industrial Average declined 0.3%. However, Cramer called the Nasdaq Composite’s advance a “countertrend rally.” While tech stocks gained strongly last year amid the pandemic, investors are now shifting focus to recovery and cyclical stocks amid increased optimism about government spending and Covid vaccinations. See more from BenzingaClick here for options trades from BenzingaElon Musk Nominated To The Board Of Miss Universe Parent EndeavorTesla To Miss Street Estimate On Q1 Deliveries But Don't Be Alarmed, Says Munster© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Mortgage Firms Warned to Prepare for a ‘Tidal Wave’ of Distress

(Bloomberg) -- Mortgage companies could face penalties if they don’t take steps to prevent a deluge of foreclosures that threatens to hit the housing market later this year, a U.S. regulator said Thursday.The Consumer Financial Protection Bureau warning is tied to forbearance relief that’s allowed million of borrowers to delay their mortgage payments due to the pandemic. To avoid what the bureau called “avoidable foreclosures” when the relief lapses, mortgage servicers should start reaching out to affected homeowners now to advise them on ways they can modify their loans.“There is a tidal wave of distressed homeowners who will need help,” Dave Uejio, the CFPB’s acting director, said in a statement. “Servicers who put struggling families first have nothing to fear from our oversight, but we will hold accountable those who cause harm to homeowners and families.”In a separate compliance bulletin released Thursday, the CFPB said that companies “that are unable to adequately manage loss mitigation can expect the bureau to take enforcement or supervisory action.”More than 2 million borrowers as of January had either postponed their payments or failed to make them for at least three months, the bureau said. Once government-authorized forbearance plans begin to end in September, hundreds of thousands of people may need assistance getting back on track.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Stock market news live updates: S&P 500 tops 4,000 for the first time, Nasdaq gains more than 1%

The S&P 500 logged a record high on Wednesday, closing out its best month since November

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