Good Friday evening to all of you here on stocks! I hope everyone on this sub made out pretty nicely in the market this past week, and are ready for the new trading week ahead. :)
Here is everything you need to know to get you ready for the trading week beginning June 5th, 2023.

Dow leaps 700 points on hot jobs report, Nasdaq notches sixth straight winning week: Live updates - (Source)

The Dow Jones Industrial Average surged Friday as traders cheered a strong jobs report and the passage of a debt ceiling bill that averts a U.S. default.
The 30-stock Dow jumped 701.19 points, or 2.12%, to end at 33,762.76 — its best day since January. The S&P 500 climbed 1.45% to close at 4,282.37. The Nasdaq Composite advanced 1.07% to 13,240.77, reaching its highest level since April 2022 during the session.
With Friday’s gains, the S&P 500 and Nasdaq finished the holiday-shortened trading week about 1.8% and 2% higher, respectively. The Dow’s Friday advance pushed it into positive territory for the week, finishing up around 2%. The Nasdaq notched its sixth straight week higher, a streak length not seen for the technology-heavy index since 2020.
Nonfarm payrolls grew much more than expected in May, rising 339,000. Economists polled by Dow Jones expected a relatively modest 190,000 increase. It marked the 29th straight month of positive job growth.
Recently strong employment data had been pressuring stocks on the notion it would keep the Federal Reserve raising interest rates. But Friday data also showed average hourly earnings rose less than economists expected year over year, while the unemployment rate was higher than anticipated.
Both data points have given investors hope that the Fed could pause its interest rate hike campaign at the policy meeting later this month, according to Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.
“The so-called Goldilocks has entered the house,” Sandven said. “Clearly, on the bullish side, there are signs that inflation is starting to wane, speculation that the Fed is going to move into pause mode, increasing the likelihood of a soft landing.”
Easing concerns around the U.S. debt ceiling also helped sentiment. The Senate passed a bill to raise the debt ceiling late Thursday night, sending the bill to President Joe Biden’s desk. That comes after the House passed the Fiscal Responsibility Act on Wednesday, just days before the June 5 deadline set by U.S. Treasury Secretary Janet Yellen.
Lululemon shares popped more than 11% on strong results and a guidance boost, while MongoDB surged 28% on a blowout forecast.

This past week saw the following moves in the S&P:

(CLICK HERE FOR THE FULL S&P TREE MAP FOR THE PAST WEEK!)

S&P Sectors for this past week:

(CLICK HERE FOR THE S&P SECTORS FOR THE PAST WEEK!)

Major Indices for this past week:

(CLICK HERE FOR THE MAJOR INDICES FOR THE PAST WEEK!)

Major Futures Markets as of Friday's close:

(CLICK HERE FOR THE MAJOR FUTURES INDICES AS OF FRIDAY!)

Economic Calendar for the Week Ahead:

(CLICK HERE FOR THE FULL ECONOMIC CALENDAR FOR THE WEEK AHEAD!)

Percentage Changes for the Major Indices, WTD, MTD, QTD, YTD as of Friday's close:

(CLICK HERE FOR THE CHART!)

S&P Sectors for the Past Week:

(CLICK HERE FOR THE CHART!)

Major Indices Pullback/Correction Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Major Indices Rally Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Most Anticipated Earnings Releases for this week:

(CLICK HERE FOR THE CHART!)

Here are the upcoming IPO's for this week:

(CLICK HERE FOR THE CHART!)

Friday's Stock Analyst Upgrades & Downgrades:

(CLICK HERE FOR THE CHART LINK #1!)

(CLICK HERE FOR THE CHART LINK #2!)

A Resilient Labor Market = A Resilient Economy

Another month, another employment surprise. Should we be surprised anymore?
Economists expected payrolls to grow by about 187,000 in May. That’s still a solid job growth number, but a stepdown from what we’ve seen this year through April. However, actual payroll growth beat expectations for the 14th straight month.
The economy created 339,000 jobs in May, close to double expectations. Better still, payroll growth in March and April were revised higher by a total of 93,000!

• March payrolls were revised up by 52,000, from 165,000 to 217,000
• April payroll were revised up by 41,000, from 253,000 to 294,000

(CLICK HERE FOR THE CHART!)

We’ve got two months of payroll data since the Silicon Valley Bank crisis in March, and nothing suggests weakness arising from that banking crisis.
Over the first five months of the year, the economy’s added 1.5 million jobs. That in a nutshell tells you how the economy is doing. For perspective, the average annual payroll growth between 1940 and 2022 was 1.5 million. During the last expansion, 2010-2019, average annual payroll growth was 2.2 million per year.

(CLICK HERE FOR THE CHART!)

But what about the unemployment rate?
The unemployment rate did rise from a 50-year low of 3.4% to 3.7%. This does raise some cause for concern but digging through the data suggests it may be noise more than anything else.
It probably helps to understand that the job growth and unemployment rate data come from different sources. The former comes from asking about 120,000+ businesses how many people they hired. The latter comes from asking about 60,000 households about their employment status. No surprise, the latter is noisier.
A big reason for the weak household survey (and rising unemployment rate) is that more than 400,000 people who were self-employed said they were no longer employed. As you can see in the following chart this is very noisy data, but the recent trend seems to be toward lower self-employment. It’s basically reversing the surge we saw in 2021, when self-employment surged. So, what we’re seeing now may simply be normalization of the labor market as more workers move from self-employment to W2 jobs with an employer.

(CLICK HERE FOR THE CHART!)

Also, the unemployment rate can be impacted by people leaving the labor force (technically defined as those “not looking for work”) and an aging population. I’ve discussed in prior blogs how we can get around this by looking at the employment-population ratio for prime age workers, i.e. workers aged 25-54 years. This measures the number of people working as a percent of the civilian population. Think of it as the opposite of the unemployment rate, and because we use prime age, you also get around the demographic issue.
The good news is that the prime-age employment-population ratio dropped only a tick, from 80.8% to 80.7%. This still leaves it higher than at any point between 2002 and 2022.

(CLICK HERE FOR THE CHART!)

All in all, the labor market remains strong and resilient, despite all the recession calls. Perhaps its not as strong as the headline payroll growth number of 339,000 suggests, but any number above 150,000 would be good at this point. And we’re certainly well above that.
In fact, looking at the job growth and employment-population data, this labor market is probably the strongest we’ve seen since the late 1990’s. Our view since the end of last year has been that the economy can avoid a recession this year, and nothing we’ve seen to date suggests we need to reverse that view. Far from it.

June Better in Pre-Election Years

(CLICK HERE FOR THE CHART!)

Since 1971 June has shone brighter on NASDAQ stocks as a rule ranking eighth best with an 0.8% average gain, up 29 of 52 years. This contributes to NASDAQ’s “Best 8 Months” which ends in June. Small caps also fare well in June. Russell 2000 has averaged 0.6% in June since 1979 advancing 63.6% of the time.
June ranks near the bottom on the Dow Jones Industrials just above September since 1950 with an average loss of 0.2%. S&P 500 performs similarly poorly, ranking ninth, but essentially flat (0.02% average gain).
Despite being much stronger S&P 500 pre-election year June ranks fifth best. For the rest it is just sixth best. Average monthly gains in pre-election year June range from DJIA 1.1% to a respectable 2.4% for NASDAQ. Russell 2000 has been the most consistently bullish in pre-election years, up 8 of the last 11 (72.7% of the time).

(CLICK HERE FOR THE CHART!)

The June Swoon?

Stocks did it again, as the S&P 500 gained 0.2% in the month of May, making it now 10 of the past 11 years that stocks finished green in May. Of course, it gained only 0.01% last year and only 0.25% this year, so the recent returns weren’t off the charts by any measure.
Looking specifically at this year, tech added more than 9% in May, thanks to excitement over AI and Nvidia, with communication services and consumer discretionary also in the green, while the other eight sectors were lower.
Specifically, turning to the month of June, stocks historically have hit a bit of trouble here. Since 1950, up 0.03% on average, the fourth worst month of the year. Over the past 20 years, only January and September have been worse and in the past decade, it is again the fourth worst month. The one bit of good news is during a pre-election year is it up 1.5%, the fifth-best month of the year.

(CLICK HERE FOR THE CHART!)

Here’s another chart we’ve shared before, but years that gained big in January (like 2023) tend to see some periods of consolidation in late May/early June, but eventually experience a surge higher into July. Given the flattish overall May, this could be playing out again.

(CLICK HERE FOR THE CHART!)

What if stocks were having a good year heading into June? Since 1950, if the S&P 500 was up more than 8% for the year going into June (like this year), the month of June was up an impressive 1.2% on average versus the average June return of 0.03%, while in a pre-election year the returns jumped to 1.8%. The percent of the time where returns were higher gets better as well, from 54.8% in your average June to nearly 74% if up 8% or more for the year heading into June, to 80% of the time higher if up 8% for the year in a pre-election year.

(CLICK HERE FOR THE CHART!)

Overall, it has been a very nice run for stocks this year and we remain overweight stocks in the Carson Investment Research House Views. June could potentially cause some volatility, but when all is said and done, we wouldn’t bet against more strength and higher prices in June.

NASDAQ and Russell 2000 Lead June Pre-Election Strength

Over the last 21 years, June has been a rather lackluster month. DJIA, S&P 500 and Russell 1000 have all recorded average losses in the month. Russell 2000 has fared better with a modest average gain. Historically the month has opened respectably, advancing on the first and second trading days.
From there the market then drifted sideways and lower into negative territory just ahead of mid-month. Here the market rallied to create a nice mid-month bulge that quickly evaporated and returned to losses. The brisk, post, mid-month drop is typically followed by a month end rally led by technology and small caps.
Historical performance in pre-election years has been much stronger with all five indexes finishing with average gains. June’s overall pattern in pre-election is similar to the last 21-years pattern with a brief, shallow pullback after a solid start.
In pre-election years the mid-month rally has been much more robust beginning around the sixth trading day and lasting until the fifteenth. Followed by another modest retreat and rally into the end of Q2.

(CLICK HERE FOR THE CHART!)

May and YTD 2023 Asset Class Performance

May 2023 is now behind us, and below is a look at how various asset classes performed during the month using US-listed exchange-traded products as proxies. We also include YTD and YoY total returns.
May was a month of divergence where Tech/AI soared, and the rest of the market fell. Notably, the Nasdaq 100 ETF (QQQ) gained 7.88% in May while the Dow Jones Dividend ETF (DVY) fell 7.7%. That's a 15 percentage-point spread!
At the sector level, it was a similar story. While the Tech sector (XLK) rose 8.9%, sectors like Energy (XLE), Consumer Staples (XLP), Materials (XLB), and Utilities (XLU) fell more than 5%. In total, 8 of 11 sectors were in the red for the month.
Outside the US, we saw pullbacks in most areas of the world other than Brazil, India, and Japan. China, Hong Kong, France, Canada, Italy, Spain, and the UK all fell more than 5%.
All of the commodity-related ETFs/ETNs were in the red for May, with oil (USO) and natural gas (UNG) falling the most at more than 10% each.
Finally, fixed-income ETFs also fell in May as interest rates bounced back. The aggregate bond market ETF (AGG) was down 1.14% in May, leaving it up just 2.6% YTD and down 2.2% year-over-year.

(CLICK HERE FOR THE CHART!)

How Worried Should We Be About Consumer Debt?

A very common question we get these days is whether we’re concerned about the massive increase in consumer debt.
Short answer: No. Well, not yet anyway. But let’s walk through it in 6 charts.
The New York Federal Reserve (NY Fed) releases a quarterly report on household debt and credit, and the latest one that was released last week came with the headline:
“Household Debt Hits $17.05 Trillion in First Quarter.” But let’s look at the details. Household debt increased by $148 billion in Q1. That translates to a 0.9% increase, which is the slowest quarterly increase in two years. Most of the increase in debt was from mortgage originations ($121 billion) – mortgage debt makes up $12 trillion of the total $17 trillion in debt. The rest was auto loan and student loan balances.
Here’s something interesting: credit card balances were flat in Q1, at $986 billion. The fact that overall balances are higher than where they were in 2019 ($927 billion) should not be surprising given we just experienced a lot of inflation. Prices rose at the fastest pace in 40 years, and so you should expect card balances to increase. However, incomes rose as well.

(CLICK HERE FOR THE CHART!)

When you think debt, the key question is whether households are able to service that debt. A good measure of that is to look at debt service costs as a percent of disposable income. As of Q4 2022, that’s at 9.7%, slightly lower than what it was before the pandemic and well below the historical average.

(CLICK HERE FOR THE CHART!)

There’s even better news: disposable income grew 2.9% in the first quarter of 2023. Significantly higher than the 0.9% increase in total household debt, let alone interest costs!
Part of that includes the large boost to social security income due to inflation adjustments in January. Also, tax brackets were adjusted higher, resulting in more money in household wallets.
But even if you exclude these one-off increases, disposable income growth has been strong between February and April, rising at a 5% annualized pace. In fact, employee compensation by itself has risen at a 3.9% annualized pace over the past three months. Meanwhile, inflation is running just about 3% – which means households are seeing real income gains (adjusted for inflation).

(CLICK HERE FOR THE CHART!)

This is why consumers don’t feel the need to borrow to the extent they did before the pandemic. Credit utilization rates measure credit card balances as a percent of available credit. As you can see in the following chart, utilization rates for both credit cards and home equity lines of credit are well below pre-pandemic averages.

(CLICK HERE FOR THE CHART!)

Lack of stress showing in delinquency data as well
Another way to look for signs of consumer stress is to look at the debt delinquency data. As of the first quarter, the NY Fed survey showed that the percent of loan balances that were more than 90 days delinquent was stable around 1.5%. That’s down from 1.9% a year ago, and quite a bit below the 3% average in 2019.

(CLICK HERE FOR THE CHART!)

Even third-party collections are at record lows, with just over 5% of consumers having collections against them as of the first quarter. This is down from 6% a year ago and below the 2019 average of 9.2%. The average collection amount per person is $1,316, which is lower than the $1,452 average in late 2019. This is surprising because just with inflation you’d have thought the amount would be higher.

(CLICK HERE FOR THE CHART!)

All in all, the data on consumer finances is not showing much cause for concern. So, count us in the “not worried” camp. At least, not yet.

Some Good Inflation News

While the market prices in a much higher likelihood of a rate hike at the June meeting, there was actually some decent news on the inflation front today. Starting with the Conference Board's Consumer Confidence report, in this month's update, the inflation expectations component fell to 6.1% from a peak of 7.9% fifteen months ago in March 2022 (first time reading touched 7.9%). Looking at the chart below, this reading was also at 6.1% fifteen months before that first peak. In other words, for all the talk about how inflation has been stickier, the pace of decline in this indicator on the way down has been the same as the pace of increase on the way up.

(CLICK HERE FOR THE CHART!)

Another notable report was today's release of the Dallas Fed Manufacturing report. The Prices Paid component of that report showed a decline from 19.5 down to 13.8 which was the lowest reading since July 2020. For the month of May, two of the five components (Empire and Philadelphia) showed modest m/m increases from multi-month lows, and three showed significant declines to multi-month lows. The chart below shows a composite of the Prices Paid component using the z-scores for each of the five individual components going back to 2010. The peak for this component was 19 months ago in November 2021. Unlike the inflation expectations of the Conference Board survey, this reading hasn't declined quite as fast as it increased in the 19 months leading up to the peak, but at -0.2, it is still below its historical average dating back to 2010 and back down to levels it was at right before the COVID shock hit the economy in early 2020.

(CLICK HERE FOR THE CHART!)

Home Prices Bounce in Hardest Hit Areas

March data on home prices across the country were released today with updated S&P CoreLogic Case Shiller numbers. Case Shiller home prices had been falling rapidly in many of the twenty cities tracked, but in March we actually saw a pretty big month-over-month bounce in some of the hardest-hit areas like San Diego, San Francisco, LA, Denver, and Phoenix. Some cities still saw declines, however. Las Vegas saw a m/m drop of 0.93%, while Miami fell 0.41%, and Seattle fell 0.28%.
On a year-over-year basis, Miami is still up the most with a gain of 10.86%. As shown in the table below, Miami home prices are up 59.87% from pre-COVID levels in February 2020, and they're only down 2.9% from post-COVID highs. Only Tampa is up more than Miami from pre-COVID levels (+61.04%), but Tampa prices are down more from their post-COVID highs (-4.70%) than Miami (-2.90%).
Four cities are down more than 10% from their post-COVID highs: San Diego (-10.12%), Las Vegas (-10.95%), San Francisco (-16.35%), and Seattle (-16.50%). New York is down the least from post-COVID highs of any city tracked at just -2.9%.

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

Below we include charts of home price levels across all 20 cities tracked by Case Shiller along with the three composite indices. We've included a vertical red line on each chart to highlight pre-COVID levels. When looking through the charts, you can see this month's small bounce back in most cities after a 6-9 month pullback in prices from peaks seen early last year.

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

Here is the list of notable tickers reporting earnings in this upcoming trading week ahead-

(*T.B.A. THIS WEEKEND.)

(CLICK HERE FOR NEXT WEEK'S MOST NOTABLE EARNINGS RELEASES!)

(CLICK HERE FOR NEXT WEEK'S HIGHEST VOLATILITY EARNINGS RELEASES!)

([CLICK HERE FOR MONDAY'S PRE-MARKET NOTABLE EARNINGS RELEASES!]())

(N/A.)

Here is the full list of companies report earnings for this upcoming trading week ahead which includes the date/time of release & consensus estimates courtesy of Earnings Whispers:

Monday 6.5.23 Before Market Open:

(CLICK HERE FOR MONDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Monday 6.5.23 After Market Close:

(CLICK HERE FOR MONDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 6.6.23 Before Market Open:

(CLICK HERE FOR TUESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 6.6.23 After Market Close:

(CLICK HERE FOR TUESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 6.7.23 Before Market Open:

(CLICK HERE FOR WEDNESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 6.7.23 After Market Close:

(CLICK HERE FOR WEDNESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.8.23 Before Market Open:

(CLICK HERE FOR THURSDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.8.23 After Market Close:

(CLICK HERE FOR THURSDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Friday 6.9.23 Before Market Open:

(CLICK HERE FOR FRIDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES LINK!)

Friday 6.9.23 After Market Close:

([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())

(NONE.)

(T.B.A. THIS WEEKEND.)

(T.B.A. THIS WEEKEND.) (T.B.A. THIS WEEKEND.).

(CLICK HERE FOR THE CHART!)

DISCUSS!

What are you all watching for in this upcoming trading week?
I hope you all have a wonderful weekend and a great new trading week ahead stocks. :)

Hi,
I've been experiencing this issue for a while now where my router will randomly just lose all internet and won't start functioning again until I reboot it. Recently I had it happen once a day for about 3 days straight, I did do a factory reset on the router recently and it had no problems for 3 days until today.
​
When it did this at one point I connected my computer to the modem directly and that was giving me internet, while my router was not. So it's something with the router seemingly, but there's no pattern which makes it hard to say if its messed up physically. As I've gone multiple weeks previously without issues and then other times it'll be a problem daily for a few days and go away again.
​
Another strange issue is that when I goto the router's page when the internet "goes down", over ethernet and wifi no internet will be working at all but the dashboard on the router page will still say its connected.
​
The router is an Asus GT-AC2900 and it was purchased brand new less than a year ago.
it's using firmware: 3.0.0.4.386_51529-g70acb9d which as of this post is the most up to date firmware.
​
If anyone has any ideas they would be greatly appreciated, thanks.
​
Below here is a log from today if that is of any use:
​
Jun 2 15:57:17 kernel: usbcore: registered new interface driver usb-storage
Jun 2 15:57:17 modprobe: module uas not found in modules.dep
Jun 2 15:57:17 rc_service: ntp 1620:notify_rc restart_diskmon
Jun 2 15:57:17 rc_service: waitting "restart_firewall" via ...
Jun 2 15:57:17 modprobe: module mbcache not found in modules.dep
Jun 2 15:57:17 modprobe: module jbd not found in modules.dep
Jun 2 15:57:17 modprobe: module ext3 not found in modules.dep
Jun 2 15:57:17 modprobe: module ext4 not found in modules.dep
Jun 2 15:57:17 modprobe: module ext2 not found in modules.dep
Jun 2 15:57:17 kernel: Tuxera FAT 12/16/32 driver version 3016.7.20 [Flags: W MODULE].
Jun 2 15:57:17 kernel: Built against headers 4.1.27 #4 SMP PREEMPT Wed Jun 5 11:59:06 CST 2019 arm64
Jun 2 15:57:17 kernel: Running on kernel 4.1.27 #2 SMP PREEMPT Sat Apr 8 11:37:30 CST 2023 aarch64
Jun 2 15:57:17 kernel: Tuxera NTFS driver 3018.6.22d [Flags: W MODULE].
Jun 2 15:57:17 kernel: Built against headers 4.1.27 #4 SMP PREEMPT Wed Jun 5 11:59:06 CST 2019 arm64
Jun 2 15:57:17 kernel: Running on kernel 4.1.27 #2 SMP PREEMPT Sat Apr 8 11:37:30 CST 2023 aarch64
Jun 2 15:57:17 kernel: Tuxera HFS+ driver 3017.6.20
Jun 2 15:57:17 kernel: Built against headers 4.1.27 #4 SMP PREEMPT Wed Jun 5 11:59:06 CST 2019 arm64
Jun 2 15:57:17 kernel: Running on kernel 4.1.27 #2 SMP PREEMPT Sat Apr 8 11:37:30 CST 2023 aarch64
Jun 2 15:57:17 modprobe: module btusbdrv not found in modules.dep
Jun 2 15:57:17 init: fwver: 3.0.0.4_386_51529-g70acb9d (sn: /ha:F0:2F:74:C6:5B:10 )
Jun 2 15:57:17 ahs: [read_json]Update ahs JSON file.
Jun 2 15:57:18 miniupnpd[1303]: shutting down MiniUPnPd
Jun 2 15:57:18 miniupnpd: it is advised to use network interface name instead of 192.168.50.1/255.255.255.0
Jun 2 15:57:18 miniupnpd[1722]: HTTP listening on port 36437
Jun 2 15:57:18 miniupnpd[1722]: Listening for NAT-PMP/PCP traffic on port 5351
Jun 2 15:57:18 disk_monitor: Finish
Jun 2 15:57:18 disk monitor: be idle
Jun 2 15:57:18 kernel: HTB: quantum of class 10001 is big. Consider r2q change.
Jun 2 15:57:18 kernel: HTB: quantum of class 20001 is big. Consider r2q change.
Jun 2 15:57:18 kernel: HTB: quantum of class 10009 is big. Consider r2q change.
Jun 2 15:57:18 kernel: HTB: quantum of class 20009 is big. Consider r2q change.
Jun 2 15:57:18 kernel: HTB: quantum of class 10033 is big. Consider r2q change.
Jun 2 15:57:18 dhcp client: bound 198.2.89.98/255.255.255.224 via 198.2.89.97 for 172800 seconds.
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPDISCOVER(br0) bc:20:ba:f4:90:75
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPOFFER(br0) 192.168.50.63 bc:20:ba:f4:90:75
Jun 2 15:57:18 dnsmasq[1151]: read /etc/hosts - 20 addresses
Jun 2 15:57:18 dnsmasq[1151]: using nameserver 8.8.4.4#53
Jun 2 15:57:18 dnsmasq[1151]: using nameserver 8.8.8.8#53
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.232 9e:69:a3:e1:bb:9f
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.232 9e:69:a3:e1:bb:9f Pixel-3a
Jun 2 15:57:18 dnsmasq[1151]: read /etc/hosts - 20 addresses
Jun 2 15:57:18 dnsmasq[1151]: using nameserver 8.8.4.4#53
Jun 2 15:57:18 dnsmasq[1151]: using nameserver 8.8.8.8#53
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.232 9e:69:a3:e1:bb:9f
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.232 9e:69:a3:e1:bb:9f Pixel-3a
Jun 2 15:57:18 dnsmasq[1151]: read /etc/hosts - 20 addresses
Jun 2 15:57:18 dnsmasq[1151]: using nameserver 8.8.4.4#53
Jun 2 15:57:18 dnsmasq[1151]: using nameserver 8.8.8.8#53
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.232 9e:69:a3:e1:bb:9f
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.232 9e:69:a3:e1:bb:9f Pixel-3a
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.63 bc:20:ba:f4:90:75
Jun 2 15:57:18 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.63 bc:20:ba:f4:90:75
Jun 2 15:57:22 BONDING: option disabled
Jun 2 15:57:23 roamast: ROAMING Start...
Jun 2 15:58:04 crond[1159]: time disparity of 2670652 minutes detected
Jun 2 15:58:19 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.251 00:18:61:4f:35:e5
Jun 2 15:58:19 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.251 00:18:61:4f:35:e5 myx_0018614F35E4
Jun 2 15:58:58 ahs: [read_json]Update ahs JSON file.
Jun 2 15:59:12 WATCHDOG: [FAUPGRADE][auto_firmware_check:(7789)]periodic_check AM 5:53
Jun 2 15:59:12 WATCHDOG: [FAUPGRADE][auto_firmware_check:(7833)]do webs_update
Jun 2 15:59:14 HMA: Download version info failed, retry=[4]
Jun 2 15:59:17 HMA: Download version info failed, retry=[3]
Jun 2 15:59:20 HMA: Download version info failed, retry=[2]
Jun 2 15:59:22 WATCHDOG: [FAUPGRADE][auto_firmware_check:(7851)]retrieve firmware information
Jun 2 15:59:22 WATCHDOG: [FAUPGRADE][auto_firmware_check:(7866)]fimrware update check first time
Jun 2 15:59:22 WATCHDOG: [FAUPGRADE][auto_firmware_check:(7897)]no need to upgrade firmware
Jun 2 15:59:23 HMA: Download version info failed, retry=[1]
Jun 2 15:59:26 HMA: Download version info failed, retry=[0]
Jun 2 16:00:18 disk_monitor: Got SIGALRM...
Jun 2 16:01:52 kernel: eth3 (Ext switch port: 2) (Logical Port: 10) Link UP 100 mbps full duplex
Jun 2 16:01:52 kernel: br0: port 3(eth3) entered listening state
Jun 2 16:01:52 kernel: br0: port 3(eth3) entered listening state
Jun 2 16:01:54 kernel: br0: port 3(eth3) entered learning state
Jun 2 16:01:56 kernel: br0: topology change detected, propagating
Jun 2 16:01:56 kernel: br0: port 3(eth3) entered forwarding state
Jun 2 16:02:00 dnsmasq-dhcp[1151]: DHCPDISCOVER(br0) 1c:1e:1e:f1:da:18
Jun 2 16:02:00 dnsmasq-dhcp[1151]: DHCPOFFER(br0) 192.168.50.233 1c:1e:1e:f1:da:18
Jun 2 16:02:00 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.233 1c:1e:1e:f1:da:18
Jun 2 16:02:00 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.233 1c:1e:1e:f1:da:18
Jun 2 16:02:23 wlceventd: wlceventd_proc_event(530): eth6: Auth 8C:85:90:27:B4:67, status: Successful (0), rssi:0
Jun 2 16:02:23 wlceventd: wlceventd_proc_event(559): eth6: Assoc 8C:85:90:27:B4:67, status: Successful (0), rssi:0
Jun 2 16:02:23 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.179 8c:85:90:27:b4:67
Jun 2 16:02:23 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.179 8c:85:90:27:b4:67 Koreys-MBP
Jun 2 16:03:56 wlceventd: wlceventd_proc_event(530): eth5: Auth 32:81:50:75:44:BA, status: Successful (0), rssi:0
Jun 2 16:03:56 wlceventd: wlceventd_proc_event(559): eth5: Assoc 32:81:50:75:44:BA, status: Successful (0), rssi:0
Jun 2 16:03:57 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.150 32:81:50:75:44:ba
Jun 2 16:03:57 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.150 32:81:50:75:44:ba
Jun 2 16:23:55 kernel: nf_conntrack: automatic helper assignment is deprecated and it will be removed soon. Use the iptables CT target to attach helpers instead.
Jun 2 16:26:30 wlceventd: wlceventd_proc_event(511): eth6: Disassoc 8C:85:90:27:B4:67, status: 0, reason: Disassociated because sending station is leaving (or has left) BSS (8), rssi:0
Jun 2 16:53:14 kernel: eth4 (Ext switch port: 3) (Logical Port: 11) Link DOWN.
Jun 2 16:53:14 kernel: br0: port 4(eth4) entered disabled state
Jun 2 16:54:06 kernel: eth4 (Ext switch port: 3) (Logical Port: 11) Link UP 100 mbps full duplex
Jun 2 16:54:06 kernel: br0: port 4(eth4) entered listening state
Jun 2 16:54:06 kernel: br0: port 4(eth4) entered listening state
Jun 2 16:54:08 kernel: br0: port 4(eth4) entered learning state
Jun 2 16:54:10 kernel: br0: topology change detected, propagating
Jun 2 16:54:10 kernel: br0: port 4(eth4) entered forwarding state
Jun 2 16:54:13 dnsmasq-dhcp[1151]: DHCPREQUEST(br0) 192.168.50.210 18:c0:4d:91:09:b5
Jun 2 16:54:13 dnsmasq-dhcp[1151]: DHCPACK(br0) 192.168.50.210 18:c0:4d:91:09:b5 DESKTOP-HI2IKS0

There was a real battle for 2nd and 3rd, every time I hit refresh they would jump back and forth, but I've been trying to score the polls around 3:30 PM EST, to keep on track.
elliottsmith favorite song A-Y (No V, X, or Z songs)
https://web.archive.org/web/20201112035056/https://songs.alphabet-town.com/songguide
A- Angeles B- Between the Bars C- Clementine D- Dancing on the Highway E- Everything Means Nothing To Me F- A Fond Farewell G- Going Nowhere H- Happiness I- Independence Day J- Junk Bond Trader K- King's Crossing L- Last Call M- Miss Misery
N- Needle in the Hay
O- ?
P- Q- R- S- T- U- W- Y- #-
Top 3 N songs:
1st: Needle in the Hay - 41
2nd: No Name #3 - 26
3rd: New Disaster - 24

Good Friday evening to all of you here on StockMarketChat! I hope everyone on this sub made out pretty nicely in the market this past week, and are ready for the new trading week ahead. :)
Here is everything you need to know to get you ready for the trading week beginning June 5th, 2023.

Dow leaps 700 points on hot jobs report, Nasdaq notches sixth straight winning week: Live updates - (Source)

The Dow Jones Industrial Average surged Friday as traders cheered a strong jobs report and the passage of a debt ceiling bill that averts a U.S. default.
The 30-stock Dow jumped 701.19 points, or 2.12%, to end at 33,762.76 — its best day since January. The S&P 500 climbed 1.45% to close at 4,282.37. The Nasdaq Composite advanced 1.07% to 13,240.77, reaching its highest level since April 2022 during the session.
With Friday’s gains, the S&P 500 and Nasdaq finished the holiday-shortened trading week about 1.8% and 2% higher, respectively. The Dow’s Friday advance pushed it into positive territory for the week, finishing up around 2%. The Nasdaq notched its sixth straight week higher, a streak length not seen for the technology-heavy index since 2020.
Nonfarm payrolls grew much more than expected in May, rising 339,000. Economists polled by Dow Jones expected a relatively modest 190,000 increase. It marked the 29th straight month of positive job growth.
Recently strong employment data had been pressuring stocks on the notion it would keep the Federal Reserve raising interest rates. But Friday data also showed average hourly earnings rose less than economists expected year over year, while the unemployment rate was higher than anticipated.
Both data points have given investors hope that the Fed could pause its interest rate hike campaign at the policy meeting later this month, according to Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.
“The so-called Goldilocks has entered the house,” Sandven said. “Clearly, on the bullish side, there are signs that inflation is starting to wane, speculation that the Fed is going to move into pause mode, increasing the likelihood of a soft landing.”
Easing concerns around the U.S. debt ceiling also helped sentiment. The Senate passed a bill to raise the debt ceiling late Thursday night, sending the bill to President Joe Biden’s desk. That comes after the House passed the Fiscal Responsibility Act on Wednesday, just days before the June 5 deadline set by U.S. Treasury Secretary Janet Yellen.
Lululemon shares popped more than 11% on strong results and a guidance boost, while MongoDB surged 28% on a blowout forecast.

This past week saw the following moves in the S&P:

(CLICK HERE FOR THE FULL S&P TREE MAP FOR THE PAST WEEK!)

S&P Sectors for this past week:

(CLICK HERE FOR THE S&P SECTORS FOR THE PAST WEEK!)

Major Indices for this past week:

(CLICK HERE FOR THE MAJOR INDICES FOR THE PAST WEEK!)

Major Futures Markets as of Friday's close:

(CLICK HERE FOR THE MAJOR FUTURES INDICES AS OF FRIDAY!)

Economic Calendar for the Week Ahead:

(CLICK HERE FOR THE FULL ECONOMIC CALENDAR FOR THE WEEK AHEAD!)

Percentage Changes for the Major Indices, WTD, MTD, QTD, YTD as of Friday's close:

(CLICK HERE FOR THE CHART!)

S&P Sectors for the Past Week:

(CLICK HERE FOR THE CHART!)

Major Indices Pullback/Correction Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Major Indices Rally Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Most Anticipated Earnings Releases for this week:

(CLICK HERE FOR THE CHART!)

Here are the upcoming IPO's for this week:

(CLICK HERE FOR THE CHART!)

Friday's Stock Analyst Upgrades & Downgrades:

(CLICK HERE FOR THE CHART LINK #1!)

(CLICK HERE FOR THE CHART LINK #2!)

A Resilient Labor Market = A Resilient Economy

Another month, another employment surprise. Should we be surprised anymore?
Economists expected payrolls to grow by about 187,000 in May. That’s still a solid job growth number, but a stepdown from what we’ve seen this year through April. However, actual payroll growth beat expectations for the 14th straight month.
The economy created 339,000 jobs in May, close to double expectations. Better still, payroll growth in March and April were revised higher by a total of 93,000!

• March payrolls were revised up by 52,000, from 165,000 to 217,000
• April payroll were revised up by 41,000, from 253,000 to 294,000

(CLICK HERE FOR THE CHART!)

We’ve got two months of payroll data since the Silicon Valley Bank crisis in March, and nothing suggests weakness arising from that banking crisis.
Over the first five months of the year, the economy’s added 1.5 million jobs. That in a nutshell tells you how the economy is doing. For perspective, the average annual payroll growth between 1940 and 2022 was 1.5 million. During the last expansion, 2010-2019, average annual payroll growth was 2.2 million per year.

(CLICK HERE FOR THE CHART!)

But what about the unemployment rate?
The unemployment rate did rise from a 50-year low of 3.4% to 3.7%. This does raise some cause for concern but digging through the data suggests it may be noise more than anything else.
It probably helps to understand that the job growth and unemployment rate data come from different sources. The former comes from asking about 120,000+ businesses how many people they hired. The latter comes from asking about 60,000 households about their employment status. No surprise, the latter is noisier.
A big reason for the weak household survey (and rising unemployment rate) is that more than 400,000 people who were self-employed said they were no longer employed. As you can see in the following chart this is very noisy data, but the recent trend seems to be toward lower self-employment. It’s basically reversing the surge we saw in 2021, when self-employment surged. So, what we’re seeing now may simply be normalization of the labor market as more workers move from self-employment to W2 jobs with an employer.

(CLICK HERE FOR THE CHART!)

Also, the unemployment rate can be impacted by people leaving the labor force (technically defined as those “not looking for work”) and an aging population. I’ve discussed in prior blogs how we can get around this by looking at the employment-population ratio for prime age workers, i.e. workers aged 25-54 years. This measures the number of people working as a percent of the civilian population. Think of it as the opposite of the unemployment rate, and because we use prime age, you also get around the demographic issue.
The good news is that the prime-age employment-population ratio dropped only a tick, from 80.8% to 80.7%. This still leaves it higher than at any point between 2002 and 2022.

(CLICK HERE FOR THE CHART!)

All in all, the labor market remains strong and resilient, despite all the recession calls. Perhaps its not as strong as the headline payroll growth number of 339,000 suggests, but any number above 150,000 would be good at this point. And we’re certainly well above that.
In fact, looking at the job growth and employment-population data, this labor market is probably the strongest we’ve seen since the late 1990’s. Our view since the end of last year has been that the economy can avoid a recession this year, and nothing we’ve seen to date suggests we need to reverse that view. Far from it.

June Better in Pre-Election Years

(CLICK HERE FOR THE CHART!)

Since 1971 June has shone brighter on NASDAQ stocks as a rule ranking eighth best with an 0.8% average gain, up 29 of 52 years. This contributes to NASDAQ’s “Best 8 Months” which ends in June. Small caps also fare well in June. Russell 2000 has averaged 0.6% in June since 1979 advancing 63.6% of the time.
June ranks near the bottom on the Dow Jones Industrials just above September since 1950 with an average loss of 0.2%. S&P 500 performs similarly poorly, ranking ninth, but essentially flat (0.02% average gain).
Despite being much stronger S&P 500 pre-election year June ranks fifth best. For the rest it is just sixth best. Average monthly gains in pre-election year June range from DJIA 1.1% to a respectable 2.4% for NASDAQ. Russell 2000 has been the most consistently bullish in pre-election years, up 8 of the last 11 (72.7% of the time).

(CLICK HERE FOR THE CHART!)

The June Swoon?

Stocks did it again, as the S&P 500 gained 0.2% in the month of May, making it now 10 of the past 11 years that stocks finished green in May. Of course, it gained only 0.01% last year and only 0.25% this year, so the recent returns weren’t off the charts by any measure.
Looking specifically at this year, tech added more than 9% in May, thanks to excitement over AI and Nvidia, with communication services and consumer discretionary also in the green, while the other eight sectors were lower.
Specifically, turning to the month of June, stocks historically have hit a bit of trouble here. Since 1950, up 0.03% on average, the fourth worst month of the year. Over the past 20 years, only January and September have been worse and in the past decade, it is again the fourth worst month. The one bit of good news is during a pre-election year is it up 1.5%, the fifth-best month of the year.

(CLICK HERE FOR THE CHART!)

Here’s another chart we’ve shared before, but years that gained big in January (like 2023) tend to see some periods of consolidation in late May/early June, but eventually experience a surge higher into July. Given the flattish overall May, this could be playing out again.

(CLICK HERE FOR THE CHART!)

What if stocks were having a good year heading into June? Since 1950, if the S&P 500 was up more than 8% for the year going into June (like this year), the month of June was up an impressive 1.2% on average versus the average June return of 0.03%, while in a pre-election year the returns jumped to 1.8%. The percent of the time where returns were higher gets better as well, from 54.8% in your average June to nearly 74% if up 8% or more for the year heading into June, to 80% of the time higher if up 8% for the year in a pre-election year.

(CLICK HERE FOR THE CHART!)

Overall, it has been a very nice run for stocks this year and we remain overweight stocks in the Carson Investment Research House Views. June could potentially cause some volatility, but when all is said and done, we wouldn’t bet against more strength and higher prices in June.

NASDAQ and Russell 2000 Lead June Pre-Election Strength

Over the last 21 years, June has been a rather lackluster month. DJIA, S&P 500 and Russell 1000 have all recorded average losses in the month. Russell 2000 has fared better with a modest average gain. Historically the month has opened respectably, advancing on the first and second trading days.
From there the market then drifted sideways and lower into negative territory just ahead of mid-month. Here the market rallied to create a nice mid-month bulge that quickly evaporated and returned to losses. The brisk, post, mid-month drop is typically followed by a month end rally led by technology and small caps.
Historical performance in pre-election years has been much stronger with all five indexes finishing with average gains. June’s overall pattern in pre-election is similar to the last 21-years pattern with a brief, shallow pullback after a solid start.
In pre-election years the mid-month rally has been much more robust beginning around the sixth trading day and lasting until the fifteenth. Followed by another modest retreat and rally into the end of Q2.

(CLICK HERE FOR THE CHART!)

May and YTD 2023 Asset Class Performance

May 2023 is now behind us, and below is a look at how various asset classes performed during the month using US-listed exchange-traded products as proxies. We also include YTD and YoY total returns.
May was a month of divergence where Tech/AI soared, and the rest of the market fell. Notably, the Nasdaq 100 ETF (QQQ) gained 7.88% in May while the Dow Jones Dividend ETF (DVY) fell 7.7%. That's a 15 percentage-point spread!
At the sector level, it was a similar story. While the Tech sector (XLK) rose 8.9%, sectors like Energy (XLE), Consumer Staples (XLP), Materials (XLB), and Utilities (XLU) fell more than 5%. In total, 8 of 11 sectors were in the red for the month.
Outside the US, we saw pullbacks in most areas of the world other than Brazil, India, and Japan. China, Hong Kong, France, Canada, Italy, Spain, and the UK all fell more than 5%.
All of the commodity-related ETFs/ETNs were in the red for May, with oil (USO) and natural gas (UNG) falling the most at more than 10% each.
Finally, fixed-income ETFs also fell in May as interest rates bounced back. The aggregate bond market ETF (AGG) was down 1.14% in May, leaving it up just 2.6% YTD and down 2.2% year-over-year.

(CLICK HERE FOR THE CHART!)

How Worried Should We Be About Consumer Debt?

A very common question we get these days is whether we’re concerned about the massive increase in consumer debt.
Short answer: No. Well, not yet anyway. But let’s walk through it in 6 charts.
The New York Federal Reserve (NY Fed) releases a quarterly report on household debt and credit, and the latest one that was released last week came with the headline:
“Household Debt Hits $17.05 Trillion in First Quarter.” But let’s look at the details. Household debt increased by $148 billion in Q1. That translates to a 0.9% increase, which is the slowest quarterly increase in two years. Most of the increase in debt was from mortgage originations ($121 billion) – mortgage debt makes up $12 trillion of the total $17 trillion in debt. The rest was auto loan and student loan balances.
Here’s something interesting: credit card balances were flat in Q1, at $986 billion. The fact that overall balances are higher than where they were in 2019 ($927 billion) should not be surprising given we just experienced a lot of inflation. Prices rose at the fastest pace in 40 years, and so you should expect card balances to increase. However, incomes rose as well.

(CLICK HERE FOR THE CHART!)

When you think debt, the key question is whether households are able to service that debt. A good measure of that is to look at debt service costs as a percent of disposable income. As of Q4 2022, that’s at 9.7%, slightly lower than what it was before the pandemic and well below the historical average.

(CLICK HERE FOR THE CHART!)

There’s even better news: disposable income grew 2.9% in the first quarter of 2023. Significantly higher than the 0.9% increase in total household debt, let alone interest costs!
Part of that includes the large boost to social security income due to inflation adjustments in January. Also, tax brackets were adjusted higher, resulting in more money in household wallets.
But even if you exclude these one-off increases, disposable income growth has been strong between February and April, rising at a 5% annualized pace. In fact, employee compensation by itself has risen at a 3.9% annualized pace over the past three months. Meanwhile, inflation is running just about 3% – which means households are seeing real income gains (adjusted for inflation).

(CLICK HERE FOR THE CHART!)

This is why consumers don’t feel the need to borrow to the extent they did before the pandemic. Credit utilization rates measure credit card balances as a percent of available credit. As you can see in the following chart, utilization rates for both credit cards and home equity lines of credit are well below pre-pandemic averages.

(CLICK HERE FOR THE CHART!)

Lack of stress showing in delinquency data as well
Another way to look for signs of consumer stress is to look at the debt delinquency data. As of the first quarter, the NY Fed survey showed that the percent of loan balances that were more than 90 days delinquent was stable around 1.5%. That’s down from 1.9% a year ago, and quite a bit below the 3% average in 2019.

(CLICK HERE FOR THE CHART!)

Even third-party collections are at record lows, with just over 5% of consumers having collections against them as of the first quarter. This is down from 6% a year ago and below the 2019 average of 9.2%. The average collection amount per person is $1,316, which is lower than the $1,452 average in late 2019. This is surprising because just with inflation you’d have thought the amount would be higher.

(CLICK HERE FOR THE CHART!)

All in all, the data on consumer finances is not showing much cause for concern. So, count us in the “not worried” camp. At least, not yet.

Some Good Inflation News

While the market prices in a much higher likelihood of a rate hike at the June meeting, there was actually some decent news on the inflation front today. Starting with the Conference Board's Consumer Confidence report, in this month's update, the inflation expectations component fell to 6.1% from a peak of 7.9% fifteen months ago in March 2022 (first time reading touched 7.9%). Looking at the chart below, this reading was also at 6.1% fifteen months before that first peak. In other words, for all the talk about how inflation has been stickier, the pace of decline in this indicator on the way down has been the same as the pace of increase on the way up.

(CLICK HERE FOR THE CHART!)

Another notable report was today's release of the Dallas Fed Manufacturing report. The Prices Paid component of that report showed a decline from 19.5 down to 13.8 which was the lowest reading since July 2020. For the month of May, two of the five components (Empire and Philadelphia) showed modest m/m increases from multi-month lows, and three showed significant declines to multi-month lows. The chart below shows a composite of the Prices Paid component using the z-scores for each of the five individual components going back to 2010. The peak for this component was 19 months ago in November 2021. Unlike the inflation expectations of the Conference Board survey, this reading hasn't declined quite as fast as it increased in the 19 months leading up to the peak, but at -0.2, it is still below its historical average dating back to 2010 and back down to levels it was at right before the COVID shock hit the economy in early 2020.

(CLICK HERE FOR THE CHART!)

Home Prices Bounce in Hardest Hit Areas

March data on home prices across the country were released today with updated S&P CoreLogic Case Shiller numbers. Case Shiller home prices had been falling rapidly in many of the twenty cities tracked, but in March we actually saw a pretty big month-over-month bounce in some of the hardest-hit areas like San Diego, San Francisco, LA, Denver, and Phoenix. Some cities still saw declines, however. Las Vegas saw a m/m drop of 0.93%, while Miami fell 0.41%, and Seattle fell 0.28%.
On a year-over-year basis, Miami is still up the most with a gain of 10.86%. As shown in the table below, Miami home prices are up 59.87% from pre-COVID levels in February 2020, and they're only down 2.9% from post-COVID highs. Only Tampa is up more than Miami from pre-COVID levels (+61.04%), but Tampa prices are down more from their post-COVID highs (-4.70%) than Miami (-2.90%).
Four cities are down more than 10% from their post-COVID highs: San Diego (-10.12%), Las Vegas (-10.95%), San Francisco (-16.35%), and Seattle (-16.50%). New York is down the least from post-COVID highs of any city tracked at just -2.9%.

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

Below we include charts of home price levels across all 20 cities tracked by Case Shiller along with the three composite indices. We've included a vertical red line on each chart to highlight pre-COVID levels. When looking through the charts, you can see this month's small bounce back in most cities after a 6-9 month pullback in prices from peaks seen early last year.

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

(CLICK HERE FOR THE CHART!)

STOCK MARKET VIDEO: Stock Market Analysis Video for Week Ending June 5th, 2023

(CLICK HERE FOR THE YOUTUBE VIDEO!)

(VIDEO NOT YET POSTED.)

STOCK MARKET VIDEO: ShadowTrader Video Weekly 6/2/23

([CLICK HERE FOR THE YOUTUBE VIDEO!]())

(VIDEO NOT YET POSTED.)
Here is the list of notable tickers reporting earnings in this upcoming trading week ahead-

($NIO $GTLB $GME $CIEN $DOCU $SAIC $ASO $SJM $CXM $THO $OLLI $MOMO $CBRL $FERG $TTC $HQY $CPB $PLAY $QMCO $FCEL $LOVE $ABM $CNM $HTOO $TCOM $JOAN $UNFI $SFIX $CHS $GIII $SIG $SMAR $PL $ZFOX $HYZN $VRA $CASY $MTN $SMTC $ALYA $DBI $SCWX $JILL $OESX $BSE $REVG $VBNK $VRNT $RENT $HCP)

(CLICK HERE FOR NEXT WEEK'S MOST NOTABLE EARNINGS RELEASES!)

(CLICK HERE FOR NEXT WEEK'S HIGHEST VOLATILITY EARNINGS RELEASES!)

([CLICK HERE FOR MONDAY'S PRE-MARKET NOTABLE EARNINGS RELEASES!]())

(N/A.)

Here is the full list of companies report earnings for this upcoming trading week ahead which includes the date/time of release & consensus estimates courtesy of Earnings Whispers:

Monday 6.5.23 Before Market Open:

(CLICK HERE FOR MONDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Monday 6.5.23 After Market Close:

(CLICK HERE FOR MONDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 6.6.23 Before Market Open:

(CLICK HERE FOR TUESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 6.6.23 After Market Close:

(CLICK HERE FOR TUESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 6.7.23 Before Market Open:

(CLICK HERE FOR WEDNESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 6.7.23 After Market Close:

(CLICK HERE FOR WEDNESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.8.23 Before Market Open:

(CLICK HERE FOR THURSDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 6.8.23 After Market Close:

(CLICK HERE FOR THURSDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Friday 6.9.23 Before Market Open:

(CLICK HERE FOR FRIDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES LINK!)

Friday 6.9.23 After Market Close:

([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())

(NONE.)

(T.B.A. THIS WEEKEND.)

(T.B.A. THIS WEEKEND.) (T.B.A. THIS WEEKEND.).

(CLICK HERE FOR THE CHART!)

DISCUSS!

What are you all watching for in this upcoming trading week?

Join the Official Reddit Stock Market Chat Discord Server HERE!

I hope you all have a wonderful weekend and a great new trading week ahead StockMarketChat. :)

DOT 6/21 3/3 applied two minors passports at USPS 3/8 received by locator 62, in process on the website 5/9 contacted my congresswoman and she forward my upgrade expedited request and cc info to Dept of State and also my travel itinerary
5/11 I also emailed expedited service request and cc info to NPIC
5/24 got worried, no charge deduct from cc, no update from congresswoman office. So I reached out to senator office, the staff was very helpful and told me, better to stay with one representative so it won’t delay any process, she even called the my congress caseworker made sure everything is on track and told me I am in the good hand.
5/26@ 10pm, I received two separate emails said my two minor applications are in process ( which I read many people got this email and got approved within a day or two)
Memorial weekend office closed
5/30 @12pm, received two separate emails show both applications are approved
5/30 @5pm, received email from congresswoman office with tracking numbers with priority mail
5/31 shipped from Tucson, AZ
Website never move to shipped
6/2 passport in hand
Note: they never accept or charge my expedited service request and expedited shipping.
I have this app called SHOP, surprisingly they sent me the tracking information as soon as the shipping label was created(it showed was from house.gov), the inform delivery from USPS won’t show up until the day of delivery.
Thank you for all the help and support from this group, I am really appreciated. Also, big thanks to my caseworker Stacey for pushing the inquiry for me. I will continue stay here to assist other people and hearing their good news too😊

hi𐐪♡𐑂 i’m seeking cool souls who knows how to hold conversations/ just be themselves .. let’s pick each other’s brains + vibe effortlessly.. mayb watch some anime/ movies together ^_. i also don’t mind VC’s
a bit about me * i love creating art , spending time w/ my puppy & listening to music. i love watching sci-fi / psychology/ mystery shows , spirituality/ science / existentialism/ super natural creatures , i love kawaii , interior designing c simulation games & cod mobile lolz etc hoping to find others who have the same interests! i love listening to lil peep & crying lolz.
messages that show low effort won’t b responded back to , okie bye my timezone is ( est)

ATTRIBUTES STR - 16 (18) DEX - 10 CON - 8 INT - 8 WIS - 15 (17) CHA - 16 (17) LEVELS 1: Scoundrel(1): Dueling 2: Scoundrel(2): Armor Proficiency Medium 3: Scoundrel(3) 4: Scoundrel(4): STR+1, (STR=17) 5: Scoundrel(5): Improved Dueling 6: Scoundrel(6) 7: Scoundrel(7) 8: Scoundrel(8): WIS+1, Master Dueling, (WIS=16) 9: Jedi Consular(1): Armor Proficiency Medium 10: Jedi Consular(2) 11: Jedi Consular(3): Improved Critical Strike 12: Jedi Consular(4): CHA+1, (CHA=17) 13: Jedi Consular(5) 14: Jedi Consular(6): Master Critical Strike 15: Jedi Consular(7) 16: Jedi Consular(8): WIS+1, (WIS=17) 17: Jedi Consular(9): Implant Level 1 18: Jedi Consular(10): 19: Jedi Consular(11): 20: Jedi Consular(12): STR+1, Implant Level 1, (STR=18) SKILLS 1: Save(12) 2: Save(15) 3: Save(18) 4: Save(21) 5: Save(24) 6: Save(27) 7: Save(30) 8: Persuade(7), Save(26) // Allows you to clear all Taris checks 9: Save(27) 10: Demolitions(11), Awareness(7), Repair(12), Save(4) // Remove Average Mines 11: Save(5) 12: Save(6) 13: Save(7) 14: Demolitions(6), Awareness(2) // Remove Deadly Mines with Demolitions Sensor (Korriban) 15: Computer Use(1) 16: Computer Use(1) 17: Computer Use(1) 18: Computer Use(1) 19: Computer Use(1) 20: Computer Use(1) POWERS 9: Forcec Speed, Knight Speed 10: Fear 11: Horror 12: Insanity 13: Force Push, Force Whirlwind 14: Stun Droid 15: Master Speed 16: Stun 17: Force Wave, Stasis 18: Disable Droid 19: Destroy Droid 20: Slow 

Astralis 🇩🇰 0-2 🇪🇺 MOUZ

Inferno: 20-22 Ancient: 9-16 Nuke
 
 

Map picks:

Astralis	MAP	MOUZ
	Overpass	X
X	Mirage
	Inferno	✔
✔	Ancient
	Vertigo	X
X	Anubis
	Nuke

 

Full Match Stats:

Team	K-D	ADR	KAST	Rating
🇩🇰 Astralis
🇩🇰 device	55-43	79.8	76.1%	1.30
🇩🇰 blameF	45-43	69.1	74.6%	1.04
🇩🇰 Altekz	45-49	78.9	62.7%	0.91
🇩🇰 Buzz	31-46	61.4	62.7%	0.77
🇩🇰 gla1ve	22-48	45.0	52.2%	0.56
🇪🇺 MOUZ
🇭🇺 torzsi	45-33	71.8	76.1%	1.17
🇩🇪 JDC	51-42	79.5	67.2%	1.15
🇦🇺 dexter	44-43	75.7	64.2%	1.09
🇸🇰 frozen	39-35	71.2	79.1%	1.08
🇮🇱 xertioN	47-45	74.1	67.2%	1.00

 

Individual Map Stats:

Map 1: Inferno

Team	CT	T	OT	Total
🇩🇰 Astralis	9	6	5	20
	T	CT	OT
🇪🇺 MOUZ	6	9	7	22

 

Team	K-D	ADR	KAST	Rating
🇩🇰 Astralis
🇩🇰 device	42-24	90.6	76.2%	1.56
🇩🇰 blameF	29-27	70.7	73.8%	1.07
🇩🇰 Altekz	25-30	78.3	66.7%	0.87
🇩🇰 Buzz	22-26	61.4	64.3%	0.86
🇩🇰 gla1ve	15-30	50.5	54.8%	0.61
🇪🇺 MOUZ
🇦🇺 dexter	29-29	78.5	64.3%	1.09
🇭🇺 torzsi	27-23	65.4	71.4%	1.07
🇩🇪 JDC	30-27	77.4	66.7%	1.06
🇸🇰 frozen	25-24	75.3	76.2%	1.06
🇮🇱 xertioN	25-30	65.6	59.5%	0.80

Inferno detailed stats and VOD

 

Map 2: Ancient

Team	T	CT	Total
🇩🇰 Astralis	5	4	9
	CT	T
🇪🇺 MOUZ	10	6	16

 

Team	K-D	ADR	KAST	Rating
🇩🇰 Astralis
🇩🇰 blameF	16-16	66.5	76.0%	1.00
🇩🇰 Altekz	20-19	79.8	56.0%	0.99
🇩🇰 device	13-19	61.7	76.0%	0.89
🇩🇰 Buzz	9-20	61.2	60.0%	0.62
🇩🇰 gla1ve	7-18	35.6	48.0%	0.48
🇪🇺 MOUZ
🇭🇺 torzsi	18-10	82.6	84.0%	1.36
🇮🇱 xertioN	22-15	88.4	80.0%	1.35
🇩🇪 JDC	21-15	83.1	68.0%	1.31
🇸🇰 frozen	14-11	64.3	84.0%	1.11
🇦🇺 dexter	15-14	71.2	64.0%	1.08

Ancient detailed stats and VOD

 
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Timestamp: https://imgur.com/a/2TSsFXe
11.5 BA Barrel: $80

• Bought new and barely used. I zeroed in and shot a few afterward. Shot about 30-40 rounds

​
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We have entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC (“Wainwright”) relating to the sale of our common stock, $0.0001 par value per share (“Common Stock”), offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the At The Market Offering Agreement, we may offer and sell up to $50,000,000 of shares of our Common Stock from time to time through Wainwright acting as agent.
Sales of our Common Stock, if any, under this prospectus supplement and accompanying prospectus may be made in sales deemed to be “at the market equity offerings” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on or through Nasdaq or any other existing trading market in the United States for our Common Stock, sales made to or through a market maker other than on an exchange or otherwise, directly to Wainwright as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or in any other method permitted by law. If we and Wainwright agree on any method of distribution other than sales of shares of our common stock on or through Nasdaq or another existing trading market in the United States at market prices, we will file a further prospectus supplement providing all information about such offering as required by Rule 424(b) under the Securities Act. Wainwright is not required to sell any specific dollar amount of shares but will use its commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold by us, consistent with its normal trading and sales practices and applicable laws and regulations, subject to the terms of the At The Market Offering Agreement on mutually agreed terms between Wainwright and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.
Wainwright will be entitled to compensation at a fixed commission rate of 3.0% of the gross sales price per share sold under the At The Market Offering Agreement. In connection with the sale of our common stock on our behalf, Wainwright will be deemed to be an “underwriter” within the meaning of the Securities Act and the compensation of Wainwright will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to Wainwright with respect to certain liabilities, including liabilities under the Securities Act.
We are an “emerging growth company” and a “smaller reporting company” under the federal securities laws and are subject to reduced public company reporting requirements. See “Prospectus Supplement Summary ‒ Emerging Growth Company” and ”‒ Smaller Reporting Company.” Our Common Stock and warrants are listed on the Nasdaq Capital Market under the symbols “ADN” and “ADNWW”, respectively. On June 1, 2023, the closing price of our Common Stock was $0.88 per share and the closing price of our warrants was $0.11 per share.
You should read this prospectus supplement and the accompanying prospectus, and the documents incorporated by reference in this prospectus supplement carefully before you invest.
Investing in our securities involves a high degree of risk. See the information contained under “Risk Factors” on page 5 of this prospectus supplement and in the related sections noted in the accompanying prospectus, and in the documents incorporated by reference herein and therein.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
THE OFFERING
Securities offered
Shares of our Common Stock having an aggregate offering price of up to $50,000,000.
Common Stock to be Outstanding after this offering(1)
Up to 106,818,182 shares of Common Stock, assuming sales of 56,818,181 shares of Common Stock in this offering at an assumed offering price of $0.88 per share, which was the last reported sale price of our shares of Common Stock on Nasdaq on June 1, 2023. The actual number of shares of Common Stock issued will vary depending on the sales price under this offering at which shares may be sold from time to time during this offering.
Manner of offering
“At the market offering” as defined in Rule 415(a)(4) under the Securities Act that may be made from time to time through our sales agent, Wainwright. See “Plan of Distribution” on page S-12 of this prospectus supplement.
Use of Proceeds
We intend to use the net proceeds to fund the operating expenses and capital expenses for product development and plan to make substantial investments over the next several years, among others, in new production equipment and warehousing, systems assembly line, MEA assembly automation, aeronautical stacks, facility expansion, new hirings and for working capital and general corporate purposes. See “Use of Proceeds” on page S-11 of this prospectus supplement.
Risk Factors
Investing in our securities involves a high degree of risk. See the “Risk Factors” section of this prospectus supplement, the accompanying prospectus and in the documents incorporated by reference in this prospectus supplement for a discussion of factors to consider before deciding to purchase our securities.
Trading Symbols Our Common Stock and warrants are listed on the Nasdaq Capital Market under the symbols “ADN” and “ADNWW”, respectively.
(1) The number of shares of Common Stock outstanding immediately after this offering is based on 53,097,236 shares of Common Stock outstanding as of June 1, 2023, and does not include (a) 26,369,557 shares issuable upon exercise of outstanding warrants, and (b) 3,289,855 shares of Common Stock issuable upon exercise of outstanding options, 2,288,772 shares issuable upon vesting of outstanding restricted stock units, 33,671 shares issuable upon outstanding restricted stock units that have vested, and 295,196 shares of Common Stock reserved for future issuance of awards pursuant to the Company’s 2021 Equity Incentive Plan. Unless otherwise indicated, this prospectus supplement assumes no exercise of outstanding stock options or warrants and no settlement of outstanding restricted stock units.
RISK FACTORS
Investing in our securities is speculative and involves a high degree of risk. You should carefully consider the risks set out below and the other documents incorporated by reference in this prospectus supplement that summarize the risks that may materially affect us and our business before making an investment in our securities. Please see “Incorporation by Reference”. If any of these risks occur, our business, results of operations or financial condition could be materially adversely affected. In that case, the trading price of our securities could decline, and you may lose all or part of your investment. The risks set out in this prospectus supplement are not the only risks we face. You should also refer to the other information set forth in this prospectus supplement as well as those incorporated by reference herein and therein, including financial statements and the related notes, for further risks faced by us.
The Company and its securities should be considered a speculative investment due to the high-risk nature of our business, and you should carefully consider all of the information disclosed in this prospectus supplement, the accompanying prospectus and the documents incorporated herein and therein prior to making an investment in the Company. In addition, the following risk factors should be given special consideration when evaluating an investment in the securities.
Risks Related to the Business
We have incurred losses since inception and we expect that we will continue to incur losses for the foreseeable future.
We have not been profitable since operations commenced, and we may never achieve or sustain profitability. We expect to continue to incur net losses and generate negative cash flows until we can produce sufficient revenues and gross profit to cover our costs. We may never become profitable. Even if we do achieve profitability, we may be unable to sustain or increase our profitability in the future. We will require significant additional capital to continue operations and to implement our business strategy. We cannot estimate with reasonable certainty the actual amounts necessary to successfully complete the development, manufacture and commercialization of our products and there is no certainty that we will be able to raise the necessary capital on reasonable terms or at all.
Our audited financial statements included a statement that there is a substantial doubt about our ability to continue as a going concern and a continuation of negative financial trends could result in our inability to continue as a going concern.
Our audited financial statements as of and for the year ended December 31, 2022 were prepared on the assumption that we would continue as a going concern. Our audited financial statements as of and for the year ended December 31, 2022 did not include any adjustments that might result from the outcome of this uncertainty. Our management has determined that there is a substantial doubt about our ability to continue as a going concern over the next twelve months based on the insufficient amount of cash and cash equivalents as of the financial statement filing date and our independent auditors have included a “going concern” explanatory paragraph in their report on our financial statements as of and for the year ended December 31, 2022. In July 2022, we received official ratification from the European Commission of the European Union for one of the Important Projects of Common European Interest (“IPCEI”), Green HiPo. This project provides for the availability of funding of €782.1 million over the next six years. As of the issuance date of the consolidated financial statements, we have not received an agreement which provides the terms of the funding. In addition to Green HiPo, management may pursue additional capital raises in the future. We cannot provide assurance that we will be able to obtain additional funding on acceptable terms, if at all. If we are unable to obtain sufficient funding, we could be required to delay our development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects. The reaction of investors to the inclusion of a going concern statement by our independent auditors, and our potential inability to continue as a going concern, could materially adversely affect the price of our Common Stock.
We continue to generate a low level of revenue from our core products.
Based on conversations with existing customers and incoming inquiries from prospective customers, we anticipate substantial increased demand for our MEAs and fuel cell systems from a wide range of customers as we scale up our production facilities and testing capabilities, and as the awareness of our MEA capabilities becomes widely known in the industry. We expect both existing customers to increase order volume, and to generate substantial new orders from new customers, with some of whom we are already in discussions regarding prospective commercial partnerships and joint development agreements. As of December 31, 2022, we were still generating a low level of revenues compared to our future projections and have not made any commercial sales to new customers.
Risks Related to the Offering
A return on the Common Stock purchased in this offering is not guaranteed.
There is no guarantee that the shares of Common Stock purchased in this offering will earn any positive return in the short term or long term. Investing in our Common Stock is speculative and involves a high degree of risk and should be undertaken only by holders whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. Investing in our securities is appropriate only for holders who have the capacity to absorb a loss of some or all of their holdings.
We may not be able to maintain compliance with the continued listing requirements of the Nasdaq Capital Market.
Our common stock is listed on the Nasdaq Capital Market. To maintain that listing, we must satisfy minimum financial and other requirements including, without limitation, a requirement that our closing bid price be at least $1.00 per share.
On May 24, 2023, we were notified by Nasdaq Listing Qualifications Staff about bid price deficiency. The Company is reviewing plans to regain compliance with the $1.00 closing bid price requirement. If the Company does not regain compliance with the bid price requirement by November 30, 2023, the Company may be eligible for an additional 180-calendar day compliance period so long as it satisfies the criteria for initial listing on the Nasdaq Capital Market and the continued listing requirement for market value of publicly held shares and the Company provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If we fail to continue to meet all applicable continued listing requirements for The Nasdaq Capital Market in the future and Nasdaq determines to delist our common stock, the delisting could adversely affect the market liquidity of our common stock, our ability to obtain financing to repay debt and fund our operations.
We currently do not have enough authorized shares of common stock to issue all shares offered hereunder and we require stockholder approval and the subsequent filing with the Secretary of State of the State of Delaware a certificate of amendment to our second amended and restated certificate of incorporation to effect an increase of the authorized number of shares of common stock available for issuance under the At The Market Offering Agreement. There is no assurance that such stockholder approval will be obtained which will limit our ability to raise capital and could materially and adversely affect the Company’s business, financial condition and results of operations.
We do not have enough shares of Common Stock currently authorized under our second amended and restated certificate of incorporation (the “certificate of incorporation”) to issue all shares in the offering to pursuant to the At the Market Offering Agreement. We currently have 110,000,000 shares of common stock authorized under our certificate of incorporation. As of June 1, 2023, we had 53,097,236 shares of Common Stock issued and outstanding, 26,369,557 shares issuable upon exercise of outstanding warrants, 3,289,855 shares issuable upon exercise of outstanding options, 2,288,772 shares issuable upon vesting of outstanding restricted stock units,33,671 shares issuable upon outstanding restricted stock units that have vested, and 295,196 shares available for future issuance as awards under the Company’s 2021 Equity Incentive Plan. We currently do not have sufficient remaining authorized shares of Common Stock to fully utilize sales pursuant to the At The Market Offering Agreement unless and until an increase of our authorized shares of Common Stock is approved by stockholders and we file with the Secretary of State of the State of Delaware a certificate of amendment to our certificate of incorporation effecting such increase. If our stockholders do not approve the increase of authorized shares of Common Stock, our business development and financing alternatives will be limited by the lack of sufficient unissued and unreserved authorized shares of Common Stock, and stockholder value may be harmed, perhaps severely, by this limitation.
We have used almost all of our unreserved, authorized shares.
We have currently used almost all of our unreserved authorized shares and will need stockholder approval to implement an increase in our authorized shares of common stock. Our certificate of incorporation and the Delaware General Corporation Law (the “DGCL”), currently require the approval of stockholders holding not less than a majority of all outstanding shares of capital stock entitled to vote in order to approve an increase in our authorized shares of common stock. We currently plan to seek stockholder approval at our annual meeting, which is scheduled to be held on June 13, 2023. There are no assurances that stockholder approval will be obtained, in which event will be unable to raise additional capital through the issuance of shares of common stock to fund our future operations.
We have broad discretion in the use of proceeds from the offering.
Our management will have broad discretion with respect to the application of net proceeds received by us from the sale of the shares under this prospectus supplement and may spend such proceeds in ways that do not improve our results of operations or enhance the value of the securities. Any failure by management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business or cause the price of our common shares to decline.
The Common Stock offered hereby will be sold in “at the market” offerings, and investors who buy shares at different times will likely pay different prices.
Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold, and there is no maximum sales price. Pursuant to the At The Market Offering Agreement, our board of directors, or a duly authorized executive committee thereof, may authorize, from time to time, a minimum sales price per share of our common stock sold in this offering, which will limit the Company’s ability to make sales if the price goes below that minimum. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid.
You may experience immediate and substantial dilution in the net tangible book value per share of the Common Stock you purchase.
The price per share of our Common Stock being offered may be higher than the net tangible book value per share of our Common Stock outstanding prior to your purchase and in such case, you will suffer immediate dilution based on the difference between the price you pay per share of our Common Stock and our net tangible book value per share at the time of your purchase.
The actual number of shares we will issue and the total aggregate proceeds resulting from sales made under the At The Market Offering Agreement with Wainwright, at any one time or in total, is uncertain.
Subject to certain limitations in the At The Market Offering Agreement with Wainwright and compliance with applicable law, we have the discretion to deliver sales notices to Wainwright at any time throughout the term of the At The Market Offering Agreement. The number of shares that are sold by Wainwright after delivering a sales notice will fluctuate based on the market price of the Common Stock during the sales period and limits we set with Wainwright, and as such, it is not currently possible to predict the aggregate proceeds to be raised in connection with this offering or the number of shares that will ultimately be issued.
Future issuances of securities may result in substantial dilution to our existing stockholders and investors.
We may issue or sell additional shares of Common Stock or other securities that are convertible or exchangeable into shares of Common Stock in subsequent offerings or may issue additional shares of Common Stock or other securities to finance future acquisitions. We cannot predict the size or nature of future sales or issuances of securities or the effect, if any, that such future sales and issuances will have on the market price of the shares. Sales or issuances of substantial numbers of shares of Common Stock or other securities that are convertible or exchangeable into Common Stock, or the perception that such sales or issuances could occur, may adversely affect prevailing market prices of the Common Stock. With any additional sale or issuance of shares of Common Stock or other securities that are convertible or exchangeable into Common Stock, our stockholders will suffer dilution to their voting power and economic interest in the Company. Furthermore, to the extent holders of our stock options, warrants or other convertible securities convert or exercise their securities and sell the shares of Common Stock they receive, the trading price of the Common Stock on Nasdaq may decrease due to the additional amount of shares available in the market.
The market price of our Common Stock may be volatile.
The market price of our Common Stock may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control. This volatility may affect the ability of holders of Common Stock to sell their securities at an advantageous price. Market price fluctuations in our Common Stock may be due to our operating results failing to meet expectations of securities analysts or investors in any period, downward revision in securities analysts’ estimates, adverse changes in general market conditions or economic trends, acquisitions, dispositions or other material public announcements by us or our competitors, along with a variety of additional factors. These broad market fluctuations may adversely affect the market price of the Common Stock.
Financial markets have periodically at times experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have often been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market price of our Common Stock may decline even if our operating results, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue, our operations could be adversely impacted, and the trading price of our Common Stock may be materially adversely affected.
Sales of a significant number of shares of our Common Stock in the public markets, or the perception that such sales could occur, could depress the market price of our Common Stock.
Sales of a significant number of shares of our Common Stock in the public markets, or the perception that such sales could occur as a result of our utilization of a universal shelf registration statement, our At The Market Offering Agreement with Wainwright or otherwise, could depress the market price of our Common Stock and impair our ability to raise capital through the sale of additional equity securities. We cannot predict the effect that future sales of our Common Stock or the market perception that we are permitted to sell a significant number of our securities would have on the market price of our Common Stock.
Resales of our Common Stock in the public market during this offering by our stockholders may cause the market price of our Common Stock to fall.
We may issue shares of Common Stock from time to time in connection with this offering. The issuance from time to time of these new shares of Common Stock, or our ability to issue new shares of Common Stock in this offering, could result in resales of shares our Common Stock by our current stockholders concerned about the potential dilution of their holdings. In turn, these resales could have the effect of depressing the market price for our Common Stock.
A liquid market in our Common Stock on Nasdaq may not be maintained.
Our stockholders may be unable to sell significant quantities of Common Stock into the public trading markets without a significant reduction in the price of their shares, or at all. There can be no assurance that there will be sufficient liquidity of the Common Stock on the trading market, and that we will continue to meet the listing requirements of Nasdaq or achieve listing on any other national securities exchange. There can be no assurance that an active and liquid market for our Common Stock will be maintained, and our stockholders may find it difficult to resell shares of Common Stock.
USE OF PROCEEDS
We may issue and sell shares of Common Stock having aggregate sales proceeds of up to $50,000,000 from time to time, before deducting sales agent commissions and expenses. The amount of proceeds from this offering will depend upon the number of shares of our Common Stock sold and the market price at which they are sold. There can be no assurance that we will be able to sell any shares under or fully utilize the At The Market Offering Agreement with Wainwright.
We intend to use the net proceeds to fund the operating expenses and capital expenses for product development and plan to make substantial investments over the next several years, among others, in new production equipment and warehousing, systems assembly line, MEA assembly automation, aeronautical stacks, facility expansion, new hirings and for working capital and general corporate purposes. Accordingly, we will have broad discretion in the application of the proceeds of this offering. We incurred operating losses and negative operating cash flow for the year ended December 31, 2022 and for the three months ended March 31, 2023. The Company expects to use the net proceeds from the offering in pursuit of its ongoing general business objectives. To that end, a substantial portion of the net proceeds from the offering are expected to be allocated to working capital requirements. To the extent that we have negative operating cash flows in future periods, we may need to deploy a portion of the net proceeds from the offering and/or our existing working capital to fund such negative cash flow.
Our ultimate use might vary substantially from what is stated in this prospectus supplement and will depend on a number of factors, including those referred to under “Risk Factors” in the accompanying prospectus and any other factors set forth in this prospectus supplement.
The amounts and timing of our use of the net proceeds from this offering will depend on a number of factors, such as the timing and progress of any collaborative or strategic partnering efforts, and the competitive environment for our products. As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to us from this offering. Accordingly, our management will have broad discretion in the timing and application of these proceeds.
All expenses relating to the offering under this prospectus supplement will be paid out of the gross proceeds of the offering.
PLAN OF DISTRIBUTION
We have entered into an At The Market Offering Agreement with Wainwright, pursuant to which we may issue and sell from time to time shares of our Common Stock having an aggregate offering price of up to $50,000,000 through Wainwright as our sales agent pursuant to this prospectus supplement and the accompanying prospectus. Sales of the shares of Common Stock, if any, will be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act. If we and Wainwright agree on any method of distribution other than sales of shares on or through Nasdaq or another existing trading market in the United States at market prices, we will file a further prospectus supplement providing all information about such offering as required by Rule 424(b) under the Securities Act.
Wainwright will offer shares of our Common Stock at prevailing market prices subject to the terms and conditions of the At The Market Offering Agreement as agreed upon by us and Wainwright. We will designate the number of shares which we desire to sell, the time period during which sales are requested to be made, any limitation on the number of shares that may be sold in one day and any minimum price below which sales may not be made. Subject to the terms and conditions of the At The Market Offering Agreement, Wainwright will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell on our behalf all of the shares requested to be sold by us. We or Wainwright may suspend the offering of the shares of Common Stock being made through Wainwright under the At The Market Offering Agreement upon proper notice to the other party.
Settlement for sales of Common Stock will occur on the second trading day or such shorter settlement cycle as may be in effect under Exchange Act Rule 15c6-1 from time to time, following the date on which any sales are made, or on some other date that is agreed upon by us and Wainwright in connection with a particular transaction, in return for payment of the net proceeds to us. Sales of our shares of our Common Stock as contemplated in this prospectus supplement and the accompanying prospectus will be settled through the facilities of The Depository Trust Company or by such other means as we and Wainwright may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.
We will pay Wainwright in cash, upon each sale of shares of our common stock pursuant to the At The Market Offering Agreement, a commission of 3.0% of the gross proceeds from each sale of shares. Because there is no minimum offering amount required as a condition to this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. Pursuant to the terms of the At The Market Offering Agreement, we agreed to reimburse Wainwright for the documented fees and costs of its legal counsel reasonably incurred in connection with entering into the transactions contemplated by the At The Market Offering Agreement in an amount not to exceed $50,000 in the aggregate, in addition to up to a maximum of $2,500 per due diligence update session conducted in connection with each such date the Company files its Quarterly Reports on Form 10-Q. We will report at least quarterly the number of shares of our Common Stock sold through Wainwright under the At The Market Offering Agreement, the net proceeds to us and the compensation paid by us to Wainwright in connection with the sales of shares of our Common Stock.
In connection with the sales of shares of our Common Stock on our behalf, Wainwright will be deemed to be an “underwriter” within the meaning of the Securities Act, and the compensation paid to Wainwright will be deemed to be underwriting commissions or discounts. We have agreed in the At The Market Offering Agreement to provide indemnification and contribution to Wainwright against certain liabilities, including liabilities under the Securities Act.
The offering of our shares of our Common Stock pursuant to the At The Market Offering Agreement will terminate upon the earlier of the sale of all of the shares of our Common Stock provided for in this prospectus supplement or termination of the At The Market Offering Agreement as permitted therein.
To the extent required by Regulation M, Wainwright will not engage in any market making activities involving our Common Stock while the offering is ongoing under this prospectus supplement.
From time to time, Wainwright may provide in the future various advisory, investment and commercial banking and other services to us in the ordinary course of business, for which they may receive customary fees and commissions. However, we have no present arrangements with Wainwright for any further services.
This prospectus supplement and the accompanying prospectus may be made available in electronic format on a website maintained by Wainwright, and Wainwright may distribute this prospectus supplement and the accompanying prospectus electronically.
The foregoing does not purport to be a complete statement of the terms and conditions of the At The Market Offering Agreement. A copy of the At The Market Offering Agreement is included as an exhibit to our Current Report on Form 8-K that will be filed with the SEC and incorporated by reference into the registration statement of which this prospectus supplement and the accompanying prospectus form a part. See “Where You Can Find More Information” and “Incorporation of Documents By Reference”.
https://www.sec.gov/Archives/edgadata/1744494/000182912623003885/adventtech_424b5.htm

Hey there all, I’m looking to put together a weekly campaign running on Thursdays at 8pm CST. Session 0 would be next week on the 8th.
It would be a brand new, standard medieval fantasy setting in a wholly homebrewed world. Its one I’ve been working on, so it's quite expansive. Though there is a lot of material, I don’t expect you to memorize it all, and I fully welcome my players creating things for their own backstory. I also have plenty of lore docs upon request!
We are going to aim for a more balanced game, we will have a decent amount of combat too with a focus on world-building and party-building, so not every session is guaranteed to have a fight but it won’t be really multiple sessions without one either. We’re working off the idea that a campaign should have strong roleplay moments as well as dynamic combats, that way we all can create memories together.
Now, for the part that I’m sure you’re all waiting for. The opener!
The Country of Perul Candomen doesn’t have much in the way of heroes. It has guards, and various knightly orders that any true country has, but no real heroes. No on to really solve any long term issues. Mercenaries will always be the country’s go-to to solve some of the more… sensitive issues, but let's hope the country doesn’t need more help than standard mercenaries can handle.
The campaign starts in a small city in the valley between hills in the center of the country named Golval. An ordinarily small and sleepy, farming city that uses the fresh water and natural minerals from the nearby dormant volcano to grow their crops. But growing season has ended now, and the city is holding a festival and feast in the center of town to celebrate the harvest. The large fire they had burning in the center of town served as a beacon, a cooking place, and a good place for the community to get the cold out. But something wicked this way comes in the late autumn darkness.
To answer a few potential questions:

• I plan to use Roll20 for games and Discord for Voice Chat
  
• We will be starting at Level 3
  
• Homebrew is fine, but I have to look at it to okay it first.
  
• Starting equipment and other things will be covered in session 0!
  

We just ask for 18+ and we wanna play with other adults. I’m accepting chats and DMs if you have any questions for me about the campaign! If you’re interested in applying, the link to the google form will be attached! We’re going to try to get to everyone today but unless we close the post and close the application link, we’re still accepting! We will definitely contact people before tomorrow at the absolute latest
https://docs.google.com/forms/d/e/1FAIpQLScm38aAQxWtGpvwCw4EsvL8j_DqLQUOXRMLdzFsloeXngxgDA/viewform?usp=sf_link

Hello everyone. This nimrod (me) is neuro-impaired 😢LMFAO but yes it's true im neurodivergent (ADHD, probably autism) and imma try and make friends. I've never been good at that, guess it comes with the impaired neurons lol.
My name is Jackson and I'm 20 years old. I live in the US in EST time zone. My interest include marine biology, Ancient Rome, and philosophy. My hobbies include watching movies and documentaries, playing games, listening to music, writing and drinking ice cold water.
My MBTI is INTJ-A, so maybe that can give an idea abt me. I'm really introverted and can be kinda weird at times but who isn't? I'm looking for a couple of close friends to show me how friendships work? If that makes sense lol.
I'm not good at these introductions but I tried. Btw I'm transgender so if that bothers you, grow up. Other than that DM me and Imk some stuff abt you, and we can chat. That would be kinda cool.

I've made really wonderful friends here and now am hoping to meet someone with the intention of seeing if there's chemistry and going from there. My goal is a long-term relationship, but I'd like to know that I'm dating a good friend as opposed to dating a stranger I'm simply attracted to. Of course, physical attraction is important and I've included a picture below along with some information about myself, and 'you', to give you an idea of who I am and what I'm looking for. I'm not interested in a whirlwind anything or rushing head first into a new relationship; I want to build one with the right person by being mindful, intentional, and openly communicating.
I'd prefer to meet people in or near my time zone, but you don't have to be in the same state. Although not ideal, I'm open to (initially) long-distance relationships. If you're interested in speaking with me, I prefer reddit Chat over the private message feature; and if we connect and there seems to be chemistry, I'd really like to move to a different platform like Discord or WhatsApp as I appreciate calls and video chats over texting all of the time.
When you message me, tell me a bit about yourself!
Me:
- What I look like: https://imgur.com/a/IBQd503
- Introspective Introvert
- Capricorn sun, Virgo moon, Leo Rising
- On the serious side but I know when to be silly (and no, I probably won't laugh at your dad jokes)
- Neurodivergent (ADHD) + Depression + Anxiety (in counseling and on meds)
- Primary love languages are quality time, words of affirmation, and acts of service
- Married (and divorced) once - Childfree; I'd consider getting married again, but I don't want kids
- Monogamous
- As content in conversation as I am with shared silence
- Enjoys writing (currently working on a novel), reading (favorite book: Jane Eyre), being creative and artsy (check out my post history), spending time with my dog, playing Animal Crossing, binging TV shows (currently watching Farscape), playing board games, and being outdoors
- Can be very passionate about my interests and hobbies and love to share them with others (some of my interests include astrology, psychology, philosophy, spirituality, and antiques)
- Learning sign language to better communicate with and train my deaf dog
You:
- Introspective, self-aware, and mindful
- Kind, considerate, and compassionate
- Are probably a little goofy at times
- Always curious and learning
- Romantic at heart
- LGBTQ+ friendly & Left-leaning
- Good emotional intelligence & comfortable with being vulnerable
- Not a heavy drinker, or cigarette smoker--but cannabis-friendly
- Childfree