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Hello Seven Lakers,
below a summary of relevant events happened in the stock market in the last week
📈 1/ Stocks and sectors bought by US politicians last week
This week, the trading activity at Capitol Hill was quite minimal with only ~100 transactions taking place
If you want to receive daily updates on their trades, click here
🏦 2/ US Politicians potential insider trading: Rep. Kean Jr. violated STOCK act.
Rep. Thomas Kean Jr. serves on three House Committees - Transportation, Foreign Affairs, and Science, Space & Technology
He is now raising eyebrows not only for his stock picks, but for his timing
To note, he has disclosed up to 27 trades this year
On April 3, 2023, Kean purchased $15,000 worth of JP Morgan Chase & Co stock (JPM:US); since that transaction, the stock surged 13.94%: very interesting timing
Also, he reported this trade 128 days late, a big violation of the STOCK Act.
Federal law requires Politicians to report their stock trades within 40 days of the transaction
Kean's noncompliance is not an isolated incident, but a persistent issue of transparency in American politics, further fueling public demands for stricter regulations
If you want to receive daily updates on political trading, click here
🔔 3/ How to be notified when politicians buy / sell stocks
As seen before, some suspicious trades were made by Congress Members and their relatives
However, the GOOD NEWS is that their moves can be copied (politicians need to disclose their stock positions)
The Seven Lakes Research analyst team provides PREMIUM detailed updates from Monday to Friday with all the relevant fact on:
Click on the button below to start receiving them 👇👇👇👇👇
📄 4/ Interesting stock market stories
STORY #1: Congressman Khanna presented a plan for congressional reform
On 15th of September, Congressman Ro Khanna unveiled a five-point plan aimed to address corruption and to reduce the money influence on Congress. The plan was composed by five key components:
Prohibition of contributions from Political Action Committees (PACs) and lobbyists to congressional campaign funds
Prohibition of stock trading by members of Congress and the prohibition of former members becoming lobbyists
Implementation of term limits for members of Congress
Introduction of term limits for Supreme Court justices
Establishment of an ethics code for Supreme Court justices
Rep. Ro Khanna is a member of the Committee on Oversight and Accountability, and he has been proposing a ban for congressional stock trading for some time
However, in contrast to the proposed ban on stock trading, Khanna and his family invested more than $263 million in stocks, U.S. Treasuries, and ETFs over the past three years
During this period, Khanna reported over 14,000 trades involving more than 1,200 issuers. Kinda funny.
If you want to be notified when politicians trade stock, we send daily email alerts here
STORY #2: Autoworkers strike negatively impacting automotive stocks
A union representing ~150,000 autoworkers, the United Auto Workers (UAW), initiated a strike vs. General Motors (GM:US), Ford (F:US), and Stellantis (STLA:US)
UAW is asking for a new contract agreement for autoworkers and the strike involves ~12,700 union workers from various plants
GM’s CEO Marry Barra said she still hopes that strikes can be swiftly resolved following what she described as a "historic" offer from the automaker; Barra stated that GM had made its most significant offer in 150 years. She added that strikes will “not be good for the economy overall”
Impact on involved companies:
GM shares fell 0.5%
Ford stock lost 1.5%
Stellantis shares were flat at the open
Politicians who are trading automotive stocks:
Rep. Michael Burgess bought $15,000 - $50,000 worth of STLA shares in late August
Rep. Bill Keating bought GM corporate bonds in June
Rep. Ro Khanna, Daniel Goldman, and Earl Blumenauer were selling shares of these carmakers
If you want to be notified when politicians trade stock, we send daily email alerts here
STORY #3: Buffett is selling his HP position
Warren Buffet’s disclosed on Thursday that he sold ~$158.5 million of HP Inc shares (HPQ:US) and HPQ shares fell nearly 5%
Following these trades, he now holds an 11.7% stake in HPQ
This was due to latest reported company data:
HPQ reduced its full-year profit outlook to $3.29 from the prior $3.40
Cash flow is now seen at $3 billion for the full year, down from the previous $3.25 billion
HP Inc. said it expected to report adjusted EPS of $0.91 but it only reported $0.86
Revenue fell almost 10% on an annual basis to $13.2 billion, while analysts were expecting $13.4 billion
If you want to be updated when Warren Buffett buys / sells stocks, we send daily email alerts here
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