The StockDr & Team are back to deliver your weekly dose of market commentary. Is it ethical for a university to mandate COVID-19 vaccines for students and employees? Netflix continues to underperform, and Carnival Cruise Line announced a new company update.
The Millennial Moment presented by our Mega-llennial, Nikki Ward tackles another cryptocurrency headline that hit the screens this week. A mother-son duo who allegedly swindled investors out of $12 million using an “AI Supercomputer” concept.
The SEC has moved to shut down what it says is a Ponzi scheme run by a mother and son team out of Las Vegas, who allegedly walked off with more than $12 million after using social media promotors to entice at least 277 investors to invest in their company on the idea that they had developed a fool-proof, stock-picking supercomputer.
Joy & Brent Kovar are accused of luring people to invest in their company’s technological capabilities, Profit Connect Wealth Services, Inc., encouraging them to tap into their retirement funds and pull equity out of their homes. The company, in return, guaranteed annual returns of up to 30% plus monthly compounding interest the right to withdraw their funds, penalty-free at any time, and with no fees.
Investigators say the Kovar's never engaged in any kind of investing activity and allegedly used the money instead to finance their lifestyles, buying homes and cars and paying off large credit card bills. In all, investigators say Joy Kovar transferred some $1.2 million to her own personal accounts and spent another $1.7 million on items for herself. It specifically targeted people looking to build up college funds for their children
- Indiana University can require its roughly 90,000 students and 40,000 employees to get vaccinated for COVID-19 under a federal judge’s ruling that might be the first of its kind regarding college immunization mandates. Similar lawsuits have been filed in federal courts in Connecticut and California
- CCL announced plans to resume guest cruises with 75% of its total fleet capacity by year’s end, despite concerns about the spread of the more infectious Delta COVID variant. The company will resume operations with 54 ships across eight of its nine brands.
- NFLX, despite beating earnings projections nearly 80% of the time, Netflix has often missed sales expectations for the quarter and averages a loss 6.1% in the day following the print, according to 19 years of data from Bespoke Investment Group. The company has also raised guidance in just 11% of its second-quarter reports.
This week’s meeting of the minds was brought to you by the Siler Wealth Management Team.
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