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Today in the Market (9/27/2022)

Good Evening. The S&P 500 finished at a new bottom for 2022 on Tuesday, while the Dow Jones fell deeper into a bear market, a day after a turbulent trading day.

After falling below its intraday low on June 16, the S&P 500 lost 0.21%, while the Dow Jones plummeted by 0.43%. The Nasdaq Composite was an anomaly, rising almost 0.25% on the day.

WILL INTEL TAKE THE LEAD?

During the chip giant’s annual Intel Innovation event in San Jose, California, Intel (INTC) CEO Pat Gelsinger unveiled the company’s 13th-generation Intel Core processors.

The new chips, codenamed Raptor Lake, are intended to catapult Intel ahead of its archrival AMD (AMD) in desktop performance. They are also accompanied by a decline in PC sales following a period of explosive growth in the early days of the pandemic.

The Core i9-13900K, according to Intel, is the world’s most powerful desktop processor. The processor, which is geared towards extreme gamers and producers, is equipped with a staggering 24 processing cores. They consist of 8 performance cores and 16 efficiency cores (The more the better).

Who is this for? The performance cores of the new processor are intended to handle intensive tasks such as gaming, code compilation, and photo and video editing. The efficiency cores are intended for less taxing tasks such as online browsing and sending emails

However… The Core i9-13900K will likely be out of reach for the majority of customers. The specific price of the chip has yet to be determined, but based on prior experience, it is estimated to be in the $700 range.

JUST YOUR DAILY $100 MILLION DELI SCHEME

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Three individuals, including a father-and-son combination, were charged for organizing a market manipulation scheme that momentarily gave the owner of a small New Jersey deli a market valuation of more than $100 million.

In a 12-count indictment, the U.S. Department of Justice charged Peter Coker Sr, 80, Peter Coker Jr, 53, and James Patten, 63, with securities fraud and conspiracy. Patten was additionally charged with wire fraud, money laundering, and securities manipulation.

Since 2014, according to New Jersey prosecutors, the defendants plotted to boost the prices of two publicly traded firms, Hometown International (939%) and E-Waste Corp (19,900%), through manipulative trading in order to create illicit profits through so-called reverse mergers with private companies.

How did the company get unwanted attention? In April 2021, Your Hometown Deli gained unexpected attention after hedge fund manager David Einhorn included it in a shareholder letter in which he spoke of the dangers of risky stocks and the need for increased regulatory control.

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