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29Oct2015 Market Close: Markets Close Fractionally Down, Oil Prices Sliding. Investors Waiting For Other Shoe To Drop

Written by Gary

Markets closed down fractionally after trading more or less sideways as the market digested the potential for an interest rate hike in December. Oil has slipped off yesterday's highs and is trending down along with the US dollar.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

LinkedIn quarterly revenue jumps about 37 percent

(Reuters) - LinkedIn Corp , the operator of the biggest social networking site for professionals, reported a 37.2 percent jump in quarterly revenue, mainly due to strength in its recruitment services business.

Starbucks quarterly cafe sales hotter than expected

(Reuters) - Starbucks Corp brewed up another quarter of cafe sales growth, fueled by strength in both the Americas and Asia.

Virgin America tops third-quarter estimates, expects unit revenue decline

(Reuters) - Virgin America Inc on Thursday said lower fuel costs helped its profit jump in the third quarter, but forecast that the money it makes per mile would fall in the fourth quarter as it expands flight capacity amid intense competition.

Pfizer, Allergan in talks to forge world's biggest drugmaker

(Reuters) - Botox maker Allergan Plc and Pfizer Inc on Thursday said they were in early, friendly talks to create the world's largest drugmaker, a deal that would potentially set up Pfizer to take advantage of Ireland's lower tax rates.

U.S. wary of EU proposal for investment court in trade pact

WASHINGTON/BRUSSELS (Reuters) - The United States is wary of a European Union proposal for a new court system to settle investment disputes as part of the world's biggest free-trade agreement, U.S. Trade Representative Michael Froman said.

Wal-Mart tweaks discount strategy for holiday season

(Reuters) - Wal-Mart Stores Inc said it would offer fewer "this weekend only" short-term deals during the holiday shopping season while discounting thousands of items for 90 days as it seeks to entice customers by being more consistent on pricing.

Boeing lands international 787 orders worth $3.5 billion

SEATTLE (Reuters) - Boeing Co landed orders from two foreign carriers for its high-tech 787 Dreamliner on Thursday worth more than $3.5 billion at list prices.

Time Warner Cable, Charter expect deal closing in first quarter 2016, not 2015

(Reuters) - Charter Communications Inc said its acquisition of Time Warner Cable Inc , which is awaiting clearance from U.S. regulators, is now expected to close in the first quarter of 2016, and not by the end of 2015 as planned.

Yellen's Hawkish Hangover Leaves Bonds & Bullion Bruised & Stocks Steady

This won't end well...

* * *

First things first, The Fed managed to convince the market - despite the collapse of fundamentals - that it will hike in December...December odds the highest they have ever been...

Having dumped the post-FOMC gains early on, stocks bounced modestly... then acelerated in the last 20 minutes before last minute selling...

But in the day only Trannies ended green (as a late ramp failed)

All thanks to a VIX-crushing ramping S&P into the green...

Though a notable VIX decouple ...

Valeant Flash Crashes On Report CVS Terminates Its Philidor From Caremark Pharmacy Network

A few days ago we laid out Valeant's "Enron" org chart, laying out the extensive, and previously undocumented and in fact, secret, relationships between Valeant and Philidor - the specialty pharmacy whose sole customer is Valeant.

As a reminder, it was the revelation of Philidor's shady existence that was the reason for the rout that slashed the price of Valeant stock by more than half last week.

And while both the company and its various shareholders, pardon the pun, valiantly defended the company and its exposure to and from Philidor - claiming there is nothing illegal in the troubling disclosures - moments ago VRX stock flash crashed...

... on the following news from Dow Jones:



CVS TERMINATES PHILIDOR FROM CAREMARK PBM NETWORK, DJ SAYS

CVS CITES 'NONCOMPLIANCE' W/ PROVIDER PACT ON PHILIDOR

CVS MOVE BASED ON RECENT AUDITS OF PHILIDOR, DJ SAYS

Recall that Philidor is a sizable 7% of Valeant's bottom line, as per its own slides:



In Q3 2015, Philidor represented 6.8% of total Valeant revenue

In Q3 2015, Philidor represented ~7% of Valeant EBITA

And where CVS goes, others will promptly follow, not only leading to an promptly termination of any and all overinvoicing benefits Philidor provided to Valeant, but leading to a crack down on specialty pharma organizations everywhere, and likely finally inviting a federal in ...

U.S. Stocks Edge Lower

Stocks inched lower Thursday, pulling back from a sharp prior-day rally, as investors looked ahead to the prospect of interest-rate increases later in the year.

Visa Nears $22 Billion Deal to Buy European Counterpart

Visa is in advanced talks to buy Visa Europe for about $22 billion in a deal that would unite its global operations.

Capitol Report: FanDuel CEO calls for government regulation of fantasy sports

One of the leading companies in the fantasy sports industry on Thursday called for government regulation, a sign of how quickly the pendulum is turning for the industry.

Bond Report: Treasury yields hit highest level in about a month

Treasury prices fell Thursday, nudging yields to their highest level in nearly a month, as a reading on U.S. economic growth missed expectations.

Summary of Economic Releases this Week

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Earnings Summary for Today

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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