Wall Street closer and flat (DOW -14 points, SP 500 - 0.1% and Nasdaq down -0.1% on low volume. WTI crude settled in the high 42', but did reach 43. The possibility of an OPEC cap on output is unlikely as key members push ahead with efforts to increase market share. OPEC said today it expects demand for oil and prices to increase in the second half of this year. The U.S. dollar index was higher. A higher dollar weakens demand for oil.
(Reuters) - Delta Air Lines Inc canceled hundreds of flights and delayed many others on Monday after an outage hit its computer systems, grounding planes and stranding passengers of one of the world's largest carriers at airports around the globe.
(Reuters) - Wal-Mart Stores Inc said on Monday it would buy online retailer Jet.com for about $3 billion, the largest-ever deal for an e-commerce startup, as it pushes to revive its underperforming Web business to compete with market leader Amazon.com Inc .
(Reuters) - Online lending platform operator LendingClub Corp reported a bigger quarterly loss, largely due to an impairment charge and higher operating costs, and the company said its chief financial officer had resigned.
NEW YORK (Reuters) - The U.S. government said on Monday it plans to auction over 2,700 bitcoins that were forfeited during several cases, several of which stemmed from investigations of the online black market known as Silk Road.
WASHINGTON (Reuters) - AT&T Inc will pay $7.75 million in refunds and fines after federal investigators found it allowed unauthorized third-party charges related to phony directory-assistance service on its customers' telephone bills, U.S. regulators said on Monday.
(Reuters) - Honeywell International Inc is in talks to acquire JDA Software Group Inc, in a deal that could value the U.S. supply chain management software company at around $3 billion, including debt, according to people familiar with the matter.
WASHINGTON (Reuters) - Fannie Mae and Freddie Mac, two government-controlled housing finance agencies, would need a big cash injection to weather another financial meltdown, a government regulator said on Monday.
While moments ago troubled peer-2-peer lender Lending Club announced that it missed consensus EPS expectations of -0.02, reporting a steeper than expected decline of -$0.09 on an operating loss of $81 million compared to $4.1 million a year ago, the reason why the stock is tumbling after hours is that just months after its CEO departed the company in a scandal that has thretened to potentially engulf such prominent board members as John Mack, the company just announced that its CFO, Carrie Dolan, is also stepping down in what the market sees as a clear warning sign that the company's troubles are nowhere near done despite it having successfully concluded a debt securitization in the past week, which to some suggested that LC has finally managed to move on beyond its troubles.
From the statement:
Lending Club announced that Carrie Dolan resigned from her role as CFO to pursue a new opportunity. In response, Lending Club has appointed Bradley Coleman to Principal Accounting Officer and Interim CFO. Mr. Coleman has served as Lending Club's corporate controller since 2013 and will continue in that role while fulfilling his new duties. The company has retained a global executive search firm to manage the recruitment of a new CFO and expects to name a successor in due course.
"Carrie was integral to Lending Club's maturity and growth over the past six years," said Scott Sanborn, CEO and President of Lending Club. "She approached us early this year about planning a transition, and in May the Board and I asked her to postpone her plans until we could navigate recent events. I and the Board want to thank her for her leadership, commitment and dedication particularly over the last several months, and wish her well in her next endeavor."
"I remain a passionate believer in this business model and this company, and it has ...
In his first comprehensive speech laying out his vision for the US economy, Donald Trump presented a tax-slashing agenda which would seek to cut regulations, while blaming Hillary Clinton for America's economic woes in a highly touted address Monday at the Detroit Economic Club. "Americanism, not globalism, will be our new credo," Trump declared, saying his plan represents the "biggest tax revolution" since the Reagan era. "I want to jump-start America," the GOP presidential nominee added in another line that brought both applause and boos from the crowd.
Donald Trump says his economic plan represents "biggest tax revolution" since Reagan era https://t.co/VM9BhSnRMr https://t.co/CxpsguUR9D
— ABC News (@ABC) August 8, 2016
Trump said his plan would include imposing a temporary moratorium on new federal regulations, reducing rates for income and corporate taxes, and establishing new provisions for working parents dealing with childcare costs. Trump attacked Clinton for supporting trade deals that he claimed resulted in the collapse of the city's famed automobile industry. The Republican used his venue as the example of the administration's failed policies saying, "Detroit is the living, breathing example of my opponent's failed economic agenda. Every policy that has failed this city and so many others is a policy supported by Hillary Clinton."
"She is the candidate of the past," Trump said. "Ours is the campaign of the future."
Clinton will offer her own economic vision in a speech in Michigan on Thursday. In a statement ahead of Trump ...
Submitted by Ryan McMaken via The Mises Institute,
The U.S. Bureau of Labor Statistics released new employment data, with the BLS reporting 225,000 new jobs created, according to the Establishment Survey. A survey of economists by Bloomberg had predicted an increase of 180,000 jobs, so this report beats expectations. The press, not surprisingly, is gushing over the good economic news.
To get a better sense of the jobs situation in context, though, we need to look beyond the headline data and delve more deeply into what the BLS is reporting.
Moreover, it's important to look beyond the government seasonal adjustments which can be employed to massage the numbers even more than the usually-employed methods.
So, a look at the non-seasonally-adjusted unemployment rate shows an unemployment rate of 5.1 percent for July 2016. That's compared to 5.6 percent for last year.
There's a little bit of an improvement there, but the unemployment rate is a function of both the number of people who say they're in the labor force, and the number of people who say they want jobs and have them.
So, we must look beyond the unemployment rate since changes in the size of the work force can push down the unemployment rate without any real ga ...
For a while, it looked like QE's star had faded a little. Negative rates had become the latest central-banking fad. But the Bank of England's decisions last week mark a break with that trend and a new strand in the policy divergence debate.
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