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17Nov2017 Market Close: Wall Street Closes Moderately Lower, Dow And SP 500 Suffer Weekly Losses As Investors Weigh Earnings, Tax Plan, Russia Probe, WTI Settles In The Mid 56 Handle

Written by Gary

Dow and SP 500 post first 2-week losing streak since August (SPY -0.3%) as tax reform worries linger. Tesla shares jump as Wall Street heaps praise on electric truck, new Roadster.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Tesla's unfettered ambition will drain finances: analysts

(Reuters) - Tesla Inc may have to ask creditors and shareholders for more capital to fund development of an electric semi truck, a new roadster and accelerated production of a high-volume electric sedan, analysts said on Friday.

Buyers circle suddenly attractive U.S. media companies

WASHINGTON (Reuters) - All of a sudden, it seems, everybody wants to own a U.S. media company.

Wall Street set to end week on whimper as tax changes mulled

NEW YORK (Reuters) - Wall Street was set to end the week on a muted note on Friday, with major indexes slipping modestly, as investors weighed the fate of the Republicans' tax cut plan.

Fox shares rise on signs of more takeover interest

(Reuters) - Twenty-First Century Fox Inc shares were up 3 percent in trading on Friday after sources said both Comcast Corp and Verizon Communications Inc were interested in buying parts of its studio and TV operations.

U.S. rejects Ford petition to delay recall of three million vehicles

WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration said on Friday it was rejecting a petition by Ford Motor Co to delay recall of about 3 million vehicles with potentially defective air bag inflators to conduct additional testing.

Reuters poll: Major U.S. tax cuts not likely this year - economists

BENGALURU (Reuters) - U.S. Republicans are not expected to push major tax cuts through Congress this year, according to a majority of economists in a Reuters poll, who in any case were skeptical that the legislation would provide a significant boost to the economy.

Apple pushes launch of HomePod smart speaker to early 2018

SAN FRANCISCO (Reuters) - Apple Inc has pushed the launch of its HomePod smart speaker to early next year from December, the company said on Friday, missing the holiday shopping season as the market for such devices becomes increasingly competitive.

Wireless carriers on mute as Supreme Court hears big privacy case

WASHINGTON (Reuters) - The U.S. Supreme Court is set to consider a major cellphone privacy case later this month, but leading players in the wireless industry that is at the center of the closely watched dispute are keeping their distance.

Volkswagen accelerates push into electric cars with $40 billion spending plan

WOLFSBURG/HAMBURG (Reuters) - Volkswagen approved a 34 billion euro ($40 bln) spending plan on Friday that accelerates its efforts to become a global leader in electric cars.

Gold Gains As Stocks Slide, Yield Curve Crashes, & Dollar Dumps

Economic Data continues to surprise to the upside (compared to what had been terrible expectations)...is this as good as it gets?

But credit, the yield curve, and now stocks are not loving it...

Small Caps were the only major index green today...

The Dow and S&P 500- fell for the 2nd week in a row - something they haven't done for 3 months...Small Caps best on the week (followed by Nasdaq thanks to yesterday's panic buy)...

Futures show the crazy moves this week better..

VIX was slammed late on today in a desperat ebid to get the S&P green on the week...

Report: FBI Informant Has Video Of Russian Agents With Briefcases Of Bribe Money In Clinton-Uranium Scandal

Content originally published at iBankCoin.com

Is It A Bird? A Plane? No, It's A Giant Penis: Navy Apologizes For Pilot's Pornographic Sky-Writing

Residents of Okanogan County, Washington woke up to some rather unusual cloud formations this morning courtesy of a couple of artistic Navy pilots stationed in nearby Whidbey Island. Not surprisingly, the giant sky penis, which was described as the "most monumental thing to happen in Omak" by one Twitter user, sparked a wave of hilarious social media responses.

Some pilots at NAS Whidbey did some sky writing today. ????????‍??https://t.co/9IsYvkX1za pic.twitter.com/Lm7kpMhKpY

— Adam Gessaman (@adamrg) November 17, 2017

The most monumental thing to happen in omak. A penis in the sky pic.twitter.com/SM8k1tNYaj

— Anahi Torres (@anahi_torres_) November 16, 2017

A local TV station in Okanogan, County, KREM-2, reached out to the Navy for a comment on the incident and promptly received the following apology which described the event was "absolutely unacceptable" and "of zero training value"...which we honestly find incredibly shocking as we've always lived under the apparently false illusion that if we were to ever find ourselves in a dogfight over the skies of Iraq that a carefully timed "penis maneuver" could be the difference between life and death.

Zimbabwe: Reports That All Ten Branches Of Mugabe's Zanu PF Party Passed No Confidence Votes

NewsDay, the privately-owned Zimbabwe newspaper, is reporting that all the provincial branches of President Mugabe's party have passed votes of no confidence in his leadership.

In a dramatic twist of events, all the ten Zanu PF provinces have passed a vote of no confidence on President Robert Mugabe, and declared the 93 year-old leader - who has been in office for 37 years - too old and incapacitated to lead both Zanu PF and government. The move, which comes at the height of a drama-filled week that saw the military taking control of the country, is a huge knock on the veteran's leader's prospects of retaining his presidency for much longer.

It's not clear where NewsDay got this information, although other sources are saying the central committee of Zanu PF could meet as early as Sunday to decide on Mugabe's fate. In the meantime, Mugabe is reported to have resisted pressure to step down in negotiations with the Zimbabwe military and could face impeachment. The possibility of impeachment is being discussed by Zimbabwe politicians who are loyal to Mugabe's former deputy, Emmerson Mnangagwa, whose dismissal precipitated the crisis.

The grounds for impeachment might include the wealth accumulated by the Mugabe family, corruption amongst his wife's allies and the collapse of the Zimbabwe economy (now half the size it was in 2000). According to Bloomberg.

Zimbabwean President Robert Mugabe could be impeac ...

How GE Can Win Back Investors

A strong market for industrial assets gives GE a chance to win investors back after the company's dividend cut.

Tesla Changes the Subject

Elon Musk needs more focus as he grapples with Model 3 production issues.

Why It Has Been So Hard to Win the Spinoff Trade

Corporate spinoffs such as Ferrari, from Fiat Chrysler, and PayPal, from eBay, have a well-documented history of outperforming the market. But the few funds that invest exclusively in spinoffs haven't.

GE CEO buys over $1 million in stock on the dip

GE's new CEO John Flannery spent over $1 million to buy the company's stock, after prices took a two-day dive of nearly 13% amid investor disappointment about his turnaround plan.

Currencies: Dollar on track for second weekly loss in a row

The U.S. dollar drops Friday as concerns over a report that U.S. special counsel Robert Mueller's probe into Russian election interference has made its first official order for information connected to President Donald Trump's campaign gripped the market.

Want the new Tesla Roadster in 2020? Prepare to pay Tesla $250,000 now

Tesla requires a wire transfer of up to $245,000 to complete reservation for new Roadster.

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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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