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21Dec2017 Pre-Market Commentary: Wall Street Opened Higher, But Was Unable To Keep The Opening Gains, Continuing Jobless And Initial Jobless Claims Rise Putting A Damper On Investors Trading

Written by Gary

The US equities main benchmarks opened fractionally higher (SPY +0.3%) after the GDP Q3 SLIPPED to 3.2%. US equities are expected to slide fractionally later today.


Here is the current market situation from CNN Money

European markets are mixed today. The FTSE 100 is up 0.67% while the CAC 40 gains 0.07%. The DAX is even.

Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

U.S. third-quarter economic growth trimmed; jobless claims rise

WASHINGTON (Reuters) - The U.S. economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week.

Toys "R" Us plans new playdate with U.S. shoppers

WALLKILL, NEW YORK (Reuters) - Joshua and Amy Hightower drive 40 minutes to a Toys "R" Us Inc store in a blue collar neighborhood in Wallkill, one of the farthest reaches of the New York City suburbs, so their children can try toys at an amusement area dubbed the "play lab."

Wall Street set to rise after GDP data, tax bill passage

(Reuters) - Wall Street was set to open higher on Thursday after data showed U.S. economy grew at its fastest pace in more than two years in the third quarter, and investors eyed gains from sweeping tax cuts passed by Congress this week.

Swiss find serious shortcomings at JPMorgan in 1MDB case

ZURICH (Reuters) - Swiss financial watchdog FINMA said on Thursday the Swiss subsidiary of U.S. bank JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB.

U.S. third quarter economic growth lowered to 3.2 percent

WASHINGTON, Dec 21 (Reuters) - The U.S. economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week.

Kobe Steel says senior executives knew about data tampering

TOKYO (Reuters) - Kobe Steel Ltd , at the centre of a data-falsification scandal that has shaken Japan's manufacturing industry, admitted for the first time that executives were aware of the cheating, and reassigned three senior officials.

U.S. tax curbs on debt deduction to sting buyout barons

(Reuters) - As corporate America celebrates one of the biggest-ever cuts to its tax bill, one corner of Wall Street is fretting over the impact the reforms will have on its ability to profitably invest in companies.

BNY Mellon freezes $22 billion in Kazakhstan assets: source

ALMATY (Reuters) - The Bank of New York Mellon has frozen $22 billion in assets held by Kazakhstan's National Fund over a lawsuit launched by Moldovan businessman Anatolie Stati and his companies against the Kazakh government, a source familiar with the case said on Thursday.

Apple wins big with U.S. tax bill but faces snag on foreign patents

(Reuters) - The U.S. Republican tax overhaul passed by Congress this week will allow Apple Inc to bring back its $252.3 billion foreign cash pile without a major tax hit - a long-standing company goal.

Long Island Iced Tea Soars 500% After Changing Its Name To Long Blockchain

Now that it is abundantly clear that for a stock to explode higher, all that is necessary - and sufficient - is a press release mentioning the company's name and throwing in the word "blockchain" in the same sentence (see Riot Blockchain, LongFin Corp, Net Element, and Nova Lifestyle), other public microcaps have decided that if that's all it takes, then by all means they will gladly take investors' money.

Before...

After...

And so here is today's farce - Meet 'Long Island Iced Tea Corp'... to be known in the future as "Long Blockchain Corp."

Long Island Iced Tea Corp. today announced that the parent company is shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology. In connection with the shift in strategic direction, the Company has approved changing its name from "Long Island Iced Tea Corp." to "Long Blockchain Corp." and has reserved the web domain

Failing Iced Tea Company Changes Name to Include Blockchain and Stock Soars 500%

The Long Island Iced Tea company was doing just over $1 million in revenues per quarter, bleeding out cash, losing money for shareholders hand over fist -- down 42% for the year. So they managed to take a short cut around all of those issues and simply rename the company to Long Blockchain Corp. and this has resulted in shares rising over 500% in pre market chicanery.


If you missed the dot com era, pay attention to these details, because this is exactly what was happening in 1999 -- leading up to the tumultuous collapse in 2000.

LTEA press release:

The co announced that the parent company is shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology. In connection with the shift in strategic direction, the Company has approved changing its name from "Long Island Iced Tea Corp." to "Long Blockchain Corp." and has reserved the web domain www.longblockchain.com. The Company intends to request Nasdaq to change its trading symbol in connection with the name change. The Company will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary and maintain the focus of this business on the ready-to-drink segment of the beverage industry, specifically, premium, 'better-for-you' brands marketed at an affordable price.

In conjunction with the shift in business strategy, the Company has submitted a request to the Securities and Exchange Commission to withdraw its previously filed S-1 registration statement relating to a p ...

Final Q3 GDP Revised To 3.2%, Highest Since Q1 2015

In the third and final estimate of Q3 GDP, the US economy eased back fractionally from last month's "hot" 3.3% print, and as a result of a modest decline in Personal Consumption from 1.60% to 1.49% (in the GDP calculation) as well as net trade, the final GDP print came in at 3.2%, down slightly from last month's and consensus estimate 3.3%, which however was still the highest GDP print since Q1 2015, when the economy grew at a 3.23% pace.

The increase in real GDP reflected increases in consumer spending, inventory investment, business investment, and exports. Imports, which are a subtraction from GDP, decreased. The increase in consumer spending reflected increases in spending on both goods and services. The increase in goods was primarily attributable to motor vehicles. The increase in services primarily reflected increases in health care, financial services and insurance, and food services and accommodations.

Putting numbers to the data, final Q3 Consumer Expenditures were revised modestly lower, from contributing 1.60% to the bottom line GDP, to 1.49%. This however was offset by an upward revision to Fixed Investment (from 0.39% to 0.40%) while Private Inventories was marginally lower (0.80% to 0.79%); net trade was also reduced fractionally (from 0.44% to 0.36%) and finally, government consumption, rose once again from 0.07% to 0.12%.

Some other numbers:



Core PCE 1.3%, below the 1.4% estimate and bel ...

Hillary In The Crosshairs As DOJ Prosecutors Begin Asking FBI Agents About Uranium One

Attorney General Jeff Sessions has instructed DOJ prosecutors to begin asking FBI agents for explanations regarding evidence pertaining to a dormant criminal investigation into the controversial Uranium One deal linked to Bill and Hillary Clinton, according to NBC.

The order comes as part of a promise made last month by Sessions to examine whether or not a special counsel was warranted in the deal which saw 20% of American Uranium sold to a Russian state-owned energy company in a 2010 transaction allowed by the Obama administration. Prior to the deal, individual connected with Uranium One deal had donated over $140 million to the Clinton Foundation. Moreover, Bill Clinton gave a $500,000 speech to a Russian bank which issued a favorable rating on Uranium One stock. Clinton and Putin met the same day of the speech at the Russian leader's private homestead.

A report by the New York Times and the book Clinton Cash by investigative journalist Peter Schweizer in 2015 are said to have convinced the FBI in large part to launch their investigation into the Clinton Foundation over several claims of pay-for-play before and during Hillary Clinton's role as Secretary of State, including the Uranium One deal and several international arms sales.

As reported in International Business ...

Tax Bill Makes 2018 the Year of the Deal

With tax uncertainty in the rear-view mirror, pressure on companies to combine will keep growing.

Big Tech Unlikely to Blow its Tax Bonus

Big tech companies face a high-quality problem heading into the new year: All that money, and not much good to do with it.

Risky Plan to Keep London as Europe's Financial Hub

London's position as Europe's financial center after Brexit is definitely under threat. The Bank of England is doing its bit to protect its status, but risks leaving itself at the back of the queue when banks get into trouble.

Third Estimate 3Q2017 GDP Declined Marginally to 3.2%. Corporate Profits Up.

Written by Steven Hansen

The third estimate of third quarter 2017 Real Gross Domestic Product (GDP) decreased marginally to 3.2 %. Sorry for the delay in publishing this post - but the internet sucks on Princess Cruises and they don't care. Specifically I would like to thank Brian OConnor, Vice President, Public Relations for Princess Cruises who refused my request for assistance.

U.S. life expectancy has declined again because of opioids

This year was the second in a row with a decline in life expectancy. The last time that happened was in the 1960s.

Capitol Report: House moving ahead with stopgap spending bill | Sessions orders new look at Uranium One deal

The House moves ahead with a stopgap spending bill as a shutdown looms; a key congressman says he doesn't believe the government will shut down; and Attorney General Jeff Sessions reportedly orders a fresh look at the Uranium One deal.

Economic Report: Third-quarter GDP revised down slightly to 3.2% rate

The U.S. economy's pace of growth in the third quarter was lowered to 3.2% rate from 3.3% under the government's latest revision to gross domestic product released Thursday.

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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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