Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Topics today include:
All About Apple's Disastrous Earnings Report
China Killed Apple
Has Apple Become a Value Stock?
Why Do Investors Buy High and Sell Low?
S&P 500 Hit the 'Golden Cross'
What is the 'Golden Cross' and What Does it Mean?
The Next Chernobyl May Be Intentional
U.S. Warns Americans that Turkey May Not be Safe
ISIS Cash Destroyed
Why are Canadians Selling U.S. Homes?
Articles about events, conflicts and disease around the world
The next Chernobyl may be intentional (Reuters) Serious concern arose during the recent Islamic State attacks in Brussels. Evidence suggested that the assailants were considering a nuclear-related incident. The terrorists had a senior Belgian nuclear official under surveillance, and two former nuclear power-plant employees were reported to have joined Islamic State. This may help explain why Belgian authorities rushed military forces to protect its nuclear plants.
Transgender teen fights back after suspension for using 'wrong' bathroom (CNN) To him, the right one is the boys' bathroom, which he says he has used since seventh grade without incident. Then, in his senior year, school administrators told him he had to use the girls' restroom, he said. After using the boys room at a pep rally, he was suspended. Now he is threatening to sue for discrimination.
Apple misses on profit and revenue, plans to raise dividend, return $50B more to shareholders (CNBC) Apple reported quarterly earnings and revenue that missed analysts' estimates on Tuesday, and its guidance for the current quarter also fell shy of expectations. The tech giant said it saw fiscal second-quarter earnings of $1.90 per diluted share on $50.56 billion in revenue. Wall Street expected Apple to report earnings of about $2 a share on $51.97 billion in revenue, according to a consensus estimate from Thomson Reuters. That revenue figure was a roughly 13% change against the comparable year-ago period — representing the first year-over-year quarterly sales drop since 2003.
U.S. embassy warns citizens in Turkey about 'credible' terrorist threats (Reuters) The United States warned U.S. citizens in Turkey on Tuesday about "credible" terrorist threats to tourist areas in the country. Turkey has been hit by four suicide bombings already this year, most recently in Istanbul last month. Two of the bombings have been blamed on Islamic State, while Kurdish militants have claimed responsibility for the other two.
Islamic State: Up to $800m of funds 'destroyed by strikes' (BBC News) Up to $800 million in cash held by so-called Islamic State (IS) has been destroyed in air strikes, a US military official says. Maj Gen Peter Gersten, who is based in Baghdad, said the US had repeatedly targeted stores of the group's funds. The blow to the group's financing has contributed to a 90% jump in defections and a drop in new arrivals, he said.
Memories painful on Chernobyl's 30th anniversary (Associated Press) As Ukraine and Belarus on Tuesday marked the 30th anniversary of the Chernobyl nuclear accident with solemn words and an angry protest, some of the men who were sent to the site in the first chaotic and frightening days were gripped by painful memories. Ukrainian President Petro Poroshenko led a ceremony in Chernobyl, where work is underway to complete a 2 billion euro ($2.25 billion) long-term shelter over the building containing Chernobyl's exploded reactor. Once the structure is in place, work will begin to remove the reactor and its lava-like radioactive waste.
China takes lion's share of Apple's loss, with 26% decline in sales (CNBC) Apple's sales in China tumbled in the second quarter after warnings of weakness, the company said in Tuesday's earnings. The company reported quarterly earnings and revenue that missed analysts' expectations, with revenue declining year-over-year in every region. But China saw the biggest share of declines: Greater China sales, once the tech giant's fastest growing market, fell to $12.49 billion in the second quarter, the company said, a 26% year-over-year decline. "We feel good about China," Apple CEO Tim Cook told CNBC after the release.
The Election Is One More Reason for Canadians to Sell U.S. Homes (Bloomberg) Canadians who collected Sunbelt bargains during the housing crash have shifted from buying to selling. They’re locking in gains from years of soaring values that are even sweeter because the American dollar, in the past five years, has jumped about a third against their home currency. Meanwhile, the contentious U.S. election, marked by the nativist rhetoric of Republican front-runner Donald Trump, is holding back some purchasers.
Other Scientific, Health, Political, Economics and Business Items of Note - plus Miscellanea
This impulse makes investors sell low and buy high (CNBC) The problem is that "loss aversion" is a more powerful emotion than "greed" - this creates pressure to sell after a drop which is relieved after a rise, at which point influence of greed creeps back in.
How Significant is the S&P 500's Golden Cross? (Bloomberg) Chris Verrone, head of technical analysis at Strategas Research analyst pays attention to the Golden Cross (video below). But should he? See Tweets here )click a Tweet to go to Twitter) and also next article.
Looks like the 'Golden Cross' isn't so golden after all (CNBC) The 'Golden Cross' indicator happens when short-term moving averages (often the 50-day version) cross above a longer-term average (usually the 200-day). The resulting effect is supposed to be a big rally on Wall Street as the market absorbs all the enthusiasm over stocks.
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