28Feb2018 Midday Update: Wall Street Pares Gains As Energy, Health Stocks Drag, Surge In Imports Helps Curb U.S. Fourth-quarter Economic Growth

Here is the current market situation from CNN Money

North and South American markets are mixed. The S&P 500 is higher by 0.13%, while the IPC is leading the Bovespa lower. They are down 1.15% and 0.93% respectively.

Wall Street pares gains as energy, health stocks drag

(Reuters) – Wall Street’s main indexes pared early gains on Wednesday, weighed down by losses in energy and healthcare stocks.

Surge in imports helps curb U.S. fourth-quarter economic growth

WASHINGTON (Reuters) – U.S. economic growth slowed slightly more than initially thought in the fourth quarter after the strongest pace of consumer spending in three years depleted inventories and drew in imports as businesses struggled to produce enough goods and services.

Exclusive: U.S. regulators examine Wall Street’s Volcker rule wish list – sources

WASHINGTON (Reuters) – U.S. regulators are considering changes to the “Volcker rule” Wall Street has sought for years that would make it easier and cheaper for banks to comply and allow them more leeway in trading and investing, according to several regulatory and industry sources.

‘Pharma bro’ Shkreli seeks 12 to 18 month sentence, below guidelines

NEW YORK (Reuters) – Martin Shkreli, the former drug company executive convicted of defrauding investors in two hedge funds he ran, has asked a federal judge to sentence him to 12 months to 18 months in prison, much less than suggested federal guidelines.

Exclusive: Bayer to win EU approval for $62.5 billion Monsanto deal

BRUSSELS (Reuters) – German drug and crop chemicals maker Bayer is set to win conditional European Union antitrust approval for its $62.5 billion bid for world No. 1 seed company Monsanto , two people familiar with the matter said on Wednesday.

Comcast informally tells Brussels of intention to bid for Sky

LONDON (Reuters) – U.S. cable operator Comcast has informally notified the European Commission of its intention to bid for Britain’s pay-TV group Sky , triggering the regulatory process for the $31 billion deal.

Ackman’s Pershing Square building stake in United Tech: CNBC

(Reuters) – Billionaire investor Bill Ackman’s Pershing Square is building a stake in U.S. manufacturer United Technologies Corp , CNBC reported on Wednesday, citing Ackman.

Herbalife unveils stock split, name change; shares hit record

(Reuters) – Herbalife Ltd said on Wednesday it plans to change its corporate name, refinance debt and effect a 2-for-1 stock split to boost shareholder returns, sending its shares to an all-time high.

Lowe’s struggles as investments hit margins

(Reuters) – Lowe’s Companies Inc’s quarterly profit and margins fell well short of Wall Street estimates on Wednesday as the No. 2 U.S. home improvement chain’s heavy spending to convert shoppers’ visits into sales did not pay off as much as expected.

“War Is Coming To Southern Lebanon” – Lindsey Graham Warns Israel Is Planning An Invasion

Along the Israeli-Lebanon border, it’s about to get 2006 all over again.

At least that’s what Senator Lindsey Graham told reporters late Tuesday at a press conference with Democratic Sen. Chris Coons – with whom he sponsored a bipartisan immigration bill that ultimately failed to garner enough support from their fellow lawmakers. The press conference was called to share details about a bipartisan trip last week to the Middle East.

Graham of South Carolina told reporters that Israeli officials made it clear to visiting lawmakers last week that the IDF will need to launch a military action in Southern Lebanon if Hezbollah continues work on a guided-rocket factory being built in the region – a factory that’s purportedly being funded by Iran, according to Bloomberg.

“They’ve told us in no uncertain terms that if this threat continues – they keep making rockets that can hit the airport and do a lot of damage to the state of Israel – they are going to have to go in,” Graham said.

Iran’s decision to help fund the factory is a direct result of the US’s lack of a strategy for countering Iranian influence in the region. President Trump and US military comma …

Paul Manafort Trial Date Set For Sept. 17

A Washington judge has set a trial date of Sept. 17 for Paul Manafort, just weeks before the 2018 midterm elections.

On Wednesday, Trump’s former campaign manager Paul Manafort pleaded not guilty to a new indictment brought against him in the investigation into alleged Russian meddling in the 2016 election and will face trial in September.

Manafort’s trial is expected to last for several weeks, and could stretch on through November’s midterm elections – making headlines at a time when Republicans are fighting to maintain their majority in the U.S. House of Representatives and Senate, according to Reuters.

U.S. District Court Judge Amy Berman Jackson also reprimanded the former Trump campaign manager for issuing a statement on former co-worker Richard Gates’ recent guilty plea.

Prosecutors allege that Manafort, with Gates’ assistance, laundered more than $30 million and duped banks into lending money. They say the pair used funds from secret offshore accounts to enjoy a life of luxury.

None of the charges against the pair make reference to alleged Russian interference in the 2016 election nor accusations of collusion between Moscow and Trump’s campaign.

Just last week, Mueller doubled down with new charges against Manafort and his business associate Richard Gates, who also worked on the Trump campaign.

The superseding indictment charged Manafort and Gates on 32 counts related to income from their work in Ukraine and accused them of engaging in a “scheme” to hide money from U.S. authorities.

Gates made a plea deal last week to charges that he lied to investigators and conspired against the United States. The move added to pressure on Manafort to cut a deal himself but he has maintained his innocence. Manafort responded to Gates’s guilty plea, saying he had hoped Gates would have had “the str …

“This Is A New Low” – ICE Director Slams “Gang Lookout” Oakland Mayor

As we previously detailed, in a press release issued late Saturday night, the lawless sanctuary Mayor Schaaf tipped off illegal aliens in the region, that ICE is preparing to conduct extensive operations across the Bay Area.

Since she did this, she and her family have received death threats from disgruntled Oaklandians who feel increasingly unsafe but, as The Daily Caller’s Saagar Enjeti reports, the harhest criticism yet has come from Acting ICE Director Thomas Homan:

“What she did is no better than a gang lookout yelling police when a police cruiser comes to the neighborhood except she did it to entire community of the this is beyond the pale,” Homan declared in a Fox News interview.

“This is a whole new low to intentionally warn criminals that law enforcement is coming. I can’t believe it happened.”

Bank of America: This Is The Only Number That Matters For The Market

When it comes to his recent forecasting track record, BofA’s Michael Hartnett is – as of this moment – a force to be reckoned with. Exactly one month ago, the bank’s Chief Investment Strategist warned clients that the bank’s “Biggest sell signal in 5 years was just triggered” and warned of a correction as much as 12% in the coming 3 months. Just a few days later, he was proven right as the S&P tumbled 10% the very next week.

Fast forward to today, one day the Jerome Powell “hawk shock” which resulted in yet another broad market plunge, when in a note titled aptly “Throwing in the Powell”…

… Hartnett takes us back in time 2 years, and writes that the 2nd …

Why It’s Hard to Make Cold Cash Delivering Hot Food

Companies that specialize in helping you order takeout food online have done a remarkable job delivering returns to shareholders. Now comes a new threat.

China’s Netflix Set to Come With a Pricey Valuation

The Netflix-like service iQiyi, from China, is set to go on show in the U.S. soon. Investors should pay attention to the price of admission.

No Magic Number for Qualcomm

Broadcom’s reduced bid still represents substantial premium, but deal risk remains high.

January 2018 Pending Home Sales Seasonally Adjusted Index At Lowest Level in 3 Years

Written by Steven Hansen

The National Association of Realtors (NAR) seasonally adjusted pending home sales index fell significantly. Our analysis says pending home sales are in contraction. The quote of the day from this NAR release:

… With the cost of buying a home getting more expensive and not enough inventory, some prospective buyers are either waiting until listings increase come spring or now having to delay their search entirely to save up for a larger down payment ….

Alphabet’s Waymo picks up speed in driverless cars

Waymo’s autonomous cars have driven themselves for 5 million miles in under three months; Waymo’s first millionth mile took six years to achieve.

Howard Gold’s No-Nonsense Investing: 4 reasons why bears are wrong to bet on a ‘day of reckoning’ for bonds

Howard Gold argues fear of the Fed and of inflation is way overblown.

Weight Watchers is shifting from weight loss to wellness as ‘healthy is the new skinny’

Weight Watchers is shifting its branding to a wellness message rather than weight loss, though it says many things won’t change