Written by Gary
Stock indexes closed down over one percentage point after ECB disappointing action sending the $SPX and DOW closing below an important support level. Many investors are very concerned that this ‘most hated’ bull run is finally over and tomorrow’s session will more of the same. Even Bill Gross is saying, ‘get rid of your dogs before it is too late’.
Todays S&P 500 Chart
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wall St. stumbles after ECB move, Yellen comments NEW YORK (Reuters) – The S&P 500 suffered its biggest loss since late September on Thursday as European Central Bank action disappointed investors, while Janet Yellen’s comments suggested the Federal Reserve was on track to raise rates this month. |
| Activist investor renews call for Yahoo to sell core business SAN FRANCISCO/BENGALURU (Reuters) – An activist investor on Thursday renewed its push for Yahoo Inc to abandon its plans to spin off its valuable stake in Chinese e-commerce giant Alibaba Group Holding Ltd and instead sell its core business “at the highest price possible.” |
| Staples ready to sell more assets for Office Depot deal approval: Bloomberg (Reuters) – Office supplies retailer Staples Inc is willing to sell more assets to win antitrust approval for its $6.3 billion takeover of Office Depot Inc , Bloomberg reported on Thursday, citing two people familiar with the matter. |
| VW ready to sell assets should loan repayment falter: sources FRANKFURT (Reuters) – Volkswagen has told banks supplying a 20 billion euro ($21.1 billion) credit line that it would sell assets if it finds no other way of repaying the one-year loan, two people familiar with the matter said. |
| Toyota to boost supply of trucks, SUVs to meet U.S. demand DETROIT (Reuters) – Toyota Motor Corp’s production of trucks and SUVs will rise slightly by mid-2016 as it adapts to U.S. consumer tastes, several of its executives said in an interview on Thursday. |
| Teva divesting $1 billion in assets to clear Allergan deal (Reuters) – Teva Pharmaceutical Industries Ltd is in the process of divesting about $1 billion worth of assets to address antitrust concerns over its deal to buy Allergan Plc’s generic drugs business, people familiar with the matter said. |
| Gannett brings its papers under new USA Today Network banner (Reuters) – Gannett Co Inc , the publisher of USA Today, said on Thursday it would bring its local and national publications under the USA Today Network. |
| Investor urges Viacom to sell Paramount studio stake to Alibaba: FT (Reuters) – Viacom Inc’s second-largest shareholder has urged the media company to sell a stake in its Paramount movie studio to Alibaba Group Holding Ltd , according to the Financial Times. |
| Markets In Turmoil – Bonds, Stocks, & Dollar Dumbstruck After Disappointing Draghi & Dire DataDraghi has one message for everyone today… US equities had their worst day since September 28th…
US Treasuries were a bloodbath…
European equities were an even bigger bloodbath…
As DAX gave back all its Paris gains… (down over 500 points and back below 10,700)
As European bonds utterly crashed… (Bunds seen here across the curve were massive percentage moves)
All driven by The … |
| How Bull Markets EndSubmitted by Jared “The 10th Man” Dillian via MauldinEconomics.com, Many people think that they ring a bell at the top of a bull market. Ding-a-ling-a-ling. That is indeed often the case. The bell was rung in 2000 at the top of the dot-com bubble—I like to think it was 3Com spinning off Palm that broke its back. But sometimes there is no bell, no catalyst, no story to tell. A bull market becomes a bear market, and it happens just like that. Silicon Valley has been in a food fight for about three years now. Everyone knows it’s going to end, except for the folks in Silicon Valley. These guys are funny. I met a few of them in the last cycle. They really thought it was going to go on forever. There are now 145 unicorn companies (private companies with a valuation of $1 billion or more), with a total combined valuation of $506 billion. We are watching the top happen right before our eyes. Square If you were paying attention a couple of weeks ago, you might have read the news about a company called Square going public. Jack Dorsey is the CEO of Square. He is also the CEO of Twitter. I think of this sometimes whenever I complain that I’m too busy. Square got a round of financing in 2014 at a $6 billion valuation, and now it’s a public company. If you pull up SQ on Yahoo! Finance, you will see that the market cap is $4 billion. As Square was making the rounds in the roadshow, investors decided they didn’t want to overpay just to make the mezzanine round investors rich. So there wasn’t much demand for Square at a $6 billion market cap. It eventually went public at a $3 billion market cap, or $9/share. (The deal performed well in the aftermarket, at least. The stock is trading at $ … |
| In Addition To Swimming In Feces, Olympians Will Have To Pay For AC In BrazilIn late July we said Brazil was sliding into a depression. We based that assessment, in part anyway, on the following graphic from Goldman:
It would only take the bank four months to agree with our summary of their own analysis (Alberto Ramos called it a œdepression on Tuesday after a decidedly abysmal GDP print). Accompanying our depression call was the following assessment of Brazil’s preparations for the upcoming Olympic games in Rio:
Brazil was, and still is, literally up shit creek without a paddle. Well as you might have surmised based on the release of a series of economic data … |
| California Terror Attack PROVES Mass Spying Doesn’t Keep Us SafeTop security experts agree that mass surveillance is ineffective … and actually makes us MORE vulnerable to terrorism. For example, the former head of the NSA’s global intelligence gathering operations – Bill Binney – explained to Washington’s Blog that the mass surveillance INTERFERES with the government’s ability to catch bad guys, and that the government failed to stop 9/11, the Boston Bombing, the Texas shootings and other terror attacks is because it was overwhelmed with data from mass surveillance on Americans. Binney told Washington’s Blog:
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| U.S. Stocks Drop More Than 250 Points as ECB Stimulus DisappointsStocks and bonds tumbled while the euro soared after the European Central Bank surprised markets with a disappointing stimulus program, underscoring the increasing limits to central bank largesse. |
| ECB Moves Roil Markets; Euro SoarsThe euro surged to a one-month high and stock markets in Europe tumbled after the European Central Bank served up a package of stimulus measures that fell well short of many investors’ expectations. |
| Goldman Tries a New Commodities PlayGoldman Sachs and other Wall Street banks are providing more short-term loans to refiners and others in the energy industry, a low-risk, low-return business that is gaining prominence as tough rules prompt banks to cut back on big commodities-market wagers. |
| Pandora shares fall 11% after company unveils its first debt offeringPandora said the notes will be convertible into cash, common stock, or a combination. The interest rate, conversion rate and other terms of the notes are will be decided on during the pricing of the debt offering. |
| Caroline Baum: Strong job growth is a really a sign of weaknessJob growth has been robust, but that’s not really a good sign because it means that the economy is suffering from very weak productivity growth, writes Caroline Baum. |
| 10 stocks leading the U.S. market lowerInvestors are concerned about higher interest rates in the U.S. as Europe adds more stimulus. |
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