12Jun2017 Market Close: Wall Street Takes Second Day Of Losses, Large Caps Flat And The Nasdaq Down 5 Percent

Uber CEO Kalanick likely to take leave, SVP Michael out: source

SAN FRANCISCO (Reuters) – Uber Technologies Inc [UBER.UL] Chief Executive Travis Kalanick is likely to take a leave of absence from the troubled ride-hailing company, but no final decision has yet been made, according to a source familiar with the outcome of a Sunday board meeting.

Tech selloff drags down Wall St.

(Reuters) – The Nasdaq Composite was on track for its biggest two-day loss since September as a bout of profit-taking in the richly-valued technology stocks took a toll on Wall Street.

GE wins U.S. antitrust approval for Baker Hughes purchase

WASHINGTON (Reuters) – General Electric Co won U.S. antitrust approval to merge its oil and gas business with Baker Hughes Inc , the Justice Department said on Monday.

Tech rout sparks search for value

NEW YORK (Reuters) – The “sell in May” memo arrived a bit late in some investors’ inboxes this year.

U.S. recession remote in next 12 months: Deutsche Bank

NEW YORK (Reuters) – Chances are remote the U.S. economy will fall into a recession in the next 12 months despite a recent flattening of the U.S. yield curve suggesting growing recession risk, Deutsche Bank’s economists said on Monday.

GE’s new CEO to review portfolio ‘with no constraint’

(Reuters) – General Electric Co’s incoming chief executive said on Monday he will conduct a swift review of the business portfolio, and signaled its strategy of selling software-related services across its many divisions will remain the heart of GE for decades.

Apple shares drop after Mizuho downgrade

NEW YORK (Reuters) – Apple shares were stung by a broker downgrade for a second straight week on Monday, sending the stock lower to keep the tech sector under pressure for a second straight session.

Trump says anti-dumping bill for steel, aluminum coming soon

WASHINGTON (Reuters) – Legislation to address the dumping of foreign steel and aluminum in the United States will come “soon,” U.S. President Donald Trump told reporters at the White House on Monday.

Exclusive – Foxconn says Apple, Dell join its bid for Toshiba chip business

TAIPEI (Reuters) – Apple Inc and computing giant Dell Inc will join a Foxconn-led consortium bidding for Toshiba Corp’s highly prized chip unit, the CEO of the world’s largest contract electronics manufacturer told Reuters on Monday.

Secret Service Says It Doesn’t Have A Copy Of The Fabled “Comey Tape”

In a development that may disappoint former FBI Director James Comey, and will certainly displease the press, the Secret Service said Monday that it doesn’t have any audio copies or transcripts of tapes recorded in the Trump White House, the Wall Street Journal reported.

“In response to your request, the Secret Service has conducted a reasonable search for responsive records,” the agency told WSJ. “It appears, from a review of Secret Service’s main indices, that there are no records pertaining to your request that are referenced in these indices.” Such records would typically be subject to the Presidential Records Act, and turned over to the National Archives and Records Administration at the end of a president’s time in office, a topic which gained prominence earlier today when an Illinois Rep. filed the “COVFEFE Act” to preserve all of Trump’s tweets for records purposes.

In the past, the Secret Service handled White House recording systems for previous presidents, including Richard Nixon and JFK. Trump told reporters in the White House Rose Garden during a press conference Friday that he’d reveal the truth about whether the rumored Comey tape exists in “the very near future.” The president cryptically added “Oh, you’re going to be very disappointed when you hear the answer, don’t worry.”

Steen Jakobsen: 60% Probability Of Recession In The Next 18 Months

Authored by Adam Taggart via PeakProsperity.com,

Steen Jakobsen back on, Chief Investment Officer of Saxo Bank, returns to the podcast this week to share with us the warning signs of slowing economic growth he’s seeing in major markets all over the world.

In his view, the world economy is sputtering badly. So badly, that he’s confident predicting a global recession by 2018 — or sooner:

The ‘credit impulse’ — defined as net new credit to GDP — has gone negative in the world for the first time since the start of the Great Recession that we had in 2008 -2009.

And the lead is coming again, as always in the last 10 to 15 years, from China. Basically, China’s net credit impulse has gone from double-digit positive to almost double-digit negatives. And I can tell you, having just been on the ground in China for a couple of times in the last three months, everything’s at a standstill. This is very important as China is responsible for 50% of all new growth, as well as a huge chunk of every new credit dollar that has been created in recent years.

Just to take the long story shorter, so basically what we figured out is that the credit impulse leads by 9 months. In other words, the pickup we saw in economic activity in December and January was created 9 months prior, and if you look back to Q1 of 2016, we had the worst start to the year in the equity market for very long time. Consequently, the central banks panicked, especially the ECB, the Bank of …

BMO: The “Fantastic” Trend Finally Broke Down; Use “Panic Signalling” To Get Out

For the chartists out there, BMO’s technical guru Mark Steele has a few observations based on the recent move in the Growth/Value trend, and what to do expect going forward.

First he notes, that as he said last week, “we’d keep an eye on the Largest 10 technology stocks, from our early June note (Leadership Can Be Fickle), and in the update you can see AAPL falling from the tree – Exhibit 1.

Steele also updates the “fantastic trend” of growth over value, which also broke down on Friday – Exhibit 2. In the chart he shows that “only a 2% draw down was need to signal a breakdown.” That signal came on Friday.

BMO then notes that its relative strength breath reading for technology peaked at “Fantastic” a month ago (see Blinded by the Light), and took a 2nd leg down on Friday – Exhibit 3.

Lastly, for those still overweight the sector, note the panic signaling in implied volatility on Friday. According to BMO, “one should expect a rebound. We believe one should be paring back to neutral on …

17 AGs File Supreme Court Brief Opposing Trump Immigration Ban

Shortly after the 9th Circuit Court of Appeals ruled against Trump’s “revised” travel ban in a largely moot decision as the White House already had appealed to the Supreme Court, moments ago 17 Attorneys General led by NY AG Eric Schneiderman, announced they are filing an amicus brief with the Supreme Court in opposition to Trump’s “Muslim Ban.” Attorneys General also filed suit against President Trump’s first and second immigration bans. The AGs also argue that “this is not the right time for the Supreme Court to hear this case”, an attempt to squash Trump’s appeal before it is even heard.

“Since Day One, Attorneys General have not hesitated to fight back against President Trump’s unlawful and unconstitutional executive orders, bringing legal action in courts around the country to successfully stop both the first and second bans,” said Attorney General Eric Schneiderman. “As we’ve argued, President Trump’s second executive order is just a Muslim Ban by another name – and the courts have agreed.

In a subsequent tweet, Schneiderman said “I became a lawyer to fight for our Constitution and our country. I’m going to keep fighting for you, every day and every way we can.”

I became a lawyer to fight for our Constitution and our country. I’m going to keep fighting for you, every day and every way we can.

— Eric Schneiderman (@AGSchneiderman) June 12, 2017

In the press released filed by the NY AG, Schneiderman explains that the case – IRAP v. Trump – was originally brought by the American Civil Liberties Union (ACLU) and the National Immigration Law Center (NILC). In March, a federal court in Maryland blocked key parts of President Trump’s immigration ban; last month, the Fourth Circuit Court of Appeals upheld th …

GE’s Challenge: Bring Good Things Back to Life

A fresh face will be leading General Electric. Next up for the industrial giant: freshening up shareholder returns.

A Crucial Fed Meeting for Financials

There is little doubt the Fed will raise rates, which will help many of the big banks. The more important news will be what it says about shrinking its balance sheet, likely later this year.

U.K. Drifts Away From Europe’s Recovery

The U.K. wants to separate from Europe. Judging by economic and political outcomes, it looks like it is getting its wish.

Market Extra: What sparked the Nasdaq’s worst two-session, tech-fueled rout in 9 months

The Nasdaq Composite is on pace to suffer its worst two-session clobbering since September, raising questions about what has sparked a sudden selloff tech, which has been at the heart of Wall Street’s equity bull run in recent months.

The Margin: Megyn Kelly bashed for giving Alex Jones a mainstream platform to spin his hurtful yarns

NBC’s Megyn Kelly, fresh off her interview with Putin, posted a preview on Sunday of her chat with Infowars host and conspiracy theorist Alex Jones. And she caught plenty of backlash for it.

The Ratings Game: Pandora now has cash to scale subscription business, but is it too late?

Internet-based music streaming platform Pandora Media Inc. is now in a better position to shift to a greater focus on a subscription-based streaming service, from its ad-based model, but with the amount of competition in the space it could be too late.