Written by Gary
Laura now a Category 4 hurricane (SPY +1.0%). Crude rises higher, gold spikes ahead of Powell speech, Salesforce stock exploding 25% higher today.
The Market in Perspective
Here are the headlines moving the markets. | |
Laura upgraded to Category 4 hurricane, ‘unsurvivable’ storm surge forecast for Texas-LouisianaHurricane Laura’s rapid intensification Wednesday shocked scientists and prompted forecasters to issue warnings of “unsurvivable storm surge” in Texas and Louisiana. | |
Cuomo rips into CDC as Trump’s political tool, says New York won’t follow new virus guidanceThe state health commissioner called the easing in testing recommendations “indefensible” and said it “makes absolutely no sense.” | |
Real estate mogul Sam Zell calls retail a ‘falling knife’ that hasn’t hit a bottom yet“There is no question in my mind that retail is a falling knife, and we are for sure not at the bottom,” real estate mogul Sam Zell told CNBC. | |
WHO says it’s rare, but possible, that people who have recovered from the coronavirus can get it again“It doesn’t mean that it’s happening a lot; we know that it’s possible,” said Maria Van Kerkhove, head of the WHO’s emerging diseases and zoonosis unit. | |
McDonald’s is reportedly investigating if ex-CEO covered up for co-workersMcDonald’s investigation into former CEO Steve Easterbrook’s behavior reportedly includes whether he covered up other employees’ improprieties. | |
Moderna says its coronavirus vaccine shows promising results in small trial of elderly patientsThe vaccine produced neutralizing antibodies, which researchers believe are necessary to build immunity to the virus, and T-cells, Moderna said. | |
Dick’s Sporting Goods crushes Wall Street estimates as online sales surge 194%, shares soarDick’s Sporting Goods reported eye-popping quarterly earnings and sales growth as consumers flocked to its website for hiking gear, kayaks, weights and workout clothes to stay busy during the coronavirus crisis. | |
From ‘happy hypoxia’ to purpuric rashes ” here are all the perilous ways the coronavirus attacks the bodyOnce thought to be a disease that primarily attacked the lungs, doctors now know Covid-19 can be unpredictable, manifesting a range of symptoms and placing stress anywhere in the body. | |
Dr. Scott Gottlieb: ‘This is really a 2020 event’ provided U.S. stays vigilant on coronavirusThe former FDA chief hopes America is beyond the throes of the pandemic by early next year, but cautioned against easing up on public health mitigation strategies. | |
Coronavirus live updates: CDC quietly revises guidance on asymptomatic testing; WHO on the possibility of reinfectionThe coronavirus has infected more than 23.9 million people around the world so far, killing at least 820,100 people. | |
U.S. charges Teva in generic drugs price-fixing probeThe U.S. Justice Department charged Teva Pharmaceutical on Tuesday with conspiring with competitors to raise prices for generic drugs. | |
Nordstrom’s sales fall 53% as department store chain suffers store closures amid pandemicNordstrom said Tuesday its net sales fell 53% during the second quarter, as its stores took a hit from being temporarily closed during the coronavirus pandemic. | |
Weather, reinforcements are helping in battling the California wildfiresThe deadliest and most destructive of the three in the wine country had containment lines around 25 percent of it that serve to prevent fires from burning more land. | |
Salesforce Fires 1,000 On Day Its Stock Soars To All Time HighSalesforce Fires 1,000 On Day Its Stock Soars To All Time High Tyler Durden Wed, 08/26/2020 – 16:09 With Saleforce stock exploding 25% higher today, one would think that some of the newly-found $48 billion in market cap would “trickle down” to its employees. One would be wrong. Earlier today, Salesforce reported that revenue climbed 29% to a record $5.15 billion smashing expectations (even as the costs to generate that revenue jumped around 35%), and also boosted its full year forecast for annual sales, signaling that it is one of the companies benefiting immensely from the covid pandemic. Shares of the San Francisco-based company surged 25% on Wednesday in New York on the rosy projections, bringing gains for the year to 65%, and pushing its market cap to a record $243 billion. | |
Global Stocks Hit Record High, Gold Spikes Ahead Of Powell SpeechGlobal Stocks Hit Record High, Gold Spikes Ahead Of Powell Speech Tyler Durden Wed, 08/26/2020 – 16:00 Global stocks finally took out their old record highs today (as measured by the MSCI World Index)…. and all it took was almost $10 trillion in global liquidity… | |
‘Millions Of Americans Will Suffer’ – Janet Yellen Warns Of Devastating Fiscal Cliff If Congress Fails To Act‘Millions Of Americans Will Suffer’ – Janet Yellen Warns Of Devastating Fiscal Cliff If Congress Fails To Act Tyler Durden Wed, 08/26/2020 – 15:45 Former Federal Reserve Chair Janet Yellen and Jared Bernstein, chief economist to former vice president Joe Biden, penned an op-ed for the New York Times on Monday blaming Congress for their inability to pass additional fiscal support as depressionary unemployment and surging virus cases and deaths weigh on the economic recovery. The op-ed, titled “The Senate Is on Vacation While Americans Starve,” outlines monetary policy by itself cannot save the economy from the virus-induced recession, and the solution will require additional rounds of fiscal stimulus to thwart a deepening fiscal cliff (see: “Look Out Below”: Why The Economy Is About To Fly Off A Fiscal Cliff”). “If senators still fail to resolve stalled negotiations when they return after Labor Day, millions of needy Americans will suffer ” and the overall economy could degrade from its current slow rebound in growth to no growth at all,” Yellen and Bernstein wrote. The pair said monetary policy alone could not generate a robust r … | |
Von Greyerz: Major Central Banks “Have Totally Lost Control”Von Greyerz: Major Central Banks “Have Totally Lost Control” Tyler Durden Wed, 08/26/2020 – 15:25 Authored by Egon von Greyerz via GoldSwitzerland.com, Space Oddity & Helicopter Money
Yes, Ground Control in the form of the major central banks have totally lost control and the world economy is now floating around helplessly without direction. Since the end of 2006, the major CBs (Fed, ECB, BOJ & PBOC) have increased their balance sheets from $5 trillion to $25.5t today. The great majority of the extra $20t created since 2006 has gone to prop up the financial system. And even with these $20t the world economy is more rudderless than it has ever been. Clueless CBs are doing what we had expected them to do which is doing the only thing they know ” namely printing endless amounts of money that has zero value since it is created out of thin air. But the CBs money creation is just a small part of the problem. On the back of CB’s $25t balance sheets, global debt has exploded from $125t in 2006 to $2 … | |
Coronavirus: Some restaurants extend Eat Out to SeptemberThey say they will use their own money to continue offering discounts when the government promotion ends. | |
Coronavirus: UK worst hit among major economiesThe OECD think tank says the UK was the worst affected among major economies between April and June. | |
No plan for a return to the office for millions of staffFifty of the biggest UK employers say they have no plans to return all their staff full-time in the near future. | |
Why it’s time to reform ordnance factoryWhy it’s time to reform ordnance factory India is one of the biggest importers of defence equipment in the world, which suggests that the armed forces prefer buying from foreign suppliers. But if even run-of-the-mill equipment, of the kind produced by the ordnance factories, needs to be imported or substituted with quality, then the problem is very serious. | |
Byju’s gets $122m from Yuri Milner’s fundByju’s gets $122m from Yuri Milner’s fundByju’s has allotted 42,666 Series F preference shares to DST Global for ‚¹908.9 crore, documents filed with the Ministry of Corporate Affairs showed. The company’s valuation is believed to be the same as when it raised capital from Bond Capital. News portal Entrackr was the first to report Byju’s latest fundraising on Wednesday. | |
ICICI Bank to sell 2% stake in ICICI SecuritiesICICI Bank to sell 2% stake in ICICI SecuritiesThe sale will help the bank to meet the 25 per cent minimum public shareholding (MPS) requirement. A total of 6.44 million shares will be sold in the open market. | |
Deep Dive: The stock market’s rebound is nowhere near over, and midcap exposure is probably what you needResearch into stock market disruptions and recoveries shows conventional wisdom about large-cap stocks is wrong. | |
CityWatch: New York will continue mandatory quarantines despite CDC’s changing guidanceThe state, along with New Jersey and Connecticut, will continue to require travelers coming from some areas to quarantine. | |
Election: RNC’s 3rd night: Pence to talk up Trump’s handling of the economy, coronavirus and foreign policyMike Pence is poised to use a historic fort as a backdrop while aiming to win over voters, as he delivers the keynote speech on the Republican National Convention’s third night and accepts his party’s vice-presidential nomination. |
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