Written by Gary
Market Movers: Stock rally shows realty boom here to stay; Voda investors unsure of future (SPY +0.1%). Treasury yields are puking again.
Here is the current market situation from CNN Money | |
 | North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Santos, Oil Search Merger Creates $16 Billion GiantTwo Australian energy heavyweights are set to merge in a move that will create a company worth $16 billion that will rank among the 20 biggest in the industry globally. Oil Search today recommended an improved takeover offer by Santos that would value the company at some $6.2 billion, according to Reuters. Bloomberg noted that the deal would create a rival for Woodside in the liquefied natural gas space. Per the terms of the deal, Oil Search shareholders would get 0.6275 new Santos shares for every Oil Search share they hold. This was the sweetened |
| Top 5% Polluting Power Plants Account For 73% Of Global EmissionsJust 5 percent of the worlds power plants account for nearly three-quarters of global carbon emissions from electricity generation, a recent study showed. And all those power plants are coal-fired facilities. A team from the University of Colorado Boulder, led by Don Grant, Professor of Sociology and Fellow of the Renewable and Sustainable Energy Institute at the University of Colorado Boulder, analyzed the emissions profiles of 29,078 fossil-fuel power plants from 221 countries and found which ones were the super polluters. |
| Oil Starts August With A LossOil prices fell early on Monday to start August with losses after posting a fourth consecutive month of gains in July. Oil settled higher on Friday to end the fourth straight month of gains but erased Friday gains on Monday on resurging COVID cases globally, weak Chinese economic data, and higher oil supply from the OPEC+ group. As of 11:05 a.m. EDT on Monday, WTI Crude was down 2.31 percent at $72.24 and Brent Crude was trading at $73.89, down 2.02 percent. Crude futures had more than reversed Fridays modest gains in the early |
| Two Dead After Oil Tanker Attack; U.S., UK, Blame IranThe United States and the United Kingdom have blamed Iran for the Mercer Street tanker attack that killed two. The Mercer Street was attacked with drones on Friday off the Omani coast. The tanker is managed by UK-based Zodiac Maritime, a company owned by Israeli billionaire Eyal Ofer. We join our partners and allies in our strong condemnation of the attack against the Mercer Street, a commercial ship that was peacefully transiting through the north Arabian Sea in international waters, U.S. Secretary of State Antony Blinken said in |
| New Mexico Breaks Oil Production RecordNew Mexico broke an oil production record in May, pumping an average 1.22 million barrels daily as the Permian Basin returned to output growth again. Bloomberg reports, citing government data, that New Mexico produced more oil than North Dakota, and it did so for three months in a row to May. New Mexico also recently reported record oil and revenues for the fiscal year 2021. According to the New Mexico State Land Office, it had received some $1.26 billion in total revenues in the latest fiscal year, of which $1.25 billion or 96 percent came from |
| Not Even The Peak Oil Threat Can Slow Brazil’s Oil BoomThe global push to substantially reduce carbon and other fossil fuel emissions is expected to sharply impact demand for fossil fuels. It will eventually trigger a phenomenon known as peak oil demand, where crude oil consumption will cease growing, flat line, and then progressively contract causing prices to fall. A raft of analytical agencies and global oil supermajors believe that it could occur by 2030, or potentially even earlier as fallout from the coronavirus pandemic has indicated. While peak oil demand poses an ominous long-term threat to |
| Equinox and SoulCycle to require proof of vaccination starting in SeptemberEquinox Group said its gym members, SoulCycle riders and staff will be required to show proof of vaccination to enter its facilities beginning next month. |
| Reese Witherspoon’s Hello Sunshine to be sold to Blackstone-backed media company for $900 millionReese Witherspoon’s company “Hello Sunshine” will be sold to a Blackstone-backed media company headed by former Disney executives Kevin Mayer and Tom Staggs. |
| Dr. Scott Gottlieb sees Covid vaccine boosters for vulnerable people in U.S. as early as September“My guess is sometime by September or October we will be giving booster shots to older individuals and certainly immunocompromised,” Dr. Scott Gottlieb said. |
| Target to enforce masks for store workers in high-risk countiesTarget said Monday that it will begin requiring masks for store employees in high-risk counties in the United States as determined by the latest CDC rankings. |
| New York Gov. Cuomo asks private businesses to require Covid vaccination for admission“I am asking them, and suggesting to them, go to vaccine-only admission,” Cuomo told reporters. |
| Gov. Cuomo mandates vaccinations for transit workers as New York’s Covid cases surgeNew York Gov. Andrew Cuomo mandated vaccines for state transportation workers, giving them the option to get vaccinated or face weekly coronavirus testing. |
| Affluent Americans are ready to spend on family, luxury travel again, Amex finds ” and they’re often paying with vouchersAmex Trendex survey finds affluent travelers want to take a family vacation again soon. They’re will to pay for luxury, but they’re also using travel credits. |
| DOJ and SEC send warning to SPACs with criminal charges against Nikola founder Trevor MiltonNikola is one of at least three EV start-up companies being investigated by federal prosecutors about potentially misleading investors. |
| Health experts fear unlocked England could become an incubator for new Covid variantsEngland’s relaxation of Covid-19 restrictions is risking the emergence of new, potentially more dangerous variants of the virus, scientists have warned. |
| ‘Jungle Cruise’ tallies $34.2 million in domestic debut, adds $30 million from Disney+Disney’s Jungle Cruise opened with a $34.2 million domestic haul, as well as $30 million from digital sales on Disney+. |
| Ireland turns to vaccine passes to fully reopen its hospitality industryIreland’s tourism and hospitality trade has been dealing with stop-and-starts on reopening throughout the Covid-19 pandemic. |
| Why travel stocks could deliver some of this week’s most important earnings reportsMarriott’s results could indicate how the Covid-19 delta variant could impact reopening trades, says Piper Sandler’s Craig Johnson. |
| The high prices of used cars may finally be dropping: Sonic Automotive presidentUsed car prices are at all-time highs, but there are signs that may change as new car inventory improves despite continued semiconductor chip shortages. |
| Is The CDC A Threat To Science?Is The CDC A Threat To Science? Authored by Jeffrey Tucker, I’m still trying to wrap my brain around the astonishing shift from the CDC on Tuesday, July 27, 2021. It is not just that the CDC is re-recommending masks for people indoors in many parts of the country, which could include your neighborhood or not, and this could change tomorrow. (Hint: right now, it disportionately affects red states.)Â
Whether and to what extent you œprotect yourself from disease with a paper strapped to your mouth and nose is now wholly contingent on data reporting and interpretation. It might feel like science but it has a better name: arbitrary power. Out with the Constitution. Out of traditions of law. Out with legislatures and the will of the people. What’s even stranger was the rationale that the CDC cited to claim that the Delta variant renders the vaccines ” the ones that have been hyped with unrelenting propaganda for many months, including stigmatizatio … |
| Reese Witherspoon’s Media Company Sold To Blackstone-Backed Firm For $900 MillionReese Witherspoon’s Media Company Sold To Blackstone-Backed Firm For $900 Million Having gobbled up much of US housing and becoming the largest US landlord in the process, private equity giant Blackstone now has its sights on the media business much to the delight of Reese Witherspoon’s media business, Hello Sunshine, which the WSJ reports is selling itself to a company backed by Blackstone for $900 million. The sale of the company, whose production slate has included programming such as the HBO drama œBig Little Lies, and while will makes Witherspoon one of the wealthiest people in Hollywood is “part of a plan to build an independent entertainment company for Hollywood’s streaming era” with an emphasis on women’s content. According to the Journal, the as-yet-unnamed media venture Blackstone is backing will be run by former Walt Disney executives Kevin Mayer and Tom Staggs. Hello Sunshine will be its first acquisition. Witherspoon and Hello Sunshine CEO Sarah Harden will join the board of the new company and will continue to operate Hello Sunshine. |
| Treasury Yields Are Puking Again…Treasury Yields Are Puking Again… It’s the start of the month and it would appear the rule is “buy all the things” as bonds, stocks, and gold are all higher this morning with Treasury yields making headlines with the biggest relative move. 10Y Yields are down 8bps from overnight highs, testing back to last week’s cycle lows…
Source: Bloomberg Sending real yields to new record (negative) yields…
Source: Bloomberg Looks like Morgan Stanley “nailed” that move… |
| Cathie Wood In The HOOD: ARK Buys Over 3 Million Robinhood Shares Following IPOCathie Wood In The HOOD: ARK Buys Over 3 Million Robinhood Shares Following IPO (Submitted by Eric Ladny at The News Rundown Substack) ARK Invest and its CEO Cathie Wood wasted no time diving headfirst into the Robinhood (HOOD) IPO buying over 3 MILLION shares of stock in the notorious financial services company during its first two days of public trading. Blasting into a newly public stock is nothing new for œQueen Cathie or œCrazy Cathie, depending on one’s point of view. Earlier this year she began buying shares of Coinbase (COIN) on April 14th, the day of that company’s Direct Listing. Despite being one of the first to the œparty on $COIN, up to this point nearly four months later, her decision to begin buying into the stock on Day 1 has proven to be a poor one. $COIN traded as high as $429/share on its first day of trading before closing at $328. On that day, Wood’s ARK Invest scooped up 692,708 shares, but she was far from done growing her position. By the end of trading on May 7th, ARK Invest had purchased 2,853,871 shares of $COIN. Well over half of these buys were made with $COIN trading above $300. The stock traded as low as $208 on May 19th and has now closed trading for the month of July at $236. The stock has not closed above $255 on any trading day since May 14th. As of the end of July, ARK holds 5,085,493 shares in $COIN which equates to a market value of over $1.2 billion. With the free float outstanding at 139 million shares, ARK owns over 3.6% of these shares making them a major holder in the company, and in all likelihood, the largest current œbag … |
| Goldman Sachs raises banker pay after 95-hour week complaintThe pay rise comes as top city banker says young recruits should stop moaning about long hours. |
| Government could intervene in Meggitt takeoverThe UK government is “closely monitoring” a US firm’s plan to buy the UK defence and aerospace company. |
| Banking giant HSBC sees first half profit more than doubleThe UK-based firm said the jump in profits was driven by an economic rebound in Britain and Hong Kong. |
| Adani Wilmar files papers for Rs 4,500 crore IPOAdani Wilmar will raise Rs 4,500 crore through a fresh issue of equity shares. The company’s existing shareholders will not sell any stake in the IPO, Adani Enterprises said. |
| Market Movers: Stock rally shows realty boom here to stay; Voda investors unsure of futureExperts in the country’s real estate sector are rubbing their hands with glee as the once-suffering residential property market in India is coming back to life in style and taking real estate stocks up with them. |
| 2,400% rally in 5 years! Rakesh Jhunjhunwala to invest Rs 31 crore in this multibaggerAccording to a regulatory filing by the company, Rakesh Jhunjhunwala is going to buy up to 6,00,000 unsecured compulsory convertible debentures (CCDs) worth Rs 30.9 crore in the smallcap multibagger. |
| : I loaned my son thousands of dollars last year when he was out of work. Now he is spending lavishly, while we are struggling‘How can I approach this without hurting my relationship?’ |
| Earnings Outlook: Alibaba stock has taken a hit from China crackdown, but its earnings could be a different storyAlibaba Group Holding Ltd. will be looking to focus attention back onto its business Tuesday following a rough stretch for the broader Chinese internet sector. |
| The Ratings Game: Square makes ‘game-changing’ play for Afterpay in big bet on buy-now pay-later waveSquare Inc. plans to acquire buy-now pay-later (BNPL) operator Afterpay Ltd. in what one analyst sees as a “game-changing” $29 billion deal that will help Square participate in a fintech wave that has transformed the payments experience in Afterpay’s native Australia and that has started to gain traction in the U.S. |
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