Nymex crude oil has a positive but overbought weekly chart, while the energy sector ETF and shares of Chevron and Exxon Mobil have negative weekly charts. Remember when the ups and downs of Nymex crude oil correlated with the ups and downs of the stock market? This dynamic was a characteristic of the stock market for most of 2016.
Day: February 24, 2017
Who’s Fretting About the Market Now?
About a week ago, I had a market discussion with someone whom we would consider a professional in the business. He challenged me, saying the market was hunky-dory.
‘Wait until you can’t take it, and buy. Then wait until you are euphoric, and sell.’
There’s a reason why this market’s so hard to kill — the rotations are endless and they are positive! Two weeks ago, you couldn’t give away the drug stocks. Now they are all things of beauty.
Study: Trump’s Jobs Plan Could Lead to Marriage Boom
President Trump’s promise to revive the U.S. manufacturing sector could have an unintended consequence: stimulating a marriage boom. The president met with U.S. manufacturing CEOs at the White House on Thursday and reiterated his pledge to institute economic policies, including tax cuts and deregulatory efforts aimed at creating millions of new “made-in-America” jobs.
How racial bias could be hurting Silicon Valleya s bottom line
Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events People take their seats ahead of Apple’s annual Worldwide Developers Conference presentation at the Bill Graham Civic Auditorium in San Francisco, California, on June 13, 2016. Apple shareholders will decide next week whether to force the tech giant to diversify its leadership — possibly by tying executives’ compensation to racial diversity goals — in the industry’s latest effort to grapple with a severe underrepresentation of blacks and Latinos in its ranks.
British Airways Parent IAG Shares Rise After Solid Full Year Profit, Buyback Plan
IAG shares traded firmly higher Friday after the British Airways parent posted stronger-than-expected full year profits and launched a a 500 million share buyback program. IAG plc shares traded firmly higher Friday after the British Airways parent posted stronger-than-expected full year profits and launched a a 500 million share buyback program.
Oil Falls as Stockpiles Rise
U.S. oil prices fell on Friday after official data released late on Thursday showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations. There were also signs that traders are starting to shift crude stored on tankers in Asia and tanks in the U.S. U.S. West Texas Intermediate was down 16 cents at $54.29 by 0728 GMT.
China Shares Up For 3rd Week
China stocks were largely unchanged on Friday, reversing earlier losses, as reform hopes underpinned the market, with the main indexes up for the third straight week thanks to improving risk appetite. The blue-chip CSI300 index was unchanged at 3,473.85 points, while the Shanghai Composite Index added 0.1 percent to 3,253.43 points.
Verizon Cuts $350M from Yahoo Price
While Verizon is moving ahead with its plan to take over core parts of Yahoo’s business, the company has cut a new deal that lowers the price and has Yahoo shouldering more responsibility for any fallout from several large security breaches. Expected to close in the second quarter of this year, the Verizon acquisition of Yahoo is now priced at $4.48 billion — $350 million less than when the purchase was first announced in July.
FCC’s Rural Broadband Plan is Digital Favoritism, not Digital Empowerment, WISPA says
“Today’s decision is a squandered opportunity for the American taxpayer and rural Americans. This plan is digital favoritism, not digital empowerment.”
Regulating without regulation – How the FCC sidesteps the First Amendment
Traditionally, media in the United States – from film and television studios to newspapers to book publishers – require no government license to remain in business. Yet, as the pending AT&T-Time Warner merger reveals, owning assets that are licensed by the Federal Communications Commission can come at a heavy cost.
China Said to Name Reformer Guo as Head of Banking Regulator
China has appointed financial-sector expert Guo Shuqing as the new head of the nation’s banking regulator, according to people familiar with the matter. Guo is replacing Shang Fulin, who is retiring, said the people, asking not to be identified as the matter is private.
Trump says China is a ‘grand champion’ at manipulating its…
In an interview with Reuters, he also said China could easily resolve tensions with North Korea if it wanted to. China has been trying to control the rate of its currency’s depreciation since 2014, and it has had a harder time keeping it stable in trade-weighted terms since mid-2016.
Jihadi launchpad Tunisia hesitates taking extremists back
In this photo dated, Dec. 24, 2016, women demonstrate outside the Tunisian parliament, in Tunis, Saturday, Dec. 24, 2016. Poster reads : no to the return of Daesh’s criminals in Tunisia.
RBS Posts $8.7 Billion Full-Year Loss as Litigation, Restructuring Costs Hammer Bottom Line
RBS posted a larger-than-expected full year loss of 6.95 billion after massive litigation and writedown costs hammered the bottom line of the taxpayer owned bank. Royal Bank of Scotland Plc posted a larger-than-expected full year loss of just under A 7 billion, the bank said Friday, after massive litigation and writedown costs hammered the bottom line of the taxpayer owned bank.
European Stocks Called Modestly Higher Amid Cautious Global Trading
European stocks are expected to open modestly higher Friday as investors question both the pace of rate hikes from the Fed and tax and spending plans from President Donald Trump. European stocks are expected to open modestly higher Friday after a pullback for both Asia stocks and the dollar as investors question both the pace of rate hikes from the U.S. Federal Reserve and tax and spending plans from President Donald Trump.
Trump to Speak at Conservative Forum
President Donald Trump takes the stage on Friday at an annual conservative forum, looking to plant his personal stamp firmly on the political movement even as some activists fret his immigration and trade policies go too far. Trump will address the third day of the Conservative Political Action Conference, or CPAC, which has focused on how to fulfill long-held Republican goals to revamp the U.S. tax code, repeal federal regulations on industry and repeal former Democratic President Barack Obama’s healthcare law.
Tokyo Shares Fall as Hopes for Fed Tightening Dim
The Nikkei Stock Average fell 87.92 points, or 0.5%, to 19283.54. The index gained 0.3% this week.
China’s New Banking Regulator Chief Faces Daunting Challenges
China has appointed Guo Shuqing as the new head of the banking regulator, according to people familiar with the matter. Having spent much of his life working on transforming the nation’s financial system, Guo, 60, faces daunting tasks ahead as he takes on oversight of the world’s largest banking industry by assets.
Credit Suisse Sees $750 Million Revenue at Risk in `Hard’ Brexit
Credit Suisse Group AG may need to find new ways to serve clients who generate as much as $750 million of revenue at its U.K. subsidiaries after Britain leaves the European Union, Chief Financial Officer David Mathers said. Losing access to European markets would endanger 10 percent to 15 percent of income at the two units, which have a revenue base of $4 billion to $5 billion, Mathers said in an interview this week in Zurich.
Asian Shares Lower as Investors Await Trump’s Tax Reforms
A decline in financial stocks in Asia weighed on indexes amid a drop in bond yields and concerns about delays to U.S. tax reforms. The Nikkei Stock Average lost 0.3%, with its index tracking banks dropping 0.3%.
Imax China Profits Fall 13 Percent in 2016
The company attributed the decline to a slowdown in growth at the Chinese box office and spending on new theater installations. Imax China reported Friday that adjusted profit for 2016 totaled $37.6 million, down 13 percent from 2015.
China Rapid Finance Said to Target U.S. IPO as Soon as 2017
China Rapid Finance, a Shanghai-based peer-to-peer lender, is planning to raise at least $100 million in an initial public offering in the U.S., people familiar with the matter said. The company, which raised $20 million at a pre-money valuation of $1 billion in November, could hold the IPO as soon as this year, the people said, asking not to be identified because the information is private.
Baidu Hits the Reset Button After Cleaning Up Online Advertising
Baidu Inc. is convinced it’s put the worst of a government-driven internet advertising crackdown behind it after posting quarterly revenue that beat estimates. Sales fell a less-than-projected 2.6 percent in the fourth quarter after China’s biggest search engine raised registration requirements for marketers and cut the number of ads it displays alongside results.
Oil Slips as Stockpiles Rise
U.S. oil prices fell on Friday after government data released late in the previous session showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations. U.S. West Texas Intermediate fell 12 cents, or 0.2 percent, to $54.33 a barrel by 0323 GMT, having closed up 1.6 percent in the previous session.
Samsung rivals to set the tone at Mobile World Congress
Samsung rivals to set the tone at Mobile World Congress Samsung’s decision to hold off launching the next Galaxy phone clears the way for others. Check out this story on USATODAY.com: http://usat.ly/2mdQa1e A woman reacts as she uses a new Samsung Gear 360, a 360-degree camera, at the Mobile World Congress.
Baidu Needs to Speed Up the Future After That Uber Boost: Gadfly
If it weren’t for the CEO of Uber Technologies Inc. being pragmatic about his China business and selling to Didi Chuxing last year, Baidu wouldn’t have been able to swap its shares in Uber China for those of the nation’s dominant ride-hailing provider. That three-way trade and other income reaped 1.796 billion yuan for the search-engine giant in the fourth quarter and was the primary reason for Baidu beating earnings estimates.