This Market Action is Ridiculous

A fascinating thing about market action like we have today is the difference between the attitude of the business media that is writing sensationalist headlines and the mood of individual traders that actually are trying to make money. The press always assumes that a big jump in the market is wildly positive and that everyone is celebrating.

Why I Sold Cisco Systems

The stock market just continues to grind higher and higher. Not counting today’s major surge, since Nov. 8, the S&P 500, alone, has advanced some 10%, and the broader market index was already well above its median valuation of 14.65 times earnings.

Infosys, Wipro Leaders Warn of Challenging Times for Indian IT

The leaders of two of India’s largest technology services companies, Infosys Ltd. and Wipro Ltd., have warned employees that their industry faced a grave threat from rising political and economic conflict around the world. Employees need to innovate and bring out their best to survive, Infosys Chief Executive Officer Vishal Sikka said in a year-end note to staff.

Fiat Chrysler Pauses From Gas-Guzzlers to Show Electric Minivan

Fiat Chrysler Automobiles NV is laying out a vision of a battery-powered, self-driving minivan that it bets even a millennial could love. That may not be enough to shake the automaker’s image as the purveyor of the least fuel-efficient fleet in the U.S. The automaker’s fifth-generation minivan, whose design concept is called the Chrysler Portal, would have a 250-mile electric range and enough screens, ports and social-media options to entertain young families while software handles much of the driving.

George Lucas museum cliffhanger: LA or San Francisco?

This concept design provided by the Lucas Museum of Narrative Art shows a rendering of their proposed museum on Treasure Island in San Francisco. In January George Lucas, the legendary filmmaker, is expected to decide whether he will put a museum for … his extensive personal art collection in San Francisco or Los Angeles, after other attempts were upended by community opposition.

National Debtline expects busiest January in years

The operator of National Debtline expects to have its busiest January in years, and is predicting that over five million people could run into debt. Just before Christmas, the governor of the Bank of England, Mark Carney, warned about the high level of debt among UK households.

2 Russian Navy ships arrive in Manila for goodwill visit

Russian crewmen stand at attention on board the Russian Navy vessel Admiral Tributs, a large anti-submarine ship, as it docks at Manila’s pier, Philippines on Tuesday, Jan. 3, 2017. Two Russian Navy Vessels are in the country for a goodwill visit till Jan. 7. less Russian crewmen stand at attention on board the Russian Navy vessel Admiral Tributs, a large anti-submarine ship, as it docks at Manila’s pier, Philippines on Tuesday, Jan. 3, 2017.

China Gets Stricter on Forex Transactions to Limit Outflows

At risk of capital flight, China marked the new year with extra requirements for citizens converting yuan into foreign currencies. The State Administration of Foreign Exchange, the currency regulator, said in a statement Dec. 31 that it wanted to close loopholes exploited for purposes such as money laundering and illegally channeling money into overseas property.

Trump expected to name lawyer Lighthizer as top trade rep

President-elect Donald Trump is expected to nominate lawyer Robert Lighthizer as U.S. Trade Representative, a transition official said Monday night, filling in one of the final pieces in the new administration’s senior team. Lighthizer, who served as deputy USTR under President Ronald Reagan, would play a key role in Trump’s trade agenda.

Don’t Expect @realDonaldTrump to Tweet Foxconn Plan: Gadfly

Here’s a challenge to President-elect Donald Trump’s plan to be bring jobs back to America before his inauguration Jan. 20. In an announcement made just before the new year, Foxconn’s flagship Hon Hai Precision Industry Co. said it will spend $8.8 billion to build a massive display-panel factory for its joint venture with Sharp Corp. Crucially, the location chosen by Foxconn Chairman Terry Gou is China, not the U.S. The obvious setback is that this is 8.8 billion greenbacks that won’t be pumped into Trump’s America.

China Drills Down Into Forex Transactions as Money Exits Abroad

At risk of capital flight, China marked the new year with extra requirements for citizens converting yuan into foreign currencies. The State Administration of Foreign Exchange, the currency regulator, said in a statement Dec. 31 that it wanted to close loopholes exploited for purposes such as money laundering and illegally channeling money into overseas property.

South Korea Halts Some Nissan, BMW Sales in Emissions Probe

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.

Singapore’s Economy Expands More Than Economists Estimated

Singapore’s economic growth quickened to the fastest pace in more than three years last quarter as manufacturing and services rebounded. Gross domestic product rose an annualized 9.1 percent in the three months to December from the previous quarter, when it declined a revised 1.9 percent, the trade ministry said in a statement on Tuesday GDP rose 1.8 percent in the fourth quarter from a year earlier, compared with the 0.3 percent median estimate in a Bloomberg survey Singapore, among Asia’s most-export dependent nations, is seeking new growth engines to boost incomes as its population ages and trade falters.

Korea Halts Some Nissan, BMW Models’ Sales in Emissions Probe

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.

Kitty litter helps Wyoming bentonite past drilling slump

The market for a peculiar type of clay is looking up thanks to improved prospects for oil and gas drilling and to cat owners who use the stuff to soak up their pets’ business. Over 90 percent of all bentonite mined in the U.S. and almost half worldwide comes from beds of ancient volcanic ash in Wyoming.

Gulf Energy Companies Reduce Borrowing 26% as Oil Prices Surge

Energy companies in the Middle East reduced their borrowing by 26 percent in 2016 as an increase in oil prices late in the year provided revenue needed for exploration and production. Bonds and loans issued by energy producers in the six-nation Gulf Cooperation Council declined 26 percent to $17.5 billion from a record $23.7 billion in 2015, data compiled by Bloomberg show.

Twitter China head Kathy Chen leaves company

Twitter Inc executive Kathy Chen, who courted potential Chinese advertisers for the social media platform, announced her departure from the company in a tweet on Saturday. “Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company,” she wrote.

Paschi Said Failing to Lure Investors as State Readies Aid

Banca Monte dei Paschi di Siena SpA will probably fail in its effort to raise 5 billion euros of funds from money managers and individuals as potential anchor investors balk and few bondholders agree to swap their notes into stock, said people with knowledge of the matter. Qatar’s sovereign-wealth fund, which had considered an investment, hasn’t yet committed to buying shares, while a second debt-for-equity swap has raised about 500 million euros through Tuesday, a day before it expires, said the people, who asked not to be identified because the matter is private.

Jain Joins Cantor as President in Post-Deutsche Bank Restart

Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain, 53, will help the closely held company expand in areas including fixed-income and equities trading as well as prime brokerage, Cantor Chairman and CEO Howard W. Lutnick said Monday in a phone interview.

A New York Times editorial: Sprint and Trump’s fictional jobs

President-elect Donald Trump would like everybody to believe that his election is energizing the economy by forcing businesses to create thousands of jobs in the United States. And companies like Sprint seem perfectly happy to go along with this fiction because they know they can profit handsomely by cozying up to Trump.

Free money for all: Why Finland has officially launched its basic income pilot project

Finland has become the first country in Europe to pay its unemployed citizens a basic monthly income, amounting to 560 euros , in a unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment. Olli Kangas from the Finnish government agency KELA, which is responsible for the country’s social benefits, said Monday that the two-year trial with the 2,000 randomly picked citizens who receive unemployment benefits kicked off Jan. 1. Those chosen will receive 560 euros every month, with no reporting requirements on how they spend it.

Protection sought for New Mexico park’s geothermal deposits

Underground pockets of boiling water and steam in a northern New Mexico national preserve that represent the heart of an ancient collapsed volcano could get extra federal protection under a new effort by the National Park Service aimed at limiting or preventing tapping the geothermal energy from neighboring land. Federal officials said last week that the Valles Caldera National Preserve would become the 17th U.S. park unit with designated thermal features if approved.

How Under Armour Could Sprint Past Its Footwear Sales Goals

These shoes follow an array of new shoes announced in 2016 across multiple categories, all of which are helping Under Armour to gain more footing in this market. With new styles making headway into new markets, Under Armour’s expanding footwear opportunity could blow right past the sales forecasts management set last year.

Best Cable Stocks of 2016

Cord-cutting grew worse in 2016 as an estimated more than 750,000 customers left pay-TV for other options over the last four quarters.Few operators bucked the trend this year, but there were still a handful of standout performers in the industry. Here are three of the best cable stocks from 2016.

My 10 Investing Dictums

This commentary originally appeared on Real Money Pro on Dec. 30. Click here to learn about this dynamic market information service for active traders. As the calendar moves us into year’s end, the financial media publish more than their fair share of prognosticators who guess on the prospects of the coming year.

Ex-Deutsche Bank’s Jain to Join Cantor Fitzgerald as President

Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain will help with the privately held firm’s expansion, according to a statement from the New York-based firm Monday.

New York Times: Corporations Help Themselves by Playing Along With Trump

American companies are playing along with President-elect Donald Trump’s claims that he is forcing businesses to create jobs in the U.S. in order to benefit themselves, The New York Times editorial board claims . In a Monday editorial, the board wrote, “President-elect Trump would like everybody to believe that his election is energizing the economy by forcing businesses to create thousands of jobs in the United States.