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In The Dark
The stock market is zooming this morning on the news that only 5.7 million people in Florida will have to do without air conditioning, hot showers, and Keurig mochachinos at dawn’s early light Monday, Sept 11, 2017. I’m mindful that the news cycle right after a hurricane goes kind of blank for a day or more as dazed and confused citizens venture out to assess the damage. For now, there is very little hard information on the Web waves. Does Key West still exist? Hard to tell. We’ll know more this evening. The one-two punch of Harvey and Irma did afford the folks-in-charge of the nation’s affairs a sly opportunity to get rid of that ann... -
Finance 0
Teva Hires Kare Schultz As CEO: Is A Recovery In The Cards?
Teva Pharmaceutical Industries Limited (TEVA – Free Report) announced the appointment of Kåre Schultz as president and chief executive officer (CEO), thus ending the Israeli generic maker’s more than six-month long search for a permanent CEO. Share rose more than 12% in pre-market trading on Monday. Schultz, until now, served as president and CEO of Denmark’s H. Lundbeck A/S. He joined H. Lundbeck in 2015 when the company was struggling due to loss of patents for key drugs and helped the company to turn around. He has also worked as chief operating officer of another Denmark based drug giant, Novo Nordisk A/S (NVO – Free... -
Finance 0
Just Another Manic Monday – Hurricane Relief
Well, it looks like we dodged a bullet. More like $50Bn worth of Hurricane Irma damage vs up to $200Bn expected, so a nice break for insurance stocks (KIE ) – as long as there are no other storms barreling down on us. The markets have gapped up half a point and we’re back to our usual Mon/Tues shorting levels at Dow (/YM) 21,900, S&P (/ES) 2,475, Nasdaq (/NQ) 5,970 and Russell (/TF) 1,410. We had many, many thousands of Dollars of winning plays from those levels on the short side over the past few weeks (see recent posts), so no reason to change our minds now. Speaking of recent posts, 2 Mondays ago (8/28) our PSW... -
Finance 0
Yuan Tumbles As PBoC Gambit Puts Brakes On – At Least For Today
I’m not sure it will ultimately be enough to get the job done, all things considered, but the PBoC’s decision to effectively remove a barrier to speculation against the yuan (that’s a crude way to describe it, but it gets the point across) by cutting a reserve requirement put in place in the days following the devaluation in 2015 seems to have succeeded in putting the brakes on the rally – if only for a day. It also didn’t hurt that the PBoC set the fix weaker than expected. The reference rate was strengthened by 0.05% to 6.4997 on Monday versus estimates of 6.4834. That said, the PBoC has strengthened the reference rate by 2.4% o... -
Finance 0
USD/JPY Triggers Corrective Recovery, Eyes 109.00 Zone
USD/JPY: The pair saw a saw recovery during early trading today opening the door for correction in the days ahead. On the downside, support comes in at the 108.00 level where a break if seen will aim at the 107.50 level. A cut through here will turn focus to the 107.00 level and possibly lower towards the 106.50 level. On the upside, resistance resides at the 109.00 level. Further out, we envisage a possible move towards the 109.50 level. Further out, resistance resides at the 110.00 level with a turn above here aiming at the 110.50 level. On the whole, USD/JPY now faces a recovery higher threats.... -
Finance 0
GBP/USD Rips, EUR/GBP Dips Ahead Of U.K. Inflation, BoE Rates
Last week closed on a sour note for the U.S. Dollar, as the currency continued the 2017 down-trend after having set a fresh 2.5 year low earlier on Friday morning. This extends the U.S. Dollar’s downside run beyond the 12% marker for this year, and even a dovish ECB meeting last week was unable to reverse the trend, as Euro bulls ran through Mario Draghi’s dovish comments in anticipation that the ECB will inevitably need to push policy into a less loose state before the end of the year. But while much of the world was watching the Euro or the Dollar, something interesting began happening under the surface, and that’s a firm bout of... -
Finance 0
The Earnings Recovery Remains An Illusion
While analysts hail “the best earnings season in 13 years,” the market has delivered a solidly lackluster response. Over the past month, the S&P 500 is down roughly 1% despite a string of earnings beats. With valuations this stretched, the market no longer appears willing to reward companies merely for beating quarterly expectations. Perhaps more investors now understand that GAAP net income numbers omit valuable information. They include non-operating items, are subject to manipulation, and don’t account for the cost of capital. GAAP earnings don’t drive valuation. What investors should focus on are economic earnings, which ma... -
Finance 0
CanniMed Therapeutics Reports Financial Results For Q3 2017
TM editors’ note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence. CanniMed Therapeutics Inc. (TSX: CMED)(CMMDF) today released its financial results for the three and nine months ended July 31, 2017. Highlights Sales of $4.8 million in the quarter were 80 per cent higher than in the comparable period of the prior year and were 29 per cent higher than the second quarter of 2017. Year-to-date sales of $11.9 million were 79 per cent higher than the first nine months of the prior year and have surpassed full year fiscal 2016 sales. Concentrated cannabis oils sales... -
Finance 0
Key Events In The Coming Week: BOE, SNB, Inflation And Retail Sales
In a somewhat quieter week for economic news, this week’s focus is on BoE and SNB policy meetings as well as on inflation releases in US, UK, China and others. Other releases of note include retail sales in the US, UK and China along with industrial production in US, Eurozone & China. Key events: Tuesday: UK Inflation Data Wednesday: UK Labour Market Report (Jul/Aug) Thursday: Bank Of England Decision, SNB Decision, US CPI (Aug), Australian Labour Report (Aug), UK Retail Sales (Aug) As BofA previews the week’s main events, watch for BoE and SNB meetings: After a surprise hike from the BoC last week, we turn the attention to... -
Finance 0
Irma Bombeck
The “nuclear” Hurricane Irma is grinding its way into extinction, and already the teeth-gnashing and chest-grabbing about what an apocalyptic storm it would be is fading just as fast. Damage estimates look to be about four times as big as reality. Not to say that it wasn’t a nasty storm, but the markets are rallying on the NQ up 43 points (as of this moment): And, naturally, the ES, which itself is up about 12 right now. It isn’t at lifetime highs (small solace for a bear), but it’s quite clear that the market LOVES natural disasters. Perhaps more germane to the market movement is that North Korea hasn’t launched any missiles, w...
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