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uncledad

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Member since: Tue May 13, 2014, 06:50 PM
Number of posts: 5,561

Journal Archives

DOW 26573

Previous close 26916. 52 wk high 27398. 52 wk low 21712. Today's low 26562. High 27046

NASDAQ : 7908 ▼

S&P : 2940 ▼

Soybeans : 9.17 ▲

Oil WTI : 53.58 ▼

ISM manufacturing data

The Dow Jones Industrial Average tumbled more than 300 points after disappointing economic data halted an early rally in the stock market today.

https://www.investors.com/market-trend/stock-market-today/dow-jones-dives-more-than-300-points-2-stocks-up/

ISM manufacturing data for September fell to 47.8 to a 10-year low. Economists were looking for 50, an increase from 49.1 in August. That marked the second straight month below 50, indicating continued China-U.S. trade war concerns are taking a toll on the sector. A reading below 50 signals contraction

The sharp drop sent the Dow Jones index close to a test of its 50-day moving average, which it has held above since Sept. 5. The S&P 500 undercut its 50-day line, while the Nasdaq was on track for its fourth straight close below the line.


DOW 26916

Previous close 26811. 52 wk high 27398. 52 wk low 21712. Today's low 26852. High 26998.

NASDAQ : 7999 ▲

S&P : 2976 ▲

Soybeans : 9.04 ▲

Oil WTI : 54.25 ▼

Nearly out of Cash, WeWork Shifts into Shrink & Survive Mode

WeWork is fighting for survival. It’s burning through so much cash that it needs billions of dollars pronto. The collapsed IPO dream has cut off the money pipeline from retail investors. S&P now downgraded the company to B-, deep junk, citing the “heightened uncertainty” about its “ability to raise capital to support aggressive growth and the pressure this places on liquidity.” S&P is worried that WeWork is going to run out of money. WeWork’s bonds ended trading Thursday at a yield of 10.01%.

https://wolfstreet.com/2019/09/26/nearly-out-of-cash-wework-shifts-into-shrink-survive-mode/

Softbank, which has already plowed over $10 billion into WeWork, has committed to plowing another $1.5 billion into it next year. Now they’re discussing to increase this to at least $2.5 billion. The thinking is, if it can keep the $10 billion investment from collapsing by throwing another $2.5 billion at it, well, then, by golly, let’s do it for crying out loud.

WeWork is also trying to put together a leveraged loan of $3 billion to $4 billion with a group of big banks. But the banks have gotten cold feet, and they want WeWork to raise a lot of equity first. The IPO was supposed to do that, but now forget it.

DOW 26811 for Friday 9-27-19

Previous close 26892. 52 wk high 27398. 52 wk low 21712. Today's low 26715. High 27012.

NASDAQ : 7939 ▼

S&P : 2960 ▼

Soybeans : 8.83 ▼

Oil WTI : 55.82 ▼

DOW 26892

Previous close 26970. 52 wk high 27398. 52 wk low 21712. Today's low 26803. High 27015.

NASDAQ : 8030 ▼

S&P : 2977 ▼

Soybeans : 8.88 ▼

Oil WTI : 56.55 ▲

Former Danske Estonia boss found dead amid money laundering inquiry

Police in Estonia discovered the body of Aivar Rehe, who ran the Danish bank's Estonian business between 2007 and 2015 and had been among those questioned as a witness in a probe by Estonian prosecutors, following a search which began on Monday.

Danske Bank, Denmark's largest lender, is under investigation in several countries, including the United States, Denmark, Britain and Estonia, over suspicious payments totalling 200 billion euros ($220 billion) which were moved through its tiny Estonian branch during the period Rehe was in charge.

https://in.reuters.com/article/danske-bank-estonia-idINKBN1WA24H

and..,

German authorities have raided Deutsche Bank's Frankfurt headquarters in search of information related to Danske Bank and a money laundering scandal, Frankfurt prosecutors said on Wednesday.

They are investigating whether Germany's biggest bank facilitated money laundering and whether it failed to alert authorities about suspicious transactions quickly enough, the prosecutors said.

https://finance.yahoo.com/news/german-authorities-seek-information-deutsche-124553972.html

and...

(Bloomberg) -- Europe’s widening money laundering scandals took a new turn as ABN Amro Bank NV disclosed a criminal probe over alleged failures to check on clients and report suspicious transactions, a further sign of woe in an industry already struggling to grow profitability.

https://finance.yahoo.com/news/abn-amro-probe-adds-rising-082750401.html

Shocked, I tell you, that banks are corrupt !! lol

Final Q2 GDP Revision Unchanged At 2.0%

Final Q2 GDP Revision Unchanged At 2.0% Even As Profit Growth Shrinks

There were no surprises in today's second revision of Q2 GDP, which the BEA reported moments ago printed at 2.0%, just as expected, and unchanged from the 2.0% first revision estimate; the number, of course, was down from the 3.1% annualized GDP growth in Q1 which was not revised.

https://www.zerohedge.com/economics/final-q2-gdp-revision-unchanged-20-even-profit-growth-shrinks

Yet one number came in hotter than expected, with Core PCE rising 1.9% in 2Q after rising 1.1% prior quarter, and above the 1.7% expected and also as reported in the first revision.

Nonresidential fixed investment, or spending on equipment, structures and intellectual property fell 1%.

Finally, the BEA also reported corporate profits rose 3.7% in prior quarter, down from 5.1% previously, and noted the following:

Corp. profits up 1.3% Y/Y in 2Q after falling 2.2% prior quarter
Financial industry profits increased 0.6% Q/q in 2Q after rising 5.8% prior quarter
Federal Reserve bank profits up 9.9% in 2Q after falling 10.9% prior quarter

Fed Pumps in Another $105 Billion of Liquidity

There is further proof that something is amiss with the largest banks on Wall Street. When the Fed offered its 14-day repo loans yesterday, there was twice as much demand as money offered by the Fed. The banks bid for $62 billion while the Fed was offering only $30 billion.

Wall Street Bank Stocks Closed in a Sea of Red Yesterday as Fed Pumps in Another $105 Billion of Liquidity
By Pam Martens and Russ Martens: September 25, 2019 ~

The Federal Reserve announced last Friday that its repo loan program which began on Tuesday, September 17, has been extended to at least October 10 and likely thereafter in one form or another. The Fed will be pumping out $75 billion daily in overnight repo loans while infusing $30 billion in 14-day term loans two more times this week following its term loan action yesterday.

https://wallstreetonparade.com/2019/09/wall-street-bank-stocks-closed-in-a-sea-of-red-yesterday-as-fed-pumps-in-another-105-billion-of-liquidity/

The details of those loans only came into partial clarity when Senator Bernie Sanders tacked an amendment onto the Dodd-Frank financial reform legislation of 2010 requiring an audit of the Federal Reserve’s emergency lending programs by the Government Accountability Office (GAO). The GAO released its audit in 2011, finding that the Fed had made revolving loans of more than $16 trillion to both U.S. and foreign banks. But that figure didn’t include all of the Fed’s bailout programs. Levy Economics Institute released its own report later in 2011, tallying up $29 trillion in secret Fed bailouts during the financial crisis.

DOW 26970

Previous close 26807. 52 wk high 27398. 52 wk low 21712. Today's low 26755. High 27016.

NASDAQ : 8077 ▲

S&P : 2984 ▲

Soybeans : 8.89 ▼

Oil WTI : 56.49 ▼
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