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Tag Archives: Companies & Markets

Even Luxury Retailer Tiffany Sings the Blues of Excuses

Brick-and-mortar retailers are sinking into a quagmire – even luxury retailers, like Tiffany and Company. So, sure, they’re still looking pretty good when compared to the oil and gas industry, which is in a depression, laying off well-paid people, from director-level engineers to roughnecks. Contractors are out of work. Revenues are plunging. Losses are piling up. Cash is running out. Bankruptcies and debt restructurings are now a common occurrence. The junk-bond bubble that funded the US...

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Consensual Hallucination Fades, Global Stocks Crushed

Something big has changed. Stock markets around the world are getting crushed. Some markets are down 20%, 30%, 40%, or more, even those where central banks are pursuing a scorched-earth wealth-effect strategy of mega-QE and negative-interest-rate policies. Something big has changed. Early Thursday morning, I posted an article [When “Story Stocks” Crash Like this, the Market is Kaput] that mentioned as an aside the inevitable — that there would certainly be “a rally someday that lasts longer...

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Facing the Reality of a Bear Market

When will this be over? By Dan Dicker, Oil & Energy Insider: Oil’s been in a bear market for more than a year – we’ve known that. But now the stock market is entering its own bear market, which changes everything about the way we now need to watch and trade energy stocks. It’s going to make for a very tough year for me. I am a lousy bear market trader. That only makes sense, considering I made my money trading oil on the floor from 1983-2007. Except for a relatively brief three year...

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Wal-Mart Rubs Salt on Deepening Retail Wounds

Brick-and-mortar retailers are being taken out the back and shot. With impeccable timing – the very morning that the Commerce Department would report crummy retail sales – Wal-Mart Stores rubbed salt on the wound. It disclosed in an SEC filing that it was “committed to growing,” as CEO Doug McMillon put it, but was “being disciplined about it.” Corporate speak for shutting 154 stores in the US – its 102 Walmart Express stores, 23 Neighborhood Markets, 12 Supercenters, 7 stores in Puerto...

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Chilling Thing Jamie Dimon just Said about the Economy

“Hopefully… It’s not the beginning of something really bad.” JP Morgan Chase is a money-making machine. Profits in the fourth quarter rose 10% to $5.4 billion, bringing the total for 2015 to a record $24.4 billion. But it was a mixed bag of the good, the bad, and the rotting – of the type we haven’t seen in six years. So revenues fell 2% for the year, which is to be expected, given that revenues of S&P 500 companies have fallen for four quarters in a row, according to FactSet. It’s been...

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When “Story Stocks” Crash Like this, the Market is Kaput

Reality suddenly mucks up the rosy scenario. Many of our heroic “story stocks” are getting totally destroyed. Yet not much has changed: Their business model, if any, is the same; they’re still losing money hand over fist; and they’re still trotting out the same custom-designed metrics that seduced analysts and the media once upon a time. But it’s not working anymore. After the drubbing on Wednesday – the Nasdaq plunged 3.4% and is down 13.5% from its high – we know one thing for sure: there...

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Glencore CDS Spike to Record

There still hasn’t been a major bankruptcy By Christine Hughes, Canada. Chief Investment Strategist, OtterWood Capital: Glencore is one of the world’s largest most leveraged commodity traders. It provides a pulse for what is going on at the top of the market. If these guys were to go bust, it would set off a huge chain of events that would be very negative for markets. As fears mount over Chinese growth and commodities continue to roll over, Glencore’s credit default swap (CDS) spread...

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Big Winners During Fiasco Week

Some very unusual suspects. It was a week to remember for stocks. The Dow and S&P 500 dropped about 6% and the Nasdaq 7.3%. It came after a Santa Rally that had turned into a figment of Wall-Street hype. The week was even worse in China and in some markets in Europe. It was a week that many people around the world wish never happened. To make money being long in equities, you’d have to be in something like infrared-camera maker FLIR Systems, which jumped 7.9% for the week, almost all of...

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Emerging Market Meltdown Sinks Spain’s Biggest Companies

A Lethal Cocktail By Don Quijones, Spain & Mexico, editor at WOLF STREET. After years of uninterrupted domination, the old guard at Spain’s Ibex 35 stock index – two mega-banks Banco Santander and BBVA, oil giant Repsol, telecommunications behemoth Telefonica, and utility Iberdrola – is beginning to lose it. Today the big-five’s combined capitalization represents 45% of the ibex 35’s total capitalization. This may seem like a ridiculously high percentage for five companies compared to...

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How Could Stock Markets Croak Like This First Thing in 2016?

A lot of air underneath Friday’s close. Wall Street soothsayers were salivating Friday morning. The employment report for December tickled them. For days, they’d pronounced that the bloodletting was a buying opportunity, that stocks had dipped enough, that it was time to jump back in with both feet. So Friday morning, that’s what folks, hedge funds, and HFT algos did: they shook off the unpleasantries of the year so far, and shortly after trading started, the S&P 500 was up 0.9%. But...

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