Sep 4th, 1:42 pm
NYC Shake Shak shysters have a like mm on this.
I will rise to the challenge!
But for now, having my ass handed to me :)
$SHAK Not convinced MM done manipulating..
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The Dow, a day after losing 285 points and breaking a three-session winning streak, was set to advance about 200 points at the Wednesday open on Wall Street. Tuesday concern over new U.S. and China tariffs abated today as Hong Kong conceded to a key demand of pro-democracy protesters. (CNBC)
* Year-end targets for S&P 500 are all over the place from down 5% to up 11% (CNBC)
Hong stocks soared nearly 4% overnight, on word the city's leader planned to formally withdraw a contentious extradition bill that's sparked months of sometimes violent demonstrations. Early Wednesday, the measure was officially abandoned. (CNBC)
* Trump was so angry after China's trade retaliation last month that he wanted to double tariffs (CNBC)
The U.S. government releases July trade imbalance figures at 8:30 a.m. ET. The Fed, at 2 p.m. ET, releases its latest Beige Book region-by-region look at economy. American Eagle (AEO), Michaels (MIK), and Vera Bradley (VRA) issue earnings this morning. Quarterly results from Cloudera (CLDR) and Slack (WORK) are out after the bell. (CNBC)
* Weekly mortgage refinances fall further, despite lower interest rates (CNBC)
* Uber and Lyft close at record lows as investors lose faith in the ride-hailing firms (CNBC)
IN THE NEWS TODAY
Hurricane Dorian was on the move along the U.S. coastline this morning, drenching the east coast of central Florida and taking aim at the Carolinas. The slow-moving storm devastated parts of the Bahamas where it killed at least seven people. (NBC News)
* Satellite photos show much of the Bahamas underwater after Dorian (CNBC)
The NRA slams Walmart (WMT) over plans to end sales of handgun ammunition and discourage openly carrying guns in states where it's allowed. Walmart's moves follow recent deadly mass shootings at two of its Texas locations. (CNBC)
* Kroger joins Walmart in asking shoppers not to openly carry guns in stores (CNBC)
Amazon (AMZN) is testing a biometric payment system that charges users by scanning their hands, according to the New York Post. Amazon would reportedly introduce the technology at some of its Whole Foods stores by the beginning of 2020.
Apple (AAPL) plans to introduce a cheap new iPhone next spring to address declining market share, according to Japan's Nikkei news service. The phone, reportedly a successor to the iPhone SE, comes as the U.S. tech giant saw two straight quarters of shipment declines.
WeWork co-founder and CEO Adam Neumann has returned around $5.9 million worth of stock to the company, which he had originally received in exchange for the "we" trademarks, according to an amended IPO registration. (Axios)
STOCKS TO WATCH
Tyson Foods (TSN) cut its full-year earnings forecast to $5.30 to $5.70 per share, compared to estimates of $5.94. The poultry and beef producer cites the impact of a recent fire at a key factory as well as commodity market volatility.
Hedge fund Starboard Value disclosed a 7.5% stake in Box (BOX), calling shares "undervalued." Starboard, now the second largest shareholder behind Vanguard, said it may talk to the cloud service provider about exploring a potential sale.
Realty Income (O) announced the acquisition of 454 single-tenant properties from CIM Real Estate for about $1.25 billion in cash. The real estate investment trust also raised its outlook.
Matthew J. Belvedere
Making Money, Moving Money: The World's Financial Services Exports
By: Howmuch | September 3, 2019
International trade has been in the news lately, with a growing standoff between not just the United States and China, but even the U.S. and Europe. The focus of these headlines is usually on trade in agriculture and physical goods, but trade in financial services matters too, and has its own looming issues.
• Total global exports in financial services was $489.8 billion in 2018, up 5.6% from the prior year.
• The United States and United Kingdom together make up 40% of the world’s financial services exports.
• U.S. exports of financial services was at a record-high $113 billion.
• The United Kingdom’s access to European Union financial markets after Brexit is uncertain.
In this post we look at the World Trade Organization (WTO)’s 2018 report on financial services exports. To find the data on the WTO dashboard, make sure to set “Type of trade” to “Trade in commercial services” and “Commodity/sector” to “financial services.” Each country is drawn to scale on the map based on the size of its financial services exports. A darker shade of green also indicates more financial exports.
Top 10 Biggest Exporters of Financial Services
1. United States: $113.04 B (23.51%)
2. United Kingdom: $83.08 B (17.28%)
3. Luxembourg: $64.29 B (13.37%)
4. Singapore: $27.15 B (5.65%)
5. Germany: $24.40 B (5.07%)
6. Hong Kong, China: $23.73 B (4.93%)
7. Switzerland: $21.79 B (4.53%)
8. Ireland: $17.88 B (3.72%)
9. Japan: $11.47 B (2.39%)
10. France: $9.54 B (1.98%)
Together, the U.S. and the European Union (EU) make up almost exactly half of the world’s financial services exports. It’s an impressive statistic, but one that’s about to be made less so: the European Union figure includes the United Kingdom (UK), which at some point will be leaving the EU. Traditionally a banking and finance powerhouse, the UK makes up over 17% of the planet’s financial services exports. Recently, the UK financial sector has benefitted from easy exposure to European markets as part of the so-called European single market. With Brexit, the exact trading status between the UK and EU remains unclear, but the consensus is that this will negatively impact the UK financial sector. The consulting firm PricewaterhouseCoopers suggests that the UK financial market will lose between 7 and 12 billion British pounds due to Brexit in 2020.
The UK isn’t the only financial market bracing for hits in 2019: the yield curve for US Treasury bonds recently inverted -- a traditional harbinger for recession. On top of that, the amount of negative-yielding debt now equals nearly a third of tradeable bonds worldwide, according to J.P. Morgan. These signs of a global slowdown are likely to accompany a reduced demand in financial services.
On what terms will the UK leave the EU, and how will this affect its access to financial markets? Is the U.S. economy headed for recession? What would that mean for financial exports? Let us know your thoughts in the comments.
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U.S. stock futures were indicating a sharply lower Tuesday open on Wall Street, following the implementation over the long holiday weekend of the first batch in a new round of U.S. tariffs on Chinese imports. (CNBC)
* Wall Street braces for September, historically the worst month of the year (CNBC)
The Dow, S&P 500 and Nasdaq last week all broke their four-week losing streaks, closing out a wild August with the worst monthly performance since May, the only other down month in 2019. (CNBC)
* Bond yields tick lower as yields on the 10-year and 2-year remain inverted (CNBC)
The British pound hit near three-year low Tuesday as Prime Minister Boris Johnson warns members of his own party not to undermine the U.K.'s position in talks with the EU. (CNBC)
On the U.S. economic calendar, at 10 a.m. ET, the ISM releases its August manufacturing index and the government issues July construction spending figures. No major companies report earnings today. (CNBC)
IN THE NEWS TODAY
Hurricane Dorian, one of the most powerful Atlantic hurricanes on record, showed some signs of weakening early Tuesday as it remained stalled over Grand Bahama. At least five people in the Abaco Islands were killed. (CNBC)
* Dorian's wrath causes cancellation of more than 1,400 flights (CNBC)
Dorian could swamp parts of Florida's east coast by tonight. It's expected to be felt in Georgia and South Carolina tomorrow, and North Carolina and southeast Virginia on Thursday into Friday. (Weather Channel)
* UBS estimates that Dorian could cost insurers $25 billion (Reuters)
Royal Caribbean (RCL), Norwegian Cruise Line (NCLH) and Carnival (CCL) could see an estimated impact of 5 cents per share from Hurricane Dorian for the current quarter, according to Nomura Instinet.
Boeing (BA) faces new delays in returning the 737 Max to service, according to the Wall Street Journal. International regulators are said to be upset over what they perceive as a lack of information from Boeing on its proposed software fixes.
Apple (AAPL) is getting ready to launch a new sleep monitoring feature for the Apple Watch called "Time in Bed tracking," according to 9to5Mac. Apple bought sleep tracking company Beddit in 2017.
SmileDirectClub, in an updated IPO filing, said it's planning to offer stock at $19 to $22 per share, valuing the maker of teeth-straightening devices at about $8 billion at the midpoint of the range.
STOCKS TO WATCH
RBC Capital Markets raised its price target on Amazon (AMZN) by 15% to $2,600 per share, reiterating its outperform rating on the stock. The move reflects an expected boost from Amazon's new "Prime One-Day Shipping" initiative.
Spark Therapeutics (ONCE) and Switzerland's Roche announced another extension of Roche's $4.3 billion takeover bid for the U.S.-based gene therapy company. The extension to Oct. 1 was given to provide more time for regulatory reviews.
Las Vegas Sands (LVS), Wynn Resorts (WYNN) and other casino operators that operate in Macau may be negatively impacted by news of a bigger than expected 8.6% August decline in gaming revenue.
Matthew J. Belvedere
DP WEEKLY WRAP: Seriously Suspecting September Seasonality
By: Carl Swenlin | August 30, 2019
The month of September has a reputation for being a bad month for the stock market. After the October 1987 Crash, the month of October carried a bad rep for years, but more recently we are told that it's really September we have to watch out for. On the old decisionpoint.com website I used to keep a set of charts going back to the 1920s that tracked the two annual six-month seasonality periods -- favorable November through April and unfavorable May through October. The theory seemed to work statistically, but taken year to year, I found it more useful to just rely on traditional price chart analysis. Below is a chart available on the StockCharts.com Member Dashboard showing the monthly seasonality for the 20 years going back to 1999. Note that it is a binary measurement, showing the percentage of times that the market closed higher in a given month. We can see that September closed higher fifty percent of the time, but the average change was a -1.1% decline, making September the worst performing month in the 20-year period. All things considered, I don't find this very helpful. Maybe the best idea is to keep seasonality tendencies tucked in the back of our minds, while we base our actual decisions primarily upon what we see on the charts.
These charts are included in this report because I think, for background, we need to be generally aware of what these indexes are doing, but on a deeper level, I don’t really care enough to get into a tedious analysis of them. Look at the charts, get a general impression, and move on. A picture is worth a thousand words. Look at the picture and think.
BROAD MARKET INDEXES
Smaller-cap indexes are lagging behind.
Each S&P 500 Index component stock is assigned to one, and only one, of 11 major sectors. This is a snapshot of the Intermediate-Term and Long-Term Trend Model signal status for those sectors.
In normal circumstances, the longer money is borrowed the higher the interest rate that must be paid. When rates are inverted, the reverse is true. It is generally believed that rate inversions result from "a flight to safety." On the chart below shows the inversion of the 10-Year T-Bond and the 2-Year T-Bond, traditionally the inversion most talked about.
The following is our interest rate array chart. Note that the 1-Month and 3-Month T-Bills have a higher yield than the 30-Year T-Bond.
IT Trend Model: NEUTRAL as of 8/15/2019
LT Trend Model: BUY as of 2/26/2019
SPY Daily Chart: Except for the first trading day, price in the month of August has been locked in 4.2% trading range, where it went nowhere in an interesting fashion. There were an abundance of big up days and big down days. While the market didn't break down from the trading range, it also couldn't manage to break out of it either. Since this continuation pattern has formed subsequent to the breakdown from the July price top, we must assume that the ultimate resolution should be downward.
SPY Weekly Chart: The weekly PMO slowed its descent because of the price advance this week, but it is still below the signal line and falling, a very negative configuration.
SPY Monthly Chart: The monthly PMO is also below the signal line and falling. We note that there have been a number of PMO direction changes this year, so the most recent is not necessarily decisive.
Climactic Market Indicators: There have been a large number of net breadth and net volume climaxes this month, but none of them have initiated a durable change of direction. The Bollinger Bands are beginning to squeeze the VIX, which means to me that we will see a resolution of the market's trading range sooner than later.
Short-Term Market Indicators: The STO-B and STO-V are oversold again, so we should expect some weakness in this time frame.
Intermediate-Term Market Indicators: These indicators are all rising, but they are also in the neutral zone. Being neither overbought or oversold, they do not, by themselves, favor any particular resolution in this time frame.
CONCLUSION: For all my skepticism regarding seasonality, it may be relevant to the current setup. The market broke down this month and entered a consolidation, aka continuation pattern. This configuration sends a message that lower prices can be expected. September's negative seasonality aligns perfectly with this expectation, and it could exacerbate the negative outcome.
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Click on "In reply to", for Authors past commentaries
Saturday, 08/31/19 01:11:12 PM
Re: Trueheart post# 602646
Good morning TH and thanks for asking.
For 26 years I lived on a high floor of the tallest residential building south of Atlanta, in Miami. When the hurricanes came, the building would sway.
I remember being on my knees beside the bed, the first time. There was no utility in doing so. It was just instinctual
When I began my ministry full time, about 4 years ago, I sold my condo home. I would be on the road 80% of the time if I did it right, so I made myself uncomfortable. No place to go nest. Go out and do it!
The hotels were disappointing for a variety of reasons and I needed an occasional break from my RV so I've been renting the first floor of a beautiful, large southern cracker home in Miami from a long time acquaintance. Think a Hemingway home with all the wood trim and floors, heavy yard plantings and cats.
We could not be more unlike in some ways- she an ultra liberal Bronx Jewish studio 54 era single women, me a devout Irish catholic conservative from Boston. She lives upstairs and somehow we've got along for years.
I'm her foil. She'll say, "yeah, your Trumpy……"- fill in the blank, something awful. Or, "your Fox News...".
I've mastered the art of changing her train of thought
It's a solid wood frame home with a stone foundation and plenty of canopy. She has an Evangelical Columbian caretaker who lives in a buildling out back who puts up the storm shutters, etc for her.
Now that I am living this life, I love getting rid of things. There's a real joy in being free of encumberences, riding the ribbons of highway across our beautiful country.
Stay Away from These Stocks in September
By: Schaeffer's Investment Research | August 30, 2019
• One oil stock, in particular, tends to have a rough month
• MPC stock has averaged the steepest loss of all eligible SPX components
We recently outlined the 25 best stocks to own in September, historically, with Southwest Airlines (LUV) enjoying some of the best returns over the past decade. Today, however, we're taking a look at the stocks that tend to slide in September, with oil-and-gas concern Marathon Petroleum Corp (NYSE:MPC) logging the steepest average loss of all eligible S&P 500 Index (SPX) stocks.
Below are the 25 worst stocks to own in September, looking back 10 years, courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. As you can see, MPC has averaged a monthly loss of 5.28%, and has ended September higher just a quarter of the time.
Marathon Petroleum stock has spent 2019 in a channel of lower highs and lows, with rally attempts stalling around its 120-day moving average. The security touched an annual low of $43.96 earlier this month, and was last seen trading around $49.09. Another 5.28% drop from current levels would put MPC around $46.50 heading into October.
Despite dropping more than 40% over the past year, MPC remains beloved among analysts. In fact, the security has racked up 13 "buy" or better endorsements, compared to just one "hold" and not a single "sell." Meanwhile, the consensus 12-month price target of $77.88 represents a steep 58% premium to current levels. Should MPC extend its downward slump amid seasonal headwinds, a flood of downgrades and price-target reductions could exacerbate selling pressure on the shares.
Options buyers also remain enamored of Marathon Petroleum. The equity sports a 10-day call/put volume ratio of 4.43 on the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), meaning traders have bought to open more than four MPC calls for every put in the past two weeks. This ratio is higher than 68% of all other readings from the past year, pointing to a slightly healthier-than-usual appetite for bullish option bets during the past two weeks. An exodus of option bulls could also weigh on the oil stock.
Read Full Story »»»
A Dynamic Stock?
By: Greg Schnell | August 30, 2019
One of the industry groups that hit a new high this month was the Aerospace and Defence industry group ($DJUSAE). That chart looks beautiful.
Looking through the charts in that industry group, Northrop Grumman (NOC) has been roaring higher. But another chart setting up nicely right now is General Dynamics (GD). The chart made new 2019 highs this week!
The SCTR is trying to get up into the top 25%, showing strength compared to the other big performers in the large-cap space. The relative strength to the S&P 500 broke the down trend in late July. The stock wobbled in August, but now looks set to move up.
With the NYSE Advance-Decline Line hitting fresh cumulative highs here, it looks like this market still wants to move to the upside. I'll have more information on the Canadian Technician weekend market review.
Greg Schnell, CMT, MFTA
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Signal Says to Ditch This Shipping Dud Before Things Get Worse
By: Schaeffer's Investment Research | August 30, 2019
• FedEx has struggled over the past 12 months
• The shipping name is approaching the historically bearish 70-day trendline
Shipping giant FedEx Corporation (NYSE:FDX) is trading 1.3% higher at $159.46 today, a rarity for the stock, as its long-term performance has a grim history. The stock has shed 35% over the past 12 months, touched a three-year bottom of $147.82 on Wednesday, and is now seeing pressure from a historically bearish trendline. Below, we will explore data from Schaeffer's Senior Quantitative Analyst Rocky White that reveals why FedEx stock may be eyeing its next leg lower.
Specifically, the security just rose to within one standard deviation of its 70-day moving average, after a lengthy stretch below the trendline. This signal has flashed four times in the past few years, per White, resulting in an average 15-day loss of 10.9%, with not a single one of the returns positive. A similar plunge would put FDX back near $142 -- a more than three-year low.
Call buying has been a favorite of options traders. Data from the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows FDX with a 50-day call/put volume ratio of 1.65, which ranks in the 75th annual percentile. This indicates nearly two calls have been purchased for every put during the last two weeks on the equity, leaving plenty of room for put traders to enter the ring.
Analyst downgrades are also looking inevitable on the shipping stock. Ten of 17 brokerage firms sport a "buy" or better rating on FDX, while its average 12-month price target of $187.84 is sporting an almost 17.95% premium to current trading levels.
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2 Reasons to Like Costco Stock Next Month
By: Schaeffer's Investment Research | August 29, 2019
• COST could finally topple $300 in September
• COST stock typically outperforms during Labor Day week and the month of September
Costco Wholesale Corporation (NASDAQ:COST) has been in focus this week, after the company's grand opening in Shanghai, China, drew frenzied crowds -- so big, in fact, the retailer had to shutter the store early on Tuesday. COST stock is trading around $296.15, at last check, a chip-shot from its Aug. 28 record high of $299.95. What's more, shares of the bulk retailer could hit that elusive $300 mark in September, if past is precedent.
For starters, Costco stock is one of the 25 best S&P 500 (SPX) stocks to own during Labor Day week, looking back 10 years. Stocks had to have at least eight years' worth of returns to make the list, which was cultivated by Schaeffer's Senior Quantitative Analyst Rocky White. COST has generated a healthy average return of 1.4%, and has ended the week higher 80% of the time.
If that's not enough, then there's the stock's penchant for big gains in the entire month of September. According to White, COST is also one of the 25 best stocks to own in September, looking back 10 years. The stock has ended the month higher 90% of the time, averaging a healthy one-month gain of 4.1% -- good for fourth best on the list. A 4% pop by the end of September would put Costco stock around $308 -- uncharted territory.
The security is no stranger to upside moves, though, having added 45% year-to-date, with pullbacks this summer contained by its ascending 50-day moving average. And, after enjoying its best single-session percentage gain since March on Tuesday -- when the aforementioned Shanghai store opened -- COST is now pacing for its fourth straight win.
Options traders are expecting more short-term upside, at least. At last check, 23,000 calls have already changed hands -- double the normal amount, and volume pacing for the 97th percentile of its annual range. Sure enough, there is activity around the weekly 9/6 300-strike call, with buyers expecting COST to top $300 by the close next Friday, Sept. 6, when the options expire.
This call bias is nothing new, though. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Costco's 10-day call/put volume ratio of 2.73 not only indicates bought calls have more than doubled puts in the last two weeks, but the ratio ranks in the 100th annual percentile, meaning calls have been bought to open over puts at a highly accelerated clip.
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Lipper US Equity Fund Outflows -$7.3 Billion; Taxable Bond Fund Inflows $5 Billion
By: Thomson Reuters | August 28, 2019
FUND FLOW REPORTS FOR THE WEEK ENDED 08/28
For the week ended 08/28/2019 ExETFs - All Equity funds report net outflows totaling -$4.981 billion, with Domestic Equity funds reporting net outflows of -$3.061 billion and Non-Domestic Equity funds reporting net outflows of -$1.920 billion...ExETFs - Emerging Markets Equity funds report net outflows of -$0.487 billion...Net inflows are reported for All Taxable Bond funds of $5.020 billion, bringing the rate of inflows for the $3.052 trillion sector to $2.625 billion/week...International & Global Debt funds posted net inflows of $0.179 billion...Net inflows of $3.475 billion were reported for Corp-Investment Grade funds while High Yield funds reported net inflows of $0.689 billion...Money Market funds reported net outflows of -$16.235 billion...ExETFs - Municipal Bond funds report net inflows of $1.245 billion.
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August will likely conclude as just the second negative month of 2019, but a month-end rally is set to continue today as U.S. stock futures showed strong gains. The Thursday close for the Dow was the highest since Aug. 8, and the two-day gains for the Dow and S&P 500 are their largest since early June. Both have slashed their August deficits to about 1.9%, and the Dow, S&P 500, and Nasdaq are all set to break a string of four consecutive weekly losses. (CNBC)
On today's economic calendar, the government releases July personal income and consumer spending at 8:30 a.m. ET. The Chicago purchasing managers index is out at 9:45 a.m. ET, along with the University of Michigan's final August consumer sentiment index at 10 a.m. ET. Campbell Soup (CPB) and Big Lots (BIG) are out with quarterly earnings this morning, with no reports scheduled after today's closing bell. (CNBC)
Shares of Ulta Beauty (ULTA) were losing about a quarter of their value in premarket trading, after the cosmetics retailer lower its forward earnings guidance. Ulta's quarterly same-store sales increased less than expected. Earnings also missed estimates. Revenue was essentially in line. (CNBC)
The opening hour of CNBC's "Squawk on the Street" is now a podcast. Listen to market moving news and interviews on the go. And just a reminder that today is still a full market day, ahead of the long weekend. We'll be back in your inbox Tuesday morning after Labor Day with the day's news.
IN THE NEWS TODAY
Hurricane Dorian is expected to strengthen into a dangerous Category 4 storm in the coming days as it heads toward Florida's Atlantic coast. No evacuations were ordered as of this morning, but many are expected as the storm's path becomes clearer before it makes landfall on Labor Day or early Tuesday. The entire state of Florida is under a declaration of emergency. (Reuters)
* Airlines brace for Dorian as storm threatens to snarl Labor Day weekend travel (CNBC)
The U.S. and China are giving signs that they will resume trade talks as the two economic superpowers discussed the next round of in-person negotiations in September, ahead of Sunday's looming deadline for new U.S. tariffs on additional China imports. (Reuters)
Electric vehicle maker Tesla (TSLA) raised prices for some vehicles in China as the yuan trades at its weakest levels in more than a decade. The U.S.-China trade frictions and a tit-for-tat tariff war between the countries has prompted Tesla, which currently imports all the cars it sells in China, to adjust its prices multiple times over the past year. (Reuters)
Huawei will launch a new flagship phone next month which may not come with Google apps, a source told CNBC, as the Chinese firm faces being blocked from accessing the search giant's software. Huawei is pushing ahead with the launch despite being on a U.S. blacklist known as the Entity List that restricts U.S. firms from doing business with Huawei.
* US prosecutors probe Huawei on new allegations of technology theft (WSJ)
* Chinese ride-hailing giant Didi plans to launch a robotaxi service in Shanghai (CNBC)
Disney (DIS) announced it has sold its stake in the YES Network to an investor group including Amazon (AMZN). The investor group, which also includes the Yankees and Sinclair Broadcast Group (SBGI), acquired the 80% stake of the YES Network that was not already held by the Yankees. (CNBC)
The Federal Trade Commission is reportedly investigating whether e-cigarette maker Juul used deceptive marketing and targeted minors. Regulators have criticized Juul for fueling a teen vaping "epidemic," scrutinizing the company's early advertising campaigns that used young models and bright colors that positioned Juul as a lifestyle brand. (CNBC)
* Juul faces heightened scrutiny, Illinois and DC launch probes (AP)
STOCKS TO WATCH
Dell Technologies (DELL) reported adjusted quarterly profit well above the consensus estimates, along with strong revenue. Dell also said it is successfully mitigating the impact of tariffs imposed by the U.S. and China.
General Electric (GE) won a partial dismissal of a shareholder lawsuit that had accused it of fraudulent accounting. The judge did give shareholders permission to amend their complaint.
Workday (WDAY) reported better-than-expected adjusted quarterly profit, while the maker of human resources and financial software also saw revenue come in above forecasts. Workday saw subscription revenue jump 34% during the quarter, and gave a strong forecast for current quarter subscription revenue.
Groupon (GRPN) is being targeted by activist investors, according to the Wall Street Journal. The paper said those investors are hoping to persuade management to buy back stock, enter a strategic partnership, or sell the company
Money managers Reduced their exposure to the US Equity markets since last week...
NAAIM Exposure Index
* August 28, 2019
The NAAIM Number
Last Quarter Average
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Click on "In reply to", to see The NAAIM Number from prior weeks