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Good cartoon today
I was not aware that the CNN article contained false information...
Could you be specific ? Thanks.
"Recent news says the 50mil Perez shares are not being sold to the public but yet here we are taken from .03 to .01 the past 6 months.... i am at a loss and can’t figure any of it out."
Have you considered that with over 179 million shares maybe some people prefer not to hold any longer and are selling ? I mean, if people are selling the price goes down right ?
“followed by a question and answer breakout session at 11:30 a.m. “
That means that investors are getting information that is not available to you.
Try reading this...
" No Sub Penny Stocks are allowed. "
https://investorshub.advfn.com/boards/show_ibox.aspx?boardid=26218
"At the moment, small orders are freight and duty cost prohibitive."
Why is that the case ?
Strange that Reuters would “re announce” an item that is over a year old. Makes me wonder if there is additional consideration for rice shipments at this time or if the previous agreement fell apart and didn’t actually materialize. I had always considered Reuters a respectable source for news.
China allows first-ever U.S. rice imports ahead of trade talks
BEIJING (Reuters) - China has opened the door to imports of rice from the United States for the first time ever in what analysts took to signal a warming of relations between the world’s two biggest economies after a frosty year marked by tensions and tit-for-tat tariffs.
The green light from Chinese customs, indicated in a statement posted on the customs authority’s website on Friday, comes in the run-up to talks between the countries in January after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a moratorium on higher tariffs that would affect trade worth hundred of billions of dollars.
More...
https://www.reuters.com/article/us-china-usa-trade-rice/china-allows-first-ever-u-s-rice-imports-in-goodwill-gesture-ahead-of-trade-talks-idUSKCN1OR0LB
they’ll “have to raise rents in order to build up a larger cushion of reserves to absorb the risks they face under the new law,”
Everytime the government gets involved stuff becomes more expensive.
'Lie Of The Year' Award
Good one !
Say it ain't so !
We have been expecting you...
Refer to my previous post:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=127420095&txt2find=blame
Try restarting your computer.
Go to Youtube and do a search for "Jim Cramer buy" and you will find many videos where just 2 months ago he is telling his followers to load up
That’s a long commercial asking you to sign up for his monthly letter.
Good decision on your part...
I never had one and it sure doesn't look like I'll be signing up
Keep your eye on Amazon, they look like they have all the makings of the next villain.
Amazon Goes Full Orwellian
https://www.zerohedge.com/news/2018-12-20/amazon-goes-full-orwellian
FB Facebook Has Officially Lost The Public's Trust
Out of the major tech companies, people trust Facebook the least with their personal information. Amazon and Twitter come in a distant second and third, with 8 percent of people saying they trust these companies the least with their personal information.
More
https://www.zerohedge.com/news/2018-12-20/facebook-has-officially-lost-publics-trust
Facebook Has Officially Lost The Public's Trust
Out of the major tech companies, people trust Facebook the least with their personal information. Amazon and Twitter come in a distant second and third, with 8 percent of people saying they trust these companies the least with their personal information.
More
https://www.zerohedge.com/news/2018-12-20/facebook-has-officially-lost-publics-trust
Glaxo-Pfizer Deal Creates Biggest Over-the-Counter Drug Supplier
( How can this possibly benefit the consumers ??? )
(Bloomberg) -- GlaxoSmithKline Plc paved the way for a split into two companies, agreeing to create a consumer-health joint venture with Pfizer Inc. to be listed on the stock market, sending the U.K. company’s shares to their biggest gains in a decade.
Glaxo will have a 68 percent controlling stake in the new entity, with combined sales of $12.7 billion and led by Brian McNamara, the CEO of the U.K. pharmaceutical giant’s consumer arm. The deal lets Pfizer exit a business after a yearlong sale process failed to find a buyer.
The noncash transaction creates the world’s biggest supplier of over-the-counter medicines with brands of painkillers such as Advil and Panadol and marks a shift from Glaxo Chief Executive Officer Emma Walmsley’s previously stated strategy of keeping the steadily performing consumer and vaccine businesses under the same roof as the more volatile pharma operations.
More...
https://finance.yahoo.com/news/glaxo-pfizer-merge-advil-panadol-074045789.html
Glaxo-Pfizer Deal Creates Biggest Over-the-Counter Drug Supplier
( How can this possibly benefit the consumers ??? )
(Bloomberg) -- GlaxoSmithKline Plc paved the way for a split into two companies, agreeing to create a consumer-health joint venture with Pfizer Inc. to be listed on the stock market, sending the U.K. company’s shares to their biggest gains in a decade.
Glaxo will have a 68 percent controlling stake in the new entity, with combined sales of $12.7 billion and led by Brian McNamara, the CEO of the U.K. pharmaceutical giant’s consumer arm. The deal lets Pfizer exit a business after a yearlong sale process failed to find a buyer.
The noncash transaction creates the world’s biggest supplier of over-the-counter medicines with brands of painkillers such as Advil and Panadol and marks a shift from Glaxo Chief Executive Officer Emma Walmsley’s previously stated strategy of keeping the steadily performing consumer and vaccine businesses under the same roof as the more volatile pharma operations.
More...
https://finance.yahoo.com/news/glaxo-pfizer-merge-advil-panadol-074045789.html
More from the bizarro file...
( Just when you think that the absolute limits have been reached... )
School children will be taught that "all genders" can have periods in new sex education lessons, in a victory for transgender rights campaigners.
The advice to teachers was approved by Brighton & Hove City Council as they try to tackle stigma around menstruation.
The new advice follows a council report which said: "Trans boys and men and non-binary people may have periods", adding that "menstruation must be inclusive of all genders".
More...
https://www.telegraph.co.uk/news/2018/12/16/boys-can-have-periods-schoolchildren-taught-latest-victory-transgender/
Bionic eye project has sights on human trials
13 December 2018
Researchers are closer to developing a bionic eye
Researchers from the University of Sydney are one step closer to developing a bionic eye, having created a tiny microchip implant that they hope will restore sight to patients with vision impairment and blindness.
University of Sydney researchers are a step closer to developing a bionic eye with plans to move to human trials.
Professor of Biomedical Engineering, Gregg Suaning said the ‘Phoenix 99 Bionic Eye’ system involves a microchip being implanted on the top of the eye with a tiny camera mounted on a pair of glasses delivering images wirelessly to the microchip for processing.
“The system has been designed to stimulate cells in the retina and help the brain interpret them to deliver a sense of vision in the user,” Professor Suaning said.
“Users of the bionic eye would see pixelated images that deliver outlines and edges allowing them to navigate their surroundings and to help them carry out activities of daily living.
“We hope it will allow people with vision loss to identifying if a person, doorway or window is nearby.
“Degenerative disorders impacting the retina affect many millions of people around the world but we aim to offer new hope with the introduction of the Phoenix 99 bionic eye system.”
Professor Suaning said the University of Sydney team was now preparing an application for ethics approval in the hope of conducting a ‘first-in-human’ trial of the Phoenix 99 Bionic Eye next year.
“If successful, we can work to bring the device to a point where regulatory approvals in the global market can be obtained,” he said.
Minister for Trade and Industry Niall Blair visited the Sydney labs to meet researchers and get an update on the project that aims to bring new hope to the many people suffering vision loss.
He said it was a great example of NSW’s medtech industry, with the NSW Government recently releasing a strategy to help grow the sector.
“The idea of bionics first leapt into the public imagination with the 1970s science fiction action television series the Six Million Dollar Man,” Mr Blair said.
“But Professor Gregg Suaning and his team at the University of Sydney are helping bring it to reality after developing microchip technology to give a sense of vision for those who have lost theirs.
“This is fantastic NSW innovation with potential to change the lives of millions of people who are losing sight from conditions like retinitis pigmentosa or macular degeneration.”
How the bionic eye system works
A tiny microchip implant is placed on top of the eye and is connected to a set of electrodes that interface with surviving nerve tissue.
A very small camera attached to glasses captures the visual scene in front of the wearer. This is then processed by the computer inside a mobile telephone and a set of instructions are sent wirelessly to a telemetry device implanted behind the ear.
The implant decodes the wireless signal and sends electrical impulses to initiate events the brain interprets as vision.
All of this happens in real time to provide a sense of vision that aims to improve mobility, give greater ease of social interaction, and more independence to blind people worldwide.
https://sydney.edu.au/news-opinion/news/2018/12/13/bionic-eye-project-has-sights-on-human-trials.html
They will vote for whoever gave them the free phone !
California To Tax Text Messages? Like WTF!
California regulators are weighing a flat tax on text messaging which would help fund a program to make phone service available to low-income residents, according to the San Jose Mercury News, citing a 51-page report released by the California Public Utilities Commission (CPUC).
( I thought we are already paying for Obama phones ??? )
The tax would likely be a flat fee added to a customer's monthly bill, instead of a per-text tax - and could be applied retroactively for five years.
“It’s a dumb idea,” said Jim Wunderman, president of the Bay Area Council business-sponsored advocacy group. “This is how conversations take place in this day and age, and it’s almost like saying there should be a tax on the conversations we have.” -Mercury News
Several business groups have opposed the idea, including the Bay Area Council, California Chamber of Commerce and Silicon Valley Leadership Group, among others, who calculated that the new tax would cost wireless customers around $44.5 million per year.
According to the CPUC, the surcharge could help keep the low-income assistance Public Purpose Program budget afloat, which has risen to $998 million in 2017 from $670 million in 2011. That said, telecom industry revenues which have funded the program have fallen from $16.5 billion in 2011 to $11.3 billion in 2017 according to the report.
"This is unsustainable over time," notes the report, which argues that a text message tax will boost revenue that would help low-income Californians afford phone service.
“From a consumer’s point of view, surcharges may be a wash, because if more surcharge revenues come from texting services, less would be needed from voice services,” said CPUC spokeswoman Constance Gordon in a statement. “Generally, those consumers who create greater texting revenues may pay a bit more, whereas consumers using more voice services may pay less.”
Wunderman said he’s unaware of any other local, state or federal program that taxes texting. And the wireless industry has argued the state commission even lacks legal grounds for doing so. -Mercury News
A trade group representing the wireless industries, CTIA, said in a legal filing to the commission that texting is an information service and akin to email, versus a telecommunications service subject to the agency's legal authority to tax services. The trade group added that a tax on text messages would put wireless carriers at a greater disadvantage to alternative messaging platforms such as WhatsApp, Facebook Messenger and Apple's iMessage.
"Subjecting wireless carriers' text messaging traffic to surcharges that cannot be applied to the lion's share of messaging traffic and messaging providers is illogical, anticompetitive and harmful to consumers," reads the CTIA's filing.
https://www.zerohedge.com/news/2018-12-12/california-tax-text-messages-wtf
“there has been no dilution here...”
From the recent 8k dated 11-20-2018:
https://www.sec.gov/Archives/edgar/data/1166708/000149315218016564/form8-k.htm
On November 15, 2018 Brownie’s Marine Group, Inc. entered into a Note Conversion Agreement with Joe Perez (the “ Noteholder ”) pursuant to which the Noteholder converted $526,000 of principal and accrued interest due him by us under the terms of a 10% unsecured convertible debenture dated May 3, 2011 (the “ Note ”) into 50,000,000 shares of our common stock (the “ Conversion Shares ”) in full satisfaction of such obligation. The Conversion Shares represent approximately 32% of our outstanding shares of common stock, giving effect to such issuance
This looks like capitulation as a result of tax loss selling.
An evening with the Clintons for only $35
The Clintons are now selling their speeches on Groupon at a deep discount.
https://www.groupon.com/deals/gl-lnc-the-clintons-la-2019
I'm curious... Is it against the law for someone that is running for a political office to do business with Russia? I mean... that can't be as bad as giving away our uranium or perhaps like receiving $500,000 for a speech... or am I missing something ?
1 In 3 'Caravan' Migrants Are Sick, Some With Deadly Diseases
Tijuana health officials have said that of those migrants in the caravan at the United States’ border with Mexico, about one third is being treated for health concerns. Migrants who came with the caravan are suffering from respiratory infections, tuberculosis, chickenpox, and some other serious health issues, Tijuana’s Health Department warned on Thursday morning.
A spokesman for the Tijuana Health Department told Fox News that out of 6,000 migrants currently residing in the city, over a third of them (2,267) are being treated for health-related issues. There are several migrants who have contracted serious diseases that are life-threatening. So far, there have been three confirmed cases of tuberculosis and four cases of HIV (human immunodeficiency virus)/AIDS (advanced immunodeficiency syndrome). Lesser illnesses that pose little threat to life include four separate cases of chickenpox, the spokesman said. And at least 101 migrants have lice and multiple instances of skin infections, the department’s data shows, according to a Fox News report.
There’s also a looming threat of a Hepatitis outbreak due to unsanitary conditions in and around the shelter caused by the migrants, the spokesman said. The location also has only 35 portable bathrooms and a sign reading “No Spitting” had to be put up because coughing and spitting by migrants are rampant in the shelter.
There are thousands of migrants being sheltered at the Benito Juarez Sports Complex near the San Ysidro U.S.-Mexico Port of Entry, despite the place being capable of providing for 1,000 people.
Tijuana’s Mayor, Juan Manuel Gastelum, said Tuesday that the city only has enough money to assist the migrants only for a few more days, with the city saying it’s spending around $30,000 a day.
“We won’t compromise the resources of the residents of Tijuana,” Gastelum said during a press conference.
“We won’t raise taxes tomorrow to pay for today’s problem.” It’s difficult to say what the lack of funding will mean for the migrants at this time.
Despite the disturbingly disgusting conditions most of the migrants find themselves in today, most are still committed to entering the U.S. A few have “self-deported” and others have been deported by Mexico, but there are thousands remaining determined to cross the border at all costs.
https://www.zerohedge.com/news/2018-11-29/1-3-caravan-migrants-are-sick-some-deadly-diseases
Lawmakers Leak Plan For $3 Billion Pension-Fund Bailout
( As long as we continue to reward corruption and mis-management we will continue to get more of the same. )
As we've been saying for a long time, America's dangerously underfunded defined-benefit corporate and public pensions are little more than lavish Ponzi schemes designed to swaddle one generation of retirees with lavish benefits (a fixed monthly income and health benefits until death), while siphoning payments from a younger generation that will never reap the benefits (what's worse, these "contributions" have been climbing, even as funds have been forced to raise fees and contributions, which has done little to address the underlying issue).
While public pensions funds have hogged most of the media spotlight, Congress has been quietly taking steps to address a more vulnerable sector of the pension space. To wit, a bipartisan group of lawmakers sneaked a provision into this year's budget deal that established a committee to decide how to prevent the retirement benefits of 1 million Americans from evaporating once thousands of failing "multiemployer" plans finally collapse into insolvency.
That committee was given a deadline of Nov. 30 to propose a solution. And while many ideas have been bandied about (including raising fees, levies and contributions on healthy plans to subsidize their failing cousins), from the beginning, it's difficult to imagine how this $500 billion shortfall (the aggregate underfunding of these corporate pension plans, according to an estimate from Boston College) could be covered without the American taxpayer footing the bill. Adding to the urgency, nearly one-quarter of the 1,400 multiemployer plans in the US are in the "red zone," meaning they will likely go broke within the next decade. And if the recent bout of turmoil across virtually all asset classes continues, the day of reckoning could be hastened. Particularly if the low returns on conventional assets force these funds to place riskier bets on alternative strategies like hedge funds, something that many funds did in desperation during the ZIRP era.
So it shouldn't come as a surprise that, in the first draft of its plan to save these pensions, the committee proposed restoring the Pension Benefit Guaranty Corporation (PBGC) to solvency with - you guessed it - taxpayer backed "subsidies" from the Treasury to the tune of $3 billion a year. The plan is also considering raising premiums, introducing new fees and - importantly - cutting benefits.
A draft of the plan, obtained by The Washington Post, would direct the Treasury Department to spend up to $3 billion annually to subsidize payments for retirees from certain underfunded pensions.
It would also require benefit cuts, higher premiums and new fees levied against companies and union members in an attempt to make the pensions as financially solvent as possible. The proposal aims to require all parties involved to make significant concessions and caps taxpayer contributions.
The retirement programs are called "multiemployer" pensions, as workers from multiple companies pay into the same retirement benefit program. But many of these pensions lack the financial assets to cover the benefits they have promised retired workers, leading to a panic from retirees who were counting on the funds. These pensions often have been plagued by mismanagement, inaccurate economic projections and in some cases corporate bankruptcies.
Unfortunately, that $3 billion isn't nearly enough to cover the shortfall, which is why the plan also calls for other streams of capital. According to the Washington Post, the leaked draft proposal is only a rough sketch of one of several alternatives being considered by the committee (translation: this is the trial balloon). What's perhaps most surprising about the plan is that it has bipartisan backing: This is a bipartisan effort, as neither party is ready for the political backlash of hundreds of thousands of retirees forced into bankruptcy and the poorhouse (after all, retirees vote).
We bailed out Wall Street in 2008. So why can't be bail out the boomers, too?
But the dire financial condition of many of these multiemployer plans has forced lawmakers to consider such a move as part of a broader package of changes. A growing number of multiemployer plans are now severely underfunded, and the issue gets worse every year as more people retire and seek benefits they believe they were promised.
Lawmakers from both parties, under pressure from many retired constituents and business groups, have expressed alarm that hundreds of thousands of older Americans could soon see their retirement savings plans vanish or become severely depleted because the pensions were mismanaged or underfunded.
Many people in these pension plans, such as retired truck drivers, grocery store clerks and delivery workers, were employed by companies that went out of business. And many of these multiemployer pensions were underfunded, meaning they anticipated higher returns and lower payouts than what occurred. As problems worsened, taxpayer assistance was seen by many experts as inevitable.
"We bailed out Wall Street in 2008 and 2009," said Kenneth Feinberg, who was appointed to a top role at the Treasury Department in 2015 working on problems with multiemployer pension plans. "Bailouts have occurred before."
Of course, saving multiemployer funds would be like putting a band-aid on a gunshot wound. Because public pension funds are an even larger ticking time bomb . They're facing a $7 trillion shortfall, a problem that is almost too big to contemplate. But repairing the PBGC seems like a logical first step. Like the FDIC, the PBGC is an insurance program funded by premiums paid by its participating members (pensions). Its entire income is made up of premiums collected and the investment income it earns on those premiums.
As WaPo explains, the PBGC, which was created in the 1970s, is extremely underfunded. The fund had nearly $70 billion in liabilities last year compared with $2.3 billion in assets. And since the fund's only sources of revenue are fees it collects from its members, and returns on its investments, once markets crash and more members start to fail, the drop in revenue risks triggering a vicious cycle.
The Pension Benefit Guaranty Corp. was created by Congress to provide a financial backstop for pension plans, but the PBGC’s program to insure multiemployer plans is severely underfunded. It had $67.3 billion in liabilities as of last year and just $2.3 billion in assets. The entire fund is projected to run out of money by 2025, although the agency said "there is considerable risk that it could run out before then."
Last year, the PBGC provided $141 million in assistance to 72 insolvent multiemployer plans, and there are several others listed as "critical" and likely to soon become insolvent.
Lawmakers have been particularly alarmed about one faltering plan called Central States Teamsters, which has 400,000 participants and whose members include retired truck drivers, among others.
Once the PBGC’s fund to pay multiemployer plans runs out of any money, the agency would be able to pay only a “small fraction” of the pension benefits that retirees were expecting, the agency said last year. Because PBGC was created by Congress for the purpose of protecting pensions, some experts believe that emergency government assistance was always anticipated.
"When...people’s livelihoods will be lost, government has always stepped up to back its own creations," said Joshua Gotbaum, who served as director of the PBGC from 2010 until 2014.
A pension-fund crisis could cause real, tangible harm to millions of Americans. Given the severity of the risks, it's surprising that they aren't more widely discussed.
But then again, maybe that's by design.
Some charts and graphics...
https://www.zerohedge.com/news/2018-11-24/lawmakers-leak-plan-3-billion-pension-fund-bailout
Don't Tell Anyone, But We Just Had Two Years Of Record-Breaking Global Cooling
Inconvenient Science: NASA data show that global temperatures dropped sharply over the past two years. Not that you'd know it, since that wasn't deemed news. Does that make NASA a global warming denier?
Writing in Real Clear Markets, Aaron Brown looked at the official NASA global temperature data and noticed something surprising. From February 2016 to February 2018, "global average temperatures dropped by 0.56 degrees Celsius." That, he notes, is the biggest two-year drop in the past century.
"The 2016-2018 Big Chill," he writes, "was composed of two Little Chills, the biggest five month drop ever (February to June 2016) and the fourth biggest (February to June 2017). A similar event from February to June 2018 would bring global average temperatures below the 1980s average."
Isn't this just the sort of man-bites-dog story that the mainstream media always says is newsworthy?
In this case, it didn't warrant any news coverage.
In fact, in the three weeks since Real Clear Markets ran Brown's story, no other news outlet picked up on it. They did, however, find time to report on such things as tourism's impact on climate change, how global warming will generate more hurricanes this year, and threaten fish habitats, and make islands uninhabitable. They wrote about a UN official saying that "our window of time for addressing climate change is closing very quickly."
Reporters even found time to cover a group that says they want to carve President Trump's face into a glacier to prove climate change "is happening."
In other words, the mainstream news covered stories that repeated what climate change advocates have been saying ad nauseam for decades.
That's not to say that a two-year stretch of cooling means that global warming is a hoax. Two years out of hundreds or thousands doesn't necessarily mean anything. And there could be a reasonable explanation. But the drop in temperatures at least merits a "Hey, what's going on here?" story.
What's more, journalists are perfectly willing to jump on any individual weather anomaly — or even a picture of a starving polar bear — as proof of global warming. (We haven't seen any stories pinning Hawaii's recent volcanic activity on global warming yet, but won't be surprised if someone tries to make the connection.)
We've noted this refusal to cover inconvenient scientific findings many times in this space over the years.
Hiding The Evidence
There was the study published in the American Meteorological Society's Journal of Climate showing that climate models exaggerate global warming from CO2 emissions by as much as 45%. It was ignored.
Then there was the study in the journal Nature Geoscience that found that climate models were faulty, and that, as one of the authors put it, "We haven't seen that rapid acceleration in warming after 2000 that we see in the models."
Nor did the press see fit to report on findings from the University of Alabama-Huntsville showing that the Earth's atmosphere appears to be less sensitive to changing CO2 levels than previously assumed.
How about the fact that the U.S. has cut CO2 emissions over the past 13 years faster than any other industrialized nation? Or that polar bear populations are increasing? Or that we haven't seen any increase in violent weather in decades?
Crickets.
Reporters no doubt worry that covering such findings will only embolden "deniers" and undermine support for immediate, drastic action.
But if fears of catastrophic climate change are warranted — which we seriously doubt — ignoring things like the rapid cooling in the past two years carries an even bigger risk.
Suppose, Brown writes, the two-year cooling trend continues. "At some point the news will leak out that all global warming since 1980 has been wiped out in two and a half years, and that record-setting events went unreported."
He goes on: "Some people could go from uncritical acceptance of steadily rising temperatures to uncritical refusal to accept any warming at all."
Brown is right. News outlets should decide what gets covered based on its news value, not on whether it pushes an agenda. Otherwise, they're doing the public a disservice and putting their own already shaky credibility at greater risk.
( Includes imbedded links )
https://www.investors.com/politics/editorials/climate-change-global-warming-earth-cooling-media-bias/
Gun Bill To Require Buyers To Hand Over Social Media Passwords & Search History
The bill, drafted by state Senator Kevin Parker and Brooklyn Borough President Eric Adams, would give state officials the ability to review up to three years worth of internet search history, reports WKBW Buffalo.
Providing more information on the newly-drafted bill, Rochester First is reporting that the search history will come from major search engines such as Google, Yahoo, and Bing.
Also, anyone applying for, or renewing a pistol permit would have to give up all login information, including passwords, for any social media sites they’re a part of.
Posts from the past three years on sites like Facebook, Twitter and Snapchat would be reviewed for language containing slurs, racial/gender bias, threats and terrorism.
“There should be more restrictions on how guns are purchased. We should have more background checks,” Paul McQuillen, director of the Buffalo chapter of New Yorkers Against Gun Violence, told WKBW.
“We’ve obviously seen some of the mass shooters have a social media history that should have sent red flags,” McQuillen added.
James Tresmond, a gun rights lawyer, told the local NY station that the bill would violate multiple constitutional rights.
“The first, the second amendment, the fifth amendment, the fourth amendment, and the 14th amendment,” Tresmond said.
Some are arguing that the subjective nature of the bill is highly concerning.
“The judge who grants or denies a permit has fairly broad digression under New York State law. And it has to have a rational basis. So they can’t say they don’t like your gender or your race,” Sheldon Boyce, an attorney with Brenna Boyce PLLC, told WIVB 4.
“For example, religious practice- are we going to deny permits because a person goes to church or goes to a mosque?” Boyce asked. “In the case of Heller vs District of Columbia in 2008, the US Supreme Court held that the possession of a hand gun in the home is a fundamental constitutional right so anything that infringes upon that right is subject to challenge,” he explained
The bill is currently in committee with a scheduled vote still pending.
https://www.zerohedge.com/news/2018-11-23/gun-bill-require-buyers-hand-over-social-media-passwords-search-history
'OptionSellers.com' Goes Dark After "Catastrophic Loss Event" In NatGas "Rogue Wave"
Shorting vol (naked) with "Other People's Money..."? What could possibly go wrong?
Q: Have I lost all the money in account, then?
A: Yes
"Stocks are great, until they aren't," proclaims the now 'dark' website of Tampa-based OptionsSellers.com, explaining to 'high net worth investors' that "options are better but most make the mistake of buying them."
And so, the thoughtful-looking, wealthy grey-haired gentlemen of today should given their Fed-earned money to the managed accounts of OptionsSellers.com, which touted itself as premier and highly experienced commodities options trading firm. The firm’s president and head trader, James Cordier, explained in a recent interview: “Our goal is to take an aggressive vehicle and manage it conservatively.”
Unfortunately for the clients' managed accounts, Cordier's actions were anything but 'conservative'.
On November 15, 2018, OptionSellers.com notified its investors in an email entitled “Catastrophic Loss Event” that it not only lost all their money, but that they would also owe money to Intl FC Stone for margin calls.
I am writing to give you an update on the situation here with your account.
We have spent the week unwinding our short natural gas call position as expediently as possible.
Today which was to be the final day of liquidation, the market flared as prices appear to have been caught in a "short squeeze."
The speed at which it took place is truly beyond anything I have seen in my career. It overran our risk control systems and left us at the mercy of the market.
In short, it was a rogue wave and it overwhelmed us.
Unfortunately, this has resulted in a catastrophic loss.
Our clearing firm, FC Stone now requires us to liquidate all positions. We hoped to have this done today. If not, it will be completed tomorrow.
Your account could potentially be facing a debit balance as of tomorrow. OptionSellers.com will be processing fee credits over the course of the coming days to help alleviate debit balances. What these will be will be determined after all positions are cleared.
This has in effect, crippled the firm. At this point, our brokers at FC Stone have been assisting us in liquidation.
Our offices will remain open and we will all still be here to answer your questions and process account closings. We will do everything in our power to ease what discomfort we can.
I am truly sorry this has happened.
I will be updating you again via memo in 24 hours.
Regards,
OptionSellers.com
In case you were wondering just that means, Dear Client, here is OptionSeller.com's Q&A on "Debit Balances"...
What do I do about this Debit Balance?
You likely received a debit call notice from FC Stone this morning via email. You may receive it in the mail as well. This is a call to add funds to bring the balance back up to zero. Instructions for paying the balance on the notice. Any questions on debit balances can be directed directly to FX Stone at the number on the notice. Stone requests the funds asap but if it takes a few days, that is OK.
What happens if I don't pay the balance?
We recommend balances be paid. If it is not paid, it becomes like any other unpaid bill.
For some context, not only did the NatGas calls rocket in price due to 'delta' changes in the underlying, 'vega' exploded them exponentially as NatGas vol spiked to a record high over 90... A double-whammy for the short call positions which "crippled the firm."
For a sense of what the pain felt like - here is Goldman's NatGas Vol Carry strategy index (a more-hedged version of the naked calls OptionSellers.com was writing)...
Ring any XIV (short vix ETF) bells?
We suspect these 'picking up pennies in front of a steamroller'-conmen were not alone in their strategic losses.
As we noted previously, what is notable is that the move in nat gas was so powerful, it nearly caused a VIXtermination-type event in the VelocityShares Daily 3X Inverse Natural Gas ETN, which seeks to produce three times the opposite daily move of US natural gas prices and is known by its stock market ticker DGAZ.
Derivatives strategist Pravit Chintawongvanich, who rose to popularity with his hourly hot takes during the February VIXplosion that anihilated several inverse VIX ETNs, pointed out that DGAZ and its “long” leveraged cousin UGAZ could be liquidated if natural gas prices move sharply: "Because these products offer 3x daily leverage, a one day move greater than 33 per cent in either direction would blow up one of them," he wrote.
In other words, the market was this close to another inverse ETN extinction event, only this time not in volatility but in natural gas. Meanwhile, the DGAZ's days may be limited: starting off the month with $500MM in assets, in just two weeks it has been cut in half, and as of this morning had just $247MM in assets.
As JohnSChapman notes, unfortunately, it did not trade options conservatively. It traded “naked” rather than “covered” options, leaving investors subject to unlimited exposure. This unlimited exposure is what caused to lose all their money and more in the last few days. Thus, OptionSellers.com and its principals negligently engaged in a risky trading strategy that was unsuitable for its clients and breached its fiduciary duties to them by putting its interests ahead of its clients.
The Optionsellers.com team includes Rosemary Veasey, Matthew Donovan, James Cordier, Michael Gross, and Alicia Zedella. But here is the firm's president and head trader, James Cordier, in an Oscar-winning performance, apologizing to his 'family' of clients in one of the most surreal videos ever...
"I promise you every day when I woke up, I was checking for rogue waves..."
If you can get through the theatrics of thanking several clients for BBQ sauce and not visiting them in the south of France, Cordier explains how it was all an unforeseeable event...
( The video at the link is "Unavailable". )
"I truly invested your funds like you were a family...I'm sorry this rogue wave capsized your boat... I wish you great luck and good health."
Are all 290 clients convinced?
'Rogue wave' our collective ass.. Being 'naked' short calls is grossly negligent with even the most risky of speculative capital - and sheer recklessness in a so-called 'conservative' strategy. Yep - who could have seen that coming?
https://www.zerohedge.com/news/2018-11-18/optionsellerscom-goes-dark-after-catastrophic-loss-event-natgas-short-squeeze
California Democrat Threatens "Nukes" If Americans Don't Hand Over Their Guns
Well that escalated quickly...
Just days after taking back the House, a Democratic Congressmen has proposed outlawing "military-style semi-automatic assault weapons" and forcing existing owners to sell their weapons or face prosecution.
n a USA Today op-ed entitled “Ban assault weapons, buy them back, go after resisters,” Rep. Eric Swalwell, D-Calif., argued Thursday that prior proposals to ban assault weapons “would leave millions of assault weapons in our communities for decades to come.”
Swalwell proposes that the government should offer up to $1,000 for every weapon covered by a new ban, estimating that it would take $15 billion to buy back roughly 15 million weapons - and “criminally prosecute any who choose to defy [the buyback] by keeping their weapons.”
As NBC News reports, this is a major departure from prior gun control proposals that typically exempt existing firearms; as in the past, Democrats and gun safety groups have carefully resisted proposals that could be interpreted as 'gun confiscation', a concept gun rights groups have often invoked as part of a slippery slope argument against more modest proposals like universal background checks.
And sure enough Swalwell's egotistical over-reach - going full "Australia" - prompted anger across social media. But it was one particular thread that caught our eye...
John Cardillo, 'America Talks Live' host on Newsmax, tweeted in response: "Make no mistake, Democrats want to eradicate the Second Amendment, ban and seize all guns, and have all power rest with the state. These people are dangerously obsessed with power."
Which prompted a further response from Joe Biggs, a combat vet, "So basically @RepSwalwell wants a war. Because that’s what you would get. You're outta your fucking mind if you think I’ll give up my rights and give the gov all the power."
To which Rep. Swalwell decided to reply - in a not tyrannical-sounding way at all... "And it would be a short war my friend. The government has nukes. Too many of them. But they’re legit. I’m sure if we talked we could find common ground to protect our families and communities."
"So our government would nuke its own country in order to take guns? Wow," Biggs responded.
"Don’t be so dramatic. You claiming you need a gun to protect yourself against the government is ludicrous. But you seem like a reasonable person. If an assault weapons ban happens, I’m sure you’ll follow law," Swalwell tweeted back.
And after the furor exploded, Swalwell quickly resorted to the "it was sarcasm" excuse.
Now the question is - who will Twitter ban? The conservative-leaning 2nd Amendment-protector raising his 'social media' above the pulpit; or the liberal politician who is threatening to unleash nukes on domestic soil in order to ensure the citizenry follow his demands and hand over their means of defense?
To be continued...
https://www.zerohedge.com/news/2018-11-16/california-democrat-threatens-nukes-if-americans-dont-hand-over-their-guns
Simulations Plus SLP Reports FY2018 and Fourth Quarter
( SLP is almost a 100 bagger... Amazing ! )
Full Fiscal Year Pharmaceutical Software and Services Revenues Up 22.9%; Earnings per share of $0.50, up 51.4% over prior year
Simulations Plus, Inc. (SLP), a leading provider of software for pharmaceutical discovery and development, today reported its financial results for its 2018 fiscal year (FY18) and fourth quarter (4Q18) ended August 31, 2018.
Results for the 2018 fiscal year (FY18):
Revenues were $29.7 million, up 22.9% over $24.1 million in FY17
Gross profit was up 21.5%, or $3.8 million, to $21.7 million, from $17.8 million in FY17
SG&A expense increased 16.9% to $9.6 million from $8.2 million in FY17
As a percent of sales, SG&A decreased 1.7% to 32.3% from 34.0% in FY17
R&D expenditures were $3.9 million in FY18, up 45%, or $1.2 million, over $2.7 million in FY17
For FY18, $2.1 million was capitalized and $1.8 million was expensed
For FY17, $1.4 million was capitalized and $1.4 million was expensed
Operating income was $10.3 million up $2.0 million from $8.3 million in FY17
Net income, inclusive of a $1.2 million income tax benefit, was $8.9 million, up 54.4% from $5.8 million in FY17
Net income from operations increased 23.0%
Net income per fully diluted share was $0.50, up 51.4%, or $0.17, from $0.33 for FY17
Cash was $9.4 million, an increase of $3.2 million, or 51.2%, from $6.2 million at the end of FY17. Cash today is $9.5 million
Results for the fourth quarter of FY18 (4Q18):
Revenues were $6.7 million, up $422,000, or 6.7%, compared to $6.3 million in 4Q17
Gross profit was up 6.4% to $4.6 million, an increase of $274,000 from $4.3 million in 4Q17
SG&A decreased 8.2%, or $200,000, to $2.2 million from $2.4 million in 4Q17
R&D expenditures were $951,000, an increase of 9.3% from $870,000 in 4Q17
For 4Q18, $514,000 was capitalized and $437,000 was expensed
For 4Q17, $455,000 was capitalized and $415,000 was expensed
Operating income was $1.9 million up $452,000, or 31.3%, from $1.4 million in 4Q17
Net income was $1.34 million, up 16.2% from $1.15 million in 4Q17
Earnings per fully diluted share were $0.07, up 14.6%, or $0.01, over $0.06 in 4Q17
Shawn O’Connor, chief executive officer of Simulations Plus, said: “Fiscal 2018 financial results for the Company were excellent, continuing the trend of strong revenue growth and profitability the Company has enjoyed for many years.
https://finance.yahoo.com/news/simulations-plus-reports-fy2018-fourth-210500426.html
Simulations Plus Reports FY2018 and Fourth Quarter
( SLP is almost a 100 bagger... Amazing ! )
Full Fiscal Year Pharmaceutical Software and Services Revenues Up 22.9%; Earnings per share of $0.50, up 51.4% over prior year
Simulations Plus, Inc. (SLP), a leading provider of software for pharmaceutical discovery and development, today reported its financial results for its 2018 fiscal year (FY18) and fourth quarter (4Q18) ended August 31, 2018.
Results for the 2018 fiscal year (FY18):
Revenues were $29.7 million, up 22.9% over $24.1 million in FY17
Gross profit was up 21.5%, or $3.8 million, to $21.7 million, from $17.8 million in FY17
SG&A expense increased 16.9% to $9.6 million from $8.2 million in FY17
As a percent of sales, SG&A decreased 1.7% to 32.3% from 34.0% in FY17
R&D expenditures were $3.9 million in FY18, up 45%, or $1.2 million, over $2.7 million in FY17
For FY18, $2.1 million was capitalized and $1.8 million was expensed
For FY17, $1.4 million was capitalized and $1.4 million was expensed
Operating income was $10.3 million up $2.0 million from $8.3 million in FY17
Net income, inclusive of a $1.2 million income tax benefit, was $8.9 million, up 54.4% from $5.8 million in FY17
Net income from operations increased 23.0%
Net income per fully diluted share was $0.50, up 51.4%, or $0.17, from $0.33 for FY17
Cash was $9.4 million, an increase of $3.2 million, or 51.2%, from $6.2 million at the end of FY17. Cash today is $9.5 million
Results for the fourth quarter of FY18 (4Q18):
Revenues were $6.7 million, up $422,000, or 6.7%, compared to $6.3 million in 4Q17
Gross profit was up 6.4% to $4.6 million, an increase of $274,000 from $4.3 million in 4Q17
SG&A decreased 8.2%, or $200,000, to $2.2 million from $2.4 million in 4Q17
R&D expenditures were $951,000, an increase of 9.3% from $870,000 in 4Q17
For 4Q18, $514,000 was capitalized and $437,000 was expensed
For 4Q17, $455,000 was capitalized and $415,000 was expensed
Operating income was $1.9 million up $452,000, or 31.3%, from $1.4 million in 4Q17
Net income was $1.34 million, up 16.2% from $1.15 million in 4Q17
Earnings per fully diluted share were $0.07, up 14.6%, or $0.01, over $0.06 in 4Q17
Shawn O’Connor, chief executive officer of Simulations Plus, said: “Fiscal 2018 financial results for the Company were excellent, continuing the trend of strong revenue growth and profitability the Company has enjoyed for many years.
https://finance.yahoo.com/news/simulations-plus-reports-fy2018-fourth-210500426.html
LITE Lumentum slashes outlook after top customer requests shipment cut
( Shares are down 27% in pre-market )
Nov 12 (Reuters) - Laser sensor maker Lumentum Holdings Inc , which supplies parts for Apple Inc's latest iPhones, slashed its second-quarter forecast on Monday, saying one of its biggest customers had requested to materially cut shipments.
Lumentum did not name the customer.
The company now expects net revenue of $335 million to $355 million, compared with its prior range of $405 million to $430 million, and earnings per share of $1.15 to $1.34, down from $1.60 to $1.75. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva)
https://finance.yahoo.com/news/lumentum-slashes-outlook-top-customer-132154292.html
" just to be completely fair: "... someone for the democratic candidate attempted to count a non-citizen vote for the democratic candidate as a valid vote.
From the bizarreo file...
Democratic Lawyers Object To 'Non-Citizen' Florida Ballot Being Thrown Out
If there's one overriding lesson to be learned from the ballot-counting debacle in Broward and Palm Beach Counties, it's that, if you're trying to ensure an accurate vote count in Florida, then you're a racist.
That theme, which Florida Congressman Matt Gaetz learned this lesson the hard way when a liberal group employed the r-word in response to Gaetz's attempts to figure out exactly what is going on in Broward County.
And soon, trying to exclude votes cast by non-citizens could be construed as racist, because, in a shocking report culled directly from an unofficial transcript from the review of provisional ballots in Broward County, lawyers for Democratic candidates Andrew Gillum and Bill Nelson - who narrowly lost their bids for governor and senator, respectively - can be heard trying to stop a ballot cast by a non-citizen from being excluded from the official count. The ballot review was held earlier this week, before Florida's Secretary of State ordered the recount on Saturday.
Michael Barnett, the chairman of the Palm Beach County Republican Party, vouched for the validity of the transcript to the Federalist, which published the report.
Barnett told The Federalist that several Republican lawyers overheard the discussion during a back and forth between the canvassing board and attorney’s from the Gillum and Nelson campaigns.
"I would think this is something we could all agree on - that non-citizens shouldn’t vote, but evidently that’s not the case with Democrats," Barnett said.
"It’s really sad that we are having to deal with this in a close election. It just goes to show the depths they will go to in order to win."
The ballots were being reviewed after Broward County’s results showed significantly fewer votes than other races on the ballot, 25,000 to be exact. Election officials scrambled to add early in-person votes - including a "mystery" truckload of ballots - that, as fate would have it, increased the totals for Democrats.
Barnett said that Republicans are closely monitoring the recount as the canvassing boards review the ballots. "We want to make sure the Democrats don’t steal this election."
Meanwhile, Gillum, who conceded to his Republican opponent Ron DeSantis on Tuesday night, has decided to withdraw his concession and fight to "count every vote."
https://www.zerohedge.com/news/2018-11-10/democratic-lawyers-object-non-citizen-ballot-being-thrown-out