Passport to Wall Street http://www.pws.io/ pl-PL Copyright 2018, Passport to Wall Street 60 Markets surge higher on China news. http://www.pws.io/markets-surge-higher-on-china-news <p class='black-text'>The markets shot higher to start the week as comments from Washington over the weekend indicated that the possibility of a trade war with China had been put "on hold" as the two largest economies reached a deal to suspend tariff threats. China agreed that they would consider new efforts to import more energy and commodities from the U.S. to help reduce the trade deficit.</p><p class='black-text'>This sent the Dow 30 higher by 297, the S&P 500 up 20, and the Nasdaq 100 higher on the day by 39.</p><p class='black-text'>General Electric <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GE"><span style="color:#333">(</span><span style=";">GE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was one of the big movers in the Dow today as the company announced a $20 billion merger of it's transportation business with Wabtec, a rail equipment manufacturer. Shares of GE popped 2% on the news hitting it's highest prices since early February.</p><p class='black-text'>Micron <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MU"><span style="color:#333">(</span><span style=";">MU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were higher by 3.91% today, leading the S&P 500 in gains as the company announced it would raise it's expectations going forward. The company raised their revenue forecast for the third quarter which investors jumped all over. The company also has over 50% of sales coming from China, so news about the trade war being "on hold" was a strong boost for share prices today.</p><p class='black-text'>Other names that were higher on the China news included SkyWorks Solutions <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SWKS"><span style="color:#333">(</span><span style=";">SWKS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SWKS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SWKS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SWKS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Broadcom <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AVGO"><span style="color:#333">(</span><span style=";">AVGO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AVGO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AVGO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AVGO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> as SkyWorks has 83% of it's sales coming from China. Broadcom currently has 54% of it's sales from China.</p><p class='black-text'>Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were higher by 2.77% today, nearly erasing Friday's declines after CEO, Elon Musk tweeted about a new model 3 which would include a "dual motor" option which would give it a top speed of 155 mph. This new model 3 will come at a cost of around $78,000. For now short term investors continue to buy on hints and tweets about the future, but Wall Street remains in full sell mode.</p> http://www.pws.io/markets-surge-higher-on-china-news Mon, 21 May 2018 08:07:19 -0400 Dustin Tibbitts Stock of the week: Walmart http://www.pws.io/stock-of-the-week-walmart <p class='black-text'>Today we look at the possibility of a short trade on Walmart from a technical perspective. What is it about this move that is causing technical traders to want a short position and where will they be looking for their target?</p><iframe width="100%" height="400" src="https://youtu.be/embed/ud-uTXuVy7w" frameborder="0" allowfullscreen></iframe> http://www.pws.io/stock-of-the-week-walmart Mon, 21 May 2018 01:29:32 -0400 Dustin Tibbitts Cryptocurrency Week in Review http://www.pws.io/cryptocurrency-week-in-review-1-2 <p class='black-text'>The third week of May was exciting for the cryptocurrency markets. The biggest news was the <a href="https://www.forbes.com/sites/billybambrough/2018/05/17/consensus-2018-twitters-jack-dorsey-and-snoop-dogg-close-bitcoin-conference/#685fa6f05e7c">Consensus 2018 blockchain conference</a> in New York City.</p><p class='black-text'><a href="http://www.chicagotribune.com/business/ct-biz-coinbase-bitcoin-cryptocurrency-exchange-20180518-story.html">Crypto giant Coinbase</a>, the first stop for most American investors, wants to grow. It is looking not only to become a provider of institutional services, but also wants to become a fully licensed exchange and grow its assets under management to rival traditional finance powerhouses like Fidelity and Charles Schwab. Coinbase has a simple goal: to become the best and easiest-to-use regulated exchange, offering safe storage and great customer service. Though there will be tough competition with the likes of Gemini, Kraken, Robinhood, and Square, Coinbase could become a household name.</p><p class='black-text'><a href="https://www.cnbc.com/2018/05/18/floating-island-is-planned-with-government-cryptocurrency-and-houses.html">The Floating Island Project</a> is an ambitious plan to build a new society in the Pacific Ocean. The project is a pilot program in partnership with the French Polynesia government. The $50 million project is funded by Blue Frontiers and the Seasteading Institute, through sales of the Varyon token. Its final vision includes hundreds of island-states with sovereign governments, business centers, and houses.</p><p class='black-text'><a href="https://www.cnbc.com/2018/05/17/crypto-investors-advises-hold-bitcoin-cash-and-ethereum-sell-ripple.html">Ran Neu-Ner</a>, an early Bitcoin (BTC) investor, founder of Onchain Capital, and host of CNBC Africa's "Crypto Trader," revealed the cryptos he loves and hates. Neu-Ner is neutral on BTC, thinking it will grow but be eclipsed by more exciting cryptos. He is bullish on Bitcoin Cash (BCH) and Ethereum (ETH), pointing at their utility. He also likes Oasis, Zilliqa, and Thunder Token. He does not like the centralized nature of Ripple (XRP) and advises to sell.</p><p class='black-text'><a href="https://www.ccn.com/snapchats-main-investor-is-forming-a-cryptocurrency-fund/">Reports indicate that LightSpeed Venture Partners,</a> a venture capital firm that invested in Snap <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SNAP"><span style="color:#333">(</span><span style=";">SNAP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SNAP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SNAP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SNAP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and the Telegram ICO, is planning to create a cryptocurrency investment fund. It aims to invest directly in blockchain projects and ICOs, though the exact strategy has not been finalized.</p><p class='black-text'>It seems <a href="http://bitcoinist.com/iranians-will-buy-cryptocurrency-as-economy-collapses-analyst-says/">Iran is catching the crypto wave</a>. Iranian government officials reported that their country's citizens have spent more than $2.5 billion in crypto. They also confirmed that Iran is currently attempting to create its own state cryptocurrency. As the consequences of US withdrawal from the Iran nuclear deal continue to hurt Iran's economy, more Iranians may look to crypto for stability.</p><p class='black-text'>The <a href="https://www.coindesk.com/the-sec-just-launched-a-fake-ico-website-to-educate-investors/">US Securities and Exchange Commission (SEC) trolled investors</a> in a lesson about ICO fraud. On Wednesday, the SEC set up a website for a fake ICO called HoweyCoin and promoted the website. The ICO used crypto buzzwords and promised great investment returns. Once a person clicked the "Buy Coins Now!" button, the website redirected to the SEC's educational material, which listed red flags of potential ICO scams. The fact that people fell for HoweyCoin should be a reminder for people to do their own research and due diligence.</p><p class='black-text'><a href="https://www.ccn.com/cryptocurrency-market-loses-42-billion-in-3-days-as-tokens-struggle/">Though crypto prices fell slightly</a> this week, they are still trading around $375 billion. BTC tested the $8,000 level, and ETH bounced from $650. Many investors hoped that Consensus would cause prices to rise, but it seems more apprehension remains.</p><p class='black-text'><i>The author owns a small amount of BTC.</i></p> http://www.pws.io/cryptocurrency-week-in-review-1-2 Sun, 20 May 2018 20:22:20 -0400 Eric Yao Not All Big Banks Hate Bitcoin and Cryptocurrency http://www.pws.io/not-all-big-banks-hate-bitcoin-and-cryptocurrency <p class='black-text'>During the Consensus 2018 blockchain conference in New York City, <a href="https://mashable.com/2018/05/14/consensus-2018-bankers-against-bitcoin/#0NtIA6EQbsqf">a group of actors staged</a> a satirical protest, pretending to be "bankers against Bitcoin." The protestors held signs pining for high transfer and remittance fees. In light of the classic trope of cryptocurrency versus big global financial institutions, let's look at how each big bank stands on Bitcoin (BTC) and cryptocurrency.</p><p class='black-text'>The biggest bank in the US by total assets, JP Morgan Chase <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JPM"><span style="color:#333">(</span><span style=";">JPM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JPM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JPM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JPM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, is warming up to the idea of cryptocurrencies. Today the bank's co-president, <a href="https://www.cnbc.com/2018/05/16/jp-morgans-daniel-pinto-talks-bitcoin-amazon-big-stock-downturn.html">Daniel Pinto, gave an interview </a>with CNBC in which he seemed optimistic about crypto. <a href="https://hacked.com/jpmorgan-will-look-into-cryptocurrency-according-to-co-president/">He stated that JPMorgan is looking</a> into BTC futures and trading digital currencies. Though he criticized the private, anonymous nature of crypto, he conceded that tokenization of the economy is a real prospect. It seems JPMorgan is considering following the footsteps of Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to service a market for institutional clients.</p><p class='black-text'>Bank of America <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BAC"><span style="color:#333">(</span><span style=";">BAC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BAC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BAC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BAC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> remains anti-Bitcoin and anti-crypto. It was one of the earliest to ban crypto purchases on its credit cards, and even <a href="https://www.coindesk.com/bank-america-closing-three-year-olds-account-crypto/">closed a child's account </a>because of an alleged crypto connection. Recently, <a href="https://www.coindesk.com/bank-of-america-bitcoin-bubble-is-already-popping/">the bank has also called BTC</a> one of history's greatest bubbles, and said it is already popping. This month its <a href="https://cointelegraph.com/news/bank-of-america-cto-calls-bitcoin-troubling-reconfirms-credit-card-purchase-ban">CTO, Kathy Bessant, called crypto </a>troubling, as it is "designed to not be transparent." She added that crypto hurts banks' efforts to catch bad actors and criminals.</p><p class='black-text'>Wells Fargo <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WFC"><span style="color:#333">(</span><span style=";">WFC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WFC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WFC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WFC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is also rather hostile to BTC and crypto, though it keeps a comparatively low profile on the topic. In January <a href="https://www.investopedia.com/news/wells-fargo-bans-brokers-bitcoin-investment-trust-fund/">the bank banned </a>its brokers from trading the Bitcoin Investment Trust (GBTC) financial product. <a href="https://www.reddit.com/r/Bitcoin/comments/8ex0pj/attack_on_cash_wells_fargos_new_policy_soon_all/">Many customers have complained</a> on Reddit that Wells Fargo is hostile to both crypto and cash.</p><p class='black-text'>Citigroup <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/C"><span style="color:#333">(</span><span style=";">C</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="C" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="C" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="C" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has been sending mixed signals. In January, Citi's <a href="http://fortune.com/2018/01/30/bitcoin-gold-cryptocurrency-citi/">private banking division argued</a> that BTC is not digital gold, citing high volatility and speculation. But recently, <a href="http://www.businessinsider.com/citigroup-is-looking-to-staff-up-its-anti-money-laundering-unit-with-bitcoin-pros-2018-4">it has been looking to hire people</a> with a crypto background to help staff its anti-money laundering division. Its job listings sought a "Bitcoin Professional Certification," an unusual request.</p><p class='black-text'><a href="https://blogs.wsj.com/moneybeat/2018/05/16/bitcoiners-take-new-york-but-wall-street-resists-the-lure/">So Wall Street's </a>is no longer as dead set against crypto as it once seemed. Goldman continues to be a pioneer in Wall Street's relationship with crypto, and other big banks are likely to start testing the waters. The demand for crypto from institutional clients, potentially including hedge funds, pension funds, and university endowments, will be a major factor in the future. Some banks will probably follow Goldman and JPMorgan and create crypto trading desks, but it is likely that risks and regulations will ensure continued bans on credit card purchases. Of course, some banks, like the Berkshire-owned <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BRK.A"><span style="color:#333">(</span><span style=";">BRK.A</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BRK.A" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BRK.A" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BRK.A" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Wells Fargo and Bank of America, will remain averse to the idea of cryptocurrency.</p><p class='black-text'><i>The author owns a small amount of BTC and no other securities above.</i></p> http://www.pws.io/not-all-big-banks-hate-bitcoin-and-cryptocurrency Sun, 20 May 2018 20:17:52 -0400 Eric Yao Plenty to Choose From This Week in the IPO World http://www.pws.io/plenty-to-choose-from-this-week-in-the-ipo-world <p class='black-text'>There are a whopping 8 IPOs on the calendar this week seeking a total of $1.3 billion in proceeds. There are a few tech companies which will likely get all the media attention, along with some biotech names and more Chinese offerings.</p><p class='black-text'>First up is Evo Payments <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EVOP"><span style="color:#333">(</span><span style=";">EVOP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EVOP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EVOP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EVOP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which will likely receive the most media attention. The Atlanta-based company is seeking $210 million by offering 14 million shares at $14 - $16. Evo Payments is a payment processing company with over 525, 000 customers to its proprietary systems around the globe. The company feels they are in a prime position for growth.</p><p class='black-text'>Another headline IPO this week will likely be GreenSky <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GSKY"><span style="color:#333">(</span><span style=";">GSKY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GSKY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GSKY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GSKY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Also based in Atlanta, this company is focused on the digital lending market, with specific focus on merchant financing. They will be the largest offering of the week with a $750 million IPO. Look for 34 million shares to be offered at a range of $21 - $23.</p><p class='black-text'>If you like biotech IPOs, then there are four for you to choose from this week. The largest on offer is Kiniksa Pharmaceuticals <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/KNSA"><span style="color:#333">(</span><span style=";">KNSA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="KNSA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="KNSA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="KNSA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which develops inflammatory and autoimmune medications, and which will be seeing $126 million. They are offering 7 million shares at a range of $17 - $19.</p><p class='black-text'>Next is Scholar Rock <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SRRK"><span style="color:#333">(</span><span style=";">SRRK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SRRK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SRRK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SRRK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which focuses on spinal muscular atrophy diseases. They are a smaller offering, looking for $75 million to continue their development. Look for 5 million shares to come to market around $13 - $15.</p><p class='black-text'>Iterum Therapeutics <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ITRM"><span style="color:#333">(</span><span style=";">ITRM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ITRM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ITRM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ITRM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is working on antibiotics to target drug resistant bacterial infections and is in need of around $80 million. Their offering will consist of 5.3 million shares being offered around $14 - $16.</p><p class='black-text'>The last biotech is the smallest, with only an $8 million offering. Hancock Jaffe Labs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HJLI"><span style="color:#333">(</span><span style=";">HJLI</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HJLI" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HJLI" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HJLI" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is focused on prosthetics for cardiovascular surgeries and will offer 1.1 million shares at a range of $6 - $8.</p><p class='black-text'>The last two names are Chinese companies focused in the tech space. Ambow Education <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMBO"><span style="color:#333">(</span><span style=";">AMBO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMBO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMBO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMBO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is an education and career-training service, which is looking for $6 million to further their growth. They will offer 1.5 million shares at a low range of $3.50 - $4.50.</p><p class='black-text'>The second name is CLPS <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CLPS"><span style="color:#333">(</span><span style=";">CLPS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CLPS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CLPS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CLPS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> an IT services company focused on helping the financial sector in China. They will be looking for $11 million by offering 2 million shares at a range of $5 - $5.50.</p> http://www.pws.io/plenty-to-choose-from-this-week-in-the-ipo-world Sun, 20 May 2018 20:11:32 -0400 Dustin Tibbitts Elon Musk's Testy Earnings Call Sparks Tesla Plunge http://www.pws.io/elon-musks-testy-earnings-call-sparks-tesla-plunge <p class='black-text'>Earnings calls are usually pretty tame affairs: analysts ask questions about a company's performance, company executives answer, and that's a wrap. But on May 2, Elon Musk had a <a href="http://money.cnn.com/2018/05/02/technology/tesla-elon-musk-earnings-call/index.html">bizarre call </a>with analysts that sent Tesla's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> stock <a href="http://fortune.com/2018/05/03/elon-musk-tesla-wall-street-analysts-earnings/">down</a> nearly 5% in after-hours trading, even though it had just posted better-than-hoped-for results.</p><p class='black-text'>Musk seemed testy throughout the call. For instance, when an analyst from Bernstein tried to engage with Tesla CFO Deepak Ahuja on a question about capital expenditures, Musk interrupted, "Excuse me. Next. Boring, bonehead questions are not cool." When another analyst from RBC Capital Markets then tried to ask about the Model 3 - Tesla's first attempt at a mass-market car, which has been rife with production problems - Musk simply refused to answer.</p><p class='black-text'>Musk then took the unorthodox approach of taking questions from a YouTube <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> user, complaining that the questions from analysts were so "dry" that they were "killing [him]." Musk then let the YouTube user - Galileo Russell, Tesla enthusiast and host of the channel "HyperChange TV," ask dozens of questions over the course of 20 minutes, covering topics from self-driving ride-sharing initiatives to the development of Tesla's Model Y crossover project, production for which isn't expected to begin until early 2020. When the user asked about Musk's decision to let other car brands use Tesla's charging stations, Musk offered only the curt explanation that he thought to do otherwise would be "lame."</p><p class='black-text'>Musk also took the call as an opportunity to rant about the media, calling journalists who have reported on Tesla car accidents that occurred when the vehicle's Autopilot feature was on "irresponsible" for making the public trust self-driving vehicles less.</p><p class='black-text'>Musk later <a href="https://twitter.com/elonmusk/status/992362594961780742">apologized </a>for the call on Twitter. Musk also released some of the specs on the upcoming Model 3, calling it "<a href="https://twitter.com/elonmusk/status/992362594961780742">amazing</a>," and perhaps doing some damage control.</p><p class='black-text'>Tesla has come under scrutiny lately over its cash flow and with the Tesla 3 production, which has been beset with delays and technical difficulties. This isn't the first time that Musk has lost his temper publicly, and some expected that he <a href="https://www.wired.com/story/elon-musk-better-things-than-tesla/">wouldn't have the patience</a> to handle Tesla <a href="https://www.marketwatch.com/story/tesla-is-a-large-public-company-and-elon-musk-must-start-acting-like-it-2017-08-02">once it went public</a> in 2010, particularly while he still helms SpaceX, a private company where Musk can focus on his <a href="https://www.vanityfair.com/news/2018/05/elon-musk-having-his-kanye-west-moment">idiosyncratic</a> brand of innovation without dealing with the obligations of a public company.</p> http://www.pws.io/elon-musks-testy-earnings-call-sparks-tesla-plunge Sat, 19 May 2018 18:35:26 -0400 Ariel Courage At Separate Conferences, Google and Microsoft Tout Innovation and Security http://www.pws.io/at-separate-conferences-google-and-microsoft-tout-innovation-and-security <p class='black-text'>There were two major tech conferences earlier this month: Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> <a href="https://www.theverge.com/2018/5/8/17319908/microsoft-build-conference-2018-news-recap-highlights-windows-10">Build 2018</a>, from May 7 to May 9, and Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> I/O, from May 8 to May 10. Which conference boasted the most excitement and innovation? Here's the biggest news from each event.</p><p class='black-text'><a href="https://www.theverge.com/2017/8/30/16224876/microsoft-amazon-cortana-alexa-partnership">A year ago,</a> Microsoft announced that it was going to integrate its personal digital assistant, Cortana, with Amazon Echo and Alexa, the virtual assistants developed by Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. The Build 2018 conference was the first time Microsoft demonstrated how this integration will actually work. The feature remains in beta, but Microsoft has launched a <a href="https://info.microsoft.com/Subscribe-to-receive-news-about-Cortana-Alexa">website</a> where consumers can keep track of the project's development.</p><p class='black-text'>Microsoft also introduced Windows 10 Timeline, which helps keep track of apps and activities for users. The Timeline function will now be usable with both iOS and Android, too. For the time being, it will mostly be Microsoft's proprietary apps that are synced to Timeline, but Microsoft is actively encouraging app developers to allow this functionality. In other cross-platform news, Microsoft previewed a new app, dubbed Your Phone, that will sync Android phones and Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> iPhones with Windows 10. CEO Satya Nadella has made compatibility<a href="https://www.theverge.com/2018/5/7/17324920/microsoft-ceo-satya-nadella-interview-windows-10-build-2018"> a major part </a>of the Microsoft vision.</p><p class='black-text'>Microsoft also revealed that it's about to make a major change in the way it pays developers. It's long been standard practice for big app stores to take a 30% cut of all revenue an app earns, but Microsoft will now under certain circumstances - only for consumer apps, but not including games - take only a 5% cut. Microsoft has had trouble attracting developers to its store, so the company is clearly hoping that this will be a huge draw.</p><p class='black-text'>Other major announcements include that Microsoft will be reimagining its Kinect device, formerly an accessory for its Xbox gaming console, as a cloud service, and a change in the way Alt-Tab works that will make it easier for users to navigate between tabs.</p><p class='black-text'>Meanwhile, over at Google I/O, the focus was on a different kind of innovation: machine learning. Google ran a demo of its <a href="https://techcrunch.com/2018/05/18/what-we-know-about-googles-duplex-demo-so-far/">Duplex system</a>, a digital voice assistant capable of imitating a human to make calls for appointment scheduling - setting up an appointment at a salon or making a restaurant reservation, for instance. The service drew unexpected controversy for the dubious ethics involved in having a computer pose as a human. To allay some of these concerns, Google has since announced that Google Assistant will <a href="https://www.theverge.com/2018/5/18/17370156/google-assistant-duplex-alert-people-recording-phone-calls">notify people</a> that Duplex calls are being recorded.</p><p class='black-text'>Google also announced that it will launch a Google News project, which will compile articles based on a user's taste and will include a fact-checking component. Some users are also <a href="https://www.theverge.com/2018/5/9/17334632/google-io-2018-personal-assistant">worried</a> that this, too, might pose ethical problems, as Google becomes ever more mixed into our personal lives. Google's introduction of Gmail Smart Compose, a predictive composition feature that will help users write emails faster, is another example of this general trend. Google also introduced Smart Displays, a screen-enriched smart speaker system, which will be on sale through hardware partners like Lenovo (HKG: 0992), LG (KRX: 066570), Sony <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SNE"><span style="color:#333">(</span><span style=";">SNE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SNE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SNE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SNE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and JBL <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JBL"><span style="color:#333">(</span><span style=";">JBL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JBL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JBL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JBL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p> http://www.pws.io/at-separate-conferences-google-and-microsoft-tout-innovation-and-security Sat, 19 May 2018 17:59:28 -0400 Ariel Courage Trump and China May Avert Trade War http://www.pws.io/trump-and-china-may-avert-trade-war <p class='black-text'>A recent tweet from US President Donald Trump suggests he might be open to reversing his trade policy with China. The two economies have experienced tensions lately that some fear may spark a trade war. Trump's reversal may include removing sanctions against Chinese telecom giant ZTE in a larger effort to protect US farmers and agriculture.</p><p class='black-text'>Although details are sparse and the deal may not advance, the negotiation included <a href="http://www.businessinsider.com/trump-china-zte-reverse-agricultural-tariffs-2018-5">removing sanctions</a> on ZTE. In return, the Chinese government reportedly would not impose tariffs on US agricultural products, which covered a wide variety of goods, including pork, apples, and wine. China instituted these tariffs only in response to Trump's steel and aluminum tariffs.</p><p class='black-text'>In addition to tariff relief, the Chinese may also make it easier for other US agricultural products to enter the country as well.</p><p class='black-text'>ZTE is a <a href="https://www.vox.com/world/2018/5/14/17352088/trump-zte-china-trade-war">Shenzhen-based telecommunication</a>-equipment producer that makes inexpensive smartphones and relies so much on components shipped from the US that many feared the company would go under in the wake of Trump's tariffs.</p><p class='black-text'>Earlier in 2017, the US <a href="http://www.businessinsider.com/trump-china-zte-reverse-agricultural-tariffs-2018-5">Commerce Department</a> hit ZTE with sanctions after they did business in Iran and North Korea, a violation of US rules. ZTE was not allowed access to US-made parts for its phones and equipment, hurting the company's operations and nearly put them out of business.</p><p class='black-text'>Given ZTE's importance to the Chinese economy, China sought to convince the Trump administration to reverse the move, prompting Trump to leverage any move with an ease in trade with the US. Chinese economic advisor Liu He <a href="https://www.washingtonpost.com/news/the-switch/wp/2018/05/13/trump-pledges-to-help-chinese-phone-maker-zte-get-back-into-business/?noredirect=on&utm_term=.dde26becc87d">told</a> US negotiators that there is no chance of a deal without the United States removing the seven-year ban on ZTE.</p><p class='black-text'>According to <a href="https://www.wsj.com/articles/u-s-china-discussing-deal-on-zte-agricultural-tariffs-1526313679"><i>The Wall Street Journal</i></a>, on Sunday, President Donald Trump said in a tweet that he was working with Chinese President Xi Jinping to get ZTE "a way to get back into business, fast," as there had been "too many jobs in China lost." Trump said the Commerce Department has been instructed to "get it done!"</p><p class='black-text'>The comment marked a sharp shift for Trump, who has long accused China of stealing US jobs and made the claim that the US was "being weak with China" a central focus of his campaign. The US <a href="https://www.washingtonpost.com/news/the-switch/wp/2018/05/13/trump-pledges-to-help-chinese-phone-maker-zte-get-back-into-business/?noredirect=on&utm_term=.dde26becc87d">Treasury</a> and Commerce departments had been strongly aligned against ZTE as recently as several days ago in one of the toughest actions to date against a Chinese company.</p><p class='black-text'>Several members of the Trump administration have criticized the deal as "outrageous" and claiming that any future deal means "<a href="https://www.washingtonpost.com/news/the-switch/wp/2018/05/13/trump-pledges-to-help-chinese-phone-maker-zte-get-back-into-business/?noredirect=on&utm_term=.dde26becc87d">giving up </a>on punishing ZTE for the Chinese restoring the trade status quo."</p><p class='black-text'>Both China and the US are showing a potential willingness to negotiate that is only expected to continue as Liu He<a href="https://www.cnbc.com/2018/05/17/trade-talks-donald-trump-meets-chinas-vice-premier-liu-he.html"> traveled </a>to the US to meet with Trump to talk trade.</p> http://www.pws.io/trump-and-china-may-avert-trade-war Sat, 19 May 2018 15:51:35 -0400 Rebecca Bruce Slow Day to Close Out the Week http://www.pws.io/slow-day-to-close-out-the-week <p class='black-text'>Friday was a slow news day, causing a low-volume session. Trade talks between China and the US were the main focus, leading the Dow 30 to close higher by only 11, the S&P 500 to lose 7, and the Nasdaq 100 to close lower on the day by 28.</p><p class='black-text'>Interest rates took a break to end the week's push higher. The 10-Year note pulled back from its record 3.1% mark hit on Thursday. Investors are mostly still concentrating on the pace of the Federal Reserve's tightening plan, as good economic numbers keep coming out, suggesting the Fed could raise rates faster than expected. This has led to investors selling treasuries in the short term.</p><p class='black-text'>Retail earnings continue to draw attention, with the last of the names reporting weak results. Nordstrom <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JWN"><span style="color:#333">(</span><span style=";">JWN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JWN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JWN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JWN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> reported sales that came in below expectations, a metric which now includes both their full-price stores, as well as their online retail, like Nordstrom.com and TrunkClub. The move to combine sales numbers may have backfired as investors sold off shares to the tune of 10.90%. Technical traders will note the break below major support.</p><p class='black-text'>Campbell Soup <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CPB"><span style="color:#333">(</span><span style=";">CPB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CPB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CPB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CPB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares fell 12.37% today as it was unexpectedly announced that CEO Denise Morrison would step down after seven years. This came as the company reported an earnings loss of $393 million for the quarter. The loss was mostly due to a charge off of $647 million for its Fresh division, which has struggled. The company also announced that it would start a complete review of its brands, including the Fresh division and recent purchase of Snyder's Lance, the makers of Cape Cod chips as well as their pretzel brand. The stock is lower by almost 30% this year alone.</p> http://www.pws.io/slow-day-to-close-out-the-week Sat, 19 May 2018 15:34:33 -0400 Dustin Tibbitts Sleepy day for the stock market as investors digest a slew of news. http://www.pws.io/sleepy-day-for-the-stock-market-as-investors-digest-a-slew-of-news <p class='black-text'>The markets were higher to start the day today, led by a strong move in energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Earnings held back the major averages as Walmart <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WMT"><span style="color:#333">(</span><span style=";">WMT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WMT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WMT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WMT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> saw some selling pressure after reporting better than expected earnings, along with Cisco <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CSCO"><span style="color:#333">(</span><span style=";">CSCO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CSCO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CSCO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CSCO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> which disappointed.</p><p class='black-text'>After comments from President Trump about China the markets began their move lower. Ultimately, the Dow 30 closed lower by 54, the S&P 500 lost 2, and the Nasdaq 100 lost 15 on the day. Earnings in the retail space continue to be a focus as investors get a clear picture of how the spring shopping season seems to be off to a late start thanks to a longer winter. Interest rates were also a factor as the 10 year note pushed above 3.1% for the first time since 2011</p><p class='black-text'>Wells Fargo <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WFC"><span style="color:#333">(</span><span style=";">WFC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WFC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WFC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WFC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was back in the news again for unethical practices. A report from the Wall Street Journal said that Wells Fargo employees "improperly altered or added information on documents related to corporate customers." without customer consent. The activity took place last year and early this year as the bank was trying to comply with a regulatory consent order over anti-money laundering controls, the report says. Shares were lower by 1.49%.</p><p class='black-text'>JC Penny <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JCP"><span style="color:#333">(</span><span style=";">JCP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JCP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JCP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JCP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares tanked today, losing 12.38% as the company reported earnings that missed expectations as well as lowered guidance going forward. Revenue fell 4.3%, and same store sales came in well below the 2% growth mark expected by Wall Street. The company tried to blame the performance on a longer winter but investors had none of it. Shares are now lower by over 30% in the last year.</p><p class='black-text'>Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was once again in the news, but this time thanks to an aggressive report from an analyst at Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> that said the company would need to raise as much as $10 billion in the next two years to stay afloat. The report says that they should have no problem raising the money but that it would have an adverse effect on share prices which they expect to fall to $195 in the next 6 months.</p><p class='black-text'>In other news, it appears that surging interest rates are not deterring buyers. It seems that they are moving even faster to buy what little, affordable inventory there is. According to Freddie Mac the average 30 year interest rate rose to 4.61% last week and homes went under contract after a median 36 days on the market. This is the fastest since 2010 according to redfin. Home prices jumped 7.6 percent in April from a year earlier to a median of $302,200, and sellers got a record 98.8 percent of what they asked on average, Redfin said Thursday.</p> http://www.pws.io/sleepy-day-for-the-stock-market-as-investors-digest-a-slew-of-news Thu, 17 May 2018 20:54:13 -0400 Dustin Tibbitts Retail News Helps Stocks Recover http://www.pws.io/retail-news-helps-stocks-recover <p class='black-text'>The markets were higher today following good news from the retail sector as well as strong tech stocks. The Dow 30 was higher by 62, the S&P 500 added 11, and the Nasdaq 100 rose the most today, gaining 46 on the day.</p><p class='black-text'>Shares of Macy's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/M"><span style="color:#333">(</span><span style=";">M</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="M" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="M" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="M" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> broke to new highs on the year, adding 10.79% thanks to earnings that came in better than expected. A key metric, same store sales, came in at 4.2% - way better than analyst predictions of 1.4%. The CEO commented that the company is seeing "continued healthy consumer spending," which caused them to raise their outlook going forward. Much of the retail sector <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XRT"><span style="color:#333">(</span><span style=";">XRT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XRT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XRT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XRT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was higher (+1.62%) on the news. Nike <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NKE"><span style="color:#333">(</span><span style=";">NKE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NKE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NKE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NKE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, a seller to Macy's, saw shares move to new highs, adding 2.65% on the news.</p><p class='black-text'>Kellogg <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/K"><span style="color:#333">(</span><span style=";">K</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="K" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="K" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="K" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> announced yesterday that it would cease manufacturing in the country due to "worsening economic conditions." Today Venezuelan authorities have seized their cereal factory as President Maduro called their decision "unconstitutional and illegal," stating that the factory will continue production. Shares were only lightly affected by the news.</p><p class='black-text'>Apple (NASADQ: AAPL) was in the news today as institutional investors are officially on record reducing their holdings by over 153 million shares in the first quarter. This is the largest decrease in holding since the financial crisis of 2008. Thanks to rapid share buybacks, as well as 75 million of those shares going to Warren Buffett, the stock was largely unaffected by this.</p><p class='black-text'>Teva Pharmaceutical <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TEVA"><span style="color:#333">(</span><span style=";">TEVA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TEVA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TEVA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TEVA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the latest stock to feel the Buffet effect today as Berkshire Hathaway announced that it had increased its position in the pharma company. Shares were higher by 3.00% on the day, nearing highs for the year.</p> http://www.pws.io/retail-news-helps-stocks-recover Thu, 17 May 2018 13:29:24 -0400 Dustin Tibbitts As Trump Pushes Tariffs, Quotas Return http://www.pws.io/as-trump-pushes-tariffs-quotas-return <p class='black-text'>Import quotas have returned to fill the void Trump's tariffs created.</p><p class='black-text'>US officials have so far largely relied on tariffs to reduce imports of <a href="https://www.wsj.com/articles/quotas-make-a-comeback-as-countries-seek-u-s-tariff-exemptions-1526031000">steel, aluminum, and Chinese goods. </a>Even though an import quota may sound nicer than a tariff, its effect on the economy can be just as bad.</p><p class='black-text'>Economically, there's little difference - both tariffs and quotas are designed to reduce the quantity of imports and raise prices. However, a tariff at least produces <a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html">revenue for the US government</a>. A quota, by contrast, instead lets foreign producers keep an equivalent windfall from higher prices.</p><p class='black-text'>"Economists generally don't like either of them,"<a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html"> says Monica de Bolle</a>, a senior fellow at the Peterson Institute for International Economics, "but if you need to have one, tariffs tend to be better than quotas. Tariffs at least operate through the price mechanism."</p><p class='black-text'>South Korea was the first to strike a deal. It will reduce steel shipments <a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html">30% below the average level of the last three years.</a></p><p class='black-text'>The Commerce Department said on <a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html">May 1</a> that it had reached quota agreements with Argentina and Australia. It also proposed a steel quota for Brazil, but Brazilian officials said they had not agreed to it.</p><div class="image-holder"><img id="6057" alt="" src="//images1.paszport.ws/cached_images/486856a6e3633de7546525a69873f1de.jpg" /> <div class="copyright-holder">&copy; the White House / Flickr.com</div> </div><p class='black-text'>The European Union is also looking into the option of tolerating quotas on metal imports to the US in an attempt to avoid a trans-Atlantic trade war, according to EU officials. The condition for such a deal would be that any US limits on steel and aluminum from the<a href="https://www.bloomberg.com/news/articles/2018-05-07/eu-is-said-to-consider-trade-quotas-to-settle-u-s-tariff-threat"> 28-nation bloc be set at levels no lower than its 2017 shipments to the American market</a>, the officials in Brussels said. EU exports to the US last year of both metals were worth a combined<a href="https://www.bloomberg.com/news/articles/2018-05-07/eu-is-said-to-consider-trade-quotas-to-settle-u-s-tariff-threat"> $7.6 billion.</a></p><p class='black-text'>Trump is using the tariffs as leverage in NAFTA negotiations with Canada and Mexico. He's given them until <a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html">June 1</a> to agree on quotas.</p><p class='black-text'>"Economies are dynamic, they're always evolving, and you have this fixed quota in place," <a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html">de Bolle says.</a> "The fixed quota could become more and more binding, and the distortion could become ever greater."</p><p class='black-text'>EU leaders plan to discuss trade and the US during a dinner session at an informal summit in Sofia, Bulgaria, later this month, according to<a href="https://www.bloomberg.com/news/articles/2018-05-07/eu-is-said-to-consider-trade-quotas-to-settle-u-s-tariff-threat"> reports</a>.</p><p class='black-text'>Before the initial waiver expired, the Trump administration offered the EU a quota equal to<a href="https://www.bloomberg.com/news/articles/2018-05-07/eu-is-said-to-consider-trade-quotas-to-settle-u-s-tariff-threat"> 90% </a>of last year's shipments to the US. The EU refused the proposal. Last week, EU national diplomats established that no limits below the bloc's 2017 export levels to the American market would be acceptable.</p><p class='black-text'>The upshot of using quotas is that it is a means by which to <a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html">avoid a trade war.</a> If the US goes ahead with steel and aluminum tariffs, the EU has threatened to retaliate against products including <a href="http://www.stltoday.com/business/columns/a-nice-alternative-to-tariffs-no-quotas-are-just-as/article_c51f8045-9c77-5297-a240-4fec4e5d64b5.html">Levi's jeans, Harley-Davidson motorcycles <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HOG"><span style="color:#333">(</span><span style=";">HOG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HOG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HOG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HOG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and bourbon.</a> The return of quotas will bring in a slew of changes that may wreak havoc on international markets, at least temporarily.</p> http://www.pws.io/as-trump-pushes-tariffs-quotas-return Thu, 17 May 2018 13:25:34 -0400 Tamanna Chhibbar ETF update and review. http://www.pws.io/etf-update-and-review <p class='black-text'>After a strong move higher last week the S&P 500 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> finds itself pulling back. So far this week the SPY is in the red which many are accepting of considering the recent runup. With news out of China and the 10 year note on the rise the SPY has struggled to find new bulls to buy it up.</p><p class='black-text'>The Nasdaq 100 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has been a little weaker so far thanks to pullbacks in names like Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Technical traders will note the possibility of a short term uptrend developing so this pullback so far this week seems all a part of the process.</p><p class='black-text'>Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was a big headline Tuesday as the price per ounce fell below $1300 for the first time since December. The GLD sold off 1.61% on Tuesday alone, falling below all short term technical levels in the process. Technical traders also took note of the close below the 200 day moving average as well.</p><p class='black-text'>Volatility <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VXX"><span style="color:#333">(</span><span style=";">VXX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VXX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VXX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VXX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shot higher by 7% on Tuesday as investors took the opportunity to hedge in the short term. With global tension back on the rise, investors were taking no chances. For the last few weeks volatility has slid lower, staying out of the front page news.</p><p class='black-text'>With the spike in interest rates so far this week, the homebuilders <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XHB"><span style="color:#333">(</span><span style=";">XHB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XHB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XHB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XHB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, along with other interest rate sensitive areas of the market have fallen to lows. The HXB is just a a few cents from breaking yearly lows as it's steady downtrend continues. For the year homebuilders have lost almost 15% with no end in sight.</p> http://www.pws.io/etf-update-and-review Wed, 16 May 2018 02:54:30 -0400 Dustin Tibbitts Interest Rate Spike Sends Markets Lower http://www.pws.io/interest-rate-spike-sends-markets-lower <p class='black-text'>The markets fell today as investors focused once again on the 10-year treasury note, earnings, and weak news out of China. The Dow 30 was lower by 192, the S&P 500 sold off 18, and the Nasdaq 100 closed down on the day by 59.</p><p class='black-text'>China announced investment and retail sales for April, which came in below expectations. They also announced a drop in home sales, which concerned global investors about their economic outlook.</p><p class='black-text'>The 10-year Treasury note rose sharply today, hitting new highs of 3.09%. Prices hit their lowest levels since 2011, causing many investors to move out of stocks. This move in yield has an impact on investors because it is used as a measure of future mortgage rates, among other things.</p><p class='black-text'>In other news, the Commerce Department reported that retail sales increased by 0.3% in April, further cementing investor expectations that the Federal Reserve will raise rates three times this year.</p><p class='black-text'>In one of the day's strongest earning headlines, Home Depot <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HD"><span style="color:#333">(</span><span style=";">HD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares sold off 1.60%. The retail chain reported earnings that were better than expected, but sales came in lower. The company blamed this on an unusually "slow start" to spring sales, which historically have been strong. While many expected customers to be buying grills, gardening supplies, and lawn furniture, the company reported overall transactions lower by 1.3% during the quarter thanks to a "long winter." Shares of rival Lowe's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LOW"><span style="color:#333">(</span><span style=";">LOW</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LOW" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LOW" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LOW" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> were lower by 0.99% on the day following the news.</p><p class='black-text'>Gap <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GPS"><span style="color:#333">(</span><span style=";">GPS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GPS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GPS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GPS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was higher by 2.60% today following an upgrade to outperform from Telsey Advisory Group citing good valuation levels. The analyst noted that they thought "promotional pressures in the industry are already reflected in Gap's current prices." Shares have been sliding lower all year long.</p><p class='black-text'>In other news, Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> fell below $1300 an ounce for the first time since December as the dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shot to new highs on the year.</p> http://www.pws.io/interest-rate-spike-sends-markets-lower Tue, 15 May 2018 21:42:17 -0400 Dustin Tibbitts AT&T Paid Trump Attorney for Administration 'Insights' http://www.pws.io/att-paid-trump-attorney-for-administration-insights <p class='black-text'>On Tuesday last week, telecommunications behemoth AT&T <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/T"><span style="color:#333">(</span><span style=";">T</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="T" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="T" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="T" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> revealed that it had paid President Donald Trump's lawyer Michael Cohen for "<a href="https://www.cnbc.com/2018/05/08/att-confirms-it-paid-trump-lawyer-michael-cohen-for-insights-on-administration.html">insights</a>" about the Trump administration.</p><p class='black-text'>Porn star Stormy Daniels' lawyer, Michael Avenatti, said AT&T had made four separate payments of <a href="https://www.cnbc.com/2018/05/08/att-confirms-it-paid-trump-lawyer-michael-cohen-for-insights-on-administration.html">$50,000</a> to Cohen's company, for a total of <a href="https://www.cnbc.com/2018/05/08/att-confirms-it-paid-trump-lawyer-michael-cohen-for-insights-on-administration.html">$200,000</a>, in late 2017 and into early 2018. The allegations come in addition to Daniels also claiming drug giant Novartis <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NVT"><span style="color:#333">(</span><span style=";">NVT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NVT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NVT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NVT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and a company controlled by a Russian oligarch all made payments to <a href="https://www.cnbc.com/2018/05/08/att-confirms-it-paid-trump-lawyer-michael-cohen-for-insights-on-administration.html">Cohen's shell company.</a></p><p class='black-text'>"Following these payments, reports surfaced that Mr. Trump took a dinner with the incoming CEO of Novartis before Mr. Trump's speech at the World Economic Forum in Davos, Switzerland in late January 2018," Avenatti's report <a href="https://www.cnbc.com/2018/05/08/att-confirms-it-paid-trump-lawyer-michael-cohen-for-insights-on-administration.html">said</a>.</p><p class='black-text'>AT&T paid Essential Consultants LLC, a firm set up by Cohen, a total of <a href="https://www.reuters.com/article/us-usa-trump-daniels-at-t-exclusive/exclusive-att-ceo-says-hiring-trump-lawyer-was-big-mistake-memo-idUSKBN1IC1L6">$600,000 </a>over 2017 for the advice. Cohen and others were hired to help navigate "a wide range of issues," including its proposed <a href="https://www.reuters.com/article/us-usa-trump-daniels-at-t-exclusive/exclusive-att-ceo-says-hiring-trump-lawyer-was-big-mistake-memo-idUSKBN1IC1L6">$85 billion merger</a> with Time Warner Inc <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWX"><span style="color:#333">(</span><span style=";">TWX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, CEO Randall Stephenson said in a memo seen by Reuters.</p><p class='black-text'>The disclosure of AT&T's relationship with Cohen has turned into a major source of chagrin for the telecommunications company as it awaits a US judge's decision, due June 12th, on whether it can go through with the purchase of Time Warner, a deal that has been denounced by <a href="https://www.reuters.com/article/us-usa-trump-daniels-at-t-exclusive/exclusive-att-ceo-says-hiring-trump-lawyer-was-big-mistake-memo-idUSKBN1IC1L6">Trump</a>.</p><p class='black-text'>"There is no other way to say it - AT&T hiring Michael Cohen as a political consultant was a big mistake," the memo <a href="https://www.reuters.com/article/us-usa-trump-daniels-at-t-exclusive/exclusive-att-ceo-says-hiring-trump-lawyer-was-big-mistake-memo-idUSKBN1IC1L6">said</a>.</p><p class='black-text'>In a fact sheet that accompanied the memo, AT&T said Cohen approached them about working on their behalf in the post-election transition. He was given a one-year contract at<a href="https://www.reuters.com/article/us-usa-trump-daniels-at-t-exclusive/exclusive-att-ceo-says-hiring-trump-lawyer-was-big-mistake-memo-idUSKBN1IC1L6"> $50,000</a> per month, which ran from January through December 2017, that was limited to consulting and advisory services.</p><p class='black-text'>"To be clear, everything we did was done according to the law and entirely legitimate," Stephenson <a href="https://www.reuters.com/article/us-usa-trump-daniels-at-t-exclusive/exclusive-att-ceo-says-hiring-trump-lawyer-was-big-mistake-memo-idUSKBN1IC1L6">wrote</a> in the memo. "But the fact is our past association with Cohen was a serious misjudgment."</p><p class='black-text'>Cohen was also hired by investment management company <a href="https://www.cnbc.com/2018/05/14/democrats-want-answers-from-att-novartis-about-payments-to-trump-lawyer.html">Columbus Nova</a> "as a business consultant regarding potential sources of capital and potential investments in real estate and other ventures," according a <a href="https://www.cnbc.com/2018/05/14/democrats-want-answers-from-att-novartis-about-payments-to-trump-lawyer.html">statement</a> from the company.</p><p class='black-text'>AT&T's head lobbyist, Bob Quinn, who oversaw the hiring of Cohen, is retiring, according to the memo. But two <a href="https://www.reuters.com/article/us-usa-trump-daniels-at-t-exclusive/exclusive-att-ceo-says-hiring-trump-lawyer-was-big-mistake-memo-idUSKBN1IC1L6">sources</a> familiar with the situation said Quinn was forced to retire.</p><p class='black-text'>Swiss pharmaceutical giant Novartis said it made monthly payments to Cohen's company totaling <a href="https://www.cnbc.com/2018/05/08/att-confirms-it-paid-trump-lawyer-michael-cohen-for-insights-on-administration.html">$1.2 million </a>for guidance "as to how the Trump administration might approach certain US healthcare policy matters." Novartis said it determined Cohen was "<a href="https://www.cnbc.com/2018/05/08/att-confirms-it-paid-trump-lawyer-michael-cohen-for-insights-on-administration.html">unable</a>" to provide the desired services after a meeting in March 2017.</p> http://www.pws.io/att-paid-trump-attorney-for-administration-insights Mon, 14 May 2018 20:51:13 -0400 Tamanna Chhibbar Facebook Creates a New Blockchain Group http://www.pws.io/facebook-creates-a-new-blockchain-group <p class='black-text'>Hopping on the cryptocurrency bandwagon, Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has now taken on a new blockchain initiative rooted in Bitcoin. <a href="https://www.cnbc.com/2018/05/08/facebook-forms-a-new-blockchain-group-headed-by-coinbase-board-member.html">David Marcus</a>, the head of Facebook's Messenger unit, will spearhead the group exploring this technology.</p><p class='black-text'>"I'm setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch," Marcus<a href="https://www.cnbc.com/2018/05/08/facebook-forms-a-new-blockchain-group-headed-by-coinbase-board-member.html"> said in a post </a>Tuesday afternoon on the social media site. Marcus joined the board of <a href="https://www.cnbc.com/2018/05/08/facebook-forms-a-new-blockchain-group-headed-by-coinbase-board-member.html">Coinbase</a>, the leading US marketplace for buying and selling cryptocurrencies, in December. "After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge," he <a href="https://www.theverge.com/2018/5/8/17332894/facebook-blockchain-group-employee-reshuffle-restructure-david-marcus-kevin-weil">said</a>.</p><p class='black-text'>The move comes four months after Zuckerberg said in a Facebook <a href="https://www.theverge.com/2018/5/8/17332894/facebook-blockchain-group-employee-reshuffle-restructure-david-marcus-kevin-weil">post</a> that he wanted the company to "go deeper and study the positive and negative aspects of" cryptocurrencies.</p><p class='black-text'>Instagram's current VP of Product, <a href="https://www.theverge.com/2018/5/8/17332894/facebook-blockchain-group-employee-reshuffle-restructure-david-marcus-kevin-weil">Kevin Weil</a>, will be leaving that particular role to join the new blockchain team under Marcus. Up until now, these are the only two positions that have been announced for the team, in the midst of a lot of other employee <a href="https://www.theverge.com/2018/5/8/17332894/facebook-blockchain-group-employee-reshuffle-restructure-david-marcus-kevin-weil">reshuffling</a>.</p><p class='black-text'>In light of the Cambridge Analytica scandal, blockchain may seem on the surface to be a method by which to revamp security and appease stakeholders. On the other hand, it could also invite more government scrutiny. While the blockchain technology may be used for payments, Facebook could theoretically use it instead to check credentials, or even to trace user<a href="https://www.engadget.com/2018/05/08/facebook-creates-blockchain-group/"> data collected by third parties.</a></p><p class='black-text'>The issue here is that while blockchain would technically make Facebook a more secure platform in general, it would also endow Facebook itself with more power. The extent to which people are willing to give Facebook this power is limited, especially because of the privacy concerns that have been raised of late.</p><p class='black-text'>Outside of digital money, blockchain is most commonly used as a decentralized, secure approach to establishing trust; for instance, you can use to verify <a href="https://www.engadget.com/2018/05/08/facebook-creates-blockchain-group/">ID without having to go through a central service.</a></p><p class='black-text'>Interestingly, Facebook has expressed disdain for <a href="https://www.engadget.com/2018/05/08/facebook-creates-blockchain-group/">crypto-influenced advertisements</a>. Some think this ban is hypocritical in light of this new initiative.</p> http://www.pws.io/facebook-creates-a-new-blockchain-group Mon, 14 May 2018 20:44:01 -0400 Tamanna Chhibbar Crypto Week In Review May 12 http://www.pws.io/crypto-week-in-review-may-12 <p class='black-text'>The second week of May has brought exciting news for the cryptocurrency markets. Arguably the biggest news is that the <a href="https://cheddar.com/videos/facebook-plans-to-create-its-own-cryptocurrency">social media giant Facebook (FB) is seriously considering </a>creating its own cryptocurrency only days after unveiling a brand new blockchain group. Because the reports remain anonymous, the public is unsure what exactly Facebook's token project will be or how it will work with its existing ecosystem.</p><p class='black-text'>Here's the rest of the crypto week in review:</p><p class='black-text'>On Monday, <a href="https://www.cnbc.com/2018/05/07/bill-gates-i-would-short-bitcoin-if-i-could.html">Bill Gates</a>, the founder of Microsoft (MSFT), said on CNBC's Squawk Box that Bitcoin (BTC) and cryptocurrency as an asset class are bad investments. He claimed that because crypto does not produce anything, investing is participation in a "greater fool theory." Gates added: "I agree I would short it if there was an easy way to do it." In response, <a href="https://www.cnbc.com/2018/05/08/tyler-winklevoss-tells-bill-gates-how-to-short-bitcoin.html">Tyler Winklevoss tweeted</a> at Gates to tell him how to short BTC with CBOE futures contracts and to put his money where his mouth is. Gates did not publicly respond.</p><p class='black-text'>Another member of the global elite who publicly criticized crypto this week was billionaire investor Warrant Buffet, of Berkshire Hathaway (BRK.A) fame. Over the weekend, <a href="http://money.cnn.com/2018/05/07/investing/warren-buffett-bitcoin/index.html">Buffett told CNBC </a>that Bitcoin is "rat poison squared." He compared it to gold and belittled gold's historical returns. He warned that crypto will "come to bad endings." Berkshire's vice chairman Charlie Munger went further, calling crypto dementia and "trading turds." It seems Buffett and company are permanent "nocoiners" and crypto bears.</p><p class='black-text'>Meanwhile, the rest of Wall Street is quickly catching the crypto fever. <a href="https://www.nytimes.com/2018/05/07/technology/bitcoin-new-york-stock-exchange.html">Intercontinental Exchange</a> (ICE), the parent company of the New York Stock Exchange, is reportedly building a Bitcoin trading platform designed for institutional investors looking to diversify into digital assets.</p><p class='black-text'>Ethereum (ETH) and Ripple (XRP) are about to be more liquid. On Friday, <a href="https://www.forbes.com/sites/michaeldelcastillo/2018/05/11/cryptocurrency-trading-platform-launches-first-regulated-ethereum-futures/#4ad49e9de90a">the first-ever regulated ETH and XRP futures contracts were launched</a> by Crypto Facilities, a fintech startup under the purview of the United Kingdom's Financial Conduct Authority.</p><p class='black-text'>Finally, <a href="https://www.bloomberg.com/company/announcements/bloomberg_galaxy_launch_cryptocurrency_index/">Bloomberg and Galaxy Digital Capital Management</a>, a crypto firm founded by noted bull Michael Novogratz, launched the Bloomberg Galaxy Cryptocurrency Index (BGCI). It is an index of the top ten largest cryptos projects, very roughly weighted by market cap (both Bitcoin and Ethereum are 30% of the index). The index gives little real information about the overall health of the crypto market due to the weighting missteps and lack of constituents, but it's a good first attempt.</p><p class='black-text'>But positive news like the Facebook and Bloomberg stories didn't lift the market, suggesting significant selling pressure. <a href="https://www.ccn.com/8200-btc-moved-from-mt-gox-wallet-possible-sell-off-affects-bitcoin-price/">CCN noted</a> that another 8,200 Bitcoin moved from the Mt. Gox trustee wallet to the open market as part of the bankruptcy liquidation. Many have questioned why these coins are being dumped on exchanges rather than sold in dark pools or OTC, where they wouldn't tank the market.</p><p class='black-text'>The crypto markets were hit by strong resistance around the $475 billion level. Comments by Gates and Buffett, while biased and possibly unjustified, likely contributed to the selling pressure. BTC failed to break out above $10,000, and ETH was clobbered at $830. The majors are retesting their 200-day exponential moving averages, a key indicator as to whether last month's surge is the beginning of a new bull market or a false breakout.</p><p class='black-text'><i>The author owns a small amount of BTC.</i></p> http://www.pws.io/crypto-week-in-review-may-12 Mon, 14 May 2018 19:50:58 -0400 Eric Yao Slow news day means quiet market. http://www.pws.io/slow-news-day-means-quiet-market <p class='black-text'>The markets were higher today as investors saw efforts by President Trump to help technology firm ZTE as a sign that trade tensions were easing between the two nations. The Dow 30 was higher by 73, the S&P 500 jumped 2, and the Nasdaq 100 gained 8.</p><p class='black-text'>Semiconductors <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SMH"><span style="color:#333">(</span><span style=";">SMH</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SMH" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SMH" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SMH" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> were higher on the day as it was reported that Chinese regulators will restart a review of Qualcomm's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QCOM"><span style="color:#333">(</span><span style=";">QCOM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QCOM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QCOM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QCOM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> acquisition of NXP Semiconductors. The SMH was higher by 1.74% on the day.</p><p class='black-text'>Brinker International <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EAT"><span style="color:#333">(</span><span style=";">EAT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EAT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EAT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EAT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were lower by 4% today, now trading almost 7% off their highs. The company, most commonly known for it's restaurant brands, Chili's and Maggiano's said that payment information of some of their guests at Chilis "was compromised in a data incident in March and April." There have been 15 public data breaches at retail companies since last year including Whole Foods <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Under Armour <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UA"><span style="color:#333">(</span><span style=";">UA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'>Alphabet <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOG"><span style="color:#333">(</span><span style=";">GOOG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares popped another 0.18% today adding to their nearly 10% gain in just two weeks. The news was that the company's Waymo Autonomous driving unit had hired a Tesla executive who was the main contact on technology matters with U.S. safety regulators. Shares of Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> were lower by 1.60% on the news.</p><p class='black-text'>Xerox <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XRX"><span style="color:#333">(</span><span style=";">XRX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XRX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XRX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XRX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were extra volatile today, at one point hitting new lows as the company announced it has reached a settlement agreement with Carl Ichan, and will end it's merger deal with Fujifilm. Shares briefly broke to new lows but closed lower by only 4.31% on the day.</p> http://www.pws.io/slow-news-day-means-quiet-market Mon, 14 May 2018 08:30:44 -0400 Dustin Tibbitts After the Iran Deal, What's Next for the Oil Market? http://www.pws.io/after-the-iran-deal-whats-next-for-the-oil-market <p class='black-text'>On May 8th, Trump withdrew the US from the Joint Comprehensive Plan of Action, also known as the Iran nuclear deal. Even if the other signatories don't follow the US and refrain from reimposing sanctions, this decision has major political and economic consequences. This is particularly true for the oil market. Iran's oil production accounts for around <a href="https://www.eia.gov/tools/faqs/faq.php?id=709&t=6">5%</a> of total global oil output, and any trade restrictions will undoubtedly leave an imprint on the global oil market.</p><p class='black-text'>The Iran deal came into effect in <a href="https://www.state.gov/e/eb/tfs/spi/iran/jcpoa/">October 2015</a> as a joint effort of the US, Iran, France, Germany, Britain, Russia, and China. The Iran deal essentially lifted sanctions against Iran in exchange for imposing limits on Iran's nuclear development. Previous sanctions on oil exports from 2012 to 2016 cost Iran up to <a href="http://www.bbc.com/news/world-middle-east-33521655">160 bn USD</a>. The deal lifted the trade restrictions, enabling Iran to profit from the bullish oil market. Once exempted from oil production cuts, Iran supplied mainly Asian and European markets, with <a href="https://financialtribune.com/articles/energy-economy/77244/europe-receiving-40-of-irans-crude-oil-shipments">Eni (ENI.MI), Repsol (REP.MC), Royal Dutch Shell <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/RDS"><span style="color:#333">(</span><span style=";">RDS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="RDS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="RDS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="RDS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Total (NYSE</a><a href="https://financialtribune.com/articles/energy-economy/77244/europe-receiving-40-of-irans-crude-oil-shipments">: TOT</a><a href="https://financialtribune.com/articles/energy-economy/77244/europe-receiving-40-of-irans-crude-oil-shipments">)</a> among recipients.</p><p class='black-text'>On Monday, May 7th, Trump tweeted that he would announce his decision on Iran deal next day. Almost simultaneously, prices rose above 70 USD/barrel for WTI, breaking through the resistance level. On Tuesday morning, prices dropped again below 69 USD/barrel, suggesting that the withdrawal from Iran deal might have been already priced in. The remaining trading sessions last week were mostly bullish, with the max price on the level of 71.89 USD/barrel for WTI. On Friday, the price dropped by over 1.25% to 70.51 USD/barrel, mainly due to the news that the rig count hit its <a href="http://markets.businessinsider.com/commodities/news/oil-price-us-rig-count-highest-since-march-2015-2018-5-1024158662">highest leve</a>l in the US since 2015.</p><p class='black-text'>According to a Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> note, published on Wednesday, current Iranian oil output is<a href="https://www.reuters.com/article/us-iran-nuclear-oil-goldman/iran-deal-withdrawal-other-global-issues-risk-higher-oil-prices-goldman-sachs-idUSKBN1IA29S?rpc=401&"> 3.8 million barrels a day</a> (bpd). The reimposed sanctions could cut production by 0.5 million bpd and threaten recently kicked-off investment projects in Iranian oil and gas sector. One of the most impacted might be French Total, which may be forced to downsize its activity in the <a href="https://www.reuters.com/article/us-iran-gas-south-pars/total-risks-entire-iran-investment-if-it-pulls-out-of-project-iran-minister-idUSKBN1DL1TT">South Pars field. </a>With current geopolitical risks in the Middle East and crushing oil production in Venezuela, the bullish sentiment is reasonable.</p><p class='black-text'>Other major oil producers have also reacted to Trump's decision. The shortage of oil supply caused by sanctions imposed on Iran can be easily offset by increased production by US shale producers, who constantly add new rigs. This scenario resembles <a href="https://www.washingtonpost.com/business/economy/what-trumps-decision-on-iran-nuclear-deal-means-for-oil-prices/2018/05/07/c202d2be-4fcf-11e8-b725-92c89fe3ca4c_story.html?noredirect=on&utm_term=.9fb1ddc3c8ce">the situation from 2009</a>, when oil prices remained low because of the introduction of shale technology, despite heavy sanctions on Tehran. The impact of Trump's decision depends also on the reaction of other signatories, who <a href="http://www.dw.com/en/donald-trump-withdraws-us-from-iran-nuclear-deal-how-the-world-reacted/a-43708940">called on Iran to remain committed to the deal </a>and who may find avenues to circumvent US sanctions. Europe has a particular interest in maintaining a relationship with Iran, as they have become a major recipient of Iranian oil in recent years.</p><p class='black-text'>The trade restrictions reimposed on Iran might not have an immediate impact on the oil prices, but they are a sign of geopolitical tensions in the region. The risks associated with possible conflicts in the Middle East and the development of Iranian nuclear program will stimulate bullish sentiment in the long term. The US production can offset it for now, but the geopolitical uncertainty can become a major force on the market.</p> http://www.pws.io/after-the-iran-deal-whats-next-for-the-oil-market Sun, 13 May 2018 14:29:58 -0400 ​Dominika Rzechorzek Trump Weekly: Iran Deal, North Korea, Melania Trump and More http://www.pws.io/trump-weekly-iran-deal-north-korea-melania-trump-and-more <p class='black-text'>In a controversial move, Trump withdrew the US from the Iran nuclear deal on Tuesday this week. This means that the US will again impose sanctions on Iran, and may pursue further penalties. Though consistent with Trump's iconoclastic foreign policy thus far, the move still shocked US allies, many of whom had pressured Trump in the weeks leading up to the decision to keep the deal. Indeed, European allies to the US may attempt to <a href="https://www.washingtonpost.com/world/asia_pacific/pompeo-north-korea-can-haverichly-deserved-opportunities-in-return-for-peace/2018/05/09/b51febfa-51a4-11e8-b00a-17f9fda3859b_story.html?noredirect=on&utm_term=.282db2c19848">fight back</a> against Trump's sanctions. Iran's authorities denounced the administration's withdrawal.</p><p class='black-text'>In a victory for Trump, North Korea released three American detainees to the US. Trump applauded their return on Thursday, traveling to meet the men at Joint Base Andrews near Washington. Their release comes in the wake of Secretary of State Mike Pompeo's trip to North Korea, in which he<a href="https://www.washingtonpost.com/world/asia_pacific/pompeo-north-korea-can-haverichly-deserved-opportunities-in-return-for-peace/2018/05/09/b51febfa-51a4-11e8-b00a-17f9fda3859b_story.html?noredirect=on&utm_term=.282db2c19848"> offered</a> "all the opportunities the [North Korean people] so richly deserve" as a reward for shuttering their nuclear weapons program.</p><p class='black-text'>Trump also confirmed the <a href="https://www.nytimes.com/2018/05/10/world/asia/trump-north-korea-singapore.html?rref=collection%2Fnewseventcollection%2Fdonald-trump-white-house&action=click&contentCollection=politics&region=stream&module=stream_unit&version=latest&contentPlacement=9&pgtype=collection">details</a> for his summit meeting with Kim Jong-un. The date is set for June 12, and will be held in Singapore.</p><p class='black-text'>In the domestic sphere, more has come to light about Trump's attorney, Michael Cohen, and his various business dealings. The same shell company that Mr. Cohen used to pay hush money to Stormy Daniels also received payments from multiple corporations that had business dealings with the Trump organization, including <a href="https://www.nytimes.com/2018/05/11/technology/att-cohen-trump-time-warner.html">AT&T </a><nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/T"><span style="color:#333">(</span><span style=";">T</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="T" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="T" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="T" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and at least one American company linked to a Russian oligarch.</p><p class='black-text'>Meanwhile, Gina Haspel, Trump's pick to run the CIA, faced questions before the Senate Intelligence Committee over her involvement in torture in the wake of the September 11, 2001 attacks. Senator John McCain, himself a torture victim during the Vietnam War, penned a letter explaining why he could not support Gina Haspel. Trump staffer Kelly Sadler stirred up controversy by<a href="https://www.cnn.com/2018/05/10/politics/white-house-kelly-sadler-john-mccain/index.html"> remarking </a>that opposition from McCain, who has cancer, is immaterial because "he's dying anyway."</p><p class='black-text'>Finally, Melania Trump <a href="https://www.cnn.com/2018/05/07/politics/melania-trump-unveils-platform-be-best/index.html">rolled out</a> her "Be Best" campaign, her formal platform. It is her first official undertaking since entering the White House. The campaign has three major, if somewhat disparate, prongs: well-being, fighting opioid abuse, and promoting positivity on social media to counteract cyberbullying. This last pillar of the program has drawn criticism particularly since Trump himself is prone to <a href="https://www.nytimes.com/interactive/2016/01/28/upshot/donald-trump-twitter-insults.html">bullying behavior</a> onTwitter.</p> http://www.pws.io/trump-weekly-iran-deal-north-korea-melania-trump-and-more Sun, 13 May 2018 14:15:58 -0400 Ariel Courage After Breakneck Pace, IPO Markets Slow a Little http://www.pws.io/after-breakneck-pace-ipo-markets-slow-a-little <p class='black-text'>After a few weeks of IPOs filled with plenty of diversity, the pace will slow a little this week. Currently the IPO market is moving at a record clip, raising more money than we've seen since just before the 2008 financial crisis. With volatility creeping lower lately, the environment has been almost perfect for companies to launch. This week we have three names on the block:</p><p class='black-text'>The first IPO, which will most likely get most of the attention, is Pluralsight <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PL"><span style="color:#333">(</span><span style=";">PL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, an enterprise-level online training company. The company is looking for $228 million, which gives them a value of just over $1.5 billion. This may be persuasive to some investors, particularly considering the rapid growth of the company. If you dig a little deeper, though, you'll find that Pluralsight's marketing efforts have resulted in sharp losses. They will offer 20 million shares at a range of $10 - $12.</p><p class='black-text'>Second up is Trinity Merger <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TMCXU"><span style="color:#333">(</span><span style=";">TMCXU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TMCXU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TMCXU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TMCXU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, a blank check company focused in the real estate sector. The company is looking to raise $300 million by offering 30 million shares at $10. The proceeds will be used to acquire a particular real estate business. As is common with blank check companies, the acquisition target remains a mystery.</p><p class='black-text'>Finally, VectoIQ Acquisition <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VTIQU"><span style="color:#333">(</span><span style=";">VTIQU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VTIQU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VTIQU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VTIQU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is another blank check company, though it is focused on the transportation space. The company is seeking $200 million by offering 20 million shares at $10 and has strong management experience on board.</p> http://www.pws.io/after-breakneck-pace-ipo-markets-slow-a-little Sun, 13 May 2018 14:15:16 -0400 Dustin Tibbitts As NAFTA Talks Resume, US Keeps Pressure High http://www.pws.io/as-nafta-talks-resume-us-keeps-pressure-high <p class='black-text'>As the US tries to wrap up its overhaul of the North American Free Trade Agreement, it wants to add new rules that would penalize the Mexican auto industry unless it boosts wages to about <a href="https://www.wsj.com/articles/u-s-pushes-nafta-partners-to-accept-a-wage-floor-in-auto-sector-1525685401">$16 an hour.</a> This could be negotiators' final chance to reach a deal before the talks are put on hold during upcoming elections.</p><p class='black-text'>The proposed new rules could be a challenge for Mexico, where the Ann Arbor, Michigan-based Center for Automotive Research has estimated auto assembly workers on average earn under <a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK">$6 an hour,</a> and workers at auto parts plants on average earn less than <a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK">$3 an hour.</a></p><p class='black-text'>Experts claim that any deal rests on the ability of Mexico and the United States to resolve the dispute over <a href="http://www.baystreet.ca/economiccommentary/2222/NAFTA-Talks-Resume-Amid-Growing-Tensions-Over-Automotive-Parts-Manufacturing">auto parts.</a> If an agreement is not reached this week, it is improbable that NAFTA will be revised this year, as both Mexico and the US will soon be occupied with national election campaigns through the remainder of 2018. Mexico has an <a href="http://www.baystreet.ca/economiccommentary/2222/NAFTA-Talks-Resume-Amid-Growing-Tensions-Over-Automotive-Parts-Manufacturing">upcoming presidential election and the US has midterm congressional elections. </a></p><p class='black-text'>Other challenges include the future of the pact's dispute-resolution mechanism and a US proposal for a<a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK"> sunset clause</a> that could automatically kill the deal after five years.</p><p class='black-text'>"We will be working all week on this," Mexican Economy Minister Ildefonso Guajardo<a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK"> told reporters</a> after talks with US Trade Representative Robert Lighthizer. Asked how long he would be staying in Washington, he <a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK">replied</a>: "We will be here for as long as necessary."</p><p class='black-text'>Guajardo earlier told the <a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK">news</a> that if a deal could not be reached, "we would be operating what some analysts have called 'Zombie NAFTA' ... (one) that isn't dead and isn't modernized."</p><p class='black-text'>The classification of the NAFTA as a "zombie" endeavor is nothing new; there have been contentions against its productivity on all fronts for years now.</p><p class='black-text'>Mexico's main auto sector lobby have criticized the latest US demands, which also include raising the North American content to 75% from the current 62.5% over a period of four years for light vehicles, calling them "<a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK">not acceptable.</a>"</p><p class='black-text'>Despite claiming that he wants to secure a deal in the coming weeks, Secretary Lighthizer has failed to display signs of softening on proposals that Canada and Mexico see as <a href="http://www.baystreet.ca/economiccommentary/2222/NAFTA-Talks-Resume-Amid-Growing-Tensions-Over-Automotive-Parts-Manufacturing">damaging</a> to their interests, particularly concerning the automotive industry.</p><p class='black-text'>Lighthizer <a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK">said</a> last week that if the talks took too long, approval by the Republican-controlled US Congress may be on "thin ice." The aim is to complete a vote during the "lame-duck" period before a new Congress is seated after November's congressional elections.</p><p class='black-text'>"What the U.S. government seeks is not to modernize the old NAFTA but rather to get an agreement that would destroy trade and investment among the three North American partners," former Mexican president Ernesto Zedillo <a href="https://www.reuters.com/article/us-trade-nafta/nafta-talks-resume-amid-fears-of-zombie-deal-idUSKBN1I80BK">wrote</a>.</p><p class='black-text'>Sealing the deal before elections implies that <a href="http://www.baystreet.ca/economiccommentary/2222/NAFTA-Talks-Resume-Amid-Growing-Tensions-Over-Automotive-Parts-Manufacturing">95%</a> of the deal will have to be agreed to. Whether this is feasible or not will depend entirely on the American disposition and willingness to concede to some extent. Thus far, the US has shown little inclination to capitulate.</p><p class='black-text'>Lighthizer has <a href="https://www.wsj.com/articles/u-s-pushes-nafta-partners-to-accept-a-wage-floor-in-auto-sector-1525685401">raised the idea </a>of a quick agreement in principle to cover the general outlines of a text, leaving officials to work out the exact details later.</p> http://www.pws.io/as-nafta-talks-resume-us-keeps-pressure-high Sat, 12 May 2018 07:54:59 -0400 Tamanna Chhibbar A Macro, Contrarian, Bullish Crypto Thesis http://www.pws.io/a-macro-contrarian-bullish-crypto-thesis <p class='black-text'>The months-long cryptocurrency bear market has made some investors disillusioned and hopeless as their crypto assets remain underwater. But I believe there are strong macroeconomic reasons to remain bullish on the crypto asset class in the long run.</p><p class='black-text'>I will first evaluate the usual reasons people give for being bullish on crypto. They include low current ownership rates and the dearth of big money in the sector.</p><p class='black-text'><a href="https://cointelegraph.com/news/how-many-americans-really-own-crypto-skewed-results-of-polls-and-surveys">If people across the world were asked</a> if they have heard of Bitcoin (BTC) or Ethereum (ETH), a majority would probably answer "no." Replace BTC and ETH with smaller coins and familiarity with ownership, and "yes" answers become even rarer. Few people own stocks, bonds, and real estate, but even fewer own crypto. As crypto continues to become more familiar and legitimate, more retail money from average people will push up demand and prices.</p><p class='black-text'>Institutional money also has yet to fully enter the crypto sector. In the first decade, most owners and users have been private citizens, technology enthusiasts, and retail investors. But that is starting to change. More crypto hedge funds cropped up last year. George Soros and Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> are preparing to trade crypto. Family offices and trading desks are increasingly interested in crypto investments. <a href="https://www.cnbc.com/2018/04/24/20-percent-of-financial-firms-are-looking-to-trade-crypto-in-2018-survey.html">As the crypto asset class matures</a> and becomes more regulated and legitimate, enormous institutional money inflows will likely rush in for the sake of diversification and the novelty factor.</p><p class='black-text'>While the previous sentiments are valid, perhaps the greatest argument for being long on crypto is the US's macroeconomic environment.</p><p class='black-text'><a href="https://en.wikipedia.org/wiki/History_of_Federal_Open_Market_Committee_actions#December_2015_historic_interest_rate_hike">The US Federal Reserve began a policy </a>of interest rate increases in December 2015. The Fed hiked the federal funds rate again in 2016, 3 times in 2017, again in March 2018, and is ready to hike two or three more times this year. Conventional wisdom is that US rate hikes decrease inflation and strengthen the dollar (USD), as rising interest rates decrease the incentive to borrow and spur domestic and foreign demand for savings and investment, resulting in a stronger dollar and disinflationary or deflationary pressure. However, <a href="https://www.tradingview.com/chart/?symbol=INDEX:DXY">the conventional view fails empirically</a>, as the dollar has fallen against a broad basket of currencies and assets since late 2015.</p><p class='black-text'>The Post-Keynesian school of thought known as <a href="https://en.wikipedia.org/wiki/Modern_Monetary_Theory">Modern Monetary Theory</a> can help explain why the dollar has tumbled, gold and commodities have risen, and cryptocurrencies have exploded since the 2015 rate hike. The conventional view has its reasoning wrong. Since the Fed is a price setter, its rate hikes are price hikes. Higher interest rates cause the costs of operating businesses-inventory and capital-to rise. Prices of goods and services rise to cover costs, so inflation increases. Higher rates also mean the federal government pays more interest on Treasury bonds, injecting more money into the economy, an inflationary change. Inflation weakens currencies, so the dollar falls. Various markets confirm that the yen, euro, gold, commodities, and crypto have all appreciated against the dollar.</p><p class='black-text'><a href="https://www.bloomberg.com/news/articles/2018-03-21/fed-raises-rates-steepens-path-of-hikes-as-outlook-strengthens">Because the Fed is committed</a> to rate hikes until 2021 at least, a fair forecast is that inflation will continue to rise, the dollar will keep falling, and crypto will continue growing. I believe the evidence shows that the US government is keen on an inflationary environment and therefore crypto will shine in time.</p><p class='black-text'><i>The author owns a small amount of BTC.</i></p> http://www.pws.io/a-macro-contrarian-bullish-crypto-thesis Sat, 12 May 2018 07:47:04 -0400 Eric Yao Markets close higher on the week. http://www.pws.io/markets-close-higher-on-the-week <p class='black-text'>The markets traded mixed into the weekend as investors seemed happy to take their weekly profits with them. The Dow 30 was higher by 90, the S&P 500 was higher by 4, and the Nasdaq 100 sold off 2.. It was a week of low volatility with very little in the way of trade-able news.</p><p class='black-text'>The S&P 500 and the Dow broke out of tight trading ranges this week, which every investor on the planet was watching. The break above the range allowed for smoother sailing to the upside in the short term. While many are not confident in the move just yet, it is a good start for the bulls.</p><p class='black-text'>The clear leader on the week was energy, given oil's break to new highs. The price of crude oil rose from $69.80 to nearly $72 per barrel this week as President Trump backed out of the Iran nuclear deal. The energy sector <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> added around 4%, and the oil explorers <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XOP"><span style="color:#333">(</span><span style=";">XOP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XOP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XOP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XOP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> enjoyed a weekly gain of around 6%. In the Dow, ExxonMobil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XOM"><span style="color:#333">(</span><span style=";">XOM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XOM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XOM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XOM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the best performing energy name with gains of around 6%.</p><p class='black-text'>Technology was the other major leader this week, with gains of over 3%. Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was one of the main leaders in the tech space as the stock added about 5.5%. Technical traders noted that Facebook has now officially erased all the losses from the Cambridge Analytica data breach. Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was also a big mover this week, adding another 2%. The bulls continued their push from the prior week as they found out about Warren Buffett's stock purchase.</p><p class='black-text'>Verizon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VZ"><span style="color:#333">(</span><span style=";">VZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> made headlines today as J.P. Morgan upgraded the name. This sent shares higher by 3%, right back into the 200 day moving average. J.P. Morgan commented that their strong dividend and 5G network plans will be "a boost" to their bottom line.</p> http://www.pws.io/markets-close-higher-on-the-week Sat, 12 May 2018 07:36:22 -0400 Dustin Tibbitts Ethereum Is At a Crossroads http://www.pws.io/ethereum-is-at-a-crossroads <p class='black-text'>Ethereum, the second-generation blockchain platform that enables decentralized applications and smart contracts, is at a crossroads. The project, with a second-highest market capitalization of $74.5 billion, faces potential regulatory and technical challenges ahead.</p><p class='black-text'><a href="https://www.wsj.com/articles/worlds-second-most-valuable-cryptocurrency-under-regulatory-scrutiny-1525167000">Last week the <i>Wall Street Journal </i></a>reported that U.S. regulators are currently examining whether Ether (ETH) and similar cryptocurrencies are securities under federal law. The piece focused on a recent speech by Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), in which he opined that ETH and Ripple (XRP) are unregistered securities. The article suggests that the Security and Exchange Commission (SEC) is conflicted about the determination of Ether's legal status. Although the article did not cite specific government sources, it was picked up by many news outlets in the crypto space.</p><p class='black-text'>The debate's fundamental question is: Does Ether pass the Howey test? The Howey test, named after a 1946 Supreme Court decision involving orange groves, asks if an instrument qualifies as an investment contract. It defines an investment contract under securities law as a contract that involves an investment of money from an expectation of profits arising from a common enterprise depending only on the efforts of a promoter or third party.</p><p class='black-text'><a href="https://cointelegraph.com/news/it-never-was-a-security-ethereum-under-the-regulatory-spotlight">Ethereum Foundation cofounder Joseph Lubin remains confident</a> that Ether is not a security. <a href="https://coincenter.org/entry/no-ether-is-not-a-security">The crypto advocacy nonprofit Coin Center establishes</a> an argument as to why. The main point is that even if the initial fundraising agreement in 2014 constituted an investment contract, Ether the token itself was not a security because of its utility and decentralized distribution. Regardless, if the rumors are true, and the SEC or CFTC decide to classify ETH or XRP as securities, then litigation will likely ensue.</p><p class='black-text'>Also, <a href="https://www.bloomberg.com/news/articles/2018-05-08/bitcoin-s-biggest-rival-faces-overhaul-as-computing-power-rises">Ethereum is undergoing the process</a> of shifting from proof-of-work to proof-of-stake. On May 8, <a href="https://www.coindesk.com/first-version-ethereums-casper-upgrade-published/">developers released the first version of Casper</a>, a planned improvement to the Ethereum network's consensus protocol. The updated version is a joint effort between the Ethereum Foundation research team, client developers, security auditors, and community members. Casper will change the Ethereum software so that the process of maintaining and securing the blockchain combines mining and voting. The voting system, called staking, involves users who stake deposits of ETH, which they risk losing in case of dishonesty, in order to help validate transactions and new blocks. Though there is no concrete timeline for completely switching the Ethereum network to Casper, a hard fork will be necessary in the future to finish the proof-of-stake transition.</p><p class='black-text'><a href="https://www.reddit.com/r/ethereum/comments/8hw9nf/casper_v01_first_release_casper_work_showing/">ETH holders and users have estimated</a> that wallet owners who stake ETH may be able to earn a yield of up to 5 percent per year. However, the staked funds will be locked up for a time period. If the node that the wallet owner is validating breaks the rules of consensus, then an undefined percentage of the staked ETH will be burned. Therefore, incentive for securing the network is a percentage of block rewards, and the risk is the lockup and loss of staked funds.</p><p class='black-text'>Ethereum is at an exciting time in its life. Regulatory considerations and proof-of-stake updates will continue to make the news.</p><p class='black-text'><i>The author does not hold any positions in any of the securities above.</i></p> http://www.pws.io/ethereum-is-at-a-crossroads Thu, 10 May 2018 15:38:18 -0400 Eric Yao Markets continue on win streak. http://www.pws.io/markets-continue-on-win-streak <p class='black-text'>The markets enjoyed another soliday day today as tech supported the major indices as well as positive inflation data. Before the open the labor department reported softer price data than expected which hinted to investors that the Federal Reserve may not need to raise rates at such an aggressive pace. Every analyst and trader still expects a rate hike at the June meeting. The Dow 30 was higher by 187, the S&P 500 gained 22, and the Nasdaq 100 was higher by 44 on the day.</p><p class='black-text'>The consumer price index results caused the 10 year note to fall back to the 2.96% level after breaking above 3% yesterday. The labor department also announced that weekly jobless claims came in a 211,000 which remains near record lows.</p><p class='black-text'>Limited Brands <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LB"><span style="color:#333">(</span><span style=";">LB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares hit new lows today, losing 7.14% in the process as the parent company of Victoria Secret warned Wall Street that first quarter profits may come in lower than expected. Shares are now lower by almost 45% on the year, and the company is due to report earnings on May 23rd.</p><p class='black-text'>Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares made headlines today as another crash is under investigation in Florida that killed two teens. The crash investigation is said not to include a focus on the autopilot, rather the lithium-ion battery that exploded into flames after the crash. Investors did not seem too concerned as share prices were only modestly lower on the day.</p><p class='black-text'>Lastly, Wells Fargo <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WFC"><span style="color:#333">(</span><span style=";">WFC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WFC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WFC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WFC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is once again at the front of the headlines and not for good reason. The company has admitted to keeping fee rebates that should have been passed on to a Tennessee public pension fund while acting as its trustee. The pension fund says since 2010, Wells Fargo has improperly retained $47K belonging to the fund. Wells Fargo does not deny the claims but blames it on "system error."</p> http://www.pws.io/markets-continue-on-win-streak Thu, 10 May 2018 08:10:18 -0400 Dustin Tibbitts Tech, energy, and financials push markets higher. http://www.pws.io/tech-energy-and-financials-push-markets-higher <p class='black-text'>The markets enjoyed a strong push to the upside today thanks to a strong energy sector as well as tech stocks. The Dow 30 closed higher by 122, the S&P 500 added 22, and the Nasdaq 100 showed the best gains on the day, adding 44. Technical traders will note the break above resistance on the S&P 500 as well as the Dow, a move that many had been waiting for.</p><p class='black-text'>Oil was a big supporter of the S&P 500 today as the price per barrel moved over $71, hitting new highs in the process. In the Dow 30, ExxonMobil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XOM"><span style="color:#333">(</span><span style=";">XOM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XOM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XOM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XOM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was your leader with gains of 2.38%. Chevron <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CVX"><span style="color:#333">(</span><span style=";">CVX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CVX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CVX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CVX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was another notable name that added 1.70% as well. In the S&p 500, Marathon Oil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRO"><span style="color:#333">(</span><span style=";">MRO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was your best performing energy stock, popping 4.04% on the day.</p><p class='black-text'>In what was previously bearish news for the markets, the 10 year note climbed back above 3%. Just a few weeks ago this was seen as a bearish sign and investors chose to sell off some of their stocks in the short term. Also noteworthy was the 2 year note which traded almost perfectly to a 10 year high.</p><p class='black-text'>Walmart <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WMT"><span style="color:#333">(</span><span style=";">WMT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WMT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WMT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WMT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were lower by 3.14% on the day as the company announced that they agreed to buy a majority stake in India based, Flipkart for $16 billion. The goal was to get larger access to India's market and Walmart seems to have spared no expense. Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares seemed to turn a blind eye to the transaction as shares were higher by 1%.</p> http://www.pws.io/tech-energy-and-financials-push-markets-higher Wed, 09 May 2018 08:27:02 -0400 Dustin Tibbitts Ready to breakout? http://www.pws.io/ready-to-breakout <p class='black-text'>The major indices continue to sit very close to technical levels this week. Resistance is immediately overhead on the S&P 500 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and literally every technical trader, and financial media outlet is looking at the same levels. For the week so far the SPY has remained relatively flat without much progress.</p><p class='black-text'>The Nasdaq 100 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has enjoyed a slightly better performance thanks to continued strength from Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and tech stocks early in the week. For the week the QQQ shows a modest gain, and is sitting just below recent resistance.</p><p class='black-text'>Oil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Oil Explorers <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XOP"><span style="color:#333">(</span><span style=";">XOP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XOP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XOP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XOP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> have been the real center of attention so far as traders adjust to the new reality of the US exiting the Iran nuke deal. Tuesday the President announced his withdrawal and the price of oil whipsawed around in a wide range. At one point in the day it was down 3.5% but closed well off it's lows. The XOP rocketed higher by 2%, nearly breaking to new highs.</p><p class='black-text'>Financials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLF"><span style="color:#333">(</span><span style=";">XLF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> got a nice boost Tuesday following news out of Citigroup <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/C"><span style="color:#333">(</span><span style=";">C</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="C" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="C" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="C" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. The financial sector has struggled to gain any real momentum lately as investors may have already priced in the next Federal Reserve rate hike which most feel will happen at the June meeting.</p><p class='black-text'>Finally the dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> continues to power ahead this week, adding to the last few weeks of gains. Technical traders will note the resistance level going back to last October as a possible sticking point, but for now the trend in the short term is solidly pushing higher day after day.</p> http://www.pws.io/ready-to-breakout Wed, 09 May 2018 06:49:39 -0400 Dustin Tibbitts All eyes on oil after US withdrawals from nuke deal. http://www.pws.io/all-eyes-on-oil-after-us-withdrawals-from-nuke-deal <p class='black-text'>The stock market closed mixed on the day as all eyes were on President Trump's decision to end participation in the Iran Nuclear deal. The Dow 30 closed higher on the day by 2, the S&P 500 came in flat and the Nasdaq 100 closed higher by 1..</p><p class='black-text'>Crude Oil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the big focus, and was quite volatile today as various reports came out ahead of the Trump decision on the Iran nuclear deal. Oil sold off over 3.5% as rumors surfaced that Trump would not pull out of the deal. Bloomberg was first to report, ahead of the official announcement that Trump would impose new sanctions, but not exit the deal. As it became clear that he would in fact pull out of the deal, oil swung back towards highs of the session. The move also put pressure on the overall energy sector <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which initially sold off, but after the announcement moved back into positive territory.</p><p class='black-text'>Snap, Inc (NASAQ: SNAP) shares were higher by 2.14% today as the company announced yesterday that it hired a new CFO. The struggling social company announced that it hired Tim Stone from Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> who was best known for orchestrating the integration of Whole Foods when Amazon acquired it. Snap could use any help it can get as shares are still hovering just above lows, showing losses of over 50% in the last year.</p><p class='black-text'>Comcast <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CMCSA"><span style="color:#333">(</span><span style=";">CMCSA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CMCSA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CMCSA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CMCSA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were lower on the day by 5.56% as news came out that that company is working on putting together an all cash deal to beat out Disney's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIS"><span style="color:#333">(</span><span style=";">DIS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> purchase of Fox Media <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FOXA"><span style="color:#333">(</span><span style=";">FOXA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FOXA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FOXA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FOXA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Comcast has asked investment banks to double the bridge loan of $30 million they initially had so they could make the all cash offer. Previously the company offered as much as $64 billion in an all stock deal, but seems to be trying to sweeten the pot. Disney's current offer is $29.64 per share in an all stock deal.</p><p class='black-text'>In economic news Small business earnings rose to the highest levels in at least 45 years last month, according to a survey from the National Federation of Independent Businesses (NFIB). The survey also showed small business optimism increased in April to a level in the top 95th percentile of its all-time average. April was the 17th consecutive month of "historically high readings."</p> http://www.pws.io/all-eyes-on-oil-after-us-withdrawals-from-nuke-deal Tue, 08 May 2018 08:36:59 -0400 Dustin Tibbitts Cryptocurrency Week in Review http://www.pws.io/cryptocurrency-week-in-review-1 <p class='black-text'>The first week of May has been exciting for the cryptocurrency markets. Arguably the biggest news was that <a href="https://www.nytimes.com/2018/05/02/technology/bitcoin-goldman-sachs.html">Wall Street investment bank Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is officially preparing</a> to open a Bitcoin (BTC) trading desk.<a href="https://www.cnbc.com/2018/05/04/goldman-sets-new-norm-for-bitcoin-on-wall-street-venture-capitalist.html"> Other big financial institutions are inclined to follow</a> in Goldman's footsteps, according to Spencer Bogart, a partner at the venture capital firm Blockchain Capital.</p><p class='black-text'>Here is crypto's week in review:</p><p class='black-text'><a href="https://www.reuters.com/article/us-crypto-currencies-india/indias-cryptocurrency-investors-bet-trading-will-survive-bank-ban-idUSKBN1I50J7">In India, crypto trading volume has risen</a> markedly, despite the central bank's regulatory crackdown last month. After the Reserve Bank of India gave banks three months to cut ties with crypto exchanges and traders, Indian investors have rushed to convert rupees to BTC and other coins. As the central bank's regulations are challenged in court, Indian crypto enthusiasts will sit tight and watch what new developments occur.</p><p class='black-text'><a href="https://www.cnbc.com/2018/05/03/mastercard-blames-cryptocurrencies-for-slight-drop-in-first-quarter-growth.html">Financial services multinational Mastercard <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MA"><span style="color:#333">(</span><span style=";">MA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has blamed</a> cryptocurrency for its first quarter drop in earnings growth. After payment processors and banks banned crypto purchases on credit cards in February, users could no longer use their plastic to buy coins at places like Coinbase. On its recent earnings call, Mastercard sent mixed messages. Though it attributed the dampened growth to the crypto purchase ban, it reiterated that crypto makes up a small portion of revenue and is not part of the company's overall strategy.</p><p class='black-text'><a href="https://www.forbes.com/sites/richwinley/2018/05/04/how-omni-raised-25mm-led-by-cryptocurrency-founders-from-ripple/#4a9ecf052974">Omni, an on-demand storage startup, has recently raised </a>$25 million in a funding round led by Ripple Labs CTO Stefan Thomas and Chairman Chris Larsen. The unconventional fundraising mechanism included an undisclosed exchange of Omni equity for Ripple (XRP), part of which will be converted to U.S. dollars. Omni is now planning to expand its operations and team.</p><p class='black-text'><a href="https://qz.com/1262864/is-ethereum-is-a-security-the-answer-could-upend-the-cryptocurrency-world/">A big question for both regulators and investors is</a> whether Ethereum (ETH) is a security. The Security and Exchange Commission's (SEC) answer will greatly influence the future of Ethereum and similar cryptos in the West. If Ethereum is not a security, it could be classified as a commodity, like BTC, and be unencumbered by federal securities regulations. But if it is classified as a security, then there could be consequences for exchanges and promotors of ICOs.</p><p class='black-text'><a href="https://www.wsj.com/articles/telegram-messaging-app-scraps-plans-for-public-coin-offering-1525281933">Popular messaging app company Telegram has opted to cancel</a> its public ICO. It reported that its private fundraising rounds raised enough capital. The $1.7 billion Telegram raised by issuing its crypto token will be used to create the Telegram Open Network, an ambitious project spanning multiple sectors. Retail investors lose opportunity to invest, but it might be a blessing, as Telegram's move remains controversial.</p><p class='black-text'>Cryptocurrency prices are broadly up this week. BTC broke the $9500 level and tested $10,000 before dipping. ETH topped $825 before retracing toward $800. The technical picture seems good. The majors have all crossed above their 200-day exponential moving average, a bullish sign. The next levels of resistance will be February highs. Continued bullish confirmations will support being long.</p><p class='black-text'><i>The author owns a small amount of BTC.</i></p> http://www.pws.io/cryptocurrency-week-in-review-1 Mon, 07 May 2018 18:21:41 -0400 Eric Yao Stocks ease off highs as Trump tweets. http://www.pws.io/stocks-ease-off-highs-as-trump-tweets <p class='black-text'>The markets enjoyed a strong day to start the week. Strong moves initially out of oil as well as tech and the financials pushed the markets higher. The Dow 30 was higher by 93, the S&P 500 added 9 and the Nasdaq 100 popped 55 on the day.</p><p class='black-text'>Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares continued their rally to highs today, adding 0.72% in the process. Friday shares popped to new, all-time highs on news that Warren Buffett bought an additional 75 million shares of the tech giant, adding to his 170 million share stake. In just the last six days the stock is higher by over 14%.</p><p class='black-text'>Oil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was one of the main supporters of the S&P 500 for most of the day as the price per barrel rose above $70 for the first time since 2014. This sent the energy sector <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLE"><span style="color:#333">(</span><span style=";">XLE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> higher by 2% along with many energy related stocks, though prices closed higher by only 0.15%. In the Dow ExxonMobil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XOM"><span style="color:#333">(</span><span style=";">XOM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XOM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XOM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XOM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the primary benefactor of the strong prices. Shares were higher by 1.09%. Analysts were quick to note that the strong energy sector would be bullish for the overall markets going forward. This all changed 180 degrees following Trump's announcement that he will make his decision on the Iran nuclear deal tomorrow.</p><p class='black-text'>Starbucks <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SBUX"><span style="color:#333">(</span><span style=";">SBUX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SBUX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SBUX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SBUX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> made headlines today as they announced a licensing deal with Nestle which allows the candy company to sell Starbucks products globally. The deal cost Nestle $7.15 billion. Shares of Starbucks were higher on the news briefly, but closed the day lower by 0.40%. Shares have struggled to move outside a wide range that started back in February.</p> http://www.pws.io/stocks-ease-off-highs-as-trump-tweets Mon, 07 May 2018 08:22:01 -0400 Dustin Tibbitts Trump Weekly: Stormy Daniels, Rudy Giuliani, and More http://www.pws.io/trump-weekly-stormy-daniels-rudy-giuliani-and-more <p class='black-text'>There's never a dull moment in the Trump White House, it seems.</p><p class='black-text'>Last week, former New York Mayor Rudy Giuliani joined Trump's legal team. Giuliani almost immediately sowed confusion by <a href="http://thehill.com/homenews/administration/385965-giuliani-trump-reimbursed-cohen-for-payment-to-stormy-daniels">publicly acknowledging</a> that Trump had personally repaid lawyer Michael Cohen for the $130,000 he used to buy Stormy Daniel's silence over an affair she had with Trump in 2006. "He didn't know about the specifics of it as far as I know, but he did know about the general arrangement, that Michael would take care of things like this," Giuliani<a href="http://video.foxnews.com/v/5780101714001/"> said </a>in his appearance on the Sean Hannity show. Giuliani also denied that the $130,000 came from campaign funds, insisting that no campaign finance violation occurred.</p><p class='black-text'>Giuliani's remarks caused a particular stir since Trump had previously claimed that he had no knowledge of the payment, and continues to deny that the affair took place. Trump later addressed Giuliani's comments via Twitter, <a href="https://twitter.com/realDonaldTrump/status/991992302267785216">explaining </a>that Mr. Cohen "received a monthly retainer, not from the campaign and having nothing to do with the campaign, from which he entered into, through reimbursement, a private contract between two parties, known as a non-disclosure agreement, or NDA." In a remark possibly intended to scold Giuliani, Trump also <a href="https://www.nytimes.com/2018/05/04/us/politics/transcript-trump-giuliani-stormy-daniels.html">said</a>, "You know what? Learn before you speak. It's a lot easier."</p><p class='black-text'>The admission could cause more than a PR hubbub for Trump. Some legal experts think Trump could not be in legal jeopardy, since the law mandates that federal officials report liabilities greater than $10,000 during the preceding year, but Trump's latest disclosure contains no mention of a debt to Mr. Cohen.</p><p class='black-text'>Giuliani also has now said that Trump might <a href="https://www.nytimes.com/2018/05/06/us/politics/giuliani-says-trump-would-not-have-to-comply-with-mueller-subpoena.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news">invoke</a> his 5th Amendment right against self-incrimination to avoid providing testimony to Special Investigator Robert Mueller.</p><p class='black-text'>Trump's former doctor, Harold Bornstein, also earlier this week claimed that in 2017, Trump aides <a href="https://www.rollingstone.com/politics/news/trump-doctor-bornstein-w519732">raided</a> his office and took Trump's medical files shortly after Mr. Bornstein publicly acknowledged that Mr. Trump took a supplement to promote hair growth. Mr. Bornstein also alleged that Trump <a href="https://www.npr.org/sections/thetwo-way/2018/05/02/607638733/doctor-trump-dictated-letter-attesting-to-his-extraordinary-health">dictated</a> a letter touting his own physical health that was published under Mr. Bornstein's name. The White House has denied that any "raid" was conducted, saying that the files were transferred in accordance with procedure.</p><p class='black-text'>In less salacious news, months after seeming to waffle on gun control in the wake of the Parkland shooting, Trump seems to have recommitted to the NRA, addressing the group on Friday with a long speech in which he urged members to vote for Republicans to protect gun rights. Trump also managed to <a href="https://www.cnn.com/2018/05/05/politics/trump-nra-speech-angers-french/index.html">offend</a> two close U.S. allies, France and the U.K., by referencing tragic attacks committed on their soil, implying that they could have been prevented if these countries had stronger gun rights.</p><p class='black-text'>Trump also drew ire from North Korea after he announced that a time and place have been set for the historic U.S.-North Korea summit, but would not disclose when and where more specifically. Pyongyang took <a href="https://www.cbsnews.com/news/north-korea-calls-us-claims-about-upcoming-summit-misleading-today-2018-05-06/">umbrage</a> specifically with Trump's "misleading" claims that it was his personal policy of maximum political pressure and sanctions that drove North Korea to the negotiating table.</p><p class='black-text'>And in other nuclear news, Trump is debating whether or not to recertify a 2015 Iran deal that lifted sanctions in exchange for limits on the Iranian nuclear program. International observers say there's no cause to end the program, which has successfully tamped down Iran's nuclear development while promoting trade - but Trump may <a href="http://time.com/5264150/trumps-major-dilemma-on-the-iran-deal/">nix</a> it in favor of a more permanent solution.</p> http://www.pws.io/trump-weekly-stormy-daniels-rudy-giuliani-and-more Sun, 06 May 2018 13:32:21 -0400 Ariel Courage Trump Trade Talks in Beijing End with No Deal http://www.pws.io/trump-trade-talks-in-beijing-end-with-no-deal <p class='black-text'>Earlier this week, Trump sent a delegation to Beijing to negotiate on trade. Talks ended on Friday on a negative note. The parties were unable to reach a deal, and no date was set for any future talks.</p><p class='black-text'>"Both sides recognize there are still big differences on some issues and that they need to continue to step up their work to make progress," according to a <a href="https://economictimes.indiatimes.com/news/international/business/critical-us-china-trade-talks-end-in-beijing/articleshow/64039864.cms">statement</a> released by the official Xinhua state news agency. "The two sides exchanged views on expanding U.S. exports to China, trade in services, bilateral investment, protection of intellectual property rights, resolution of tariffs and non-tariff measures."</p><p class='black-text'>Chinese officials and influential advisers <a href="https://www.nytimes.com/2018/04/30/business/china-trump-trade-talks.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news">laid out the Chinese government's position </a>in detail during a three-day seminar that ended in Beijing late on Monday morning. Important stakeholders at the seminar gave an overview of China's economic policies, including an in-depth review of the country's trade policy, to make sure China's stance would be known overseas.</p><p class='black-text'>Most notably, Beijing officials did not plan to discuss the two biggest requests that the Trump administration had made over the past several months. Those included a mandatory <a href="https://www.nytimes.com/2018/04/30/business/china-trump-trade-talks.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news">$100 billion cut in America's $375 billion annual trade </a>deficit with China and curbs on Beijing's<a href="https://www.nytimes.com/2018/04/30/business/china-trump-trade-talks.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news"> $300 billion </a>plan to bankroll the country's industrial upgrade into advanced technologies like artificial intelligence, semiconductors, electric cars, and commercial aircraft. Experts speculate that Beijing did not address these requests because its economy has become robust enough to stand up to the United States.</p><p class='black-text'>The tariffs could hurt bilateral trade in coming months, as both U.S. and Chinese buyers will alter their behavior to avoid the tariffs. China may already be downsizing its soybean imports from the U.S.</p><p class='black-text'>"Whatever they're buying is non-US," <a href="https://economictimes.indiatimes.com/news/international/business/critical-us-china-trade-talks-end-in-beijing/articleshow/64039864.cms">said</a> Soren Schroder, CEO of agricultural giant Bunge Limited. "They're buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S.," Schroder said in an interview with Bloomberg News on Wednesday.</p><p class='black-text'>The Chinese are banking on Trump's background as a businessman, which to them implies that at some point he will agree to a deal. Seminar participants also reaffirmed previous Chinese trade policy offers to further open the country's financial and automotive sectors, though not in ways that would impact China's industrial modernization program, called <a href="https://www.nytimes.com/2018/04/30/business/china-trump-trade-talks.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news">Made in China 2025.</a> They also suggested that China would be willing to tighten its intellectual property rules so as to foster innovation within China and protect foreign technologies from counterfeiting and other illegal copying.</p><p class='black-text'>"I don't expect a comprehensive deal whatsoever," <a href="https://www.nytimes.com/2018/04/30/business/china-trump-trade-talks.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news">said</a> Ruan Zongze, the executive vice president of the China Institute of International Studies, the policy research arm of China's Foreign Ministry. "I think there is a lot of game playing here."</p><p class='black-text'>Despite the huge U.S. trade deficit, Chinese companies are struggling to overtake western industry leaders in <a href="http://www.rochesterfirst.com/news/the-latest-us-officials-arrive-in-beijing-for-trade-talks/1156643599">advanced technologies</a> for semiconductors, the silicon brains required to run smartphones, connected cars, cloud computing, and artificial intelligence. Analysts <a href="http://www.rochesterfirst.com/news/the-latest-us-officials-arrive-in-beijing-for-trade-talks/1156643599">say</a> Beijing is unlikely to cede any ground on policies meant to help close that gap.</p> http://www.pws.io/trump-trade-talks-in-beijing-end-with-no-deal Sun, 06 May 2018 12:32:07 -0400 Tamanna Chhibbar Wells Fargo Faces Further Probe Into Sales Practices http://www.pws.io/wells-fargo-faces-further-probe-into-sales-practices <p class='black-text'>Regulatory officials are giving beleaguered Wells Fargo & Co. (<a href="https://www.bloomberg.com/quote/WFC:US">NYSE: WFC</a>) even more scrutiny, this time for potentially harmful sales policies. In the latest federal probe into the scandal-plagued bank, investigators for the U.S. Department of Labor are reportedly examining Wells Fargo's approach to managing its clients' retirement funds. The San Francisco-based bank is alleged to have pushed clients in low-cost corporate 401(k) plans to roll over those funds into more expensive individual retirement accounts at Wells Fargo. The Labor Department is also investigating whether or not Wells Fargo's retirement plan services unit pushed account holders to purchase in-house funds, according to <a href="https://www.wsj.com/articles/wells-fargos-401-k-practices-probed-by-labor-department-1524757138">a report </a>by the Wall Street Journal.</p><p class='black-text'>According to <a href="https://www.wellsfargo.com/assets/pdf/about/investor-relations/sec-filings/2017/exhibit-13.pdf">a recent regulatory filing</a>, the U.S. government has urged Wells Fargo's board of directors to investigate the bank's 401(k) practices. In response, Wells Fargo's board is now conducting an internal review as to whether or not the bank made "inappropriate referrals or recommendations" to customers across an array of services. In its March filing, the board reported that it is examining rollovers of 401(k) plans into individual retirement accounts, as well as the bank's potentially problematic referrals of brokerage customers to Wells Fargo's investment and fiduciary services businesses.</p><p class='black-text'>The federal investigation into Wells Fargo's practices related to its clients' retirement savings is aimed at judging whether or not the bank is in violation of the Employee Retirement Income Security Act (ERISA). <a href="https://www.dol.gov/general/topic/health-plans/fiduciaryresp">Under ERISA</a>, the institutions that serve retirement accounts are obligated to prioritize their clients' interests over their own.</p><p class='black-text'>The Labor Department's new probe into Wells Fargo is the latest in a series of scandals going back to 2016 over the bank's predatory approaches to dealing with clients of a broad range of its services. News of the latest federal inquiry into Wells Fargo comes just days after <a href="https://www.npr.org/sections/thetwo-way/2018/04/20/604279604/wells-fargo-hit-with-1-billion-in-fines-over-consumer-abuses">the bank settled</a> with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency in a separate investigation into Wells Fargo's mortgage and auto-lending businesses. In <a href="https://www.consumerfinance.gov/about-us/newsroom/bureau-consumer-financial-protection-announces-settlement-wells-fargo-auto-loan-administration-and-mortgage-practices/">a statement</a> regarding the settlement, the CFPB reported its findings on the bank's illegal practices, which included administering a mandatory auto insurance program for its auto-loan customers, and charging some consumers for mortgage interest rate-lock extensions. As part of the settlement, federal regulators have imposed a $1 billion fine on Wells Fargo for its various misdeeds.</p><p class='black-text'>Wells Fargo contended with a massive scandal around its employees' practice of opening fraudulent accounts after the CFPB announced that it was levying a $185 million fine on the bank for illegal activity in 2016. Later that year, the bank came under fire after it was <a href="http://www.latimes.com/business/la-fi-wells-fargo-insurance-20171206-story.html">revealed</a> that its employees had issued unwanted life insurance policies from Prudential <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PRU"><span style="color:#333">(</span><span style=";">PRU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PRU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PRU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PRU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and renters' insurance from Assurant <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AIZ"><span style="color:#333">(</span><span style=";">AIZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AIZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AIZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AIZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p> http://www.pws.io/wells-fargo-faces-further-probe-into-sales-practices Sun, 06 May 2018 12:19:24 -0400 Kingston Pung $4 Billion in New Offerings this Week Could Set a Record http://www.pws.io/4-billion-in-new-offerings-this-week-could-set-a-record <p class='black-text'>It could be a record week for the IPO market as one company will raise $3.5 billion in their offering. If successful it would be the largest IPO in almost four years. Last week was a good for the IPO markets, as the offering that everyone was focused on performed quite well. Carbon Black <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CBLK"><span style="color:#333">(</span><span style=";">CBLK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CBLK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CBLK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CBLK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shot up 26% on its first day, which signals that there's still strong demand for the tech offerings.</p><p class='black-text'>First up this week is AXA Equitable <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EQH"><span style="color:#333">(</span><span style=";">EQH</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EQH" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EQH" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EQH" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. It's the largest offering on the table, and they're seeking a record $3.5 billion. The life insurance and asset management firm will be offering 137 million shares at a range of $24 to $27. Though the company is global, the offering will only be for the U.S.-based operations of the company. If they are successful, it will be the largest deal since Alibaba <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BABA"><span style="color:#333">(</span><span style=";">BABA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BABA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BABA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BABA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> went public back in 2014.</p><p class='black-text'>Though dwarfed by AXA Equitable, there are still four others this week worth noting. Looking to raise $165 million, HUYA <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HUYA"><span style="color:#333">(</span><span style=";">HUYA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HUYA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HUYA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HUYA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is a Chinese live streaming site primarily focused on gaming and e-sports. They will be offering 15 million shares at a range of $10 to $12.</p><p class='black-text'>Next up is Origin Bancorp <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/OBNK"><span style="color:#333">(</span><span style=";">OBNK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="OBNK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="OBNK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="OBNK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, a community bank out in Louisiana. The bank, which has seen a steady increase in market share, will be offering 3.6 million shares at a range of $33 to $35 in hopes of securing $124 million from the open market.</p><p class='black-text'>The last two names are in biotech. Evelo Biosciences <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EVLO"><span style="color:#333">(</span><span style=";">EVLO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EVLO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EVLO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EVLO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is company that develops therapies for inflammatory diseases. This is what is referred to as an "early stage" offering, since the company has yet to build the data necessary for Phase 1 trials. They hope to use some of the $85 million to get to Phase 1 trials by next year.</p><p class='black-text'>Finally, Abpro <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ABP"><span style="color:#333">(</span><span style=";">ABP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ABP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ABP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ABP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, another early stage biotech company with a focus on cancer therapies, will offer 4 million shares at a range of $14 to $16 in hopes of raising $60 million.</p> http://www.pws.io/4-billion-in-new-offerings-this-week-could-set-a-record Sun, 06 May 2018 12:11:51 -0400 Dustin Tibbitts Snap Tumbles on Disappointing Earnings http://www.pws.io/snap-tumbles-on-disappointing-earnings <p class='black-text'>On Wednesday, May 2, the American technology and social media company Snap Inc <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SNAP"><span style="color:#333">(</span><span style=";">SNAP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SNAP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SNAP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SNAP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> announced its 2018 first quarter earnings. Due to a massive miss on earnings and over 15 analyst downgrades, <a href="https://www.cnbc.com/2018/05/02/snap-sees-its-lowest-open-ever-after-earnings.html">Snap shares fell</a> a whopping 21% over the day. On Thursday, <a href="https://www.cnbc.com/2018/05/02/snap-sees-its-lowest-open-ever-after-earnings.html">Snap stock continued its bloodbath</a>, tumbling down .54% to close at an all-time low price of $10.97. Snap's current market capitalization is just $13.27 billion currently. Its stock is down over 50 percent from its 52-week high of $23.57.</p><p class='black-text'>Snap reported a loss of 17 cents per share, in line with Wall Street expectations. It reported revenue of $230.7 million, missing consensus estimates of $244.5 million. It reported daily active users of 191 million, missing consensus estimates of 194.2 million. Average revenue per use was $1.21, missing consensus estimates of $1.27. Snap's ad prices have fallen 65% year-over-year after the company switched to an automated auction-based system.</p><p class='black-text'><a href="https://www.cnbc.com/2018/05/01/snap-q1-2018-earnings-and-revenue.html">Snap reported </a>a few bright spots. Its advertising revenue is up 62% year-over-year. Its user numbers are still growing. CEO Evan Spiegel stated that user retention rates have increased for older users. Sales growth outpaced cost growth.</p><p class='black-text'>But Snap continues to face many challenges ahead. It is quickly burning through cash raised from its 2017 initial public offering (IPO). Its app redesign last year is widely unpopular, with celebrities like Kylie Jenner slamming the tweaks. Executives also claimed during the conference call that revenue growth would decelerate substantially in the next quarter.</p><p class='black-text'><a href="https://www.cnbc.com/2018/05/02/after-snap-stock-crash-wall-street-analysts-see-more-pain-ahead.html">Analysts at various Wall Street institutions remain bearish</a> on Snap. Morgan Stanley <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MS"><span style="color:#333">(</span><span style=";">MS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> believes the company's turnaround will be challenging. Piper Jaffray is skeptical, citing poor leadership and mismanagement, and competition from Facebook's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Instagram. Deutsche Bank <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DB"><span style="color:#333">(</span><span style=";">DB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> analysts warned that advertisers are increasingly worried about spending money on Snap advertising.</p><p class='black-text'>Going forward, Snap has fundamental challenges. Its main demographic is young and relatively poor. Its dance with advertisers is becoming trickier. Wall Street remains skeptical about the company. Its design concerns are important, as a quality user interface is a major factor of consumer demand. If Snap continues to badly miss analyst expectations in subsequent quarters, its stock will enter a serious free fall. Snap is essentially racing against the clock, attempting to use its decreasing cash reserves to turn around its weakening business model. At best, Snap could slowly reverse its bad fortune and become profitable one day. At worst, Snap could sustain enough losses to become insolvent and then bankrupt. Investors should be knowledgeable of the risks associated with Snap stock now.</p><p class='black-text'><i>The author does not hold any positions in any of the securities above.</i></p> http://www.pws.io/snap-tumbles-on-disappointing-earnings Sun, 06 May 2018 12:00:27 -0400 Eric Yao Strong close to the week for the stock market. http://www.pws.io/strong-close-to-the-week-for-the-stock-market <p class='black-text'>The markets popped higher today following yesterday's massive turnaround. The Dow 30 popped 332 on the heels of Apple's news, the S&P 500 added 33, and the Nasdaq 100 showed the best returns of all, up 121 on the day. There were some negative economic signs, such as the fact that fewer jobs were added than hoped, or that hourly earnings are rising more slowly than expected. But investors chose to focus on the positive news that the unemployment rate has dropped to an 18-year low.</p><p class='black-text'>Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares climbed to an all time high today, adding 3.92% in the process as Mr. Buffet himself revealed that he had purchased an additional 75 million shares in the first quarter, adding to the 165 million shares his company already owns. Investors scrambled to follow the investing legend, which helped support tech stocks throughout the day. Shares are now higher by over 8% on the year.</p><p class='black-text'>Shares of Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOG"><span style="color:#333">(</span><span style=";">GOOG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> were higher as well today. Some of that positive momentum comes from reports on their YouTube growth. CEO Susan Wojcicki announced that 1.8 billion registered users are watching YouTube videos every month. That's quite a jump from last year's 1.5 billion. It should be noted that those views are only from those that have an account and are signed in. Shares of Google have been relatively flat for the last month.</p><p class='black-text'>Twitter <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWTR"><span style="color:#333">(</span><span style=";">TWTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is reaching out to all its users to get them to change their passwords. Thanks to an error on their part, some of the encrypted information was actually stored as readable text on its servers instead of being encrypted. Though the CEO tweeted that there were no breaches or misuses, it is still recommended that you change your password.</p> http://www.pws.io/strong-close-to-the-week-for-the-stock-market Fri, 04 May 2018 18:03:58 -0400 Dustin Tibbitts Amazon Introduces Deliveries Directly to Your Car http://www.pws.io/amazon-introduces-deliveries-directly-to-your-car <p class='black-text'>In late April, Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> offered Amazon Prime members a new service: package deliveries directly to your car within a chosen four-hour window.</p><p class='black-text'>The service is only available for members residing in one of thirty-seven cities who own cars that can be remotely unlocked-currently, the <a href="https://www.npr.org/sections/thetwo-way/2018/04/24/605057245/amazon-wants-to-deliver-packages-inside-your-car" target="_blank">only models</a> that qualify are 2015 or newer Chevrolets, Buicks, GMCs, Cadillacs or Volvos with an active OnStar account. <a href="http://money.cnn.com/2018/04/24/technology/amazon-key-in-car-delivery-review/index.html" target="_blank">Consumers</a> would need to park in a publicly accessible area near a delivery location and provide the address of their parked car, as Amazon will be unable to track its exact location. Upon arrival, the delivery driver will be able to open the trunk by using the same app and place the package inside without a code or the need for consumers to unlock their entire car.</p><p class='black-text'>Amazonplans on expanding availability, though that will likely depend on the success of the current implementation.</p><p class='black-text'>The in-car deliveries are an extension of <a href="http://money.cnn.com/2017/10/25/technology/business/amazon-key-delivery/index.html" target="_blank">Amazon Key</a>, which had initially been implemented to allow packages to be delivered inside of locked apartments. In order to participate, consumers needed to have an internet-connected lock as well as a security camera system in place in order to discourage theft or vandalism inside the unlocked home. The new system was meant to minimize package theft, which has become an increasing concern among consumers. One <a href="http://markets.businessinsider.com/news/stocks/survey-nearly-one-third-of-americans-have-had-packages-stolen-from-their-doorsteps-1011390240" target="_blank">survey</a> conducted on behalf of Xfinity home, Comcast's home security service, claimed that over <a href="http://markets.businessinsider.com/news/stocks/survey-nearly-one-third-of-americans-have-had-packages-stolen-from-their-doorsteps-1011390240" target="_blank">30 percent</a> of those surveyed had experienced package theft. Amazon has also attempted to <a href="https://www.wsj.com/articles/amazon-and-big-apartment-landlords-strike-deals-on-package-delivery-1508261759" target="_blank">partner directly</a> with landlords and building management operators to install Amazon lockers inside of apartment buildings, allowing items to be secured until the consumer is ready to pick them up. As of October 2017, companies such as AvalonBay Communities, Equity Residential, Greystar, and Bozzuto Group, which together manage over 600,000 apartment units, signed a deal with Amazon.</p><p class='black-text'>Amazon Key and car delivery are both part of a larger vision created by Amazon: by attempting to making orders as simple, affordable, and convenient as possible, consumers will have no reason to shop elsewhere. It is increasingly easy to integrate Amazon into daily life: orders can be placed and paid for with "One-click ordering"; consumers can "subscribe" to certain goods to ensure they will be delivered consistently without having to remember to do so yourself; and Amazon Echo and Alexa, the company's voice-activated cloud service, can do everything from <a href="https://www.amazon.com/Amazon-Echo-And-Alexa-Devices/b?ie=UTF8&node=9818047011" target="_blank">place orders to control smart home devices</a>.</p><p class='black-text'>In mid-April, Jeff Bezos announced that Amazon Prime, their membership that allows for free two-day shipping and digital streaming services, had topped over 100 million members. Shortly thereafter, Amazon announced a $20 increase for the Amazon Prime membership fee from $199 a year to $119, the first change since 2014, when the cost was raised from the original price of $79 annually to $99. The change came after Amazon had reported a strong quarter, <a href="http://money.cnn.com/2018/04/26/technology/amazon-earnings/index.html?iid=EL" target="_blank">announcing</a> $1.6 billion in profits in just the first three months of 2018 alone.</p> http://www.pws.io/amazon-introduces-deliveries-directly-to-your-car Wed, 02 May 2018 23:28:42 -0400 Nicole Annunziata Tencent Music Heads Toward US IPO http://www.pws.io/tencent-music-heads-toward-us-ipo <p class='black-text'>Following the highly successful debut of Spotify Technology SA <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPOT"><span style="color:#333">(</span><span style=";">SPOT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPOT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPOT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPOT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, the Chinese music-streaming company Tencent Music Entertainment Group is heading toward an initial public offering that could rank among the biggest technology IPOs ever. Eyeing a potential valuation of over $25 billion, the largest music-streaming company in Asia is planning an IPO in the second half of 2018, in preparation for listing on an unspecified major exchange in the U.S.</p><p class='black-text'>After months of speculation about a public debut, the Tencent Holdings Ltd. subsidiary is making its first formal moves in the process. IFR <a href="http://www.ifrasia.com/tencent-music-to-hear-bank-pitches-on-ipo-next-week/21338397.article">reported</a> on Monday that Tencent Music has invited investment banks to compete for a part in its IPO next week. The selected banks would help the streaming company maneuver an offering that could raise between $3 billion and $4 billion.</p><p class='black-text'>The digital-music arm of Chinese tech giant Tencent Holdings Ltd. (HKG: 700), Tencent Music was formed in 2016 after its parent company combined its existing music-streaming business, the popular QQ Music service, with China Music Corporation in <a href="http://www.scmp.com/business/companies/article/1990254/tencent-merge-qq-music-service-china-music-corp-create-streaming">a merger valued at $2.7 billion</a>. Last November, Tencent Holdings, which operates messaging platforms QQ and WeChat, became the <a href="https://beta.techcrunch.com/2017/11/20/tencent-500-billion/">first company in Asia</a> to achieve a market value of more than $500 billion.</p><p class='black-text'>The Shenzhen-based Tencent Music operates three music-streaming platforms---QQ Music and former China Music Corp. services KuGou and Kuwo----and draws more than 700 million monthly active users across its services. According to estimates made by Citigroup, the Tencent Holdings subsidiary holds over 70% of the music-streaming market in China between its different platforms. Neither Spotify nor Apple Music <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> have challenged Tencent Music's dominance of the <a href="http://money.cnn.com/2018/01/24/technology/china-streaming-music-video/index.html">Chinese music-streaming market</a>, which has grown with the proliferation of digital-payment platforms and music services offering subscription access to millions of songs.</p><p class='black-text'>According to a <i><a href="https://www.wsj.com/articles/this-tencent-business-is-still-singing-a-happy-tune-1521798798">Wall Street Journal</a></i><a href="https://www.wsj.com/articles/this-tencent-business-is-still-singing-a-happy-tune-1521798798"> report</a> in March, recent private transactions have valued Tencent Music at more than $25 billion. This latest figure is a marked increase over relatively recent estimates of the company's worth. Last September, Bloomberg <a href="https://www.bloomberg.com/news/articles/2017-09-01/tencent-music-is-said-to-seek-pre-ipo-funds-at-10-billion-value">reported</a> that Tencent Music was seeking funding ahead of its IPO at a $10 billion valuation. Tencent Music is expected to trade on a major U.S. stock exchange, though the company has yet to make a final decision on its specific trading venue.</p><p class='black-text'>News regarding Tencent Music's planned IPO has developed in earnest after last month's successful stock-market debut by its highest-profile competitor, Spotify. A public debut by Tencent Music could be profitable for Spotify, which owns a part of its Chinese counterpart. Following <a href="https://techcrunch.com/2017/12/08/spotify-tencent-share-swap/">a trade</a> between the two businesses last December, Spotify holds roughly 9% of Tencent Music's shares, according to filings made by Spotify. For its part, Tencent Music now controls a 7.5% stake in the Stockholm-based company, a percentage now estimated to be worth over $2 billion, after Spotify's own public debut.</p><p class='black-text'>The major Western record labels are also following the development of Tencent Music's IPO plans with interest. Tencent holds exclusive rights to streaming the catalogues of Sony Music <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SNE"><span style="color:#333">(</span><span style=";">SNE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SNE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SNE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SNE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Warner Music Group, and Universal Music Group (EPA: VIV). Warner and Sony both negotiated distribution deals with Tencent Holdings <a href="http://money.cnn.com/2014/12/18/media/china-digital-media/index.html">in 2014</a>; Universal Music <a href="https://www.universalmusic.com/universal-music-group-tencent-music-entertainment-group-enter-strategic-agreement-significantly-expanding-chinese-music-market/">finalized</a> a similar licensing agreement with Tencent Music in May 2017. Tencent Music's upcoming IPO could benefit the three major record companies, which each hold a stake in Spotify.</p> http://www.pws.io/tencent-music-heads-toward-us-ipo Wed, 02 May 2018 23:19:44 -0400 Kingston Pung Mexico and Europe Sidestep Trump to Reach Trade Pact http://www.pws.io/mexico-and-europe-sidestep-trump-to-reach-trade-pact <p class='black-text'>In mid-2016, Mexico began renegotiating its seventeen-year-old trade agreement with the European Union, the <a href="https://www.bloomberg.com/news/articles/2018-04-12/mexico-is-said-to-push-to-finish-trade-deal-with-eu-this-month" target="_blank">largest consumer</a> of Mexican goods behind the United States and Canada. Earlier this month, representatives announced that they hoped to close the agreement before the end of this year. While the deal has been in the works for two years, both parties felt <a href="http://money.cnn.com/2018/04/22/news/economy/eu-mexico-trade-agreement/index.html" target="_blank">increased pressure</a> to hasten their deliberation, as the new free market deal is seen as a defensive measure against the Trump administration, whose economic policies have become increasingly protectionist.</p><p class='black-text'>The deal signals to President Trump that other nations, regardless of previous social and economic relationships, are not afraid to leave the United States behind if it cannot commit to a robust trade deal that works for both parties. The Transatlantic Trade and Investment Partnership (TTIP), a proposed trade agreement between the EU and the U.S., was <a href="https://www.theguardian.com/business/2017/jun/05/hopes-of-eu-us-trade-agreement-put-on-ice-say-brussels-sources" target="_blank">halted indefinitely</a> after the 2016 presidential election due to Trump's America-first rhetoric and his hostility towards free-trade agreements. Activists within the EU also protested the agreement, <a href="https://www.forbes.com/sites/davekeating/2018/02/08/eu-tells-trump-no-paris-climate-deal-no-free-trade/#646ecf8637c7" target="_blank">claiming</a> that the EU would need to lower its environmental, health, and safety standards to match those of their American counterparts―a fear that was only exacerbated by the United States' exit from the Paris Climate Accord.</p><p class='black-text'>The North American Free Trade Agreement (NAFTA) between the United States, Canada, and Mexico may also be in jeopardy, as Trump has <a href="https://www.forbes.com/sites/nathanielparishflannery/2018/03/12/is-trump-really-going-to-end-nafta/#1b40c2fe7a0e" target="_blank">repeatedly failed</a> to commit to a tangible plan and threatened to walk out on the agreement entirely. Robert Lighthizer, the United States Trade Representative, <a href="https://www.reuters.com/article/us-trade-nafta-mexico/us-trade-chief-says-nafta-approval-on-thin-ice-without-deal-soon-idUSKBN1I249J" target="_blank">expressed</a> his concern that NAFTA may be on "thin ice" if an agreement is not reached within the next two or three weeks. Lighthizer emphasized that the Democrats are expected to make significant gains in the 2018 midterm elections in November, which may lead to a Democratic majority in Congress. Democrats have traditionally been less supportive of free-trade measures like NAFTA because of their detrimental impact on small businesses and American manufacturers.</p><p class='black-text'>The European Commission <a href="https://twitter.com/EU_Commission/status/987776096262393857" target="_blank">announced</a> that nearly all goods traded between the EU and Mexico would , after the implementation of this agreement, be <a href="https://www.wsj.com/articles/eu-mexico-agree-to-upgrade-trade-pact-1524341298" target="_blank">duty free</a> and that both parties committed to implement environmental and health standards as outlined by the Paris Accord. The deal will <a href="https://www.nytimes.com/2018/04/21/us/politics/mexico-european-union-trade-trump.html" target="_blank">primarily focus</a> on agricultural and digital goods, services, and pharmaceuticals―for example, Mexico will slash tariffs on European dairy goods by <a href="https://www.reuters.com/article/us-eu-mexico-trade/eu-and-mexico-agree-new-free-trade-pact-idUSKBN1HS0PF" target="_blank">20 percent</a> and increase their pork imports, while the EU will become a larger buyer of Mexican chicken and produce. Ildefonso Guajardo, the Mexican Economy Minister, <a href="https://www.reuters.com/article/us-eu-mexico-trade/eu-and-mexico-agree-new-free-trade-pact-idUSKBN1HS0PF" target="_blank">asserted </a>that this new deal would allow both sides better and more equitable access to products that may not have been as widespread prior to this agreement. The new deal will also allow each country to bid for government contracts within their partner country.</p><p class='black-text'>Mexico also agreed to a key EU demand for "geographical indications" for certain food and drink as a protective measure for specific agricultural produce. For example, the term "champagne" may only be applied to a sparkling white wine from the Champagne region of northern France. The U.S. has <a href="https://www.politico.com/agenda/story/2016/06/european-union-trade-cheese-geographical-indicators-000141" target="_blank">loathed this rule</a>, and has lobbied Mexico for years not to accept it, as it would harm American agricultural workers who currently produce and sell products, such as wine and cheese, that would have to be marketed under a different name under the EU's GI rules.</p><p class='black-text'>On Monday, April 30th, Trump <a href="https://www.nytimes.com/2018/04/30/us/politics/white-house-delays-tariffs-eu-canada-mexico.html" target="_blank">announced</a> a delay on tariffs he had planned to impose on the EU, Canada, and Mexico in an attempt to buy time for trade partners to renegotiate trade deals in favor of the United States. While the results of these negotiations are not yet clear, the Trump administration should keep it mind that America's trade partners do not seem to be afraid to move on if the U.S. is unwilling to cooperate.</p> http://www.pws.io/mexico-and-europe-sidestep-trump-to-reach-trade-pact Wed, 02 May 2018 23:17:20 -0400 Nicole Annunziata Silicon Valley Prepares for Flood of IPOs http://www.pws.io/silicon-valley-prepares-for-flood-of-ipos <p class='black-text'>A wave of new IPOs may assuage investors concerned about the recent dip equity markets.</p><p class='black-text'>Some of the key IPO players include a new subscription-based company, Zuora <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ZUO"><span style="color:#333">(</span><span style=";">ZUO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ZUO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ZUO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ZUO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which uses cloud technology to provide subscription payment services to <a href="https://www.marketwatch.com/story/zuora-ipo-5-things-to-know-about-the-company-betting-big-on-subscriptions-2018-04-10">950 customers across 30 countries.</a> Shares of Zuora began trading on Thursday under the ticker symbol ZUO on the New York Stock Exchange. The company kickstarted an immensely successful IPO, pricing shares at <a href="https://seekingalpha.com/article/4162806-zuora-43-percent-ipo-upside-limited">$14 and closing at exactly $20, up 43%.</a></p><p class='black-text'>The success is not expected to end here. Many other Silicon Valley venture capitalists expect the gains to continue. Over the last decade, hundreds of billions of dollars have been funneled into the venture capital industry. Those funds were then invested into a variety of young companies in the hope of finding the next Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> or Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> among a plethora of not-so-lucky companies. These investors have enjoyed a lot of paper gains in recent years. But few have cashed in on it because the fastest-rising companies, like Uber and Airbnb, have remained private, <a href="https://www.nytimes.com/2018/04/15/technology/silicon-valley-venture-capitalists-ipo.html?rref=collection%2Fsectioncollection%2Fbusiness&action=click&contentCollection=business&region=rank&module=package&version=highlights&contentPlacement=1&pgtype=sectionfront">amassing</a> unprecedented valuations. But <a href="https://www.nytimes.com/2018/04/15/technology/silicon-valley-venture-capitalists-ipo.html?rref=collection%2Fsectioncollection%2Fbusiness&action=click&contentCollection=business&region=rank&module=package&version=highlights&contentPlacement=1&pgtype=sectionfront">experts</a> say they expect this to change in the next 1-2 years, generating billions in returns.</p><p class='black-text'>What's more is that the two of the biggest tech, app-based start-ups that had investors riled up- Dropbox, an online file storage company, and Spotify, the streaming music service based in Sweden - successfully went public over the past month. Tech I.P.O.s have already raised more than $7 billion this year - more than all of 2015 and 2016, and more than half the $13 billion they raised last year, according to the <a href="https://www.nytimes.com/2018/04/15/technology/silicon-valley-venture-capitalists-ipo.html?rref=collection%2Fsectioncollection%2Fbusiness&action=click&contentCollection=business&region=rank&module=package&version=highlights&contentPlacement=1&pgtype=sectionfront">market-data firm Dealogic</a>.</p><p class='black-text'>"I think the success of Dropbox's I.P.O. shows that great companies that are built to last can still access the I.P.O. window, despite a week of incredible volatility and distraction about global trade," <a href="https://www.nytimes.com/2018/03/23/business/dealbook/dropbox-ipo-shares-venture-capital.html">said Bryan Schreier, </a>a Dropbox board member and partner at Sequoia Capital, the large venture capital firm that was one of Dropbox's early investors.</p><p class='black-text'>The influx of cash fueled the tech economy. Between 2006 and 2016, the last year with available data, economic output in the metropolitan area that roughly corresponds to Silicon Valley rose more than<a href="https://www.nytimes.com/2018/03/23/business/dealbook/dropbox-ipo-shares-venture-capital.html"> 5% a year, while the average growth rate in American metro areas was 1.2%.</a></p><p class='black-text'>Overall, the market seems to be functioning perfectly in accordance with the flight to safety model right now, where the vacuum created by weary investors has been filled by up-and-coming companies looking to capitalize on their more established competitors' losses. Whether the market will respond well to this remains to be seen.</p> http://www.pws.io/silicon-valley-prepares-for-flood-of-ipos Wed, 02 May 2018 23:12:36 -0400 Tamanna Chhibbar Stocks Lower after Fed Meeting http://www.pws.io/stocks-lower-after-fed-meeting <p class='black-text'>The markets patiently waited on news from the Federal Reserve to give them reason to trade today. While there was no change in interest rates, the Fed did make positive comments about economic growth and inflation, which briefly pushed markets higher. The Dow 30 ended up lower by 175, the S&P 500 sold off 19, and the Nasdaq 100 closed lower on the day by 29.</p><p class='black-text'>Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares popped 4.42% today, as the company reported earnings that came in better than expected. Revenue also beat expectations, putting to rest any concerns of slowing sales. Sales of the iPhone came in at $52.2 million, versus Wall Street's estimate of $52.3 million. The company also announced that they had bought back $23.5 billion worth of company stock, with another $100 billion in the works. They also plan to raise their dividend 16%. Technical traders noted the resistance level that the stock stalled at today.</p><p class='black-text'>Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were higher today by 1.27% following comments from CEO Mark Zuckerberg about working their way out of the privacy scandal. Zuckerberg took time to announce its own dating service, which is designed to build "meaningful, long term relationships." Shares closed at their highest level since mid-March.</p><p class='black-text'>Molson Coors Brewing <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TAP"><span style="color:#333">(</span><span style=";">TAP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TAP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TAP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TAP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares plummeted to new lows, losing 15.44% in the process as the company announced earnings that missed Wall Street's expectations. The company says that world wide demand is lower but this will not cause it to lower its full year projections. Shares are lower by 25% on the year.</p><p class='black-text'>In other earnings, Estee Lauder <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EL"><span style="color:#333">(</span><span style=";">EL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, CVS Health <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CVS"><span style="color:#333">(</span><span style=";">CVS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CVS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CVS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CVS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Clorox <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CLX"><span style="color:#333">(</span><span style=";">CLX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CLX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CLX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CLX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Garmin <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GRMN"><span style="color:#333">(</span><span style=";">GRMN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GRMN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GRMN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GRMN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> all reported earnings that came in better than analyst expectations.</p> http://www.pws.io/stocks-lower-after-fed-meeting Wed, 02 May 2018 22:54:33 -0400 Dustin Tibbitts Sony Profits Off Spotify's Public Debut http://www.pws.io/sony-profits-off-spotifys-public-debut <p class='black-text'>Music-streaming giant Spotify Technology SA <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPOT"><span style="color:#333">(</span><span style=";">SPOT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPOT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPOT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPOT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> made its long-awaited public debut on the New York Stock Exchange in April to great success. After opening at $165.90 per share on its first day of trading, Spotify stock has remained robust over the last month; shares have fallen 3% since its debut. Spotify's public listing marked a significant milestone for the Swedish streaming company, whose business has changed the music industry. Digital music consumption drove the sector toward a third consecutive year of growth in 2017, according to <a href="http://www.midiaresearch.com/blog/global-recorded-music-revenues-grew-by-1-4-billion-in-2017/">a recent report</a> from Midia. Revenues from streaming - which include paid subscriptions to platforms like Spotify - accounted for 43% of all earnings in the global music industry in 2017.</p><p class='black-text'>The more traditional sectors of the music industry stand to gain substantially from the stock market debuts of streaming companies like Spotify. Since Spotify made its public debut on April 3, observers have watched major record companies for their response. Three major labels - Sony Music, Universal Music Group, and Warner Music Group - each hold equity stakes in the Stockholm-based company, the result of a series of licensing negotiations between the record companies and Spotify in 2011.</p><p class='black-text'>The day after Spotify began trading on the NYSE, Sony Corp <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SNE"><span style="color:#333">(</span><span style=";">SNE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SNE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SNE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SNE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> announced that <a href="https://www.nytimes.com/2018/04/04/business/media/as-spotify-goes-public-sony-cashes-in.html">it sold</a> a portion of its Spotify stock holdings in a transaction completed the day before. Before the transaction, Sony had controlled a 5.7% share of Spotify. The deal saw Sony part with 17.2% of its stake in Spotify in exchange for an undisclosed figure, initially estimated at more than $250 million, based on the opening price of $165.90 per share. Sony's sell-off leaves the company with 82.8% of its original Spotify stake in actively trading shares; its remaining 4.8% stake in the music-streaming company has been valued at more than $1 billion.</p><p class='black-text'>Though Sony has remained quiet on the details of the deal, the company simultaneously announced that it expected to record a profit of 105 billion yen (approximately $986 million) in the first fiscal quarter.</p><p class='black-text'>In theory, Sony has agreed to share any net gain from the sale of its Spotify stock with its artists. The company released a statement reaffirming a vague promise to give its artists a cut of its Spotify profits: "Sony Music and the Orchard are committed to sharing with their artists and distributed labels any net gain they may realize from a sale of Sony Music's equity stake in Spotify. This is consistent with our previously announced policy."</p><p class='black-text'>Sony's immediate move to offload some of its Spotify shares has piqued interest in how the other major record labels plan to use their substantial stock holdings in the company. According to reports, Warner Music Group and Universal Music Group (EPA: VIV) both hold estimated 4% stakes in the streaming company. But neither Warner Music nor Universal Music Group has yet made any public moves toward selling off its shares. The CEO of Universal Music Group's parent company, Vivendi, <a href="https://uk.reuters.com/article/brief-vivendi-ceo-says-spotify-is-a-stra/brief-vivendi-ceo-says-spotify-is-a-strategic-partner-intends-to-keep-stake-ceo-idUKP6N1LS059">recently affirmed</a> that his company intends to keep its stake of Spotify, calling the streaming company "a strategic partner."</p> http://www.pws.io/sony-profits-off-spotifys-public-debut Wed, 02 May 2018 22:50:09 -0400 Kingston Pung EFTs on the Move this Week http://www.pws.io/efts-on-the-move-this-week <p class='black-text'>The markets have started their second heavy week of earnings with all eyes on Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and the Federal Reserve's 2-day meeting. With these things in mind, investors have been mostly bearish in the S&P 500 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, though Tuesday was a positive day. Technical traders note the support of the 200-day moving average which continues to hold prices at these levels.</p><p class='black-text'>The Nasdaq 100 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has been a choppy mess lately. This week was no exception. With earnings on many tech names still pending, investors seem to be in wait-and-see mode. So far this week the QQQ is slightly positive. The response from Apple's earnings certainly helps a little.</p><p class='black-text'>Part of the problem is the financials <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLF"><span style="color:#333">(</span><span style=";">XLF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which are being held back by the bears. The XLF is negative for the week, but seems to be holding onto the 200-day moving average at this point. Part of the problem is that the bulls can't seem to gain any traction. Every bounce seems to be immediately sold off. This will weigh on the bulls' minds. Many worry that the bulls will lose patience and join the bears in their efforts to push prices under the 200-day moving average.</p><p class='black-text'>The dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> continues its strong rally from last week. So far this week the UUP has seen nothing but green and is now higher by almost 2% since this time last week. Technical traders are convinced that the downtrend is over in the short term after the breakout seen just a few weeks ago.</p><p class='black-text'>Lastly, gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has fallen back to the 200-day moving average this week for the first time this year. The story of more and more sectors and commodities hitting the 200-day moving average continues. With no real attempts to bounce off this popular indicator, things may be about to head south.</p> http://www.pws.io/efts-on-the-move-this-week Wed, 02 May 2018 22:42:03 -0400 Dustin Tibbitts Dow Erases 400 Points of Losses http://www.pws.io/dow-erases-400-points-of-losses <p class='black-text'>The markets were wild on trade today. The Dow started out lower by 400 points, as investors continued to sell on mostly good economic and earnings numbers. But by lunch time, the markets started a rally that pushed it all the way back into positive territory. The Dow 30 ultimately erased all the day's losses and closed higher by 5. The S&P 500 stayed in the red for the day, but only by 5, and the Nasdaq 100 closed lower by 12.</p><p class='black-text'>Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was one of the big names making headlines today as the company reported earnings that beat expectations. The stock sold off as CEO Elon Musk dodged analysts pointed questions during the earnings call, instead choosing to answer questions from a 25-year-old YouTube trader who has a total of 54 shares of Tesla. Shares have been under pressure for months now as investors are starting to wonder about the real financial future of this company.</p><p class='black-text'>The New York Times <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NYT"><span style="color:#333">(</span><span style=";">NYT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NYT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NYT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NYT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> isn't dead yet. The company reported stronger earnings than Wall Street expected. Revenue was also higher than anticipated, as the company announced that it added 139,000 digital-only subscribers. The only downside is that even while they added all these digital subscribers, digital ad sales fell 6%.</p><p class='black-text'>Ferrari <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/RACE"><span style="color:#333">(</span><span style=";">RACE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="RACE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="RACE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="RACE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares popped 4.45% on the day, nearing new highs as the company beat predictions on earnings and confirmed a positive forecast going forward for the year. Much of the success can be attributed to higher sales of its 12 -cylinder models. Shares are up by 26% on the year.</p><p class='black-text'>Other names that posted good earnings today were Church & Dwight <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CHD"><span style="color:#333">(</span><span style=";">CHD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CHD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CHD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CHD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Express Scripts, and even long-suffering Blue Apron <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/APRN"><span style="color:#333">(</span><span style=";">APRN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="APRN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="APRN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="APRN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p> http://www.pws.io/dow-erases-400-points-of-losses Wed, 02 May 2018 17:00:00 -0400 Dustin Tibbitts Sell in May and go away? http://www.pws.io/sell-in-may-and-go-away <p class='black-text'>The markets started the first day in May mixed. The Dow 30 closed lower by 84 after being down 300, the S&P 500 gained 5, and the Nasdaq 100 popped 63. Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the leader to the downside in the Dow, and the metals and mining sector <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XME"><span style="color:#333">(</span><span style=";">XME</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XME" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XME" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XME" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was one of the weaker sectors of the day losing over 1%.</p><p class='black-text'>Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is all anyone really cares about today as the company is due to report earnings after the close. Shares were higher by 2.32% going into the earnings release as analysts threw out their last calls for a bullish future. Investors will be focused directly on iPhone sales as chipmakers had reported weaker forecasts just a few weeks ago. The company is expected to have sold over 53 million iPhones through March which would be an increase of 4.4% from a year ago. This number is a downward revised number that was adjusted following the warnings from chipmakers. Revenue is expected to come in at $60.84 billion, with net profit of $13.68 billion, or $2.68 per share, according to Reuters. These numbers have also been adjusted lower.</p><p class='black-text'>Apple is not the only name reporting after the close today however. Snap <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SNAP"><span style="color:#333">(</span><span style=";">SNAP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SNAP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SNAP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SNAP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is expected to report a loss of 33 cents. Analysts will also be looking for new information about the companies new spectacles which launch on Thursday. Snap's original camera-glasses were nothing short of a flop that caused the company to write down a $40 million dollar loss on inventory they couldn't sell.</p><p class='black-text'>Boeing <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BA"><span style="color:#333">(</span><span style=";">BA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were lower today as the company has announced plans to buy plane-parts specialist KLX for $3.2 billion in cash. The company has publicly been looking for new ways to increase output. They are currently have a several year backlog on many of their most popular models.</p> http://www.pws.io/sell-in-may-and-go-away Tue, 01 May 2018 16:05:17 -0400 Dustin Tibbitts Trump Nominates Richard Clarida to No. 2 Fed Spot http://www.pws.io/trump-nominates-richard-clarida-to-no-2-fed-spot <p class='black-text'>Trump's nominee for vice chairman of the Federal Reserve is Richard Clarida, who is currently an economist at Columbia University's School of International and Public Affairs. Clarida's nomination has arrived at a moment in the Fed's history where normalizing policies are being implemented to help the domestic economy transition away from <a href="https://www.cnbc.com/2018/04/16/trump-to-nominate-economist-richard-clarida-as-fed-vice-chair-report.html">more extreme measures taken post-crisis</a>. One instance of this normalizing policy can be seen in the Fed's gradual interest rate hikes, the most recent of which has been a quarter point hike, marking the<a href="https://www.cnbc.com/2018/03/21/fed-hikes-rates-by-a-quarter-point-at-chair-powells-first-meeting.html"> sixth such increase since December 2015</a>.</p><p class='black-text'>Onlookers view Clarida's scholarship expertise in monetary policy as a complementary set of skills that will allow him to compensate for the weaknesses of the current secretary, Jerome H. Powell, who lacks academic expertise. Clarida's specific focuses include exchange rates, inflation, and optimal monetary policy. In the past, Clarida has been supportive of Janet Yellen's decisions to gradually raise interest rates post-crisis, while simultaneously shrinking the Fed's massive portfolio of bonds and assets that swelled during <a href="https://www.wsj.com/articles/trump-set-to-nominate-richard-clarida-michelle-bowman-to-fed-board-1523900241">stimulus campaigns immediately post-crisis</a>.</p><p class='black-text'>If Clarida's nomination receives Senate confirmation, he will join a powerful group of three leaders, Powell and John C. Williams, already within the Fed. Many onlookers are confident that Clarida's background and <a href="https://www.wsj.com/articles/trump-set-to-nominate-richard-clarida-michelle-bowman-to-fed-board-1523900241">relatively "conventional," pragmatic</a> past stances are indications that he is unlikely to radicalize<a href="https://www.cnbc.com/2018/04/16/trump-to-nominate-economist-richard-clarida-as-fed-vice-chair-report.html"> the bank's approach with ideology</a>. Furthermore, onlookers cite Clarida's powerful combination of academic expertise and wide-reaching market experience via his position as global strategic advisor for Pimco <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PHK"><span style="color:#333">(</span><span style=";">PHK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PHK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PHK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PHK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> as predictors that he will be an excellent fit at the job. Clarida's time serving as a Treasury official during George W. Bush's administration also provides him with ample government experience.</p><p class='black-text'>The more liberal groups have, in contrast, tended to view Clarida's selection with trepidation. Labor coalitions like the Fed Up campaign wish to ensure that Clarida is fully committed to the Fed's full employment mandate and bank regulation, to avoid another disastrous crash. Likewise, other liberal groups have voiced dissatisfaction with the addition of another white male member to the Fed. For these groups, each open spot on the Fed presents an opportunity to cultivate a more diversity-minded culture within the institution.</p> http://www.pws.io/trump-nominates-richard-clarida-to-no-2-fed-spot Mon, 30 Apr 2018 17:10:57 -0400 Marisa Liu Markets Close Out a Positive Month with a Sell-off http://www.pws.io/markets-close-out-a-positive-month-with-a-sell-off <p class='black-text'>The markets closed out the last trading day of the month with a loss. Still, April overall is the first positive month since January. Earlier in the day the markets were positive but spent the rest of the day giving back those gains. The Dow 30 was lower by 144, the S&P 500 added 21, and the Nasdaq 100 closed higher by 53. Good earnings along with positive economic numbers helped push the markets higher. Earnings season is not over yet. This week includes earnings from 100 S&P 500 names, including Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr></p><p class='black-text'>T-Mobile <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TMUS"><span style="color:#333">(</span><span style=";">TMUS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TMUS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TMUS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TMUS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Sprint <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/S"><span style="color:#333">(</span><span style=";">S</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="S" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="S" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="S" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> both dominated headlines on the final day of trading for the month: T-Mobile announced it had agreed to buy Sprint in a $26.5 billion deal that they hope will close by next summer. The pair feel that Washington's hands-off approach to business since Trump took office makes this the perfect time to try to put the deal together. Investors were skeptical, though, as shares of TMUS were lower by 6.22%, while Sprint sold off 13.77%.</p><p class='black-text'>McDonalds <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MCD"><span style="color:#333">(</span><span style=";">MCD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MCD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MCD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MCD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares led the way in the Dow today as the company reported better-than-expected earnings. Shares boosted by 5.75% as global and domestic sales came in higher. Remember that the company is in the midst of a turnaround plan, which includes more technology in stores, a more welcoming environment for customers, and premium menu items made with higher quality, more expensive ingredients. Technical traders noted the break above short-term resistance which likely helped support the intraday strength.</p><p class='black-text'>Walmart <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WMT"><span style="color:#333">(</span><span style=";">WMT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WMT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WMT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WMT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were higher by 1.33% today, as it works out a deal to offer a majority stake of its British grocer, Asda. The deal claims Asda is worth about $10 billion and, if approved, Walmart would have a 42% minority stake in the merged company, which would make it the grocery leader in the UK.</p> http://www.pws.io/markets-close-out-a-positive-month-with-a-sell-off Mon, 30 Apr 2018 17:03:12 -0400 Dustin Tibbitts Credit-Shy Millennials Opt for Debit Instead http://www.pws.io/credit-shy-millennials-opt-for-debit-instead <p class='black-text'>The financial crisis is still having lingering effects on millennial spending habits. A recent report found that millennial's are growing more averse to credit, opting for debit or cash as an alternative, to the degree that many credit card companies are changing their operations to account for the shift.</p><p class='black-text'>In a new survey commissioned by <a href="http://www.cardrates.com/news/study-2-3-millennials-hate-credit-cards/">Bankrate</a>, a whopping 63% of millennials, or those aged 18 to 29, currently do not have a credit card, according to the survey. <a href="http://www.cardrates.com/news/study-2-3-millennials-hate-credit-cards/">23 percent</a> of millennials have only one credit card, while a meager 6% have two or more cards. Compare this to 13% of those aged 30 to 49 who have two credit cards. And the numbers only increase with age - for example, 21% of those 65 and up have two or more cards.</p><p class='black-text'>Experts believe that this pivot towards debit or cash is mainly due to the fact that the millennial generation came of age in the midst of the financial crisis. When the Great Recession hit its worst, millennials were either just out of college or still in school, crippling their ability to find jobs at what normally would have been a formative career stage. Crushing student loans have left millennials skeptical of debt. According to the Project for Student Debt, the <a href="http://www.cardrates.com/news/study-2-3-millennials-hate-credit-cards/">average amount</a> of student loan debt for college grads from 2012 is nearly $30,000, and student loan debt grew 6% each year from 2008 to 2012. Burdened as they are by debt, millennials aren't keen to take on more.</p><p class='black-text'>Even independent of this, however, the effects of the financial crisis have had a ripple effect on other generations, too; Americans as a whole are <a href="http://www.cardrates.com/news/study-2-3-millennials-hate-credit-cards/">shying away from credit</a> in greater numbers since the recession.</p><p class='black-text'>Furthermore, the <a href="http://www.cardrates.com/news/study-2-3-millennials-hate-credit-cards/">Credit Card Act of 2009</a> made it difficult for those under 21 to get a credit card without a co-signer or significant income, so it became more difficult for many millennials to get a card even if they wanted one.</p><p class='black-text'>Businesses are taking a hit from the credit aversion. Banks like <a href="https://www.iol.co.za/business-report/international/millennials-show-aversion-to-credit-cards-13523184">JPMorgan Chase & Co</a> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JPM"><span style="color:#333">(</span><span style=";">JPM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JPM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JPM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JPM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and payment networks like Visa Inc. <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/V"><span style="color:#333">(</span><span style=";">V</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="V" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="V" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="V" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and MasterCard <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MA"><span style="color:#333">(</span><span style=";">MA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> aren't garnering the higher fees earned via credit cards. The debit card sector has leapt in recent years, and spending on Visa debit cards continues to grow at a faster clip then credit: Spending on the firm's debit cards jumped <a href="https://www.bloomberg.com/news/articles/2018-04-25/visa-jumps-on-debit-card-spending-by-credit-averse-millennials">16.3 percent</a> in the first three months of 2018, helping the firm raise its financial outlook for the year. Credit card spending, by contrast, rose only 13.7 percent. Despite these leaps in the debit card sector, the losses from credit card fees are taking their toll.</p> http://www.pws.io/credit-shy-millennials-opt-for-debit-instead Mon, 30 Apr 2018 16:55:42 -0400 Rebecca Bruce Cryptocurrency Week in Review http://www.pws.io/cryptocurrency-week-in-review <p class='black-text'>The month of April is about to end, and it has been a mostly positive, if wild, ride for the cryptocurrency markets. The major news this week was that the <a href="https://www.cnbc.com/2018/04/25/nasdaq-is-open-to-becoming-cryptocurrency-exchange-ceo-says.html">Nasdaq stock exchange announced a partnership </a>with the Gemini crypto exchange to work on a blockchain ETF. Nasdaq's CEO Adena Friedman implied that the exchange might be open to trading crypto in the future.</p><p class='black-text'>Here is crypto's week in review:</p><p class='black-text'>First, <a href="http://bitcoinist.com/chilean-cryptocurrency-exchanges-win-battle-banks/">three Chilean crypto exchanges won a lawsuit</a> against three banks. Earlier this month, Buda, Orionx, and CryptoMarket appealed its lawsuit against Itau Corpbanca, Bank of Nova Scotia, and Banco del Estado de Chile after the banks unexpected closed the exchanges' bank accounts. Chile's appeals court reportedly issued a court order for the banks to reopen the exchanges' accounts. The outcome is a victory for crypto users in Chile.</p><p class='black-text'><a href="https://www.ccn.com/china-safely-shut-ico-cryptocurrency/">China is continuing the crackdown</a> on crypto it began last year. In order to maintain its infamous capital controls, the Chinese government has taken a series on increasingly prohibitive steps. On Monday, Chinese authorities announced that the country had successfully shuttered ICOs and would keep cracking down on online fundraising activities deemed illegal. Finally, China has begun to target Chinese crypto traders by monitoring their bank accounts and assets.</p><p class='black-text'><a href="https://thenextweb.com/hardfork/2018/04/27/journalism-ethics-consensus-crypto-community/">A debate is brewing</a> within the crypto community about journalistic ethics. The spark was a controversy between Ethereum (ETH) cofounder Vitalik Buterin and a CoinDesk article about an Ethereum Improvement Proposal. The debate has since expanded in scope to include conference fees, disclosure of conflict of interests, complicity in scams, and journalistic integrity. Whether the debate reaches a consensus or not, it is arguably a needed one.</p><p class='black-text'><a href="https://coingeek.com/malta-green-lights-new-cryptocurrency-bill/">The country of Malta recently introduced three bills</a> to create a regulatory framework for ICOs and crypto transactions. The bills would make it easier for banks to do business with crypto companies. The parliament secretary stated that the regulations will protect investors and provide market integrity. With major exchange Binance planning to establish a base in Malta, the country is set to become an island of blockchain innovation.</p><p class='black-text'><a href="https://www.cnbc.com/2018/04/26/fmr-paypal-ceo-says-investors-are-drinking-the-bitcoin-kool-aid.html">Former PayPal <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PYPL"><span style="color:#333">(</span><span style=";">PYPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PYPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PYPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PYPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> CEO Bill Harris remains</a> anti-crypto. In a CNBC interview today, he claimed that crypto traders are "drinking the Kool-Aid." Though Harris believes in digital money, he does not believe in the need for a new currency, and though he likes the idea of blockchain, he does not think cryptocurrencies are necessary.</p><p class='black-text'>Finally, <a href="https://www.cnbc.com/2018/04/27/theres-a-new-way-to-fundraise-with-cryptocurrency-overstock-ceo-says.html">ICOs might be replaced </a>by something new - STOs, or security token offerings. STOs aim to be regulated, legal means of crypto fundraising. Unlike ICOs, STOs must be backed by something tangible, like a company's assets, revenue, or profit. Overstock <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/OSTK"><span style="color:#333">(</span><span style=";">OSTK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="OSTK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="OSTK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="OSTK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> CEO Patrick Byrne is a big fan of the STO. This week, auto startup Elio Motors, with an investment from Overstock, announced the launch of ElioCoin, a STO, to help fund production. As the SEC continues to regulate ICOs as securities and prosecute fraud, the STO could become an interesting fundraising mechanism for U.S. companies.</p><p class='black-text'><i>The author does not hold any positions in any of the securities above.</i></p> http://www.pws.io/cryptocurrency-week-in-review Mon, 30 Apr 2018 16:39:53 -0400 Eric Yao