Read this First 03/02/2020
You're off to Great Places! Today is Your Day! You're mountain is waiting. So, Get on Your Way !!! -- Happy Birthday to Dr Seuss. Born March 2, 1904. You think our education system would be better off if we made Dr. Seuss mandatory in all elementary schools??
Coronaupdate? You can get a case for a 30% discount because so many Americans are stupid and still won't buy Corona Beer because they think it's linked to the virus. Let this sink in a minute: Those people voteand their vote counts the same as yours and mine!
The Real Update is that there are more cases in the USA, and the first deaths. I expected more panic when that happened but it seems that as more information comes out (The facts.. not the sensationalized Press crap) people are getting less afraid. It's not EBOLA. It's a REALLYa bad flu. Those are serious risk are older people and those with prior respiratory illness and weak immune systems. So, its not a NOTHING.. but it's not gonna wipe out the planet.. and..
One interesting Coronavirus update comes fromIran where they claim the reports of 100 deathsin their country are NOT TRUE. They are reporting 54 deaths. (Which is good for those 46 others, right? ) Except it's Bullsheet. Secretary of State Mike Pompeo offered help to Iran because our intelligence thinks Iran is covering up how bad it is there. Today, Iran announced Mohammad Mirmohammadi, a top advisor to Ayatollah Khameni has died of the virus and that other ministers are infected. ...and..
Unfortunately, someone flew from Iran to NY and they have their first infection. Now, WTF are we doing letting people fly to visit Iran?? What are we getting out of that? US Policy should be if you EVER fly to Iran you're not allowed back.. ..and..
Hats off to the Texas police (and now police around the country) who put out advertisements and news articles that "Local Crystal Meth was tainted with Conoravirus. It can be cleaned by bringing it to this address". ..Then, arresting the dumbazzz crackheads that bring in their meth to get cleaned !!!
In Election News: First, Israel. In the third election of the year Bernie Gantz and Bibi are neck and neck. Neither has any interest in joining the others "Coalition"...So, it looks like another mess. Also, in Israel, their Ambassador to the UN said "we don't wan't that ignorant fool, Bernie Sanders, in this country" Hmmm.. Is that meddling in our elections?
In US Elections: Biden wins big in South Carolina. By around 29%. Hmm.. The "Polls" predicted a 13% victory. Man, If I worked for a Polling agency I'd go find something else to do with my life.. .. Forget the Coronavirus Masks. If I worked for a polling company I'd wear a mask! I wouldn't want to go out in public!!
Immediately after the polls closed candidate Tom Steyer dropped out of the race. $252 million dollars and ZERO delegates. What a waste of money for Steyer. Great business for the advertising agencies, the networks, and jobs for his staff, though...and...
Yesterday, Mayor Pete Butigieg suspended his campaign. I am saying Biden's guys got to him. They said, "drop out of the race.. we'll give you a great job when we win.. Cabinet position, etc... or maybe even VP".. and..
You'll see most candidates drop out Wednesday after the SuperTuesday results. You'll probably have Biden and Sanders.. and Bloomberg who might end up spending $1 Billion and still losing. Warren seems to think she can make it to a "Brokered Convention". (Don't waste your time)..
Another article I read said that a DNC Brokered Convention would chose the best person to beat Trump..and that's Hilary!!!HAHAHAHHA ..
Note to Democrat readers: You DON'T want to vote for Bernie. If that whack-o wins, you'll see Trump in the White Houseand a Republican House and Senate.
SPORTS: NCAA Hoops: March Madness is upon us. Conference Tournaments are going on. This is the first year I can remember where the "Power Schools" are not the favorites in many conference tournaments
GOLF: Sunjae Im gets his first PGA Tour win at the Honda after Brendan Steele and Tommy Fleetwood dumped it in the water on the 18th hole.
NHL: Congratulations to NY Ranger Chris Kreider and his agent. Kreider signed a 7 year $45.5 million contract and then immediately broke his foot!! NICE!!! Get paid to wear a boot !!!
CELEBRIDIOTS: Happy Birthday to Justine Bieber!! She had dinner with her wife then they went out partying at a club for his 26th. Hailey went with Mom Jeans (please stop it. They aren't "cool and trendy" they look awful) and Justine went with Prison Orange. HERE ... Leave the Orange to Rickie Fowler.
The Band, "Public Enemy"has tossed lead man, Flava Flav... Mr Flav sent a cease and desist letter to the Sanders Campaign for using his likeness and trademark clock in his campaign. Chuck D. of Public Enemy is supporting Sanders and will perform at a rally. Public Enemy said that "Chuck D. is free to support whomever he wants and that Flava Flav does not speak for the band". Then they threw him out. Now he has to "Fight the Power" by himself .. Gotta be tough. Not much work out there for 60 year old rappers looking to start a solo career... and..
Tony Romo got a contract from CBS to be a Football Analyst. $17 Million. I gotta say, He is GOOD. But, $17 Million good?
Astros Pitcher Justin Verlander's wife Kate Upton decided to deal with the Astros sign-stealing scandal in her OWN way .. by wearing bikinis on boats. Which is kind of an unusual way to deal with a scandal. But, we'll go with her on this. HERE .. Kate, if you think this is a good way to distract me from the scandal, YOU'RE RIGHT !!! Come over. I'll make you some "Green Eggs and Ham"!!!
Big swings in the U.S. futures market are keeping traders on edge following the worst one-week decline for stocks since the global financial crisis. After a dramatic rise-and-fall, U.S. futures pointed to an advance of 2% for most of the night, before giving back the big gains (and even going red) just moments ago. The rally was fueled by hopes that central banks across the world will deliver interest rate cuts. Like the Fed's Jay Powell on Friday afternoon, the BOJ's Haruhiko Kuroda on Sunday promised necessary action to support markets. Go deeper: Global markets 'should calm down' - WHO chief.
Stimulus bets saw China lead gains across Asia, with the Shanghai Composite closing up 3.2%, despite the first look at the economic toll the coronavirus has taken on the country. Fresh data showed Markit/Caixin's China manufacturing PMI dropping to 40.3 vs. 51.1 in January, while the official PMI from the National Bureau of Statistics slipped to 35.7 - the lowest level on record. Gaming revenue in Macau also plunged 87.8% in February to 3.10B patacas ($387M) with casinos closed for 15 days and sparse traffic for the balance of the month. Go deeper: 'Global Recession Is Now Certain' by James A. Kostohryz.
The 10-year Treasury yield touched a fresh record low of 1.03% over the last few hours as investors scrambled for safety. The benchmark rate, which moves inversely with prices, tumbled about 37 basis points in February alone. What else is moving? Gold raced through early 2020 to its highest level in seven years before plunging 4.6% on Friday in its sharpest drop since 2013, while oil jumped as much as 4% overnight, up from multi-year lows hit earlier on Monday. Go deeper: Russia OK with oil prices, prepared to act.
As coronavirus cases climb to 90,000 worldwide, the U.S. has recorded at least 89 infections, according to the CDC. Health authorities in Washington state confirmed the first and second death in the U.S. from the disease over the weekend, with cases of the virus now being reported across ten states and populous cities. The first in NYC announced on Sunday was a woman in her late 30s who recently traveled to Iran. Quarantine procedures of 14 days are in effect.
Global output is expected to fall during the first three months of this year due to the coronavirus, putting the economy at risk of recession, according to fresh forecasts from the OECD. In its "best case" scenario, the global economy would grow by 2.4% during 2020 (vs. 2.9% last year), before rebounding in 2021. However, the recovery won't be immediate, and some lost output would never be recovered. "It's not like it plunges and then it recovers quickly," said Laurence Boone, the OECD's chief economist. Go deeper: Italy responds to coronavirus with €3.6B stimulus.
While Warner Music (WMGC), the world's third-largest music recording label, and shoemaker Cole Haan (CLHN) had hoped to communicate their targeted share price ranges today, those plans have been put on hold. The companies had also intended to begin formal meetings with potential IPO investors, according to Reuters, but last week's market volatility is making it difficult for underwriters to find steady demand for shares. Some $65B in stock was sold through U.S. IPOs in 2019, thanks to high-profile listings like Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT). Go deeper: 'A Viral Market Meltdown: Fear Or Fundamentals?' by Aswath Damodaran.
Keep an eye on Twitter shares, which are soaring 8.7% premarket, after Elliott Management took a sizable stake in the company to push for notable changes. Among the issues for activist investor Paul Singer is Jack Dorsey's dual CEO roles at Twitter (NYSE:TWTR) and Square (NYSE:SQ), as well as his desire to move to Africa for six months. Dorsey is the only CEO of two public companies with market valuations of more than $5B.
"We were wrong," JPMorgan analyst Stephen Tusa admits, raising his call (made in April 2019) on General Electric (NYSE:GE) to Neutral from Underweight amid a six-month rally that has added more than 30% to the company's market value. He also lifted his price target by $3, to $8 per share, a notable change for the longtime GE bear. "The spread between our free cash-flow estimate and consensus is narrower after a better-than-expected 2019, helped by less de-risking at GE Capital Services," Tusa wrote to clients. "With zero sells and multiple upgrades since CEO Culp took over, we see little debate about sentiment." GE +1.4% premarket.
Nokia CEO quits after setbacks
Struggling to gain a foothold in the 5G market, Nokia (NYSE:NOK) CEO Rajeev Suri is stepping down after just over half a decade at the helm of the Finnish network firm. He'll be replaced by Pekka Lundmark, the outgoing CEO of Fortum Oyj, amid reports that Nokia is exploring strategic options. In October, Nokia suspended its dividend and cut its earnings guidance, triggering a 23% decline for its share price in a single day, while over the past 12 months, the company has lost about a third of its market value.
Walmart (NYSE:WMT) is looking to outfit its stores with antennas and other equipment to create next-generation networks, and is talking with Verizon (NYSE:VZ) about its 5G technology. The plan would initially bring 5G wireless service to a pair of locations this year to power new Walmart digital health services the retailer aims to start offering to shoppers and employees, WSJ reports. It would also provide faster wireless connections for other store operations and the surrounding community.
What else is happening...
Trump says Fed should start being a leader.
3M (NYSE:MMM) bolsters N95 face mask production.
Sick employee prompts Nike (NYSE:NKE) to shut Europe HQ.
Automakers rush to secure supply lines.
Cybertruck (NASDAQ:TSLA) passes early test with construction pros.
Toyota (NYSE:TM) plans new $1.2B EV plant in Tianjin, China.
Tentative deal reached in Canada pipeline dispute.
In Asia, Japan +1%. Hong Kong +0.6%. China +3.2%. India -0.4%. In Europe, at midday, London -0.5%. Paris -1.4%. Frankfurt -1.5%. Futures at 6:20, Dow -0.3%. S&P -0.5%. Nasdaq -0.1%. Crude +1.4% to $45.39. Gold +2.5% to $1605.60. Bitcoin +1.5% to $8752. Ten-year Treasury Yield -6 bps to 1.06%
Today's Economic Calendar
9:45 PMI Manufacturing Index 10:00 ISM Manufacturing Index 10:00 Construction Spending
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