Read this First 05/24/2019
Memorial Day Weekend (yeah, I know.. can't believe its here, either) ... While you are barbecuing, swimming, golfing, beaching, or whatever you do .. Remember those killed in wars defending our Country and your Freedom!
She is OUT!!! .. Theresa May just resigned as Prime Minister of the UK. May was unable to negotiate a BREXIT deal and after three attempts, was forced out. May informed the Queen she will remain as "Caretaker PM" until a replacement is elected .. Wikileaks founder Julian Assange has been hit with 18 charges by the US Government including violation of the Espionage Act. This is gonna be REAL interesting. The REAL criminal is former Army member Bradley Manning. Manning stole secret Government Documents and gave them to Wikileaks. Manning was jailed (although later released by former President Obama). The issue here is that although Wikileaks is not "The Press", many papers and websites publish material that they get from "informants" that is considered "Secret". Is asking an informant for secret materials "conspiracy to violate the Espionage Act"? When FBI Director Comey leaked secret information to the Media are the reporters guilty? If a court finds Assange guilty that means ALL reporters that publish secrets from "informants" are guilty. Many in the media are calling this a crisis of the First Amendment. Personally, I think Assange is an egomaniacal weasel. But, I think the US Government is going to have a hard time winning this case. .. Down in the SWAMP: A Website called "The Hill" is saying that there are emails and memos that show the FBI knew the "Steele Dossier" was false 10 DAYS before filing the FISA Warrant to spy on the Trump Campaign . Of course, Republicans in the Swamp are jumping all over this calling it an "Obvious Conspiracy to mislead the FISA Court". President Trump has unleashed Attorney General Barr. Trump has instructed ALL heads of Federal Agencies to respond immediately and fully with any requests from Barr regarding the investigation into the origins of the "Trump Collusion" investigation. Trump also gave Barr to the power to de-classify any documents he deems appropriate. Former Obama officials are certainly starting to lose sleep. SOMEONE or SOME GROUP of someone's did bad stuff and/or looked the other way.. Speaker Pelosi said that President Trump "needs an intervention" . Trump responded that "Crazy Nancy is losing it. I've been watching her and she is not the same as she used to be" (Who is, right?) Trump is definitely nuts. But, he was like that when he was elected. As all of you readers are aware, I am VERY convinced that Pelosi is one of the "High Level Legislators" that are taking Alzheimers and Dementia medication as "accidentally" exposed 2 years ago by a DC Pharmacist HERE Talk about a story that got "Buried Quickly". Congressional spokesmen flipped and said HIPAA regulations forbid a pharmacist from disclosing that information. Which is TRUE.. but What if it was Trump's meds? You think the press would drop the story after a day? .. and .. In France a 102 year old woman is being charged with murdering her 92 year old neighbor in a retirement home. When I read the headline I figured she pulled the plug on a machine or gave her pills. But, the cause of death was, "Strangulation and blows to the head". WOW. Granny can THROW DOWN.. Moral to this story? .. Stay away from angry old French ladies!!!! ... SPORTS: GOLF: Tony Finau tried out a new putting grip and shot -6 to lead the Colonial by a shot after one round. He should probably keep using that grip, right? .. Scott Parel leads after one round of the Sr. PGA .. NBA: Kawhi Leonard goes off in the second half as Toronto erases a 14 point deficit to beat Milwaukee 105-99. Some are pointing to Green Bay QB Aaron Rogers as the reason for the loss. Rogers was shown on the big screen and was supposed to Down his beer on the "Slam Cam". It took Rogers a loooooooooongggg time to finish.. he got booed..and the Bucks lost a 14 point lead RIGHT AFTER that. Coincidence? .. The Raptors lead the series 3-2 and are one game away from being swept by Golden State in the Finals.. (ehh.. ok . fine.. Maybe they feel sorry for them and let them win ONE game) .. .. CELEBRIDIOTS: Jussie Gonna be BROKE. A judge has ordered the files in the Jussie Smollett case UNsealed. Prosecutors asked for guidance in "what to redact" and the Judge said, "release it all.. as if there had never been a seal on it in the first place".This judge obviously saw through all the shenanigans played by the Attorney General and her connections to the Obamas. Jussie called the witnesses liars and they are suing him for defamation. Now, they have their proof. Jussie is screwed.. The Chicago PD is suing for the cost of the investigation. With the files unsealed, Smollett is TOAST .. .. and.. "Fuller House Season 5" has started production WITHOUT Aunt Becky (aka Lori Loughlin.. who is going to jail for the tuition fraud thing). The writers of that show are STUPID. How much better would it be if they WROTE THAT IN to the show? All the kids had to go visit her in Prison. They could make all kinds of prison rape references..and then make it like a "teaching moment" thing like "look kids, try hard. Get into college the RIGHT way. Don't rely on rich and famous parents and criminal coaches!!!" ...and then have the "bad uncle" say, "Screw that.. have your parents go for it.. and when they go to jail you'll end up with all that publicity and get like a million new Instagram Followers" . .. Jeopardy James Holzhauer squeaked one out and is still going. His competitor COULD have won but he did not bet the max on Daily Doubles. They both got Final Jeopardy right.. but James had more money .. he is a few dollars short of $2 million.. and .. although many say the Cannes Film Festival has "lost it" (Paul Allen died so his famous party on his huge boat no longer happens .. Harvey Weinstein threw many of the big parties so they are OUT .. and everyone is afraid to talk to reporters for fear they will slip up, say one "wrong thing" and ruin their career)... anyways.. The Cannes AmFar Gala happened. I won't show you a pic of Pamela Anderson because I don't want to ruin your weekend. Suffice it to say, All of you women out there that watched Baywatch and said, "I wish I looked like Pam" .. well.. You would no longer say that .. I will give the "What were you thinking" award to Kendall Jenner. You're hot Kendall, but NO ONE can pull of the "Cotton Candy with the front cut off"look HERE .. and for those that complain I always give the Winner Award to Brunettes and Latinas .. I'll throw you a bone and Give you Elsa Hosk. The gloves look like they are recycled leggings from a 1990 Madonna video .. But the dress, simple-elegant-SHORT. HERE .. I probably should have picked an American.. you know.. seeing that it's Memorial Day Weekend.. But.. Sweden is a US ALLY .. Right? ... At least until Elsa gets kicked outta the Raj Tub.
The time is up for Theresa May as the U.K. prime minister announced she will resign on June 7, while the process for electing a new leader will begin next week. "It is and will always remain a matter of deep regret to me that I have not been able to deliver Brexit," she declared, adding that it will be for her "successor to seek a way forward that honors the result of the Brexit referendum." Sterling gained 0.5% to $1.2711, but could face far more volatility over the next few trading days.
Wall Street is hoping to cap the last day of a tough week with modest gains, following a 300-point rout for the Dow Jones Industrial Average last night that tipped the benchmark into a week-to-date decline of just over 1%. DJIA futures now suggest a 135-point gain at the open as President Trump signaled a trade deal with China could lift tough restrictions on "dangerous" Huawei and predicted a swift end to the ongoing tensions. Oil rose more than 1%overnight, although it's still set to record its biggest weekly loss of the year, while 10-year Treasury yields are at their lowest since 2017.
Echoing a similar program last year, the Trump administration has rolled out a $16B plan - which won't require congressional approval - to help farmers hit by the trade conflict with China. The action comes as prices for commodities such as soybeans, corn and sorghum, already mired in a yearslong slump and hit by flooding and wet weather, fell last week to their lowest level in more than a decade. "Farmers themselves will tell you they'd rather have trade than aid," said Agriculture Secretary Sonny Perdue, but in the absence of a deal "they'll need some support."
Difficult week for Deutsche Bank
Shares in the embattled German lender hit a record low ahead of what turned out to be an acrimonious board meeting at which Chairman Paul Achleitner took the brunt of the backlash from investors complaining about the group's dismal performance. Deutsche (NYSE:DB) is now prepared to make "tough cutbacks" again at its struggling investment bank in an attempt to restore market confidence following the breakdown of merger talks with Commerzbank (OTCPK:CRZBY). It may also target its U.S. equities business, including prime brokerage and equity derivatives.
Facebook gets serious about crypto
Facebook's (NASDAQ:FB) vaulting ambition to create a new global digital currency has led it to hold talks with some of America’s largest trading houses and crypto exchanges, FT reports. They include Jump and DRW, Chicago's biggest high-frequency trading firms, as well as Coinbase and Gemini, which was founded by Mark Zuckerberg's sworn enemies - the Winklevoss twins. The project is thought to be "bigger and more open" than just a way to make payments and purchases within Facebook, Instagram and WhatsApp, linking the currency's value to the dollar to be used across the real world.
Looking to jump-start its Prime one-day shipping program, Amazon (NASDAQ:AMZN) is offering steep warehouse discounts of up to 75% to get sellers onboard. Independent merchants are particularly important to the goal, since they make up about 58% of Amazon's total online sales. One-day shipping will encourage consumers to spend more online, which still accounts for just 10% of U.S. retail spending, and will upend an industry already working overtime for deliveries.
Shaking up the broadband market
A SpaceX (SPACE) Falcon 9 rocket last night launched its heaviest payload ever, blasting off from Cape Canaveral with 60 satellites on board. The mission represents the company's ambitious plan to build an interconnected satellite network - called Starlink - which will beam high-speed internet to anywhere on the planet. SpaceX eventually plans to build a mega-constellation of nearly 12,000 satellites to generate much-needed cash for Musk's larger ambitions in space.
Although the agency is not committing to a timetable, FAA representatives told the United Nations' aviation agency that the grounding of Boeing's (NYSE:BA) 737 MAX in the U.S. could end as early as late June, Reuters reports. The target, if achieved, means U.S. airlines would likely not have to greatly extend costly cancellations of MAX jets they have already put in place for the peak summer flying season. Separately, Boeing has dropped the Embraer (NYSE:ERJ) name from its Brazil commercial jet division after paying $4.2B to buy 80% of the operation.
What else is happening...
Contributor MarketGyrations discusses the consequences of Huawei's ban on Qualcomm (NASDAQ:QCOM).
Facebook (FB) removed nearly 3.4B fake accounts in the last six months.
Despite unloading its U.S. chocolate operations, Nestle (OTCPK:NSRGY) commits to global confectionery.
NYSE (NYSE:ICE) cuts listing fees to court biotechs away from Nasdaq (NASDAQ:NDAQ).
EPA likely to roll out slimmed-down biofuel credit reform.
Takeoff for Maxar Technologies (NYSE:MAXR) as NASA details lunar gateway project.
'Tesla (NASDAQ:TSLA) Bears Need To Take A Step Back, Too' writescontributor Vince Martin.
Thursday's Key Earnings
Best Buy (NYSE:BBY) -4.8% factoring tariffs into guidance. Hewlett Packard Enterprise (NYSE:HPE) +1.2% AH boosting outlook. HP (NYSE:HPQ) +3.3% AH on Personal Systems growth. Intuit (NASDAQ:INTU) +1.5% AH raising outlook amid TurboTax scrutiny. Medtronic (NYSE:MDT) +3.3% beating expectations. TD Bank (NYSE:TD) +1.9% planning stock buyback.
In Asia, Japan -0.2%. Hong Kong +0.3%. China flat. India +1.6%. In Europe, at midday, London +0.7%. Paris +0.8%. Frankfurt +0.8%. Futures at 6:20, Dow +0.5%. S&P +0.6%. Nasdaq +0.5%. Crude +1.2% to $58.61. Gold -0.3% to $1281. Bitcoin +5.2% to $7956. Ten-year Treasury Yield +3 bps to 2.32%
Today's Economic Calendar
8:30 Durable Goods 1:00 PM Baker-Hughes Rig Count SIFMA close 2:00 PM
Roger “Raj” Searing firstname.lastname@example.org
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