Read this First 6/26/2019
Democratic Debate #1 ... Because there are so many candidates the First Democratic Primary Debate (aka "The Circular Firing Squad") will be broken in two. Tonight and Tomorrow. Tonight it's Cory Booker, Bill deblasidiot, Julian "Don't call me Fidel" Castro, John Delaney, Tulsi Gabbard, Jay Inslee, Amy Klobuchar, Robert "Beto" O'Rourke, Tim Ryan, and Elizabeth Warren. Supposedly, the spots were picked at random..but I don't believe anyone anymore.. Predictions? - deblasidiot will make a fool of himself AGAIN, Tulsi Gabbard will gain a little ground, and Elizabeth Warren will make the most people turn off their TV ...
In da News, Trade Talks: Trump wants to re-start Trade Talks with China but will not ease tariffs in meantime. Sanctions Talk: Iran Leader calls the White House, "Mentally Retarded".... Muller Talks: On July 17 Robert Muller will testify publicly in front of the House Judiciary and Intelligence Committees (Cue the Meme of Beating a dead horse) .. White House Talks: Stephanie Grishamwill replace Sarah Sanders as the White House Press Secretary. Grisham was formerly Melania Trump's spokesperson... In other news: Mexico has sent 15,000 Troops to its Southern Border to stop Migrants. One official said they will not be "detaining" anyone. They will simply send them home. .. At the US Border, Politicians continue to point out the deplorable conditions at the border where migrants, particularly minors, are being held. Alexandra O'Cortez called them, "Concentration Camps". Nancy Pelosi pulled the "I am a mother and a grandmother of children. We have to take care of the Children". John Sanders, the head of the Customs and Border Patrol, has been asking for money and facilities to house the migrants. He has told Congress MANY TIMES the places are 3-5 TIMES overcrowded. Now that the Congressmen (Who are the ones that have the power to DO SOMETHING and FUND more centers) are publicly calling out the Border Patrol, Sanders has had enough. Yesterday, he said, "I'M OUT" If the Swamp creatures are going to publicly blame me and my staff when it's THEIR fault we have this problem they can fix it themselves. Good Luck ...
SPORTS: Baseball: MLB: A lot of games that don't really matter were played. College World Series: Vanderbilt wins 4-1 over Michigan to send the College World Series to Game 3... GOLF: The PGA Tour goes to Detroit for the Rocket Mortgage Classic. If it's the First Year that Rocket Mortgage sponsors it, how is it a "Classic"? ..and California is trying to bully the NCAA. They introduced a Bill that would allow College Athletes to earn compensation and profit off of their images. The NCAA went Nuclear. "Pass the Bill and ALL California Schools are BANNED from NCAA competition". THIS should be interesting.
CELEBRIDIOTS: Amanda Bynes posted a pic at her graduation from the LA Fashion Institute of Design and Merchandising. Amanda was a child-star on Nickelodeon before having some very public meltdowns. Turns out she had legitimate mental health issues. She is on the right meds now and looks to be doing well. Good for you Amanda.. Actress Zendaya was in NY promoting her new Show, "Euphoria". The show is getting mixed reviews and causing some "Controversy" for "normalizing" things that teenagers do. There is sex, drugs, and partying. For those complaining the show normalizes that.. Uhh.. well.. That is kinda normal for lots of teenagers.. and HAS BEEN for a LOOOONNNGG TIIMMEE.. What is NOT normal is what Zendaya was wearing. HERE GEEZ Girl, WHO dresses you?? You look like you're going to a Tito Puente tribute at a Tennessee Football game. If you're gonna wear that God-Awful orange you could at least find shoes to match... and I would like to have a word with the arresting officer in the Madison Rogers case...(and Jack Mac at Barstool, you have the TOTALLY wrong take on this story). Madison was competing in the Miss Hooters USA competition and got to the Finals. The morning of the Finals her boyfriend of two years broke up with her. She didn't win and later went to his apartment and trashed it. (Dude, you couldn't wait until the next day? You had to ruin her shot at winning??) HERE ...Look. When you date "HOT" then "Crazy" comes with the territory. ALL guys know that. She is really hot. So, when you say, "I've had enough. I need out" She is DEFINITELY gonna do the CRAZY part. (If you need a full explanation and have 5 minutes click HERE ) Some hot girls key cars.. Some hot girls.. wait.. ALL GIRLS will stalk you on Social Media for MONTHS .. Carrie Underwood smashed a truck with a baseball bat. It's just PART of the DEAL. When you date them and it ends, Guys just KNOW something Crazy is coming. If anything, Madison's ex-boyfriend got off EASY. A few new lamps and a TV and he is good as new!! .. You can't take the "Flip out on him and his stuff" away from the Hot chicks! All that would leave them with is.. well.. A job as waitress at Hooters and a seat in the Raj Tub. What is HAPPENING in this COUNTRY???!!! Do we need a March for Hot Girls Rights? I think we Might!
Stronger-than-expected earnings from Micron Technologies (NASDAQ:MU) helped boost investing sentiment overnight as the semiconducter maker stuck to its forecast of a second half rebound in the memory chip market and resumed shipments to Huawei, sending shares up 10% premarket. Qualcomm (NASDAQ:QCOM) and Intel (NASDAQ:INTC) have also started shipping some components to the blacklisted Chinese tech giant after its lawyers studied export restrictions. Even when businesses have headquarters in the U.S., they may be able, through ownership of overseas subsidiaries and operations, to classify their technology as foreign, according to Cross Research analyst Steven Fox. Premarket: QCOM +1.5%, INTC +2%; XLNX +2.3%, STM +4.2%.
DJIA futures are ahead by 123 points, with stronger-than-expected earnings from Micron pushing Nasdaq futures up 0.8%, as positive trade comments from Treasury Secretary Steve Mnuchin added to gains (see below). It followed a series of Fed comments on Tuesday that trimmed hopes of a big July rate cut and weighed down the Wall Street benchmarks. Fed Chair Jerome Powell said the central bank is "insulated from short-term political pressures", while St. Louis Fed President James Bullard, the most dovish of the FOMC's voting members, declared that a 50 basis point rate cut in July would likely be "overdone" given the underlying strength of the U.S. economy.
"We were about 90% of the way there (with a trade deal with China) and I think there’s a path to complete this," Treasury Secretary Steven Mnuchin told CNBC, ahead of a big G20 meeting between President Xi and President Trump. He's also hopeful an agreement could be struck by the end of the year but said "there needs to be the right efforts in place." The outcome could be pivotal for financial markets that have been rattled by 18 months of trade tensions between the world's two largest economies.
Boris Johnson has toughened his Brexit rhetoric with a "do or die" pledge to leave the European Union on Oct. 31. He then said he would scrap Theresa May’s withdrawal agreement and seek a completely new deal before then, as minor changes would not satisfy him. Not only has the EU said it will not reopen the withdrawal agreement, but the timetable would be extremely tight as parliament is in recess over the summer. Sterling -0.2% to $1.2673.
eBay (NASDAQ:EBAY) has announced plans to hold a "Crash Sale" on July 15 to compete with Amazon (NASDAQ:AMZN) Prime Day, which will offer discounts of up to 80% on a variety of products. But unlike Amazon's 48-hour event, eBay is planning weeks of deals, culminating with its Crash Sale. "If history repeats itself and Amazon crashes that day, eBay's wave of can't-miss deals on some of the season's top items will excite customers around the world," the online auction site wrote in its announcement.
Will Tesla pull off delivery goal?
"There is a lot of speculation regarding our vehicle deliveries this quarter," Elon Musk told employees in an email. "The reality is that we are on track to set an all-time record, but it will be very close. However, if we go all out, we can definitely do it!" Tesla (NASDAQ:TSLA) has forecast it will deliver 90,000 to 100,000 cars in Q2 after handing over just 63,000 vehicles to customers in the first three months of the year. Shares have slumped 34% YTD, in part due to demand concerns that Musk has repeatedly downplayed.
Bitcoin (BTC-USD) prices are partying like it's 2017 amid the recent enthusiasm stoked by Facebook's (NASDAQ:FB) foray into the world of cryptocurrencies. Advancing for eight trading sessions in a row, Bitcoin jumped as much as 14% overnight to nearly $13,000, bringing its overall return for the year to 250%. Also notable is the fact that the cryptocurrency crossed above 60% market dominance for the first time in over 17 months.
Drive.ai, a self-driving startup that was once valued at $200M, has been scooped up by Apple (NASDAQ:AAPL), as well as dozens of its engineers. The deal and hires confirm that Apple hasn't given up its autonomous driving project, called Project Titan, which has gone through its own struggles. Drive.ai talked with multiple possible acquirers but only Apple was left as a possible suitor. The startup also ceased operations in the past two weeks.
The big healthcare news yesterday was AbbVie's (NYSE:ABBV) $63B deal for Allergan (NYSE:AGN), with the two drugmakers betting a combination will deliver new sources of growth. Buying Allergan would result in a major position in the $8B+ market for Botox and other beauty drugs, as well as a number of popular eye treatments, as AbbVie braces for the end of patent protection for the world's top-selling drug, Humira. The takeover, worth $188.24 a share in cash and stock, saw AbbVie's stock sink 16%, while shares of Allergan soared 25% on the news.
What else is happening...
'Are Institutions Selling Into This Rally?' asks contributor Chris Ciovacco.
Netflix (NASDAQ:NFLX) to lose No. 1 show 'The Office' to Comcast (NASDAQ:CMCSA) in 2021.
737 MAX pilot sues Boeing (NYSE:BA) for career damage, emotional stress.
Facebook (FB) to give France ID on users suspected of hate speech.
Walmart (NYSE:WMT) aims to list minority stake in Japan unit Seiyu.
Chicken producers on watch as price-fixing case gets more serious.
Kinder Morgan's (NYSE:KMI) Permian Highway pipeline cleared by Texas judge.
Wayfair (NYSE:W) hit by protest over beds sale to border detention camp.
Tuesday's Key Earnings
FedEx (NYSE:FDX) +0.7% AH following Q4 profit beat. Lennar (NYSE:LEN) -6.2% as average selling prices slipped. Micron (MU) +8.6% AH improving memory chip forecast.
In Asia, Japan -0.5%. Hong Kong +0.1%. China -0.2%. India +0.4%. In Europe, at midday, London +0.1%. Paris +0.1%. Frankfurt +0.5%. Futures at 6:20, Dow +0.4%. S&P +0.5%. Nasdaq +08%. Crude +1.6% to $58.74. Gold -0.6% to $1410.80. Bitcoin +11% to $12604. Ten-year Treasury Yield +3 bps to 2.02%
Today's Economic Calendar
7:00 MBA Mortgage Applications 8:30 Durable Goods 8:30 International Trade in Goods 8:30 Retail Inventories (Advance) 8:30 Wholesale Inventories (Advance) 10:00 State Street Investor Confidence Index 10:30 EIA Petroleum Inventories 11:30 Results of $18B, 2-Year FRN Auction 1:00 PM Results of $41B, 5-Year Note Auction
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