Saturday, September 17, 2016

Today's Headlines

Posted by Gary .....at 7:06 PM
Bloomberg:
  • Apple(AAPL) Helps Salvage S&P 500 Advance in Wildest Week Since Brexit. It took Apple Inc.’s best week in almost five years, but the S&P 500 Index overcame the wildest five days since Brexit to eke out a gain amid swings that at times seemed sure to end in grief for bulls. While the gauge hasn’t recovered from the 2.5 percent rout last Friday, stocks did manage to hold above a closely watched technical level on charts, a victory some analysts say lays the foundation for more strength. The S&P 500 rose 0.5 percent to end the five days at 2,139.16. Along the way, the equity index notched three moves of at least 1 percent after going 43 days through Sept. 8 without one. The CBOE Volatility Index swung at least 10 percent on three days, the most in any week since the Brexit vote.
  • S&P Downgrades Nigeria Further Into Junk as Oil Woes Worsen. S&P Global Ratings downgraded Nigeria further into junk territory just as Africa’s most populous nation prepares to issue its first Eurobond since 2013, amid low oil prices and severe shortages of foreign exchange. S&P lowered Nigeria’s rating one level to B, five levels below investment grade and in line with Kyrgyzstan and Angola. The outlook was changed from negative to stable. “Nigeria’s economy has weakened more than we expected owing to a marked contraction in oil production, a restrictive foreign exchange policy and delayed fiscal stimulus,” S&P said Friday in an e-mailed statement after markets closed. While government debt remains low, “servicing costs as a percentage of general government revenues are high and rising,” the company said.
  • The Apple(AAPL) Store Line Is Dying. The frayed scrap of paper taped to the sidewalk outside Apple Inc.’s flagship store in San Francisco’s Union Square had a simple message: $5 for photographs. The sight of Apple fans clamoring to get the latest phone was replaced Friday by people looking to make a few bucks from their lead spot in the line. For the first time, being first through Apple store doors around the world is no guarantee of securing the top-of-the-line new iPhone. A combination of limited supply and Apple’s push toward online pre-orders meant walk-in customers were unable to buy the larger 7 Plus version.
  • ITT Educational Services Files for Bankruptcy After Shutdown. ITT Educational Services Inc. filed for bankruptcy after closing 136 technical schools, leaving over 35,000 students stranded in one of the largest college shutdowns in U.S. history. The 50-year-old for-profit college operator, which had campuses in 38 states, said it was forced to close its doors after the U.S. Education Department demanded a steep increase in the security the company would have to post to guarantee federal student aid. More than 8,000 employees were affected, with the majority losing their jobs on Sept. 6, Carmel, Indiana-based ITT said.
Wall Street Journal:
Barron's:
  • Had bullish commentary on (HPE), (CAA), (PICO), (NWL) and (LH).
Zero Hedge:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)