Tyler Durden | TalkMarkets | Page 576
Writer at ZeroHedge
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Tyler Durden (pseudonym) is thelead writer at ZeroHedge. Tyler represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is ...more

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Shake Shack Confirms Worst 'Minimum-Wage-Hike' Fears - "It's Going Up Too Fast... We Can't Catch Our Breath"
A spate of high-profile New York City restaurants closing or increasing prices has raised concerns about the effects of higher minimum wages in one of the world’s most renowned food-and-drink cities.
Shake Shack Plunge To Record Low As Store Growth Unexpectedly Reverses
Shake Shack reported adjusted earnings of 10 cents per share or $3.7 million, a 30.9% increase year over year, on $76.7 million in sales, against the consensus estimates of 8 cents per share on $74.7 million in sales.
Stocks Shrug As Obamacare Ouster Trumps Commodity Crash, Crude Carnage
Commodity carnage was the theme of the day as tightening Chinese financial conditions combined with collapsing WMP issuance are sucking the exuberance out of stocks, bonds, and industrial metals.
Bitcoin Soars Above $1,600 On Relentless Japanese Buying Frenzy
The Yen-bitcoin trading is all the more notable given that Japan continues to impose an 8% consumption rate tax on purchasing bitcoin through exchanges.
Dow Dumps To 10-Day Lows As VIX Tops 11
USD/JPY is rolling over, VIX is spiking (well it's over 11), and Dow futures are down over 170 points from their overnight highs.
Core Factory Orders Tumble Most In 13 Months
While headline factory orders rose just 0.2% (half the expected 0.4% gain), it was the 0.3% tumble in core orders (ex-transportation) that really stands out - the biggest MoM drop since Feb 2016.
Apple Is Now The World's Largest Bond Fund
In its 10-Q filed on Wednesday, the iPhone-maker reported that $148 billion of its record $257 billion cash pile is invested in corporate debt, with an additional $53.1 billion in Treasurys and another $21 billion in mortgage-backed securities.
Brent Crude Drops Below $50 After Russian Comments, Sliding Demand Forecast
For the first time since mid-March, Brent Crude prices tumbled below $50 after Russia said no decision had been made yet on extending the oil output cut production deal.
S&P Futures Jump Ahead Of GOP Healthcare Vote, Ignore China Commodity Crash
S&P 500 futures climbed on hopes Obamacare will get repealed giving a fresh boost to the Trump fiscal agenda and as investors awaited earnings reports from companies including Kellogg and Chesapeake.
Kyle Bass Warns "All Hell Is About To Break Loose" In China
China's credit system expanded "too recklessly and too quickly," and "it's beginning to unravel," warns Hayman Capital's Kyle Bass.
Tesla Burns Through $620 Million, Loses $13,000 Per Car Made Ahead Of Model 3 Launch
Tesla reported a loss of $330 million, or $2.04 per share, compared with a loss of $283 million or $2.13 a share in the year-earlier quarter. Tesla reported revenue of $2.70 billion, beating estimates of $2.56 billion.
Facebook Sinks After Confirming Ad Growth To Slow Down "Meaningfully"
Facebook reported GAAP earnings of $1.04, stating that it will no longer report non-GAAP or adjusted earnings. This was a big beat of the 87c GAAP expectation but confused some looking at non-GAAP numbers notably higher (at $1.12).
"Hawkish" Fed Shrugs Off "Transitory" Weakness In Data, Signals More Rate Hikes Ahead
Having perfectly top-ticked US economic data with its March rate-hike, the subsequent collapse in 'data' has been shrugged off as transitory (or seasonal) and by all indications The Fed seems set on two more rate hikes this year no matter what.
Puerto Rico Files For Bankruptcy Protection In Largest Ever US Municipal Debt Restructuring
Puerto Rico's governor announced the commonwealth will request bankruptcy protection of a portion of the island's $70 billion in debt, setting up a showdown with Wall Street firms owed billions of dollars.
Crude, Gasoline Tumble After Surprise Inventory Build, Production Rise, Gasoline Demand Drop
Total commercial crude stocks fell -0.9 million bbl to 528 million bbl in the last week; still above the 10 year range for this time of year. Crude imports slowed to 8.3 million bpd last week from 8.9 million bpd the prior week.
US Services Sector Rebounds Despite Slump In Employment
Markit PMI rose modestly despite continued input price inflation (21-month highs) and a plunge in employment (to its lowest growth since July 2010). ISM Services also showed employment slip but new orders exploded higher.
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