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  1. phil

    VXX/Jash – So it was net $1,250 and now the Oct $38s are 0.95 ($1,900) so still salvageable.  If you want to continue to be long vol, You can assume we won't hit $42 by next Friday, cash the $38s and roll to the Jan $35 ($6)/38 ($5) bull call spread for $1 as those are almost $2 in the money.  The short puts are $3.60 at the moment and the Jan $34 puts are also $3.60 so, if you can roll down $6 (15%) every quarter – it's hard to worry about those, right? 

    • The pro-business policies of the new administration were hoped to unleash a wave of corporate lending, but Federal Reserve data show the growth in such loans dropping to 2.1% from 8.1% last November.
    • "All the turmoil and the inability to move policy through Washington set in,” says Jeff Glenzer from the Association for Financial Professionals.
    • Others, however, say the slowdown may just be a return to the mean – growth in corporate lending has run well head of GDP growth in the years since the financial crisis.
    • Q3 earnings results begin this week, with JPMorgan and Citigroup on Thursday. Analysts have been trimming some earnings estimates – U.S. Bancorp (NYSE:USB) and BB&T (NYSE:BBT) to name two – as bank managements during conference season last month signaled slower-than-hoped loan growth.
    • The Wall Street Journal reports that Apple (NASDAQ:AAPL) has struck a deal with Steven Spielberg to produce new episodes of a classic 1980s sci-fi and horror anthology.
    • The deal involves Apple, Spielberg’s Amblin Television, and Comcast’s (NASDAQ:CMCSA) NBC and pertains to NBC’s show “Amazing Stories.” 
    • Spielberg will likely serve as executive producer for the ten episodes, which reportedly each have a budget of over $5M. 
    • Apple has committed $1B to developing original programming over the next year and has hired top talent including former Sony TV executives Zack Van Amburg and Jamie Erlicht.   
    • Apple has dropped its planned Elvis Presley biopic with the Weinstein Co. as Harvey Weinstein’s removal from his company, due to an increasing number of sexual assault allegations, triggered a clause that let Apple leave the deal.    
    • Previously: 64% of Americans own an Apple product; Supreme Court seeks advice on Apple case (Oct. 10)
    • Sears Canada (OTCPK:SRSCQ) files for court approval to go through a liquidation process after failing to receive any viable bids for its business.
    • The retailer has a hearing set for October 13 with the Ontario Superior Court of Justice on the matter.
    • Shares of Sears Canada trade for pennies on the OTC market. Nasdaq-listed Sears Holdings (NASDAQ:SHLD) is down 4.48% on the day and is off 27% YTD.
    • Catalan President Carles Puigdemont defuses at least a little bit of tension with Madrid, declaring independence, but then stopping the separation process to instead have talks with the Spanish government.
    • Puigdemont and his team remain in danger of arrest for sedition, and Spanish President Mariano Rajoy has previously rejected any talks until secession plans are abandoned.
    • A Rajoy spokesman following Puigdemont's speech: "He has made a deferred declaration of independence … [Puigdemont] has taken his irresponsibility to the absolute extreme by ignoring the laws, citizens."
    • Down earlier in the session, the Spanish ETF (NYSEARCA:EWP) has jumped into the green, now up 1.5%.
    • Deutsche Bank has trimmed price targets on Sprint (S -2.9%) and T-Mobile (TMUS -0.5%), saying the much-discussed merger talks face risks as the coming election year brings a swell of populism.
    • "We remain very bearish on the prospects for deal approval," analyst Matthew Niknam says, trimming the firm's target on Sprint to $7 from $8 (Sprint's down to $7.09 today), and on T-Mobile to $65 from $70 (implying 6.1% upside).
    • A less corporate-friendly mood is taking over, he notes: "The Democrats' Better Deal agenda highlights ongoing corporate consolidation as a threat to U.S. consumers, and proposes sharper scrutiny of potential deals."
    • Also today: Sprint owner SoftBank (OTCPK:SFTBYup 2.8%; T-Mobile parent Deutsche Telekom (OTCQX:DTEGYup 0.8%.
    • Wal-Mart (NYSE:WMT) execs painted a bright picture during the company's presentation today for the investment community.
    • The fresh food business at Sam's Club was highlighted as an area of strength. It was also noted that Sam's e-commerce sales rose 27% during the first half of the year.
    • Look for zero-based budgeting to start in areas of the company and for e-commerce losses to narrow.
    • The company expects capex spending to be ~$11B for FY18 and FY19.
    • Walmart International is expected to open about 255 new stores, including a focus on Mexico and China.
    • In one of the biggest developments, Wal-Mart management said Walmart.com will feature the Jet.com smart-cart system that allows customers to find cheaper prices if they choose certain checkout and delivery options.
    • Wal-Mart 2017 Investment Community Meeting webcast
    • Previously: Wal-Mart update includes new buybacks, +3% growth forecast (Oct. 10)
    • Previously: Wal-Mart flies to 52-week high, lifts retail peers (Oct. 10)





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