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$2,000 Thursday – Our Webinar Short Pays off Nicely

Wheeee – that was fun!  

Yesterday, in our Live Trading Webinar, we picked up two shorts on Gasoline Futures (/RB) after reading the Full Petroleum Status Report  (released at 1pm) and deciding the run-up to $2.06 was miguided.  We rode out a bit of pain to $2.07 but decided to stick with it into the close and, this morning, we were rewarded with a lovely drop to $2.04, where we are taking the very nice $2,196.60 profit and running.  Congratulations to all who played along at home.  

Once again, this is the key to Fundamental Investing, we read the news and reports, check out the data and then make our trades based on how that information is likely to affect the stocks and commodities we are trading.  It's much more fun, and satisfying, than starting at squiggly lines on a chart all day.  

This morning there's pressure on commodities and indexes as well, with Silver (/SI) plunging all the way back to $15 and Gold (/YG) to $1,300 as the Dollar pops back up – something else we were expecting and  today's excuse is a Brexit extension that has weakened the Euro and the Pound but also the relatively hawkishness of our Fed compared to other Central Banksters is a factor that continues to keep the Dollar strong.

We love playing /SI long at the $15 line, it's great for a bounce and an easy line to place tight stops below – especially when the only reason Silver is down is because the Dollar is up – that's a dumb reason for people to bail out of their positions but /SI is a painful contract, at $50 per penny, per contract so gains, and losses, come very quickly.  $14.90 has been the low for the year and the $15 line has held up well so we take these opportunities whenever they come along.

Also in yesterday's webinar, we reviewed our Member Portfolios, which are up nicely for the month and we discussed the importance of using some of those unrealized profits (25-33%) to shore up our hedges and lock in those gains – because they can reverse in a snap.  

Cashing out is not really an option as FOMO (Fear of Missing Out) means we don't want to miss a rally that gave us 25-30% gains in the Options Opportunity Portfolio, the Money Talk Portfolio and the Long-Term Portfolio – who wants to miss that?  We don't know when the party is going to stop (we fear it will be in a week or two on earnings) but we'd really like to stay until the last keg is tapped.

It is very possible, however, that we will give up a whole month's worth of gains before we're able to get out of our positions if there's a major sell-off so don't get too attached to those paper profits – it's very much "easy come, easy go" in this kind of market so, next week, we will once again be looking to purge some of our big winners – just in case.

 

 


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  1. Good morning, All!

    The webinar replay is available here:

    https://youtu.be/GSehv4bQOcg



  2. Hi Phil, Can you pls confirm the bounce lines for /RB. I see the move from 2 to 2.07…….so the 20% & 40% retraces are at 2.056 and 2.042 resp. Thx


  3. Combustion




  4. Good Morning!


  5. The Julian Assange arrest is a big deal….


  6. It looks like Brexit will always be 6 months away now! There doesn't seem to be a lot of energy to do anything – just people planning on doing something but scared to take the last step in the unknown.


  7. Assange / 1020 – This is what happens when you bite the hand that feeds you! And besides, the guy is now clearly working with Putin so I could not care less about him anymore.


  8. Phil / Greg – The Webinar replay has a 'no video ' error message


  9. Assange – I think this is about President Moreno continuing the unwind of some of his predecessor Correa's policies and attempting to make nice with the UK and US as Venezuela can no longer provide help and support for the "left" in the region


  10. All- At what point do they cancel Brexit?  And is that even an option?

    Assange- I read a few weeks ago that the US had criminally indicted Assange via the Mueller investigation.  It was one thing for Ecuador to thumb their nose at the UK, pissing off the US was not in their best interest.


  11. Good morning Phil, any thoughts on WTW?


  12. Robert, I don't know what Phil's opinion is, but this likely accounts for today's sell off.

    WTW -4.3% (lowered to $12 from $14 at JP Morgan; maintain Underweight)


  13. Good morning!

    /RB/RS – Retrace lines on the way down and $2 to $2.05 with an overshoot means we look for $2.04 and $2.03 (strong) retraces.  

    You can use $2 to $2.07, which gives you 0.015 (rounded) so $2.055 and $2.04 in that case and that means you know $2.04 is going to be very significant – as it shows up twice. 

    You can use point to point for short-term trading but it's always better to look for consolidation zones to base your count off. 

    If you don't see obvious consolidation – just keep zooming out until you do.

    /SI hit $14.95 but then nicely bounced to $15.05 and stopped out with $575 for my 2.

    Just trying to make $1,000/day this year to defer tuition.  Watch the Dollar if you want to stay in – as long as it keeps going down, /SI should recover.

    Assange/1020 — His mistake was not accomplishing anything while in hiding.  Just avoiding capture doesn't make you a folk hero.  Could have made speeches, wrote essays – something.

    Video/Batman – I'll let Greg know.

    Good point Mike, Trump is certainly making people scared of America again.  We so crazy!  

    Always 6 months/StJ – LOL! 

    Brexit/EMike – I think the UK could cancel it but tough to get there politically.   Perhaps with a new PM they could call for a re-vote as part of their process to move forward.   Still, they really should leave, the EU will collapse and take the UK with it at some point.  Putin is pulling on the threads there as well.

    Image result for putin pulling threads cartoon

    WTW/Robert – Oprah bought in around Oct 2015 at around $7/share x 7.5M shares ($52.5M) and stopped the decline in revenues but they peaked out in 2018 and now back to decline and barely $100M in profits on a $1.4Bn valuation is not that exciting.  The company is rebranding and that's always tricky 

    Back around $12 I would find them attractive as I don't think there's a BK risk, just not getting back to $100, which was based on ridiculous speculation (what isn't these days?).  Oprah at least sold about $150M so she's fine but how silly not to have taken more off the table at $100!  

    BBBY down 8% after beating on earnings (missed revs) and guiding up to $2.11-2.20 from $1.82.  Investors are truly idiots.  

    Still better than $13.50 but geeze, what does a company have to do to get respect?


  14. In the LTP, we cashed BBBY and just have the short 2021 $15 puts we sold for $4.

    LTP just hit +180% that's up about 5% since yesterday @ $1,403,720!

    BBBY in the OOP took a hit but that just makes it good for a new trade:

    BBBY Short Put 2021 15-JAN 15.00 PUT [BBBY @ $17.62 $-1.79] -5 9/27/2018 (645) $-2,000 $4.00 $-0.67 $-9.83     $3.34 $0.59 $333 16.6% $-1,668
    BBBY Long Call 2021 15-JAN 15.00 CALL [BBBY @ $17.62 $-1.79] 25 2/15/2019 (645) $12,125 $4.85 $0.78     $5.63 - $1,938 16.0% $14,063
    BBBY Short Call 2021 15-JAN 22.50 CALL [BBBY @ $17.62 $-1.79] -25 2/15/2019 (645) $-6,125 $2.45 $0.27     $2.72 $-1.18 $-675 -11.0% $-6,80

  15. Phil,

    What are your thoughts on /KC?


  16. Assange – My view is he's got the goods on some bad people, that he will share, to save his own skin…

    :)


  17. Dis/Phil- not sure if you roll the short Apr 115 calls yet, we still have 10 shorts.


  18. /KC/Japar – I always like them long-term on the theory that global warming will disrupt crops one of these days and give us a huge win so I pretty much buy on any dip and take my pennies but then look for the next dip to get back in.   This is one of those dips, working /KCN19, now $93.3, maybe we'll get $92.

    DIS/Dave – They are having an analyst day and we'll do our rolls next week.

    Captain Marvel Breaks Through The $1B Barrier For Disney

    • Expect a big earnings miss for Canopy Growth (CGC -3.5%), says Scotia, slashing its revenue estimate for FQ4 by 26% to $87M.
    • Details are slim, but Scotia is noting over-optimistic expectations for a n
    • Shares of eBay (NASDAQ:EBAY) are down 3.25% after data from YipitData shows a deceleration in the e-commerce platform's U.S. marketplaces business for Q1, per Bloomberg.
    • YipitData says it provides information for over 150 hedge funds and long-only asset managers.
    • Even with today's decline, eBay trades up 30% YTD.
    • Rite Aid (NYSE:RAD) says it will start selling CBD products in more than 200 stores in Oregon and Washington later this month.
    • The drugstore chain plans to offer CBD creams, lotions and lip balm at the locations.
    • During today's earnings call, Rite Aid COO Bryan Everett said the company would stop selling e-cigarettes amid the crackdown on teenage usage, but continue to sell cigarettes.
    • Rite Aid is down 13.0% on the day, swapping hands at a new 52-week low of $0.49 earlier in the session. Shares are down 71% over the last 52 weeks.
    • Previously: Soft guidance sends Rite Aid down 6% (April 11)
    • Bank of America Merrill Lynch says its aggregated credit and debit card data suggests that department store sales were up 1.7% Y/Y in March.
    • "We attribute the improvement to a turn in weather and a catch up in tax refunds, partly offset by the build up to Easter shifting from March to April," notes the BAML analyst team.
    • "Better trends in March is consistent with commentary from Macy’s at our consumer conference that trends had stabilized in early March once refunds had caught up and the government shutdown was further in the rear view. Department store shoppers tend to be highly weather sensitive, especially at the lower-end. We remain cautious on the department stores as macro tailwinds abate."
    • BAML has Underperform ratings on Macy's (M -0.5%), J.C. Penney (JCP -1.2%), Dillard's (DDS-0.5%) and Nordstrom (JWN -1.2%). The exception to the firm's cautious stance is Kohl's (KSS-1.2%), which is reiterated at Buy on the expectation for strong revenue and EPS growth.
    • After hinting yesterday, the Department of Defense confirms that Microsoft (MSFT) and Amazon (AMZN -0.1%) are the remaining competitors for the $10B winner-takes-all JEDI cloud contract.
    • IBM (IBM +0.3%) and Oracle (ORCL -0.6%) had pushed back against the single award contract, which the companies said unfairly prioritized Amazon due to the scale and pricing power of AWS.
    • Google dropped out of the JEDI race last fall.
    • Previously: Pentagon's $10B cloud contract down to two companies (April 10)
    • The 30-year fixed-mortgage averages 4.12% for the week ending April 11, 2019, up 4 basis points from 4.08% in the prior week, but still lower than 4.42 a year ago, according to Freddie Mac's Primary Mortgage Survey.
    • “Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates – indicating borrower sensitivity to changing mortgage rates," says Freddie Mac Chief Economist Sam Khater.
    • 15-year FRM averages 3.60% vs. 3.56% in the previous week, and 3.87% a year earlier.
    • 5-year Treasury-indexed hybrid adjustable-rate mortgage averages 3.80%, up from 3.66% in the previous week and vs. 3.61% a year ago.
    • Previously: U.S. mortgage rates' decline takes a breather (April 4)
    • The current economic expansion "almost certainly will become the longest on record," said Federal Reserve Vice Chairman Richard Clarida in a speech in Washington, DC, according to his prepared comments. Among points he addressed:
    • Federal funds rate is now in the broad range of estimates of neutral--where interest rates neither stimulate or restrain the economy.
    • Fed's balance sheet size will likely stay at the level reached in September for awhile and gradual increase in other (nonreserve) liabilities, such as currency, should slowly shrink the level of reserves.
    • Attention in future meetings will turn to discussing and deciding on the maturity composition of its System Open Market Account portfolio.
    • The FOMC will begin discussing its review of monetary policy strategy, tools, and communications practices in the summer and will provide a public assessment once that review is complete.
    • Previously: FOMC minutes show target range could shift "in either direction" (April 10)
    • Rite Aid (NYSE:RAD) is down 6.11% in morning trading after a Q4 revenue shortfall and soft guidance.
    • The drugstore operator expects full-year revenue of $21.5B to $21.9B vs. $22.2B consensus, full-year EBITDA of $500M to $560M vs. $566M consensus and EPS of -$0.01 to $0.04 vs. $0.02 consensus.
    • Management's update on the FY20: "The company’s outlook for fiscal 2020 assumes a decline in reimbursement rates consistent with the decline experienced in fiscal 2019. However, based upon conditions in the generic drug market, the company does not expect to be able to as effectively offset these declines with generic drug purchasing savings as in the prior year. The company’s outlook also assumes a reduction of approximately $40 million in TSA fee income from WBA, which the company expects to offset by the reduction in corporate SG&A costs that was disclosed last month. The Company also has factored into the outlook an increase in rent expense of $11 million as a result of the adoption of the new lease accounting standard."
    • Previously: Rite Aid beats by $0.02, misses on revenue (April 11)

    Indexes turning lower as Dollar perks back up (97.75) and another chance to go long /SI at $14.95.


  19. Phil, Could not find any news on sudden weakness in WBA today. I do have a 2021  $50 Put sold for 6.25. Just asking, nothing urgent!!


  20. WBA/Jasu – I don't see any news, they are just out of favor and will have a rough ride for a while.  RAD also had poor results, which made it seem like WBA's troubles were sector-wide and so maybe people are selling ETFs that have them both and WBA is heading down again on that action.

    • Geely announces the launch of its first high-end pure electric brand (Geometry) and first model (Geometry A) in a significant development in the China EV industry.
    • The Chinese automaker posts a suggested retail price range of $31,250 to $37,200 for the Geometry A with driving ranges varying between versions from 255 miles to 311 miles. The Geometry A is said to charge from 30% to 80% in just 30 minutes. The company says the Geometry A is the first pure electric vehicle in China to achieve L2+ intelligent drive, a level generally only found on luxury class models.
    • Geely says it has taken in more than 26K orders globally for the Geometry A, although at this time there is no confirmation of availability in the U.S.
    • Looking ahead, Geometry plans to launch 10 pure electric models by 2025, including offering sedans, SUVs, crossovers and MPVs.
    • Geely isn't one to be taken lightly in EVs, with the holding company owning Volvo Cars and setting up a new joint venture with Daimler (OTCPK:DDAIF). The company has ties to EV startup EV brands Polestar and Lynk.  As Geely scales up, interested parties include Nio (NYSE:NIO), Great Wall Motors (OTCPK:GWLLFOTCPK:GWLLY), BYD (OTCPK:BYDDYOTCPK:BYDDF), Kandi Technologies (NASDAQ:KNDI), Volkswagen (OTCPK:VWAGY), Tesla (NASDAQ:TSLA), Ford (NYSE:F) and Dongfeng Motor (OTCPK:DNFGY).
    • Jefferies Financial expects the Chinese economy to grow faster than the official target of 6 to 6.5% in 2019 due to stronger fiscal stimulus including tax cuts and faster debt sales. The pace of growth is expected to normalize in 2020.
    • Analyst does not expect significant monetary easing from here, and growth momentum could push the stock market to test early 2018 highs.
    • China’s economy has already shown signs of recovery, with a strong reading of manufacturing and improving risk appetite.
    • As per ECB survey, Economists are trimming Eurozone inflation and growth forecasts and warns of the further cuts amid Brexit and trade wars.
    • The prices are now expected to grow by 1.4% this year, 1.5% the next and 1.6% in 2020, lower 10 bps in each year compared to January's survey.
    • Newmont Mining (NEM -1.1%) shareholders approve the company's $10B takeover of Goldcorp (GG -0.9%), creating the world’s biggest gold producer; GG shareholders approved the deal a week ago.
    • NEM says 98% of votes at a special meeting supported its proposal to issue new stock to fund the takeover.
    • The new company, to be called Newmont Goldcorp, expects to shed $1B-$1.5B in assets to focus on its most promising operations.

    Brexit Will Be Delayed to Halloween After Macron Plays Hardball.

    India's Weak Power Demand Points to More Slowdown Pain Ahead

    Treasury Secretary Mnuchin says US and China have agreed on the trade deal enforcement mechanism


  21. $14.89 on /SI – I'm long 2 at $14.9325

    /KCN9 $92.6 was the bottom (so far), I have one at $92.85.

    Both of those are ones I'm willing to ride out.  /DX 96.75 at the moment.  


  22. So AAPL keeps blowing past our short calls …  great for the big pic but how do we  keep up?

    Long 20 Jan '21 140c, short 10 July 195c @ $6.70, now around $13.30.

     

    Also long 20 Jan '20 150c, short 20 Jan '20 190c.

    THX


  23. AAPL/Wing – It's well-covered so really the short calls are just locking in your gains.  You effectively have a $140/195 bull call spread that's 1/2 covered but you have 18 months to roll the covers and the Jan $210s are $13 and the 2021 $240s are $13, so you have another $45 or so headroom to roll up plus you can roll to 2x a $6 call like the June 2021 $300s and, if you think $300 is too low – you should certainly be buying AAPL longs! 

    You're not going to win every leg.  Look at our LTP, about 1/3 of the legs are losers yet we're up 180% in less than 18 months BECAUSE we hedge and BECAUSE we sell premium.  Would you have had 20 longs if you didn't raise $6,700 selling shorts?  It's all part of the play and if course you will give some back sometimes – it's really not possible for everything to win the way we play.


  24. Phil in the above AAPL example, what are your thoughts on selling shorter term puts to "hedge" the short calls which "hedge" or protect the leap BCS? You employ a similar strategy in the short term portfolio. I do this as a pseudo butterfly, combining  strategies of your long term and butterfly portfolios in order to max theta but don't have a strict regimen


  25. AAPL/JMD – Well I usually just sell the 2021 puts to balance things out.  You can do it with short-term puts, especially now that we're closer to fair value but, when AAPL was below $160 – I liked selling the 2021 puts because we might never see those prices again.  

    The key is to sell premium whenever there's a good opportunity.  If I'm selling AAPL June $195 calls for $11.10 then I look at the puts and I don't want to sell the $195 puts because they are only $6.80 and AAPL has had a good run and could easily pull back and $6.80 isn't worth the risk as I'm covered to the upside but not the downside.  I feel comfortable $180 should hold but those are only $2.55 so screw that but I can sell the 2021 $180 puts for $15.70 – that's much better, right.  So there's my decision process.

    /SI hit $14.85 my 2 contracts are down $475 but still up for the day on /SI from the earlier win and I like having the low basis on 2 longs. /KCN19 struggling to take back $93 but I'm also happy with that.

    Here's why I think it's hard for /KC to go lower than 90 for the long-term:

    . warns of potential humanitarian crisis afflicting growers caused by low market prices, with futures pricing especially to blame. quality must be measured and built into pricing to reward producers able to achieve it.

     

    BOGOTA, March 27 (Reuters) – Global coffee growers are being forced into poverty by low international prices for the crop, farmers’ representatives said at an international conference, warning the future of the industry is at risk.

    Coffee futures are near a 13-year bottom, trading as low as 93.45 cents per pound on Wednesday – far below the cost of production in most countries.

    In a statement on Tuesday from Nairobi, Kenya, where the International Coffee Organization is conducting a biannual meeting, the World Coffee Producers Forum said New York market prices are “allowing the impoverishment of producers.”

    “The current economic sustainability crisis of coffee producers needs to be addressed immediately before it becomes a humanitarian crisis,” read the statement, signed by producer associations from Colombia, Brazil, Mexico, India, Vietnam, Central America as well as across Africa.

    Futures have been weighed down by excess supplies, particularly from Brazil, the world’s biggest and most efficient producer of arabica. The country last year produced a near-record arabica crop and is widely expected to produce another huge crop in the 2019-20 harvest year, despite it being an off-year in the biennial production cycle.


  26. CMG Update:   Jeffries issued a downgrade to "hold".  That puts downward pressure on the stock and inflates IV further.  So what to do?  Sell more premium , of course.   We now hold 17 April IC  690/700 P and C 760/770.   The call spread is only worth .02 now, so we will let it be to expire worthless.  Now sell C spread. 730/740 for a further credit of $1.17.  Happy Trading!


  27. CMG/Winston – Not too much of an effect but we'll take it

    At least someone is questioning the madness.

    Speaking of madness:

    On Thursday morning, Japan's Nikkei Asian Review reported that Panasonic has decided to stop its planned investments in Tesla's Gigafactories. The two companies had planned to boost production capacity at the US Gigafactory from 35GWh to 54GWh by 2020; that now seems unlikely. Additionally, the Japanese company has cancelled plans to invest in Tesla's Chinese production facility, which is currently under construction in Shanghai.

     

    The news represents a reversal of Panasonic's plans; the company recently expanded the US Gigafactory from 10 to 13 production lines to help the carmaker grow. But the growth didn't happen as Tesla's sales slumped. Although the company sells more EVs than any other OEM, its deliveries for Q1 2019 were significantly lower than the previous three months. For Panasonic, that's a real problem; even when Tesla sales were booming, Panasonic failed to see any financial benefit. By the end of Panasonic's financial year, the company made a loss of more than $180 million (¥20 billion) from battery production.

    LOL, you can like to investors but you can't lie to your partners – they know when you're never going to make your targets!


  28. Wow, SIG was beat up today!  Anyone have a thought why?  Thanks.


  29. A little stick action into the close.  

    No technical damage yet – all is still well(ish).

    /SI back over $14.90 – that was scary!

    /RB bottomed at $2.015

    • The Federal Aviation Administration says it will hold a meeting tomorrow with major U.S. airlines that fly Boeing's (BA +0.6%) grounded 737 MAX airplanes and three major pilot unions.
    • The meeting will include safety representatives from American Airlines (AAL +2.2%), United Airlines (UAL +1.4%) and Southwest Airlines (LUV +0.6%) as well as officials from the three related unions.
    • The FAA says the meeting will help it "gather facts, information and individual views to further understand their views as FAA decides what needs to be done before returning the aircraft to service."
    • American and United have canceled flights through early June, while Southwest has canceled flights until the end of May because of the 737 MAX grounding following two fatal crashes.

    • A fourth Republican senator says he'd vote against putting Herman Cain on the Federal Reserve Board, basically dashing Cain's hopes for joining the central bank, Bloomberg reports.
    • North Dakota Senator Kevin Cramer said "if I had to vote today" he wouldn't back Cain if President Donald Trump nominates him.
    • Trump hasn't formally submitted the nomination paperwork to the Senate yet.
    • Previously: Cain's spot on Fed in jeopardy: Bloomberg (April 10)
    • Wynn Resorts (WYNN -0.4%) isn't resting easy while it waits to hear what the Massachusetts Gaming Commission decides to do with the casino operator's gaming license in the state.
    • The company filed a post-hearing brief that questioned if regulators might have stepped over due process rights with its probe.
    • By most accounts, the Massachusetts regulators were tougher on Wynn and CEO Matt Maddox than anticipated.
    • Tinder (NASDAQ:MTCH) snatches the Q1 top spot from Netflix, which held the top-earner title since Q4 2016, according to both Sensor Tower and App Annie estimates.
    • In December, Netflix stopped allowing users to sign up and subscribe through its iOS app to get around paying a cut to Apple.
    • Tencent (OTCPK:TCEHY) Video took the number three spot, iQIYI (IQ -3.8%) followed, and YouTube rounded out the top five.
    • Match Group shares are up 1.25% to $57.70.
    • New York state officials say they will sue the U.S. Environmental Protection Agency for allowing General Electric (GE -0.4%) to stop cleaning up the Hudson River of PCB contamination before the work was finished.
    • New York Gov. Cuomo and the state attorney general made the move shortly after the EPA said GE could stop dredging until further studies showed whether it had done enough cleanup to protect the environment and public health.
    • GE spent $1.7B over eight years on cleanup, including six years of dredging the Hudson River, under a 2006 consent decree with the EPA, but state officials say GE's work is "incomplete," and the EPA's issuance of a "certificate of completion" could make it harder for the agency to later require GE to perform more dredging or other remedial measures.
    • EBay (EBAY -4.7%) CEO Devin Wenig takes to Twitter to respond to what's being considered something of a shot by Jeff Bezos in his annual letter to shareholders when he compared 20-year third-party seller growth sales on the two platforms (AMZN +52% vs. EBAY +20%).
    • "While I appreciate the ink dedicated to @ebay from the ceo of the company not focused on competition, think I”ll dedicate my letter to customers, purpose and strategy. We don’t compete with our sellers. We don’t bundle endless services to create barriers to competition," tweets Wenig.
    • Monster Beverage (MNST -0.4%) has been trading with volatility amid concerns over private-label energy drinks being sold by Amazon off its website.
    • TJI Research reports the new drinks are called Solimo Red Energy Drink and Solimo Silver Energy Drink. A pack of 24 16-ounce cans is priced at $29.99 for both products.
    • Shares of Monster were down over 4% earlier in the session before bouncing back.

    • Campbell Soup (CPB +0.7%) is close to selling its fresh food unit to a group of investors led by former Bolthouse CEO Jeff Dunn, sources tell The Wall Street Journal.
    • The long-anticipated deal is expected to fetch about $500M for the company, far less than the $1.55B paid out by Campbell Soup for just the Bolthouse business in 2012.
    • Campbell Soup is expected to shed more assets.
    • German telecoms have traded lower today after Germany's auction of 5G frequencies — expected to settle around €5B -- pushed through that barrier.
    • In U.S. trading, Deutsche Telekom (OTCQX:DTEGY) is 0.9% lower; Vodafone (NASDAQ:VOD) is off 0.7%. O2 Deutschland parent Telefonica (NYSE:TEF) is up 0.3%.
    • The focus of the auction is on airwaves in the 2 GHz and 3.6 GHz bands. In the 170th round of the auction, total bidding reached €5.06B; of that, €2.06B was bid on 2 Ghz, and €2.65B on 3.6 GHz.
    • Deutsche Telekom has placed bids up to €1.9B; Vodafone has bid up to €939M. Telefonica has bid €857M, while upstart 1&1 Drillisch may be a key driver of any higher clearance, having bid €1B so far.
    • Four key operators have received 5G spectrum licenses that they requested in Japan, with an eye to launching services in the first half of 2020.
    • The awards come encumbered, though, with coverage obligations and security requirements.
    • NTT DoCoMo (DCMYY +0.1%), KDDI (KDDIY +0.8%), SoftBank (SFTBY -1.4%) and Rakuten (RKUNY -0.7%) each got 400 MHz of spectrum on the 28 GHz frequency. They also got 200 MHz on the 3.7 GHz band except for Rakuten, which requested 100 MHz.
    • DoCoMo and KDDI have promised to cover more than 90% of Japan within five years, while SoftBank is planning to cover 64% and Rakuten 56%.
    • Frontier Communications (FTR +1%) has won selection as the official Internet provider of Acura Grand Prix of Long Beach.
    • The race — North America's longest-running major street race — takes place this weekend, and will include concerts for race ticket holders on Friday and Saturday nights.
    • Frontier's customers can claim two free general admission tickets per household.

  30. SURPRISE! The budget deficit is soaring!


  31. The Uber IPO Is a Landmark






  32. Good morning!  

    Markets shot up at 4am for no reason but then CVX bought APC for almost +50% (and is buying back $5Bn (2%) of their own stock), so the whole energy sector is popping and PRESTO! we are up for the week.  See how that works?  

    Speaking of things that work – got my $1,000 on /SI this morning so done with that but I'll leave /KC, which is up just $150, as I have solid long-term faith there.  I have faith in /SI too, just silly not to take a quick profit there but it's still playable long over the $15 line with very tight stops below.  Could be good for another dime ($500/contract) if the Dollar fails to hold 96.50.