Bull Market officially over!! Year heading negative.

[Kasierith]

Don't worry, futures are up, the economy and society is fine and nothing is broken. Those states with huge resurgences probably aren't that important anyway.

[Felya]

... and the roller coaster continues... over 750 in dow gains.

[Rasulis]

... and the roller coaster continues... over 750 in dow gains.

Lots of bargain hunting. We bought Disney which is still below its peak stock value.

On the subject of rampant speculation. Hertz was up 40% at opening. Hertz asked the bankruptcy judge to allow them to issue new stocks to raise 1B in fund.

Looks like the comeback is fading. Up to 100 only now.

Most financial advisers are probably scums. However, traversing the market without any guidance poses its own set of hazards.

Barclays' analysis — which uses Robintrack, which tracks Robinhood account activity but is not affiliated with the company — finds that just as some retail investors are cashing in, many others are getting the market all wrong and losing money.

"More Robinhood customers moving into a stock has corresponded to lower returns, rather than higher," Barclays told clients.

Also, Robinhood is filing for IPO later this year. Another Silicon Valley company turning the world on its head.

For the first time in 12 years, oil & gas is not the #1 economic sector in Texas.

Palantir is planning to file for IPO.

Instacart double its valuation to 14B dollar.

Venture capital funding for May 2020 was $7B. Down 15.4% from the same time last year, but up 31.8% from April 2020.

Energy Industry Jilts Trump With Curb on Campaign Donations

TL;DR, Donation from oil & gas industry to Trump's campaign down 45% from 2016.

Republican fundraisers say they’re counting on billionaire Harold Hamm, chairman of Oklahoma City-based Continental Resources Inc., who advises Trump on energy policy, to give more than the almost $1 million he put into Romney’s super PAC in 2012. But through April, the most recent numbers available, Hamm, whose net worth has been battered by the crude-price collapse, has given just $50,000 to Trump Victory.

::snicker::

[Zan15]

... and the roller coaster continues... over 750 in dow gains.

wheeeeeeeeeeeeeeeeeeee, down we go... I wonder if they take a picture just like space mountain

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Lots of bargain hunting. We bought Disney which is still below its peak stock value.

On the subject of rampant speculation. Hertz was up 40% at opening. Hertz asked the bankruptcy judge to allow them to issue new stocks to raise 1B in fund.

Looks like the comeback is fading. Up to 100 only now.

Most financial advisers are probably scums. However, traversing the market without any guidance poses its own set of hazards.


:

my god I saw this and there can't be anyway a judge would allow them to issue something that in less than a few months would be worth zero...would they??

[Rasulis]

wheeeeeeeeeeeeeeeeeeee, down we go... I wonder if they take a picture just like space mountain

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my god I saw this and there can't be anyway a judge would allow them to issue something that in less than a few months would be worth zero...would they??

I have no idea. We are in totally uncharted territory. It is up 41% right now.

[Zan15]

I have no idea. We are in totally uncharted territory. It is up 41% right now.

lol 2.92.
god how many small investor types are holding on to that stock at 100-200-400% hoping for a comeback again

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On the subject of rampant speculation. Hertz was up 40% at opening. Hertz asked the bankruptcy judge to allow them to issue new stocks to raise 1B in fund.


::snicker::

I stand corrected I guess they will let Hertz rip people off....

imagine being allowed to go to the bank and just tell them hey I am going to take this loan but I have no intention of ever paying it back, is that ok?

[Breccia]

Presented without further comment, because I'm not qualified to make them.

Automakers might not recover from the coronavirus until after 2025

The coronavirus pandemic has left global automakers and suppliers burdened with debt and in a much weaker position to navigate a historic transformation toward electric, self-driving cars.

The industry was already entering what AlixPartners called a multiyear "profit desert" because of the massive upfront investments they are making in future technologies. Now carmakers will likely be forced to delay or cut spending on many of those innovations as they crawl out of a giant COVID-19 hole.

In just a matter of weeks, automakers and suppliers took on an astonishing $72 billion in new debt to survive the economic jolt from the pandemic, per AlixPartners.

Factory production stopped for two months, but automakers still had to pay suppliers for parts already in the pipeline.

Meanwhile, revenues plummeted as consumers hunkered down under government stay-at-home orders.

The resulting cash squeeze pushed most companies' credit ratings lower, with Ford, Fiat Chrysler and Renault sliding into junk bond territory.
S&P now has a negative outlook on almost every major auto company.

Recovery will be slow. Global sales will fall 22% this year and won't likely return to 2017's peak of 94 million vehicles until after 2025, according to AlixPartners' annual global forecast.

The hit from COVID-19 "is as if a market the size of all of Europe had vanished for the year,” Stefano Aversa, chairman of the firm's Europe, Middle East and Africa practice, told journalists.

China is already bouncing back, and the U.S. is showing some resilience, but the European market will see the slowest recovery, per AlixPartners.

While North American factories have resumed operation, production is still about half the usual rate, according to Barclays, and dealers are running short of vehicles in many parts of the U.S.

The good news is that demand is bouncing back, especially for trucks and SUVs.

Consumer confidence has stabilized, and the industry has made it much easier to buy a car without visiting a dealership.

Fuel prices are low and carmakers are offering generous incentives to purchase or lease.

With financial pressures mounting, carmakers will have to slash costs to lower their break-even point and make tough calls on which programs to keep funding.

"You still have to invest in the future," Mark Wakefield, global co-leader of AlixPartners’ automotive and industrial practice, told the Detroit News. But, "the cash available for that is just less."

So far, companies seem to be protecting their electric vehicle projects — likely because government regulations require them to do so.

Still, AlixPartners expects EV spending between now and 2024 to be cut or delayed from $234 billion to about $200 billion.

Autonomous vehicles will likely bear the biggest cuts. Prior to COVID-19, the industry was expected to spend about $79 billion on AVs between 2020 and 2025. Now, about $25 billion of that will be delayed or cut, they predict

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Here's something I didn't know. Those federal relief funds for businesses?

You can't get one if you've been convicted of fraud in the last five years.

Until recently, you couldn't get one if you'd been convicted of any felony in the last five years. Trump just reduced the timer for non-fiscal felonies to one year.

I didn't know there were criminal exclusions at all.

[Rasulis]

Some numbers that will affect the economy of some states heavily.

The number of active drill rigs in US dropped to 199 on Friday compared to 788 at the same time last year. The last time it was down this low was August 2005. A single drill rig correlates to roughly 100 jobs. There are only two active drill rigs left in the entire state of Wyoming from the 30 in March of this year.

Wyoming's largest oil producer (Ultra Petroleum) filed Chapter 11 on Thursday.

Pipelines companies' have cut back their capital expenditures by 50%.

It is doubtful that Keystone XL will ever be build. The economic of sending Canadian oil sands, one of the most expensive crude to produce, to the US was already questionable even under the best circumstances. The math definitely does not work out when the price of crude is less than half what it was the pipeline was proposed.

The US refining capacities currently exceed its crude production. Which cuts into refineries' revenue heavily.

Oil & gas may only be 2% or less of the US stock market, however it is 7 – 8% of US GDP. It is a major economic sector for many US states.

On paper oil &gas may only be 16% of Texas economy. However, once we factor in the support services, such as sand mining, trucking, commercial real estates, oil catters housing & food, water supplier, waste handlers, rig/auger/pipeline manufacturing, oil & gas related research, mineral right income loss to individuals/cities/counties, mineral right assessors, M&A transactions, etc., the number grew to around 35%.

Bankruptcy lawyers in Houston are working overtime right now.

[Breccia]

The number of active drill rigs in US dropped to 199 on Friday compared to 788 at the same time last year.

Literally dropped my fork when I read this. Holy fucking shit.

It has not been a good time for the oil industry. Even with Trump gutting regulations, and even without the Saudis and Russians having a game of "who can ruin the US's oil economy first", things were not going well. The steel tariffs were, until recently, one of the big issues. I'd personally posted before that the oil/gas industry was paring back new developments -- well before COVID-19.

Now, you mentioned the Keystone pipeline. It's, um, got a few problems. One, a court ruling went against it April 15 because, yep, Trump ignored environmental laws. Trump is appealing the decision, but it is not looking good for the pipeline. Two, Biden is already on record as saying he'd halt it entirely. And quite frankly, I don't see it being complete by Jan 20, 2021. I've seen articles pre-dating the court ruling that said 2023 was a valid target.

And that's not even counting, as you pointed out, the fact that the US has more oil than it can use or sell right now. Bringing in more is no longer as good an idea as it was before.

As to your final point...um...



Yeah. Texas was in trouble even before COVID-19. I can't imagine how fucked they are now. Oh, and that's Chapter 11, Chapter 12 is farms, so that's not a valid excuse, in case someone wants to attempt it. It wouldn't have worked anyhow.

[Rasulis]

And that's not even counting, as you pointed out, the fact that the US has more oil than it can use or sell right now. Bringing in more is no longer as good an idea as it was before.

In regard to the bolded portion, the problem is that refineries do not like to run at partial capacity. So to make up for lower US production, they import SA oil to keep operating at near capacity. Which depress the local crude price even more. Yeah. Crazy.

[Breccia]

In regard to the bolded portion, the problem is that refineries do not like to run at partial capacity...Yeah. Crazy.

Why not? It can't be about the optics.

[Rasulis]

Why not? It can't be about the optics.

Dunno about the optics. It is all about the money. The less crude they process, the less money they make. Also, the largest refinery in the US and strategically located at Port Arthur, TX, hence it is called Port Arthur refinery, is wholly owned by SA Aramco. The rest of the refineries are owned by giants like Marathon, Exxon and Chevron. Which does not care about what they are doing to shale producers. In fact they want them gone.

[Zan15]

Presented without further comment, because I'm not qualified to make them.

Automakers might not recover from the coronavirus until after 2025



- - - Updated - - -

Here's something I didn't know. Those federal relief funds for businesses?

You can't get one if you've been convicted of fraud in the last five years.

Until recently, you couldn't get one if you'd been convicted of any felony in the last five years. Trump just reduced the timer for non-fiscal felonies to one year.

I didn't know there were criminal exclusions at all.

its crazy how they have no problem collecting taxes from people convicted of felonies but won't let them participate in programs that use taxpayer money.

HUD is notorious for this kind discrimination.

[Rasulis]

List of stores closing throughout US.

Bath & Body Works: 50 stores

J.C. Penney: 242 stores.

Nordstrom: 16 stores & three boutiques.

Pier 1: 541 stores

Signet Jewelers (Kay, Zales and Jared): 150 stores permanent closures and 150 stores shuttered.

Starbucks: 400 company-owned locations shuttered over the next 18 months.

Tuesday Morning: 230 stores.

Victoria's Secret: 235 U.S. Victoria’s Secret and three Pink stores.

How many people will be out of work? I don't know. A lot.

[Felya]

Dow futures down 559 with 10 min ‘till open... looks like it’s the cruise industry taking another hit.

[kaid]

Dow futures down 559 with 10 min ‘till open... looks like it’s the cruise industry taking another hit.

I think that whole dodging taxes by flagging their ships and putting their businesses in places like panama are coming home to roost. If they were US companies you can bet they would have gotten at least some bailout.

[Breccia]

Dow futures down 559 with 10 min ‘till open... looks like it’s the cruise industry taking another hit.

And the new outbreak in China. If China says 50 it's probably 500 or higher.

But it's recovering -- only DOWn 300 and change now.

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Things are not looking great for BP.

BP is writing down the value of its assets by up to $17.5 billion and is slashing its long-term oil price assumptions as it projects the coronavirus pandemic will have an "enduring impact on the global economy."

Monday's announcement signals how one of the world's most powerful energy companies sees COVID-19 changing the industry's landscape in lasting ways.

"BP's management ... has a growing expectation that the aftermath of the pandemic will accelerate the pace of transition to a lower carbon economy and energy system, as countries seek to ‘build back better’ so that their economies will be more resilient in the future," the company said.

CEO Bernard Looney, in a statement, said the pandemic reinforces BP's long-term climate plan announced in February to shift its business toward low-carbon sources and become a "net zero" company over several decades.

The oil-and-gas giant, in announcing the second-quarter charges and write-offs, sees the potential for weaker energy demand for a "sustained period."

BP is also reviewing whether to develop some of its discoveries, the company added when announcing that it cut its long-term oil price assumption by roughly 27%.

The company now sees Brent crude prices averaging $55-per-barrel in the 2021–2050 period, and lowered its long-term natural gas price forecast sharply too.

I can't imagine it's just them.

[Rasulis]

And the new outbreak in China. If China says 50 it's probably 500 or higher.

But it's recovering -- only DOWn 300 and change now.

- - - Updated - - -

Things are not looking great for BP.



I can't imagine it's just them.

No. Except for Aramco, all of the oil giants' dividends are way down. Which is the only reason anybody sane would invest in oil & gas stocks in the first place. It is not expected to go back up as long as crude is going to hang around $35 - $40.

[Zan15]

@Rasulis know this is one of your fav's. Congrats!!

https://www.cnbc.com/2020/06/15/docu...his-month.html


DocuSign rises as it gets ready to replace United Airlines in Nasdaq 100

DocuSign shares were up as much as 6.8% on Monday after Nasdaq announced on Friday that the electronic signature software company would replace United Airlines on the Nasdaq-100 index. The stock was headed for a new all-time high and its biggest increase since May 29.

lol, here we go again culling time for the major index's in order to continue to manipulate the results so the index's always go up up up.

[Rasulis]

@Rasulis know this is one of your fav's. Congrats!!

https://www.cnbc.com/2020/06/15/docu...his-month.html


DocuSign rises as it gets ready to replace United Airlines in Nasdaq 100

DocuSign shares were up as much as 6.8% on Monday after Nasdaq announced on Friday that the electronic signature software company would replace United Airlines on the Nasdaq-100 index. The stock was headed for a new all-time high and its biggest increase since May 29.

lol, here we go again culling time for the major index's in order to continue to manipulate the results so the index's always go up up up.

My wife was the one that introduced me to DocuSign in 2012 when she started using it for all her real estate contracts. Her word back then "this is a game changer."