Verizon

Michigan Pension Funds Boost Tesla Stake By Over 200%

"Our original $25 million position in Tesla was relatively minor, and we added approximately $50 million during the past quarter," the department said in a statement. "The additional shares did not materially add to the risk of the overall $60 billion investment portfolio."

Was This Wartime Technology Really Deployed Against Journalists Inside the DNC?

Technology developed to jam cellphones during the Iraq War may be getting deployed against journalists reporting on protests against the political establishment in the United States. Both citizen journalists and mainstream media reporters found they couldn’t share photos or video when they approached the gates of the Democratic National Convention, leading many to believe that their cell signals were being jammed... "It's scary for me as a journalist because that’s how state suppression of events occurs..."

Arianna Huffington Is Quitting The Huffington Post

Four years after selling the HuffPo to AOL Arianna Huffington has had enough, and as she announced moments ago, she is stepping down as Editor-in-Chief of the Huffington Post to run a new health and wellness venture. 

Futures, Global Stocks Rise As Oil, USDJPY Drops: All Eyes On The Jobs Report

With all eyes on today's jobs report, where consensus expects a 180K payrolls gain, European, Asian stocks and S&P futures all rise amid a surge in government debt as markets digest the BOE's "kitchen sink" easing for a second day. But please don't overthink it. In deja vu fashion, Bloomberg summarizes the action simply as "stocks rose around the world on speculation central bank stimulus measures will support the global economy." We've heard that just a few times before.

Global Stocks, Futures Continue Rise On Apple, Japan Stimulus; Yellen On Deck

The markets were following a rollercoaster night for the Japanese Yen, when after several media headlines Abe was said to have announced a stimulus package that would be more than JPY28 trillion, sending Japanese stocks higher 1.7% while the USDJPY spiked but well off overnight highs, pushing risk assets higher. Europe and US futs were also in the green on optimism from AAPL's earnings, but all eyes will be on today's FOMC announcement.

Frontrunning: July 26

  • Priest killed in French church before police shoot dead hostage-takers (Reuters)
  • On raucous opening night, Democratic stars make a pitch for Clinton (Reuters)
  • Sanders Backs Clinton After Fractious Opening of Convention (BBG)
  • Some in Sanders' army seem determined to march on without him (Reuters)
  • Yen hits two-week high as Japanese stimulus expectations dialled back (Reuters)

USDJPY Plunges On Japan Stimulus Concerns; US Futures Flat With As Fed Begins Meeting

In a turbulent session for FX, the Yen soared as much as 1.4%, the most in three weeks, after Finance Minister Aso says the government will "leave actual policy measures to BOJ", sending the Nikkei lower by 1.4%. European stocks and U.S. equity index futures are little changed despite the slide in the key carry pair as the Fed starts its two day meeting.

Key Events And Earnings In The Coming Week

The key economic releases this week include consumer confidence on Tuesday, the durable goods report on Wednesday, and the advance release of 2nd quarter GDP on Friday. The July FOMC statement will be released on Wednesday at 2PM. There are several scheduled speeches from Fed officials this week. 197 S&P 500 companies are due to report (or 38% of the index market cap) with the notable names including Apple, Verizon, Facebook, Coca-Cola, Alphabet, Exxon Mobil and Chevron.

Frontrunning: July 25

  • Democrats in disarray on eve of convention to nominate Clinton (Reuters); After Gloating, Democrats Face Unity Problem of Their Own (BBG)
  • Florida nightclub shooting leaves two dead, up to 16 wounded (Reuters)
  • Yellen Still Waiting for Overwhelming Evidence to Warrant Hike (BBG)
  • Oil Trades Near Two-Month Low as Drilling Increases Amid Surplus (BBG)
  • Fraud Investigation Ricochets Through Hedge Fund Known for Ties to Jewish Community (WSJ)

It's Official: Verizon To Acquire Yahoo Core Assets For $4.8 Billion

Almost a decade after Microsoft made an unsolicited bid to acquire Yahoo for $50 billion, moments ago Verizon confirmed recent rumors that it would acquire Yahoo operating business for approximately $4.83 billion in cash, far below initial estimates floated several months ago that the segment could sell for as much as $10 billion. So how much does Marissa Meyer collect for "creating value" at the company during her 5 year tenure? Somewhere around $300 million.

US Futures Unchanged As Europe Stocks Rise; Strong Dollar Pressures Oil

There has been little notable market moves overnight, with the record rally in the S&P500 set to continue and European stocks climbing as German IFO business confidence proved more resilient than economists predicted in the month after Britain voted to leave the European Union, falling less than expected from 108.7 to 108.3, above the 107.5 consensus, with expectations printing at 102.2 above the 101.2 expected. Bonds fell with gold as the dollar gained before central bank meetings in the U.S. and Japan this week.

Verizon Set To Buy Yahoo For $5 Billion

It appears that after years of attempts to quietly, then not so quietly sell itself, the increasingly troubled former internet portal giant may have finally found the "greatest fool" thanks to Verizon. According to Bloomberg, Verizon is the lead bidder for Yahoo with a total consideration of about $5 billion, and an announcement may come in the next few days.

Stockman Warns Of "Awful Price To Be Paid For One-Way Markets"

The boys and girls on Wall Street are now riding their bikes with no hands and eyes wide shut. That’s the only way to explain Friday’s lunatic buying spree in response to another jobs report that proves exactly nothing about an allegedly resurgent economy.