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Glencore Stock Is Re-Crashing
After 5 days of CEO-confidence-inspired BTFD-ing (a la Bear Stearns), following the 30% collapse at the start of last week, Glencore's stock price is tumbling 7.7% in the early European trading. Following a deep plunge off the open yesterday (which was rallied back to the highs) and extreme volume atthe close, Tuesday's early weakness has pushed the stock to the biggest loss since last Monday's carnage...
The shares rebounded after the firm said its business is “robust” and it has secure access to funding.
But it's not over...
Charts: Bloomberg
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the will get bailed out at some point
bonus time again bitchez
Is it me or is ZH/Tyler deliberately not reporting that the TPP has been agreed?
have some patience, Tyler(s) operate mostly on NY time. your comment was made on five o'clock in the Big Apple's morning, wasn't it?
(edit: I forgot ZH already reported)
Get me Dick Fuld on the line.....mucho pronto!
Someone give them a printer.
what??
They were pretty much one of the first to report it!!
http://www.zerohedge.com/news/2015-10-05/trans-pacific-partnership-deal-...
Shit, sorry Achmachat, completely missed that. Must've been off my meds.....
You got meds?
Everybody needs meds.
Yep, the barbarous relic is too important to fail
Invest, not invest? Shit, why can't greed and fear get along better!
Needs truth.
So we just had a rope-a-dope by the MSM yesterday, back to normal today.
lol, the Squid is still at work with Glencore
I already took positions and if they trash Glencore further I might double
imo all the "similarities with Bear Sterns" arguments are... cute (and a symptom of this "need for projection" I so often encounter here)
Citicorp is Glencore's broker and "invisible hand".
So its Citicorp vs the Squid ?
You're correct Ghord, it's just that here in Mordor we've known about it for @ 12 hours. I thought something would've appeared by now. I'll kick back, grab the popcorn and wait.....
you just messed up my old, long established mental map of Middle Earth, where the Cremlin is Mordor, and Saruman's tower is in Frankfurt or Brussels
OK......yeah......that.
Short this bitch. Do ya feel lucky?
The problem with Glencore is that their market share of coal and Industrial base metals ranges between 30-45Pct and correspondingly inextricably linked to China continued high growth. Therefore, thanks to the miraculous powers of leverage, Glencore is probably extremely sensitive to the recent world slowdown led by China...
perhaps, though the bigger problem with Glencore is that it's a huge mining and commodity trading conglomerate that thought it could operate on the financial side with lots of international banks and stay safe
banks who, of course, proposed a deca-unicorn IPO. today's banks love IPOs in the unicorn league. IPOs transform private enterprises in something the finance crowd can play with
first up, then down, profit on the IPO, on the up and on the down and then on the breaking or resurgence again
the very fact that Glencore's top management took plenty of this IPO "getaway" money and restocked their equity made probably the Squid et al even madder at them, and betrays some regret on the IPO move
if you dance with the vampires you have to get used to blood
As they say : as goes copper so goes the economy. Glencore is copper bound and a leveraged greyhound.
Run run run with all that leverage, now dead weight ?
And China comes back tomorrow. Methinks the little rally here might just peter out.
Last time I checked, Saruman had moved into an apartment just outside Tel Aviv. I've got his phone number here somewhere....
He's got a nice bicycle though.
oops
My bicycle is missing one peddle. I keep going around in circles.