Morgan Stanley

Tyler Durden's picture

Tesla's Non-GAAP Quarter In Three Gigacharts (Added Free Option: GAAP Charts)





Yes, yes, we know: soon everyone will be driving a Tesla, and, perhaps, sooner Tesla will build its much-hyped, and so critical for its business model Gigafactory (although shouldn't it be non-GIGA to go with non-GAAP... about which it had this to say: "In June, we broke ground just outside Reno, Nevada on a site that could potentially be the location for the Gigafactory. Consistent with our strategy to identify and break ground on multiple sites, we continue to evaluate other locations in Arizona, California, New Mexico and Texas."). In the meantime, and just as the biggest wealth effect-creating (for the 0.1%) stock market of all time appears to be ending, here is Tesla's quarter, and last few years, in three gigacharts.

 
Tyler Durden's picture

Frontrunning: July 30





  • Fed Decision-Day Guide: QE Tapering to Inflation Debate (BBG)
  • Obama says strains over Ukraine not leading to new Cold War with Russia (Reuters)
  • Siemens to BP Prepare for Downward Russia Business Spiral (BBG)
  • Paying Ransoms, Europe Bankrolls Qaeda Terror (NYT)
  • Argentina Banks Preparing Bid to Help Argentina Avoid Default (WSJ)
  • Obama Weighs Fewer Deportations of Illegal Immigrants Living in U.S. (WSJ)
  • India Warships Off Japan Show Rising Lure as China Counterweight (BBG)
  • Hong Kong Popping Housing Bubbles London Can’t Handle (BBG)
  • Carnage at U.N. school as Israel pounds Gaza refugee camp (Reuters)
 
Tyler Durden's picture

Frontrunning: July 29





  • EU finalises Russian sanctions as BP warns of impact on business (FT)
  • Geopolitical Risk Rises for Global Investors (BBG)
  • Jaded Argentines brace for looming debt default (Reuters)
  • In Argentina, Mix of Money and Politics Stirs Intrigue Around Kirchner (WSJ)
  • Mom ‘Trusting God’ for Ebola-Infected U.S. Doctor’s Life (BBG)
  • Thanks NSA: Tech Companies Reel as NSA's Spying Tarnishes Reputations (BBG)
  • Goldman unit eyes foray into China amid metals financing scandal (Reuters)
  • Cash out time: London’s Gherkin Tower Offered for Sale by Its Lenders (BBG)
  • Apenomics strikes again: McDonald’s Japan axes profit guidance amid food safety scandal (FT)
  • Do you see what happens Larry when you are the only USDJPY bid? Nomura Profit Falls More Than Estimated on Broking Slump (BBG)
 
Tyler Durden's picture

Here's What Wall Street Bulls Were Saying In December 2007





The attached Barron’s article appeared in December 2007 as an outlook for the year ahead, and Wall Street strategists were waxing bullish. Notwithstanding the advanced state of disarray in the housing and mortgage markets, soaring global oil prices and a domestic economic expansion cycle that was faltering and getting long in the tooth, Wall Street strategists were still hitting the “buy” key. In fact, the Great Recession had already started but they didn’t have a clue: "Against this troubling backdrop, it’s no wonder investors are worried that the bull market might end in 2008. But Wall Street’s top equity strategists are quick to dismiss such fears."

 

 
Tyler Durden's picture

Frontrunning: July 28





  • The market in one sentence: Buying on Dips Pays Most in Five Years as Stocks Rebound (BBG)
  • Europe subdued, Russia shares tumble on new sanctions (Reuters)
  • Chinese Data Don’t Add Up (WSJ)
  • Argentine Default Drama Nears Critical Stage (WSJ)
  • Global Pressure Mounts on Israel to End Gaza Fighting (BBG)
  • Ukraine troops advance as experts renew attempt to reach crash site (Reuters)
  • Prospects Brighten for Republicans to Reclaim a Senate Majority (WSJ)
  • Europe’s banking union faces legal challenge in Germany (FT)
  • Investors Bet on China's Large Property Developers (WSJ)
  • Hague court orders Russia to pay over $50 billion in Yukos case (Reuters)
 
Tyler Durden's picture

Frontrunning: July 25





  • Argentine holdout NML says government "choosing" to default (Reuters)
  • Crunch time for Gaza truce talks as death toll passes 800 (Reuters)
  • Don’t Tell Anybody About This Story on HFT Power Jump Trading (BBG)
  • U.S. Accuses Russia of Shelling Eastern Ukraine (BBG)
  • France’s Wheat Exports in Question as Rain Spoils Quality (BBG)
  • Tapering in action: Lower printer sales hurt Xerox's revenue (Reuters)
  • No liquidity? No Problem, there's an ETF for that: Bond ETFs Swelling in Europe as Trading Debt Gets Tougher (BBG)
  • Herbalife hires ex-Biden chief to fend off regulators (NYPost)
  • GM recalls far from calamity for some dealers who find new customers, business (Reuters)
  • Bad weather likely cause of fatal Air Algerie crash: French officials (Reuters)
 
Tyler Durden's picture

Frontrunning: July 22





  • EU Works to Punish Russia as MH17 Bodies Leave Rebel Area (BBG)
  • Bodies From Malaysia Airlines Flight Begin Long Trip to Netherlands (WSJ)
  • Israel pounds Gaza as Kerry arrives (Reuters)
  • U.S. judge dismisses Republican lawsuit over Obamacare subsidy for Congress (Reuters)
  • Israel Soldier Missing Amid Assault on Hamas in Gaza (WSJ)
  • Detroit Retirees Vote in Favor of Pension Cuts (WSJ)
  • Russia Axes 1st Bond Sale in 3 Months as Ukraine Drives Up Yield  (BBG)
  • Wall Street Cut From Guest List for Jackson Hole Fed Meeting (BBG)
  • Credit Suisse to Exit Commodities, Posts Big Quarter Loss (BBG)
  • Draghi Cedes Euro Control to Yellen on Fed Rate Wagers (BBG)
 
Phoenix Capital Research's picture

The Fed's Cancerous Actions Are Killing the Patient





Today we’re going to explain what the “final outcome” for this process will be. The short version is what happens to a cancer patient who allows the disease to spread unchecked (death).

 
Tyler Durden's picture

Frontrunning: July 19





  • Fighting erupts in Ukraine as crash investigators arrive (Reuters)
  • Russian Billionaires in ‘Horror’ as Putin Risks Isolation (BBG)
  • Israel kills militants entering from Gaza, death toll tops 500 (Reuters)
  • The other Gaza: In violent weekend, at least 40 people shot in Chicago (Reuters)
  • Barclays Dark Pool Drew Early Alarms (WSJ)
  • Finance Industry Bonus Hit in Poll as Revenue Disappoints (BBG)
  • Severstal to Sell North American Units (WSJ)
  • Yum, McDonald's apologize as new China food scandal brews (Reuters)
  • Yellen Wage Gauges Blurred by Boomer-Millennial Workforce Shift (BBG)
  • Ukraine Offers to Hand Over Malaysia Airlines Probe to Dutch (WSJ)
 
Tyler Durden's picture

"Buying The Car Was The Worst Decision I Ever Made" - The Subprime Auto Loan Bubble Bursts





It has been over six months since we first highlighted the growing deterioration in the quality of auto loans and mentioned the 's' word (subprime) as indicative that we learned nothing from the financial crisis. Since then, auto loans (and especially subprime in the last few months) have surged to record highs; and most concerning, recently has seen delinquencies and late payments spike. The reason we provide this background is that, thanks to The NY Times, this story is now hitting the mainstream media as subprime-quality car buyers (new and used) realize the burden they have placed on themselves thanks to exorbitantly high interest rates (and a rapidly depreciating 'asset'). As one car 'owner' exclaimed, "buying the car was the worst decision I have ever made."

 
Tyler Durden's picture

Dazed Global Markets Respond Wearily To Yesterday's Shocking Events





For a centrally-planned market that has long since lost the ability to discount the future, and certainly respond appropriately to geopolitical events, yesterday was a rough wake up call with a two punch stunner of not only the MH 17 crash pushing the Ukraine escalation into overdrive, but Israel's just as shocking land invasion of Gaza officially marking the start of a ground war, finally dragging global stocks out of their hypnotized slumber and pushing risk broadly lower across the globe, even if the now traditional USDJPY and AUDJPY ramp algos have woken up in the past few minutes and will be eager to pretend as if nothing ever happened.

 
Tyler Durden's picture

Frontrunning: July 17





  • Bubble Paranoia Setting in as S&P 500 Surge Stirs Angst (BBG)
  • But how will math PhDs determine "fair value" - Wall Street Techs Take Secrets to Next Job at Their Peril (BBG)
  • U.S., EU Escalate Russia Sanctions as Putin Holds Firm (Bloomberg)
  • Australia Becomes First Developed Nation to Repeal Carbon Tax (WSJ)
  • Gaza humanitarian truce goes into force, hours after tunnel clash (Reuters)
  • Barclays, Deutsche Bank Said to Face U.S. Senate Hearing (BBG)
  • ECB Asset Buying Far Off and May Not Come, Hansson Says (BBG)
  • Time Warner win would make Murdoch U.S. media king (Reuters)
  • Costly Vertex Drug Is Denied, and Medicaid Patients Sue (WSJ)
  • China Rallying for All Wrong Reasons to Top-Rated Analyst (BBG)
  • GM recalls some cars with problematic switches; judges others safe (Reuters)
 
Tyler Durden's picture

Obama's Latest Russian Sanctions Send Global Stocks Reeling





Slowly but surely, all those cans that many hoped were kicked indefinitely into the future, are coming back home to roost. The biggest impact on global risk overnight have been undoubtedly the expanded Russian sanctions announced by Obama yesterday, which have sent the Russian Micex index reeling to six week lows (as it does initially after every sanction announcement, only for the BTFDers to appear promptly thereafter), with the biggest hits saved for the named companies such as Rosneft -5.6%, Novatek -5.1%, and others Alrosa -5.7%, VTB Bank -4.3%, Sberbank -3.4% and so on. Then promptly risk off mood spilled over into broader Europe and at last check the Stoxx600 was down 0.8%, with Bund futures soaring to record highs especially following news (from the Ukraine side) that a Russian warplane attacked a Ukrainian fighter jet. Not helping matters is the end of the dead cat bounce in Portugal where after soaring by 20% yesterday on hopes of a fresh capital infusion, Espirito Santo has once again crashed, dropping as much as 11%, driven lower following downgrades by both S&P and Moodys, as well as the realization that someone was pulling everyone's legs with the rumor of an equity stake sale.

 
Tyler Durden's picture

Frontrunning: July 16





  • BRICS set up bank to counter Western hold on global finances (Reuters)
  • Fed's Yellen Hedges Her View on Rates (Hilsenrath)
  • China GDP Grows 7.5% in Second Quarter (WSJ)
  • Get More Acquainted With Your Knees as Boeing Reworks 737 (BBG)
  • Israel Warns Gazans of New Attack After Hamas Rejects Truce (WSJ)
  • Israel poised for Gaza incursions after truce collapses (Reuters)
  • China Housing Sales Fall in First Half of 2014 (WSJ)
  • IBM to offer iPads and iPhones for business users (Reuters)
  • Fed's George says strengthening economy warrants quick rate rise (Reuters)
 
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