Apple

Copper Slides To Three Month Low Despite Flat Futures, Oil; Dollar Rise Continues

After two violently volatile days in which the market soared (Monday) then promptly retraced all gains (Tuesday), the overnight session has been relatively calm with futures and oil both unchanged even as the BBG dollar index rose to the highest level since April 4. This took place despite a substantial amount of macro data from both Japan, where the GDP came well above the expected 0.3%, instead printing 1.7% annualized, which pushed stocks lower as it meant the probability of more BOJ interventions or a delay of the sales tax hike both dropped. Meanwhile, in China we got proof of the ongoing housing bubble when new property prices were reproted to have soared 12.4% Y/Y in April, which in turn pushed the local stock market to two month lows amid concerns the rampant housing bubble sector could divert funds from stocks. Yes, China is trading on the "risk" one bubble will burst another bubble.

Ex-Google Engineers Launch "Otto": Completely Driverless Truck Testing Underway

Movement in the autonomous vehicle space accelerated once again. Four ex-Google engineers, including the man who built Google’s first self-driving car,  announced “Otto”, an autonomous truck retrofitting business. The service isn’t vaporware. “Otto” is currently operating on Nevada highways.

China Is Now Conducting "Security Reviews" On Foreign Tech Products

"China must find a middle ground and determine which things can be imported but have to be secure and controllable; which things may be imported, digested and absorbed for re-innovation; which things can be developed in collaboration with others; and for which things we must rely on our own strength and indigenous innovation." - Xi Jinping

Frontrunning: May 17

  • As Brexit vote looms, U.S. banks review their European commitments (Reuters)
  • Oil’s Strength Continues to Boost Global Stocks (WSJ)
  • Trump closing gap with Clinton, poll shows (Hill)
  • In Adjacent Pennsylvania Counties, Republicans Are Split on Donald Trump (WSJ)
  • Make America Gold Again: Calls for Everyone's Favorite Standard Are Back (BBG)

Futures Fizzle After Oil Fades Bounce Above $48

It has been more of the same overnight, as global stocks piggybacked on the strong US close and rose despite the lack of good (or bad) macro news, propelled higher by the two usual suspects: a higher USDJPY and a even higher oil, if mostly early on in the trading session.

"We Should Be Concerned" - Stock Buybacks Plunge Most Since 2009

After snapping up trillions of dollars of their own stock in a five-year shopping binge that dwarfed every other buyer, U.S. companies from Apple Inc. to IBM Corp. just put on the brakes. Announced repurchases dropped 38 percent to $244 billion in the last four months, the biggest decline since 2009, data compiled by Birinyi Associates and Bloomberg show. “If the only meaningful source of demand in the market is companies buying their own shares back, then what happens if that goes away?” asked Brad McMillan, CIO of Commonwealth “We should be concerned.”

Did Apple's Didi Investment Just Kill All The Unicorns?

“But there is of course a much bigger reason why Apple and Didi were so keen to join forces: The deal is an incredible “f### y##” to Uber, a company that neither Apple nor Didi want to get much more dominant in the US... The clues that this was not just an investment but a Statement were easy to spot: A billion dollars isn’t a random number — it’s a headline-grabbing way to telegraph This Is A Big Deal.So here we have what could be the poster-child for all unicorn valuation metrics (i.e., Uber) having their valuation story for future investment and/or IPO dreams gutted in one fell swoop by Apple.

Apple Jumps After Berkshire Reveals 9.8 Million Share Stake

After three consecutive weeks of seemingly relentless bad news for Apple, moments ago the stock jumped by $2 dollars, rising from $90.5 to over $92.50. There was some confusion as to why the jump and then it was revealed that none other than that "other" billionaire, Warren Buffett, has decided to start building a stake in the world's biggest cell phone company to the tune of 9.8 million shares or about $1.07 billion as of March 31.

FBI Agents Busted For Planting Hidden Surveillance Microphones In Public Places

"Hidden microphones that are part of a clandestine government surveillance program that has been operating around the Bay Area has been exposed." If Congress wasn’t so busy being corrupt shills for the powerful it might do something to stop this. We're not holding our breath. Time and time again throughout U.S. history, you see the FBI working to undermine the public’s freedom in order to protect whatever racket their status quo masters happen to be running at the time.

What's Next For Apple And The S&P: This Is What The Charts Say

Now that everyone is suddenly turning bearish, especially recent cheerleader Goldman warning of a "big drop" in the days ahead (not to mention Gartman) and chartists seeing sharp downside (not just BofA but UBS recently as well), expect another major round of substantial jawboning from central bankers who can not afford a downward inflection point in the market at this point, especially now that China's record loan growth has suddenly ground to a halt.

As Carl Icahn Was Selling Apple, This Central Bank Was Furiously Buying

As Icahn was selling, or just before as we don't know precisely when Icahn, who has since indicated he has turned massively bearish on the overall market, one entity was buying every AAPL share it could find. In fact, according to its latest 13F, everyone's favorite central bank that openly admits it is also a wholesale buyer of stocks (with a portfolio of some $100 billion), the Swiss National Bank reveals that in Q1 it bought another 4.1 million in AAPL shares, bringing its total to a record 14.5 milion shares.