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Losing Money Is "Inevitable" This Year, SocGen Warns Citing Economic "Elephant"





Investors are losing money, which strikes us as largely inevitable with asset prices where they are and economic growth and profits on a downward trajectory. Losing the least amount of money may be the best source of success this year.

 
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Goldman Just Crushed The "Strong Fundamentals" Lie; Cuts EPS, GDP, Revenue And Profit Forecasts





To summarize: the first revenue drop for the S&P in 5 years, a major downward revision in EPS now expecting just 1% increase in 2015 EPS, a 25% cut to GDP forecasts, a machete taken to corporate profits and 10 Yields, and not to mention double digit sales declines for some of the most prominent tech companies in the world. And that, in a nutshell, is the "strong fundamentals" that everyone's been talking about.

 
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The First Canary To Fall In Unicorn Valley Won't Be The Last





An odd occurrence took place this past week in the “Land of Unicorns” aka Silicon Valley. The first of what was once described as the “future of social media” canary’s Twitter™, was suddenly struck by the “Where’s The Money” kingdom aka Wall Street. Suddenly, what was once the dulcet tones for acquiring investment capital “eyeballs to monetize” is now being answered by the investment crowd in a much more sobering tone of “Where’s the monetized money?!”

 
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Peter Schiff Warns This May Be The First Bubble To Burst Without A Pin





The current bubbles are so large and fragile that air is already coming out with rates still locked at zero. However, unlike prior bubbles that pricked in response to Fed rate hikes, the current bubble may be the first to burst without a pin. It appears the Fed fears this and will do everything it can to avoid any possible stress. That is why Fed officials will talk about raising rates, but keep coming up with excuses why they can’t. Larry Lindsey will be right that the markets will eventually force the Fed to raise rates even more abruptly if it waits too long to raise them on its own. But he grossly underestimates the magnitude of the rise and the severity of the crisis when that happens. It won’t just be the end of a raging party, but the beginning of the worst economic hangover this nation has yet experienced.

 
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Greek Economy In "Doomsday" Tailspin: 59 Businesses, 613 Jobs Lost Each Day, Suppliers Demand Cash Up Front





While the Greek government has wasted the past 4 months experiment with game (and hope) theory-based negotiations with the Troika, debating what reforms it should implement, what the budget surplus should be, and how much of a pension and wage haircut the local workforce should undergo just to keep the trickle of European money flowing and "allow" the IMF to repay Greek IMF obligations and the ESM to repay the ECB, the Greek economy has slammed into a brick wall because according to Greece's retailers association, about 59 businesses close down and some 613 jobs are being lost each day.

 
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HSBC To Fire 50,000, One In Five Jobs, To Fund Dividends To Shareholders





Just days after JPMorgan revealed it would fire another 5,000 by the end of the year in a "scalpel" headcount reduction, overnight the world's favorite drug money laundering bank HSBC unleashed the "machete" and announced it would cut almost 50,000 workers, or one in five bankers, a move which would shrink the investment bank division by one-third. The reason: the same why US corporations are laying off tens of thousands so they can fund record stock buybacks and enrich their shareholders - to boost profits so that more money can be channeled in the form of dividends.

 
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The Non-GAAP Revulsion Arrives: Experts Throw Up All Over "Made Up, Phony, Smoke And Mirrors" Numbers





After years of crusading against the farce of non-gAAP "earnings" by management teams who are engaging in fraud against their shareholders, one in which both accountants, bank advisors and regulators are all complicit, we are delighted to see that finally the mainstream press has taken the bullshit that is non-GAAP "EPS" to task. In a report by AP's Bernard Candon, titled "Experts worry that 'phony numbers' are misleading investors" we read that the "record profits that companies are reporting may not be all they're cracked up to be." He was being very polite.

 
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Wall Street R.I.P. - The Bubble Is Dying At The Zero Bound





If any evidence was needed that the market is dying at the zero bound, it came in this week’s violent 15-minute rip when the algos read the Fed’s release to mean there will be no rate hike in June. It put you in mind of monetary rigor mortis - the last spasm of something that’s already dead but doesn’t know it. The Great Financial Bubble dying at the zero bound has been inflating with just three interruptions - 1987, 2000 and 2008-09 - for the last 33 years. As a result, the market value of stocks, bonds and other debts have simply become decoupled from national income.

 
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Hewlett Packard Just Reported Its Worst Revenue Since 2007: This Is How It "Beat"





How is it that the company's GAAP EPS declined by a whopping 17%, from $0.66 to $0.55, and yet its non-GAAP EPS dropped by a tiny 1% from 0.88% to 0.87%? This is how...

 
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Wall Street Is One Sick Puppy





In welfare state America its virtually certain that through one artifice or another taxes will go up and the national debt burden will rise to crushing heights in order to keep the baby boomers’ entitlements funded. While Keynesians and Wall Street stock peddlers are clueless about the implications of this - it actually doesn’t take too much common sense to get the drift. Namely, under a long-term path of fewer producers, higher taxes and more public debt, the prospects for rejuvenating the previous historically average rates of real output growth are somewhere between slim and none - to say nothing of the super-normal rates implied by the markets’ current bullish enthusiasm.

 
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"Mystery" Buyer Of Stocks In The First Quarter Has Been Identified





Three days ago, when looking at the unprecedented, record outflows from US equities  we asked a simple question: "who is buying... no really". We now have the answer.

 
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Why Dan Loeb Refuses To "Sell In May And Go Away"





"We remain constructive on the US for three reasons: 1) economic data should improve in the next few quarters; 2) the Fed does not seem to be in any rush to move early and a June rate hike seems unlikely; and 3) while investors are focused solely on the first rate raise, we think the overall path higher will be gradual, in contrast to previous rate shifts. These factors should create an environment where growth improves and monetary policy stays flexible, which is generally good for equities (higher multiples notwithstanding). We may follow last year’s playbook and ignore the old adage to “sell in May and go away.”

 
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Twitter Confirms Leak: Stocks Plummets On Disastrous Results, Outlook Cut





Well, the leak (which ironically came out on Twitter only, and not Facebook) was right, and the full story is even worse than Selerity reported:TWITTER 1Q LOSS PER SHARE 25C; TWITTER INC 1Q ADJ. EPS 7C , EST. 4C.
That much we knew. Here is where it gets worse:

  • TWITTER 1Q REV. $ 435.9M, EST. $456.2M
  • TWITTER SEES 2Q REV. $470M TO $485M, EST. $538.1M
  • TWTR SEES YR REV $2.170B-$2.270B, SAW $2.3B-$2.35B, EST $2.37B

And now perhaps someone will ask how much of Facebook's 1.4 billion "users" are actually real.

 
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Equity Futures At Session Highs Following Chinese QE Hints; Europe Lags On Greek Jitters





It has been a story of two markets so far, with China's Shanghai Composite up another 3% in today's continuation of the most ridiculous, banana-stand driven move of the New Normal (and there have been many ridiculous moves in the past 6 years) on the previously reported hints that the PBOC is gearing up to start its own QE, while Europe and the Eurostoxx are lagging, if only for the time being until Citadel and Virtu engage in today's preapproved risk-on momentum ignition, on Greek jitters, the same jitters that last week were "fixed"and sent Greek stocks and bonds soaring. Needless to say, neither Greek bonds nor stocks aren't soaring following what has been the worst week for Greece in months.

 
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New Highs To Nowhere On Nothing





It’s official: all the markers of manias both past and present have now been surpassed.

 
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