Sears

Sears Crashes After Second Largest Shareholder Resigns From Board

Sears stock crashed 12%, on track for its worst close in 8 months, following news that Bruce Berkowitz, CIO of of Fairholme Capital Management and the company's second largest shareholder after Eddie Lampert, was stepping down from its board of directors at the end of the month.

Sears Canada Liquidates: 12,000 Canadians To Lose Their Jobs

Sears Canada announced plans to liquidate its remaining 150 stores instead of restructuring, the latest admission of brick and mortar defeat in the war with Amazon, with the result some 12,000 job losses in the coming weeks.

Frontrunning: October 11

  • Republicans to Trump and Corker: Please just stop (Politico)
  • Trump Wants to Weaken Nafta’s Influence, Power (WSJ)
  • Spain Warns Catalonia With Threat of Direct Control From Madrid (BBG)
  • U.S. warship sails near islands Beijing claims in South China Sea (Reuters)
  • U.S. flies bombers over Korean peninsula (Reuters)

Frontrunning: October 4

  • Spanish tensions bar Europe from global stocks party (Reuters)
  • Catalonia to move to declare independence from Spain on Monday (Reuters)
  • Catalan Police Chief Investigated For Sedition (TSR)
  • Trump Suggests Puerto Rico’s Debt May Need to Be ‘Wiped Out’ (BBG)
  • Trump Heads to Las Vegas After Shooting Reignites Gun Debate (BBG)

Frontrunning: October 3

  • Gunman had ‘bump-stock’ device that could speed fire (AP)
  • Supreme Court Takes On Partisan Gerrymandering (WSJ)
  • Tom Petty, 'distinctively American' rocker, dies aged 66 (Reuters)
  • White House: Now Isn’t the Time to Talk With North Korea (WSJ)
  • Dems plan to make gun control an issue in Nevada (The Hill)

Frontrunning: October 2

  • At least 50 dead in Las Vegas shooting (Reuters)
  • Spanish PM faces crisis after violent secession vote in Catalonia (Reuters)
  • Trump Rejects Dialogue With North Korea (WSJ)
  • HP Enterprise let Russia scrutinize cyberdefense system used by Pentagon (Reuters)
  • Automakers Plan Electric Car Blitz as Tesla Burns Billions (BBG)

Government By Goldman

"...now Cohn’s in charge of the economy and talking about eliminating financial reform and basically putting the country back to where it was in 2005, as if 2008 didn’t happen. I’ve started the countdown clock to the next financial crash, which will make the last one look mild."

Toys "R" Us Files Chapter 11: Second Largest US Retail Bankruptcy In History

Toys “R” Us Inc., the largest US toys retailer, filed for bankruptcy late on Monday night, as a result of a crushing post-LBO debt load and relentless competition from warehouse and online retailers. With assets of $6.9 billion, it’s the second-largest retail bankruptcy, trailing the filing in 2002 by Kmart, which had $14.6 billion in assets.

Dow Jones Changes "Hoax" Index Divisor For First Time In 2 Years

For the first time in two years, the owners of the Dow Jones Industrial Average have changed the benchmark’s divisor, the number used to determine how moves in the share prices of individual Dow components affect the level of the index... "Is the number of points that the Dow Jones now gives us a truth or a fictional truth?"

Thursday Humor? How The Media Controls Your Mind

Would you like the escape the horrible reality of thinking your own thoughts? Me too. Learning to have your mind controlled is your key to escaping the hell of thinking for yourself.”

Frontrunning: August 31

  • Katrina Survivors Relive Nightmare (WSJ)
  • Harvey drenches Louisiana, sparks blast at Texas chemical plant (Reuters)
  • Immigration crackdown could slow rebuilding efforts (Reuters)
  • Kushners’ China Deal Flop Was Part of Much Bigger Hunt for Cash  (BBG)
  • U.S. bombers drill over Korean peninsula after latest North Korea launch (Reuters)