A Greek drama rarely ends after just one act or scene and although the recent new bailout talks haven’t really been extensively covered by the media, the Greek population will once again have to make sacrifices to make sure the country gets more bailout money.
Via StockBoardAsset.com,
It’s no secret that Under Armour’s stock has crashed -65% since 4Q2015. The apparel bubble seems to be experiencing something called mean reversion with the possibility of further downside in excess of -29%.
At or around today’s fair market value, industry comps show <UA> at a startling 43.7 P/E on expectations of growth compared to competitors.
Under Armour’s declining margins and profitability over the past three years is alarming.
After today's very ugly 4-Week Bill auction, moments ago the bond market redeemed itself somewhat when it sold $29.1BN (including $3.1BN in SOMA) in 2 Year paper. The high yield of 1.316% stopped through the 1.322% When Issued by 0.6 bps, which was the biggest "stop through" since last August. Perhaps the yield was a factor: at just below 1.32%, this was the highest auction stop on 2Y paper since October 2008.
The number of futures betting on euro-area equity turbulence crashed 44% from a record following last week’s expiration, as it appears Emmaniel Macron's victory has seemingly saved the world...
As Bloomberg details, that was the second-biggest one-day drop on record, after a 53 percent decline in open interest back in August 2010, when the market was much smaller.
SubPrime 2.0 is proving far worse than even we suspected.
If you’ve not been following this story, our view is that the auto-loan industry is Subprime 2.0: the riskiest, worst area in a massive debt bubble, much as subprime mortgage lending was the riskiest worst part of the housing bubble.
In both instances, these lending industries were rife with fraud, terrible due diligence, and the like. So when the debt bomb blew up, they were the first to implode.
However, it would appear now that the Subprime 2.0 was even worse than Subprime 1.0 in terms of verifying income.