What a difference a year makes: not that long after Apple was considering the acquisition of Imagination Technologies, overnight the shares of the UK-based chip designer imploded, crashing as much as 69% after the company announced Apple - its largest customer which accounts for half of its revenue - will stop using its intellectual property in new products, setting the stage for a clash with its biggest customer.
For those just getting to their desks, here is a summary of what you missed in the overnight session, courtesy of JPM's Adam Crisafulli
After the best quarter for US stocks since 2015, global equities have started off Q2 on the right foot, despite caution about the upcoming meeting between President Trump and China's Xi Jinping later this week, and Fed Minutes which are expected to be more hawkish than the FOMC statement.
Authored by Adam Taggart via PeakProsperity.com,
Sheelah Kolhatkar, former hedge fund analyst and staff writer at the New Yorker, thinks hedge funds have enjoyed enormous unfair advantages for far too long.
Bond bears covered over 340,000 10Y futures contracts in March - more than $34 billion notional Treasuries - making it the biggest short-squeeze in Treasury Futures history.
In fact, shorts covered across the entire yield curve complex... except for the every short-end...
Net Treasury futures shorts are now back to the lowest levels since early December 2016 but traders continue to pile into the short-end betting massively on further rate hikes as Eurodollar shorts push on beyond $3 trillion...