Business

Last month we noted that ESPN lost 621,000 subscribers in the month of the October (see "ESPN Loses A Record 621,000 Subscribers In One Month").  Unfortunately, the sports media powerhouse can't seem to make the bleeding stop as evidenced by another 555,000 subscriber losses this month as reported by Nielsen.  For those keeping track, that's roughly 1.2mm in sub losses in just two months, which, at $7 of revenue per sub, represents about $100mm of lost annual revenue for ESPN's parent company, Disney.

Having claimed the job of CEO John Stumpf, the Wells Fargo cross-selling fiasco continues to reverberate within the org chart of the scandal-ridden bank. Reuters reports that James Strother, the general counsel of Wells Fargo, who had originally planned to retire at year-end, will be forced to stay on indefinitely in the position to deal with fallout from the bank's sales scandal, according to a bank spokesman.

In their latest technical analysis report, UBS' Michael Riesner and Marc Muller warn that, it’s been a long time since we had such a relatively clear and one-sided picture on the sentiment side, which we can just describe as tactical contrarian and too complacent.

Defying numerous skeptics, today's historic OPEC decision to cut production, a first since 2009, marks a clear turning point in cartel, and especially Saudi Arabian, politics: individual country quotas have been allocated to all members, a third-party production verification process has been established, and the world’s largest crude oil producer Russia has committed to freeze production.At least, that's what the deal looks like on paper.

For those who missed today's fireworks, which saw oil soar as much as 10%, here are the key details.

Submitted by Simon Black via SovereignMan.com,

It’s happening faster than we could have ever imagined.

Every time we turn around, it seems, there’s another major assault in the War on Cash.

India is the most notable recent example– the embarrassing debacle a few weeks ago in which the government, overnight, “demonetized” its two largest denominations of cash, leaving an entire nation in chaos.

But there have been so many smaller examples.