Initial and continuing claims surge dramatically and Crude slammed to 12-year lows inflation-adjusted, so energy stocks rip and lift stocks magically...
h/t @NorthmanTrader
Energy stocks love new multi-year lows in oil...
Longer term...
And led the entire market higher today... but a late-day collapse in crude (which looked like forced liquidation) spoiled the party
One month ago, when the market was getting excited about the imminent Fed rate hike, now due less than one week from today, Jefferies analysts flagged a red flag about the imminent rate liftoff: few, if anyone, know precisely how it will take place in practice.
Moments ago, we learned courtesy of the head of Mutual Fund Research at Morningstar, Russ Kinnel, that the next leg of the junk bond crisis has officially arrived, after Third Avenue announced it has blocked investor redemptions from its high yield-heavy Focused Credit Fund, which according to the company has entered a "Plan of Liquidation" effective December 9.
Third Avenue says outflows would have forced them to accept "prices that would unfairly disadvantage the remaining shareholders."
The last time we looked at the "value" of Yahoo's core business was nearly a year ago, when the stock was trading at a comfortable $50/share, which however was entirely due to the result of YHOO's non-core business. This is how Citi estimate the value of Yahoo's core operations.
Via ConvergEx's Nick Colas,
The Energy names in the S&P 500, as measured by the S&P Energy Select Sector Index, haven’t broken their August lows in the recent downdraft for the group.
That’s surprising for two reasons.