Business

Buzzfeed’s plans for a rumored 2018 IPO, first reported back in March by Axios, just suffered a serious setback. In what amounts to a serious blow to the digital media pioneer’s credibility with investors, not to mention the potential impact on its lofty venture-capital-fueled valuation, the Wall Street Journal is reporting that Buzzfeed is on track to miss its 2017 revenue projections by between 15% and 20%.

Buzzfeed had expected revenue of $350 million, but will probably miss that target by between $50 million and $70 million, per WSJ.

IP surges (thanks to hurricanes), Congress passes a tax bill that has no hope of passing the senate, but a huge Chinese liquidity injection sends stocks soaring and proves...

A month ago, a downbeat David Einhorn exclaimed "will this market cycle never turn?"

It's 2018 forecast time for the big banks. With Goldman unveiling its seven Top Trades for 2018 earlier, overnight it was also UBS' turn to reveal its price targets for the S&P in the coming year, and not surprisingly, the largest Swiss bank was extremely bullish, so much so in fact that its base case is roughly where Goldman expects the S&P to be some time in the 2020s (at least until David Kostin revises his price forecast shortly).

Via Dana Lyons' Tumblr,

Despite the down day yesterday, one indicator from the equity options market recorded a massive spike in bullishness.