Moments ago, the Martin Shkreli jury announced its verdict, and while the ex-pharma exec was found not guilty on 5 of 8 counts, he was also found guilty on 3 of 8 counts, namely count 3: Securities Fraud, count 6: Securities Fraud, and count 8: Conspiracy to Commit Securities Fraud.
As a result, as Bloomberg writes, Shkreli - once dubbed "the most hated man in America" - is now a convicted felon.
Wells Fargo just released a lengthy 10Q revealing a number of concerns for shareholders with regard higher-than-expected legal costs, new auto loan sales 'issues', and the potential for "significantly" more fake accounts based on a wider review. Ironically, WFC's CEO Tim Sloan began his press release thus... "rebuilding trust became our top priority when I became CEO last October."
Headlines from the 10Q (via Bloomberg)
So what do you do when you've just burned through a record $1.2 billion of cash in one quarter, expect to burn an additional $2 billion in capex in the second half of the year and haven't a prayer of generating positive earnings at any point in the near future? Well, you slash your product prices, of course.
Apparently this is exactly the strategy that Elon Musk has decided to pursue with his Model X after quietly slashing its price tag from $82,500 to a far more affordable $79,500 last night. Tesla explained the price cut via the following statement:
The Bloomberg dollar index has surged, rising as much as 0.8% higher against all G-10 peers, its biggest advance since Jan. 26, and is on track for its first weekly gain since early July.
The move has been largely attributed to the "stronger-than-expected employment and wage gains", although as several banks commented shortly after the payrolls report came out, "everything is in place for a classic short-squeeze."
Authored by Charles Hugh Smith via OfTwoMinds blog,
The dramatic declines in the costs of oil production will be boosting supply at the very moment that demand is falling.