Business

To much fanfare, President Donald Trump on Wednesday announced that Taiwanese electronics giant Foxconn, best known for making the iPhone, will build a new plant producing LCD panels in Wisconsin that will bring thousands of jobs to the state. On the surface it's a great deal: in what's being called the largest economic development project in state history, Foxconn plans to build a $10 billion plant that will eventually employ as many as 13,000 people, according to the White House and Gov. Scott Walker.

On Monday we reported that Anadarko, which previously had been lamenting the egregious amount of liquidity in the energy sector, became the first company to slash its full year capex budget by $300 million from a previous range of $4.5-$4.7 billion. As noted in our discussion, this was a material event not only for APC but the entire sector as "the Anadarko news is clearly negative for its shale peers, most of whom are set to announce similar capex declines."

Back in March 2015, Howard Marks was among the first to sound the alarm on the encroaching danger posed by both ETFs in particular, and passive investing in general, when he memorably asked (rhetorically, for now), "what would happen, for example, if a large number of holders decided to sell a high yield bond ETF all at once?" and answered his own question:

Authored by Christoph Gisiger via Finanz und Wirtschaft,

Blackstone’s market maven Byron Wien warns that stocks are in danger of suffering a setback. But he also explains why investors should keep their calm and weather the impending storm.

Facebook first tumbled then jumped after reporting Q2 EPS of $1.32, which initially slammed the stock as much as 5% lower however, then jumped just as quickly when it emerged that Bloomberg had blasted a wrong EPS estimate, according to which the company had missed earnings of $1.38...

• FACEBOOK 2Q EPS $1.32, EST. $1.38

... only to immediately correct itself, and release the correct consensus expectations, which was $1.13.