Authored by Nick Cunningham via OilPrice.com,
The U.S. shale industry might have just received a huge windfall with the nine-month extension of the OPEC cuts. Shale output was already expected to come roaring back this year, but the extension of the cuts provides even more room in the market for shale drillers to step into.
Despite The Fed's hype and the market's hope, data released this morning is flashing a big red warning sign that economic growth may soften ahead - borrowing by small U.S. firms dropped to a six-month low in April.
Reuters reports that the Thomson Reuters/PayNet Small Business Lending Index dropped a third straight month in April to 123.1, down 5 percent from last April and the lowest level since October.
After abysmal March and April prints and growing speculation on Wall Street that auto sales are looking less like a "plateau" (Ford's term) and more like a debt-fueled bubble on the verge of a "2007-like" collapse (Bloomberg's term), analysts were looking toward May auto sales for signs of hope.
Authored by Simon Black via SovereignMan.com,
Uber reported yesterday that its NET LOSS totaled more than $700 million last quarter, despite pulling in a whopping $3.4 billion in revenue.
(This means they spent at least $4.1 billion!)
That’s the latest in a string of massive, 9-figure quarterly losses for the company.
The only question I have is– how much cocaine are these people buying?
Seriously, it’s REALLY HARD to spend so many billions of dollars.
The monetary problems plaguing the state of Illinois (not to mention its public pensions) have been widely documented here over the past few years, and today the rating agencies finally noticed, when in the span of a few hours, first S&P, then Moody's downgraded Illinois to BB+/Baa3, respectively, both just one notch above junk, the lowest rating ever given to a U.S. state, as both agencies cited a long-running political stalemate over a budget shows no signs of ending.