Apple’s Losing Streak Is Nearing Historic Levels (Bloomberg)
Bespoke Investment Group notes that Monday's negative close marks eight straight sessions in the red for Apple—something that last happened in July 1998, and has now happened only four times in the company's history.
Private equity firms’ uncontrollable spending sets dangerous trend (NYP)
Private equity firms are spending like drunken sailors when adding to their portfolios of companies these days, setting a dangerous trend, one veteran PE executive said Monday. Josh Harris, co-founder of Apollo Global Management, told attendees at the Milken Institute Global Conference here that the prices being paid by PE firms in general are at historic highs. “It is a very treacherous time to invest,” Harris said, noting that the average prices being paid are 11 times debt-to-Ebitda levels.
Two Sigma Co-Founder 'Very Worried' Machines Will Take Jobs (Bloomberg)
“Most people in the bulk of the job market are not involved in super-high-value jobs,” David Siegel said Monday at the Milken Institute Global Conference in Beverly Hills, California. “They are doing routine work and tasks and it’s precisely these tasks that computers are going to be better at doing,” just as combustion engines replaced horses or ATMs replaced most bank tellers.
Analyst thinks Goldman Sachs should buy ETrade (NYP)
Bank analyst Mike Mayo wrote Monday that Chief Executive Lloyd Blankfein’s firm should buy ETrade. The report suggests the bank needs to deal with pressure from shareholders and the government to diversify its businesses after one of its worst-ever quarters. Buying the trading platform would increase deposits by $52 billion and increase the number of revenue streams, he said.
Arizona school unwittingly distributes yearbook photo of student's pen!s (Reuters)
An Arizona student who showed his pen!s in his football team's photograph was arrested briefly after his high school unwittingly sent the image to hundreds of his Phoenix-area classmates as part of its yearbook, officials said on Monday. A spokeswoman for Red Mountain High School said the photo was printed in all of the school's yearbooks destined for some 3,400 students, but only about 250 books had been given out so far. "Luckily, most of the yearbooks were still in their boxes," said spokeswoman Helen Hollands. The school hopes to get back all of the 250 yearbooks, and all books in school possession will be edited to cover the inappropriate content. The student, Hunter Osborn, 19, told police he was acting on a dare from another football player when court documents said "he exposed his pen!s through the top of his waistband of his football uniform pants."
The Unnamed Beneficiary of an Italian Bank Bailout (WSJ)
The weekend’s government-orchestrated bailout of Italy’s seventh-largest lender may have had a pressing, second goal: Protecting the country’s largest bank. The lender that was bailed out—Banca Popolare di Vicenza SpA—said late Saturday it sold €1.5 billion ($1.72 billion) worth of new shares to shore up its capital. But the bank everyone was worried about, people familiar with the matter said, was UniCredit SpA.
Big Investors Cast Wary Eye on Emerging Markets (WSJ)
Emerging-market investments have been on a tear for much of 2016, but investors still should be wary, market sages said Monday at the Milken Institute’s 2016 global conference. Mohamed El-Erian said the Chinese government “went too far” encouraging participation in its stock market, much as the U.S. emphasized home ownership last decade, a misstep he said helped lead to the 2008 financial crisis. “They have done the exact same thing” in China by encouraging stock ownership, said Mr. El-Erian.
Starboard's Smith says Yahoo 'welcoming' since his arrival (Reuters)
Yahoo Inc's (YHOO.O) management team and directors have given a warm welcome to Starboard Value LP Chief Executive Jeffrey Smith since he joined the company's board after a contentious battle, he said on Monday. "Yahoo has been great," said Smith, who was speaking on a panel at the Milken Institute Global Conference here. "The board members have been terrific and welcoming, the management team has been terrific and welcoming. This is no different from almost all of the companies that we get involved with."
The $100 Million Superhorse Powering This Year's Kentucky Derby (Bloomberg)
A decade into his foray in the thoroughbred industry, Repole -- serial entrepreneur, die-hard New York Mets fan and life-long railbird -- has a big hawse on his hands. A very big hawse. His name is Uncle Mo. A brilliant, albeit somewhat fragile, star on the racetrack, Mo is quickly making an even greater splash in the breeding shed and putting his stamp on this year’s Kentucky Derby.
Miss Sweden is a big Donald Trump fan (NYP)
“He’s obviously a very successful guy,” she told The Post. “I think he is a likable person when you’re around him because he’s someone who takes over a room.” [...] Hansson admitted she didn’t know if she would vote for him, since she doesn’t follow US politics. “I haven’t really studied his policies enough to express my views of him as a candidate, but he’s obviously got good leadership skills,” she said.