As Wall Street Frets Over Trump, a Sure-Fire Short Trade Emerges (Bloomberg)
How do you hedge against a Donald Trump presidency? It’s a question Wall Street traders are increasingly asking. Citigroup Inc. and Barclays Plc say they have figured out at least one part of the answer: Short the Mexican peso. For any number of reasons, the currency would fall and fall quickly following a Trump victory in November, analysts at the banks say.
FanDuel, DraftKings Talk Tie-Up (WSJ)
FanDuel Inc. and DraftKings Inc. are in talks to merge, according to a person familiar with the matter, a potential deal that would result in a single firm controlling more than 95% of the embattled daily fantasy sports industry...The companies’ valuations each topped $1 billion last year when they were raising money amid a frantic effort to gain market share through giant advertising buys and billions in prize money.
LinkedIn founder to make nearly $1B on Microsoft deal (NYP)
Reid Hoffman has 900 million reasons to like Microsoft’s deal to buy LinkedIn. In addition to being LinkedIn’s founder and chairman, the 48-year-old tech tycoon is also the business networking site’s biggest shareholder, with a stake of nearly 11 percent. While Hoffman’s net worth was recently estimated at $3.8 billion, Microsoft’s Monday announcement that it will buy LinkedIn for $26.3 billion will boost that figure to nearly $4.7 billion, according to securities filings.
'Decent' chance for July rate hike: Goldman's Hatzius (CNBC)
The Federal Reserve is "clearly" not going to hike rates at its meeting this week thanks to May's disappointing jobs report, but there is a "decent" chance it will raise rates in July, Jan Hatzius, chief economist at Goldman Sachs, said Monday.
Repeat package thief steals a smelly surprise in California (UPI)
Amanda Torres said her fiance set up security cameras around their Lodi home to deter thieves, but a man who apparently wasn't bothered by being photographed stole an Amazon package from her front porch Tuesday. Torres said she and her fiance suspected the man might return if another box showed up on their porch, so they created a decoy. "You want to know what was in [the box]? It was full of poop," Torres told KTXL-TV. Dog poop, to be precise.
You’re not the only one staying away from Chipotle (NYP)
The Denver-based chain’s food crisis last year took a permanent bite out of the company, Deutsche Bank’s Brett Levi wrote in a research note Monday. “Some of these customers may be lost for good,” said Levy, who lowered the company’s 2017 price target to $340 from $360. Chipotle’s stock closed down 2.8 percent, to $393.75, on Monday and is down 35 percent over the past year.
Global IPOs Make Risk Attractive Again to Yield-Hungry Investors (Bloomberg)
Companies are preparing more ambitious offerings, emboldened by the relatively positive performances and size of deals since April, as well as a more stable market. Shares of the largest IPOs this year have climbed or stayed even with their listing price, and that’s encouraging for potential investors, according to Stephen Pierce, global head of equity capital markets at Goldman Sachs Group Inc.
Puerto Rico Debt Law Struck Down, Leaving Congress in Charge (Bloomberg)
The U.S. Supreme Court rejected Puerto Rico’s bid to let its public utilities restructure bonds over the objection of creditors, leaving the island’s $70 billion debt crisis squarely in the hands of Congress. Siding with investors, the court ruled 5-2 on Monday that Puerto Rico’s measure was barred under federal bankruptcy law. The island’s debt gained after the decision, with some utility bonds jumping more than 3 cents on the dollar. Still, most of Puerto Rico’s debt is still trading at levels that signal further defaults are expected.
Bitcoin Price Hits Two-Year High (WSJ)
The price of the digital currency bitcoin hit a two-year high Monday, trading above $700 for the first time since 2014, after it jumped 21% over the weekend. The surge came days before an unusual event called the “halving,” an adjustment to bitcoin’s protocol designed to control the creation of new coins.
Rancher lassos alleged bicycle thief (MT)
Eagle Point rancher Robert Borba was loading dog food and a camping tent into his truck and cattle trailer Friday morning at Walmart when he heard a woman screaming that someone was stealing her bicycle. "I seen this fella trying to get up to speed on a bicycle," said the 28-year-old Borba, who was planning on helping brand cattle in California that afternoon...Borba quickly brought out his horse, Long John, which he'd brought to help him with the cattle, from the back of his trailer. The cowboy and his horse then chased after the alleged thief as the man, struggling with the gears, ditched the bike and attempted to flee on foot. Borba said he grabbed his rope and let it fly, lassoing the man around his legs and causing him to tumble to the ground, dragging him like roped cattle to the end of the parking lot. Borba said the man then grabbed a tree near Carl's Jr. and attempted to break free, but Borba and Long John kept the rope taut.