Snapchat’s Most Fervent Users Are Souring on Snap’s Stock (WSJ)
Rebecca Shoenthal, who is due to graduate from the University of North Carolina at Chapel Hill this weekend, told the Journal in March that she bought Snap shares after their public debut because she was excited about the company. In a follow-up e-mail Wednesday, she said that, “Facebook is certainly making things hard for Snap, especially since they have essentially the same product with a much larger user base already established.” She said that she’s, “trying to be patient” with the stock, but will “probably sell” if the shares go up a bit.
Bundesbank’s Frankfurt Expansion Puts Squeeze on Office Market (BBG)
Germany’s Bundesbank has just made life harder for the banks that are considering Frankfurt as their new European Union base after Brexit. The central bank confirmed this week that it has agreed to lease an additional 7,000 square meters (75,000 square feet) of space in the city’s Trianon tower. In the process, it snapped up one of the few large premises left in Frankfurt’s financial district, whose high-rise skyline has earned it the nickname Mainhattan.
The stock market… It’s alive! (Sort of) (FT)
Deutsche Bank analyst Jim Reid said the “earth shattering” stock market decline was “believe it or not”, the biggest fall in the index since April 21. He’s still itching for more excitement in his life, however: “The favourite for tomorrow’s Eurovision is an Italian man who dances alongside an ape. How on earth are we supposed to compete with that? Things have been so quiet this week that an ape walking down our trading floor would have been a welcome distraction.”
China's former statistics chief pleads guilty to accepting bribes (Reuters)
In a statement announcing Wang's expulsion from the Communist Party, the CCDI said Wang had been found to have been "morally bankrupt" and lacking "political faith". As well as accepting gifts, property and bribes, he frequently stayed at expensive hotels, engaged in "superstitious activities" and "exchanged power for sex", the agency said in the statement.
There Are Now More Indexes Than Stocks (BBG)
Why so many new ETFs? Money managers are under pressure to cut costs as investors shift their money into funds with low fees. Smart-beta ETFs are generally more expensive than S&P 500 funds but cheaper than actively managed funds. It remains to be seen how well the new funds will perform.
Priming the Pump: The Economic Metaphor Trump ‘Came Up With’ (NYT)
The origin of the metaphor refers to pumps used to extract water from wells, which were more widespread before most people had indoor plumbing. The basic idea was to pour a bit of water into a mechanism to make it possible to pump water out.
Ivory Tower Wonks Help Traders Make a Quick Buck (Bloomberg View)
Much or even most of the disappearance of anomalies is due not to p-hacking and data mining, but to trading itself. Markets are sort of efficient, but not quite -- if there’s free money to be had, traders will eventually discover it, but it takes them a long time and sometimes requires a helping hand from academia. McLean and Pontiff’s result paints a picture of a market where inefficiencies are constantly sprouting up and constantly being discovered and traded away -- not a smoothly running machine, but a constantly evolving ecosystem of predators and prey.
What would stocks do if Trump resigned (Reformed Broker)
The Trump Trade, if there ever were such a thing, ended 5 months ago, and the new reason for bullishness has become plain and simple earnings growth – the best growth quarter in years for the SPX companies. Has nothing to do with Trump, it was already in the works as we lapped the oil price crash.
Yes, that's J. Peterman from 'Seinfeld' pitching an IPO on TV — no, that's not the most surprising thing about it (BI)
At the center of it all is Ramy El-Batrawi, whose life before starting YayYo involved working with an arms dealer, promoting "Men Are from Mars, Women Are From Venus," and led ultimately to accusations of a stock-manipulation scheme and one of the biggest securities bailouts in history.
Why Silicon Valley has embraced the ‘office dog’ (FT)
At Zynga, the gamemaker named after the founder’s American bulldog Zinga, dogs can enjoy peanut-butter doggie biscuits straight from the kitchen. Amenities include a dog run on the roof and an indoor “barking lot”. Amazon has some 4,000 dogs registered at its Seattle headquarters, roughly one for every eight employees. There is even a high-tech doggie roof garden in one of its new skyscrapers, featuring fire hydrants to encourage dogs to pee, and a hose and drainage system to help clean up.
Investor who dodged insider trading charges can’t find a date (NYP)
“Who doesn’t take out their phone and Google something when they meet somebody for the first time?” he asked. Even though a New York federal appeals court overturned his conviction, and the Supreme Court dealt Bharara a blow by letting that decision stand, divorced dad Newman said the ladies aren’t so interested in the details. “On the dating apps that I’m on, the same thing happens,” he told a laughing audience of lawyers.
HALF-NAKED DRIVER CRASHES CAR INTO STORE TO GET BEER (AP)
Rocky River police say the 45-year-old driver was wearing nothing from the waist down when he crashed through a store wall early Sunday and told the worker he needed beer.