Opening Bell: 10.30.18

POTUS back on her bullshit; GE says "remember dividends"; BlackRock is a dying canary in a coal mine; Paranormal pornstars; and more!
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Exclusive: Trump to terminate birthright citizenship [Axios]
President Trump plans to sign an executive order that would remove the right to citizenship for babies of non-citizens and unauthorized immigrants born on U.S. soil, he said yesterday in an exclusive interview for "Axios on HBO," a new four-part documentary news series debuting on HBO this Sunday at 6:30 p.m. ET/PT.
Why it matters: This would be the most dramatic move yet in Trump's hardline immigration campaign, this time targeting "anchor babies" and "chain migration." And it will set off another stand-off with the courts, as Trump’s power to do this through executive action is debatable to say the least.

trump

GE Slashes Dividend, Revamps Power as New CEO Begins Turnaround [Bloomberg]
General Electric Co. slashed its dividend to just a penny a share and said it plans to reorganize its ailing power division as new Chief Executive Officer Larry Culp took his first major steps to save the beleaguered manufacturer. The shares rose.
GE cut its quarterly dividend from 12 cents a share -- only the third reduction since the Great Depression -- which will save GE about $3.9 billion a year.

The Stock Market Held a Sale, and No One Turned Up [WSJ]
The question on which investors need to take a stand: Is this a healthy correction in a bull market with further to run, a reset lower in belated recognition of this year’s geopolitical risks, or the start of a new bear market ahead of recession as soon as next year?
A healthy correction is a classic case of the stock market holding a sale. As market pessimism feeds on itself, take the advice of the father of value investing, Benjamin Graham, and buy from the pessimists. This is usually the right advice in a big market fall, although since the fall has left the market only about where it started the year, it isn’t—yet—that big.

Hedge fund manager on his New York Times stake: 'Newspapers are mostly dead, but the news isn't' [CNBC]
"Newspapers are mostly dead, but the news isn't dead," Gil Simon, SoMa's founder and chief investment officer, said during an interview with CNBC's Leslie Picker at the Sohn conference in San Francisco. "What you've actually seen is a pretty significant evolution in the business model of news, and really, The New York Times is at the forefront of that."
Simon, once the chief investment officer of Apex Capital, likened the news organization's new model to that of up-and-coming music streaming services, which rely heavily on consistent revenue base.

Exclusive: Defense firms see only hundreds of new U.S. jobs from Saudi mega deal [Reuters]
Every time President Donald Trump mentions the $110 billion arms deal he negotiated with Saudi Arabia last year, he quickly follows up, saying “It’s 500,000 jobs.”
But if he means new U.S. defense jobs, an internal document seen by Reuters from Lockheed Martin forecasts fewer than 1,000 positions would be created by the defense contractor, which could potentially deliver around $28 billion of goods in the deal.
Lockheed instead predicts the deal could create nearly 10,000 new jobs in Saudi Arabia, while keeping up to 18,000 existing U.S. workers busy if the whole package comes together - an outcome experts say is unlikely.

BlackRock’s October Plunge Leads Selloff in Asset-Manager Stocks [Bloomberg]
“For the next stretch it’s going to be tough going as investors are likely to shoot first and ask questions later,” Glenn Schorr, an analyst with Evercore ISI, said in a note to investors last week.
An S&P index of asset managers and custody banks is down 14 percent this month, compared with a 9.3 percent drop in the S&P 500 Index. Year to date, the asset managers index has lost almost a quarter of its value and it’s headed for the biggest annual loss since 2008.

Austerity Is Over, Britain Says, Despite Brexit Uncertainty [NYT]
Delivering his final budget speech before Britain’s scheduled exit from the bloc next March, Mr. Hammond announced a tax on multinational digital giants that have been widely criticized for paying little taxes in many European nations.
But his big political message was a promise to end a long-running squeeze on public spending with an injection of extra money for health, education, defense and even for repairing potholes on highways. The amount employees can earn before they pay income tax will also rise, helping increase take-home pay.

Pornstars set up paranormal investigation team after things get really creepy during raunchy shoot [Mirror]
If you search for adult videos, there are probably hundreds of racy Ghostbusters parodies available on the internet.
But a new online series will feature a group of pornstars hunting ghosts in real life - no scripts, or sex toys necessary.
The team, made up of four core members, is known as Paranormal Pornstars and they claim to be looking for answers to the age old question: 'Is there life after death?'

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Opening Bell: 10.8.15

Goldman, Morgan Stanley win back hedge fund business; BlackRock says shut.it.down; Clinton will propose tax on high frequency trading; "Student reportedly expelled from UConn for mac and cheese tantrum"; and more.

Opening Bell: 01.16.13

Goldman Profit Soars (WSJ) "While economic conditions remained challenging for much of last year, the strengths of our business model and client franchise, coupled with our focus on disciplined management, delivered solid performance for our shareholders," Chief Executive Lloyd C. Blankfein said. Overall, the investment-banking arm recorded revenue of $1.41 billion for the quarter, up from $857 million a year ago and $1.16 billion in the third quarter. Financial advisory revenue rose 8.1% from year ago. Debt underwriting revenue surged to $593 million from $196 million in the year ago and the $466 million reported in the third quarter. Equity underwriting revenue popped 59% from the year ago and 61% from the prior quarter to $304 million. Revenue from fixed income, currency and commodity trading totaled $2.04 billion, versus $1.36 billion a year earlier and $2.22 billion in the third quarter. Revenue from equities execution rose 45% from a year ago to $764 million but fell 10% from the third quarter. Overall profit for the fourth quarter totaled $2.89 billion, compared with a year-earlier profit of $1.01 billion. Earnings per share, reflecting the payment of preferred dividends, jumped to $5.60 from $1.84. Net revenue, including net interest income, surged 53% to $9.24 billion. JPMorgan Profit Tops Estimates (WSJ) JPMorgan's fourth-quarter earnings surged 53% on strong revenue and better credit, as the bank further detailed the fallout from more than $6 billion in trading losses last year. The outsized, complex trades on credit default swaps tied to corporate bonds became known as the "London Whale." On Wednesday, the bank made public an internal report outlining mistakes and oversights by executives who played a role in the matter, including Chief Investment Officer Ina Drew, who has since left the bank, and Douglas Braunstein, who was chief financial officer during the episode and has since become a vice chairman. It also said its Treasury and Chief Investment Office, where the "Whale" trades were made, recorded a loss of $157 million on the fourth quarter, compared to net income of $417 million in the year ago. J.P. Morgan also said it halved the 2012 compensation of Chief Executive James Dimon to $11.5 million. Additionally, he will have to wait up to another 18 months before he can start exercising two million options that were awarded to him five years ago. Overall, J.P. Morgan reported a profit of $5.69 billion, or $1.39 a share, for the fourth quarter, up from $3.73 billion, or 90 cents a share, a year ago. Bankers Get IOUs Instead Of Bonus Cash (WSJ) Several thousand Morgan Stanley traders, investment bankers and other employees will get IOUs instead of cash when bonus day arrives Thursday, a fundamental change in Wall Street pay triggered by the financial crisis. The New York company will pay its bonuses in four equal installments, according to people briefed on the plan, with the first chunk coming in May and the last in January 2016. Employees who quit or are laid off before the payments stand to lose their deferred compensation unless they negotiate a separate deal with the company. "I don't think there will be a lot of cheers on the trading floors of Morgan Stanley," said Mark Williams, a former Federal Reserve bank examiner who now teaches at Boston University. "Bonuses were used to buy houses and cars. They were savings vehicles." AIG Seeks Approval To File More Bank Suits (NYT) Since the summer of 2011, the insurance giant American International Group has been battling Bank of America over claims that the bank packaged and sold it defective mortgages that dealt A.I.G. billions of dollars in losses. Now A.I.G. wants to be able to sue other banks that sold it mortgage-backed securities that plunged in value during the financial crisis. It has not said which banks, but possibilities include Deutsche Bank, Goldman Sachs and JPMorgan Chase. But to sue, A.I.G. first must win a court fight with an entity controlled by the Federal Reserve Bank of New York, which the insurer says is blocking its efforts to pursue the banks that caused it financial harm. Hungary Attacks Roubini Over Currency 'Advice' (CNBC) Hungary's Ministry for National Economy said in a statement that the forint began to depreciate after economist Nouriel Roubini – dubbed Dr Doom for his pessimistic forecasts – said in a newsletter that failure to secure a deal with the International Monetary Fund was bad news for the currency. The forint has been in decline since last week hitting seven-month lows earlier this week but has since gained some ground. Hungarian officials rounded on Roubini saying; "On Thursday speculators seem to have taken Roubini's advice and attacked the forint." BofA Takes A Mortgage Mulligan (WSJ) Less than two years after embarking on a painful retreat from home lending, Bank of America Corp. is girding for a new run at the U.S. mortgage business. Whether that gamble pays off will depend in large measure on how long the mortgage market's run of record profits continues. The Charlotte, N.C., company aims to sell more mortgages through its 5,000-plus branches, executives said. The fourth-biggest U.S. mortgage lender, after Wells Fargo & Co., J.P. Morgan Chase & Co. and U.S. Bancorp, is intent on "growing that business," Chief Executive Brian Moynihan said at a December investor conference. Eurozone Plan May Be Watered Down (WSJ) One of the euro zone's most significant commitments last year aimed at containing its financial crisis—a plan to allow the bloc's bailout fund to directly boost the capital of banks in countries facing debt troubles—could be undermined by technical complications and second thoughts by some governments. Germany Repatriates Gold Reserves (WSJ) Germany's central bank said it would remove nearly a fifth of its total gold reserves from deposits at the New York Federal Reserve Bank and the Bank of France and bring them back to Germany, amid a debate in the country over the transparency of its global gold holdings. Inside Trader Sent To Kinnu-can (NYP) John Kinnucan, the former head of Portland, Ore.-based firm Broadband Research, was sentenced to four years and three months in prison after admitting to feeding illegal stock tips to his well-heeled hedge fund clients. Reporter fired for secret stripping job gets new journalism gig with same (NYDN) Tressler, 30, is now a reporter for the San Antonio Express-News, covering “cops, crime and general mayhem,” according to her Twitter account. In April, the gorgeous Tressler was fired from her job as a society reporter for the Houston Chronicle for failing to tell the newspaper about her after-hours gig as a stripper, which she chronicled in her blog, “Diary of an Angry Stripper.” Tressler then sued her former employer's parent company, the Hearst Corp., which also owns the Express-News, alleging that the firing was unfair. She hired celebrity lawyer Gloria Allred and filed a complaint with the U.S. Equal Employment Opportunity Commission, saying the paper’s reason for firing her -- failing to write on her application that she had been working part-time as a stripper -- was ridiculous. "I've worked at KB Toys. I've worked at a surf shop. I've worked at multiple coffee shops. I've worked at Taco Bell. I've worked as a line cook at a restaurant," Tressler told the Las Vegas Review-Journal in June. “Do you really want me to put every single one of those on my job application?" Over the summer, Tressler embarked on a national stripping tour and pushed a book, which shared the same title as her blog. She also picked up some freelance assignments for “Good Morning America.” After the suit and the tour, it seemed unlikely Tressler would re-enter Texas journalism, let alone for a newspaper owned by the same parent company that fired her. Some have suspected that her new job was part of a settlement she reached with the company.

Opening Bell: 06.18.12

Greece's Conservatives Start Coalition Talks (WSJ) Greece's conservative leader Antonis Samaras, whose New Democracy party came first in a crucial election Sunday, is set to meet the main opposition leader, radical left Syriza's Alexis Tsipras, to start the formal process of coalition-building talks. Mr. Samaras saw the Greek president of the republic earlier Monday and received the formal mandate to start coalition-building talks, as his party is 21 seats shy of an absolute majority in the 300-seat parliament. The talks with Mr. Tsipras are purely a formality, as the radical left leader made it plain Sunday night that he wouldn't join a coalition with New Democracy. "Don't expect any surprises, this is a formal procedure. Mr. Samaras has to see the leader of the second party first, that's the protocol," Syriza's spokesman said. Greek Election Defuses One Crisis, but More Lurk (NYT) “Unless they make a radical change, we will be back with another Greek cliffhanger in three or four months’ time,” said Darren Williams, a European economist at AllianceBernstein in London. Wilbur Ross: Real Question For Greece Is What Now (CNBC) Ross also said the government has to improve tax collection for a more permanent solution to the country’s debt problems and said higher revenues would allow the country to ease up on austerity measures. “The tax avoidance in Greece — including by government officials — is ridiculous. The black economy is a ridiculously high percentage,” he said. “Those are the problems they have to deal with and if they can deal with those than more limited austerity is what’s needed.” Europe Gets Emerging Market Crisis Ultimatum As G-20 Meet (Bloomberg) As elections in Greece reduced the immediate risk of the euro area’s breakup, China and Indonesia signaled growing exasperation with more than two years of European crisis- fighting that has failed to stem the threat of global contagion. World Bank President Robert Zoellick said that policy makers bungled their attempt to rescue Spain’s banks. CUNY biz school fixed Wall Streeters' GPAs to keep receiving tuition (NYP) An internal CUNY probe found the course grades of “approximately 15 students” were falsified to keep their GPAs high enough to stay in the programs, Baruch officials acknowledged. The trickery prevented enrollees, including many mid-level Wall Streeters whose firms picked up their tabs, from flunking out — and kept their tuition checks flowing in. The accelerated “executive programs” in business and finance allow students to earn a master’s degree in 10 to 22 months while working full-time. The tuition: $45,000 to $75,000. Baruch has referred the matter to law-enforcement agencies, the college said in a statement. Spokeswoman Christina Latouf would not say if students knew their grades were being changed or were complicit in the scheme. But Baruch has started calling some recent graduates with disturbing news: Their sheepskins are invalid. “What do you mean? My diploma’s on my wall. How can you tell me I don’t have a degree?” one grad said, according to a source...Zicklin officials gave a sales pitch for prospective students last week, but directors and professors made no mention of the problems. Instead, they promised “respected and well-recognized” degrees that would put grads on the path to become chief executives and financial officers. “This is a master’s program on steroids,” one said. Pressure Mounts On Credit Suisse Chief (FT) Investors and analysts have already grown impatient in the past 12 months over Mr Dougan’s efforts to improve the bank’s profitability and cost base, which are lagging behind rivals in Europe. Although they do not question Mr. Dougan’s credentials as a bank manager, they say that a capital raising now would make it difficult for him to stay in his job. Not only would shareholders resent the dilution, but the change of tack would undermine his strategy in recent years of making generous dividend payouts, in contrast to rivals, which have used a larger share of profits to boost capital. Dollar Shortage Seen In $2 Trillion Gap Says Morgan Stanley (Bloomberg) After falling to an all-time low of 60.5 percent in the second quarter of last year, the dollar’s share of global reserves rose 1.6 percentage points to 62.1 percent in December, the latest International Monetary Fund figures show. The buying has left the private sector with $2 trillion less than it needs, according to investment-flow data by Morgan Stanley, which sees the dollar gaining 8.2 percent in 2012, the most in seven years. App Developers Too Young To Drive (WSJ) Paul Dunahoo went on a business trip to San Francisco last week, where he attended technical sessions at Apple Inc.'s AAPL +0.45% developer conference, networked with other programmers and received feedback from Apple engineers on his six productivity apps. Then, Mr. Dunahoo, chief executive of Bread and Butter Software LLC, returned to Connecticut to get ready for the eighth grade. "It's a very rare opportunity" to be at Apple's conference, said Mr. Dunahoo, who is 13 years old and wears red braces. Mr. Dunahoo is one of a growing number of teens joining the app-making frenzy. Apple, the app industry's ringleader, is encouraging the trend. Fitch Cuts India Credit Rating To Outlook Negative (Reuters) "A significant loosening of fiscal policy, which leads to an increase in the gross general government debt /GDP ratio, would result in a downgrade of India's sovereign ratings," Fitch said in a statement on Monday. Woman claims Southwest wouldn't let her board plane because of her cleavage: report (NYDN) Southwest Airlines was forced to apologize to a woman who was told she couldn't board her flight because her cleavage was "inappropriate." Jezebel reports that the woman, Avital — she only gave her first name — was boarding a 6 a.m. flight from Las Vegas to New York on June 5 when a ticket agent remarked that she couldn't fly unless she covered her breasts. Clad in a comfy cotton dress, a baggy flannel shirt and bright scarf, Avital ignored the warning and marched aboard anyway. "I didn't want to let the representative's Big Feelings about my breasts change the way I intended to board my flight," she told Jezebel. "And lo and behold, the plane didn't fall out of the sky... my cleavage did not interfere with the plane's ability to function properly." Avital slammed the Southwest for "slut shaming," and said a man on her flight had on a provocative piece of clothing, but wasn't hassled. "The guy sitting in front of me on the plane was wearing a shirt with an actual Trojan condom embedded behind a clear plastic applique and had no trouble getting on his flight," she said.

Opening Bell: 11.16.15

Elizabeth Warren is coming for BlackRock; Gundlach thinks Fed may stay put; CEO prepares for economic apocalypse by hoarding gold; ‘I Just Got Sucked In,’ Says Man Who Gave $718,000 to Psychics; and more.

Opening Bell: 03.11.13

EU Chiefs Seeking to Stave Off Euro Crisis Turn to Cyprus (Bloomberg) European leaders grappling with political deadlock in Italy and spiraling unemployment in France will turn to a financial rescue for Cyprus in an effort to stave off a return of market turmoil over the debt crisis. European Union leaders will meet for a March 14-15 summit in Brussels to discuss terms for Cyprus, including the island nation’s debt sustainability and possibly imposing losses on depositors. That comes as Italy struggles to form a government after an inconclusive Feb. 24-25 election and as concern over the French economy mounts with unemployment at a 13-year high. Spain's Bailout Fund Said to Seek Help on Bank Strategy (WSJ) Spain's bank bailout fund is seeking to hire advisers to help shape a long-term strategy for dealing with its portfolio of nationalized lenders, a week after calling off an auction of one of the most troubled banks. People briefed about the plan said the fund, known by its Spanish acronym FROB, will make contact with strategic consultants, and possibly with investment banks, once the plan has been approved by the FROB's board of directors. Is There Life After Work? By Erin Callan (NYT) "I didn’t start out with the goal of devoting all of myself to my job. It crept in over time. Each year that went by, slight modifications became the new normal. First I spent a half-hour on Sunday organizing my e-mail, to-do list and calendar to make Monday morning easier. Then I was working a few hours on Sunday, then all day. My boundaries slipped away until work was all that was left...I have often wondered whether I would have been asked to be C.F.O. if I had not worked the way that I did. Until recently, I thought my singular focus on my career was the most powerful ingredient in my success. But I am beginning to realize that I sold myself short. I was talented, intelligent and energetic. It didn’t have to be so extreme. Besides, there were diminishing returns to that kind of labor. I didn’t have to be on my BlackBerry from my first moment in the morning to my last moment at night. I didn’t have to eat the majority of my meals at my desk. I didn’t have to fly overnight to a meeting in Europe on my birthday. I now believe that I could have made it to a similar place with at least some better version of a personal life. Not without sacrifice — I don’t think I could have “had it all” — but with somewhat more harmony. I have also wondered where I would be today if Lehman Brothers hadn’t collapsed. In 2007, I did start to have my doubts about the way I was living my life. Or not really living it. But I felt locked in to my career. I had just been asked to be C.F.O. I had a responsibility. Without the crisis, I may never have been strong enough to step away. Perhaps I needed what felt at the time like some of the worst experiences in my life to come to a place where I could be grateful for the life I had. I had to learn to begin to appreciate what was left. At the end of the day, that is the best guidance I can give. Whatever valuable advice I have about managing a career, I am only now learning how to manage a life." Paper Trail Goes Cold in Case Against S&P (Reuters) In early 2007, as signs of distress began appearing in securities backed by residential mortgages, executives at Standard & Poor's began advising analysts responsible for rating mortgage bonds that they should put the phrase "privileged and confidential" on emails to one another. Analysts working for the McGraw Hill Cos division also were discouraged from doodling on notepads and official documents during meetings to discuss pending deals and existing ratings, several former S&P employees said. That was not the first time S&P had tried to caution employees about paper trails. In 2005, a full two years before the housing market began to melt down, several top S&P managers attended an off-site meeting at hotel in Old Saybrook, Connecticut, to discuss ways to increase the fees it collected from Wall Street banks for rating mortgage bonds. A former S&P executive said that after the meeting, employees were instructed to discard any notes they had taken from the meeting. InTrade Shuts Down (WSJ) InTrade, the Ireland-based website that allows users to place wagers on non-sports-related upcoming events, announced on Sunday that it is shutting its site down. In an official statement, the company does not go into great detail as to why it is closing its doors, only that it is related to “financial irregularities which, in accordance with Irish law,” require InTrade to cease operations until resolved. “At this time and until further notice, it is not possible to make any payments to members in accordance with their settled account balance until the investigations have concluded,” the company said. Commodities Squeeze Banks (WSJ) The sharp fall in commodity revenue has already claimed some victims. UBS AG, the Swiss bank that has been under pressure to cut costs and improve its performance, last year closed all its commodities-trading desks aside from those dealing in precious metals. Goldman, UBS, Deutsche Bank, and Barclays have all suffered departures of senior commodity traders to hedge funds and independent trading companies over the last several months. Average staffing in commodities trading declined 5.9% last year at major banks, according to Coalition. Artist Teaches George W. Bush How To Paint (Fox5) An artist in Cumming, GA spent a month teaching former President George W. Bush how to paint. Bonnie Flood said that President Bush has a passion for painting and shows real potential as an artists. "He started off painting dogs. I think he said he painted 50 dogs," Flood said. "He pulled out this canvas and started painting dogs and I thought, 'Oh my God, I don't paint dogs!" Flood, who does most of paintings at her home in Cumming, occasionally conducts workshops in Florida. That's where the former President heard about her. The next thing she knew, she was packing up her paints to spend a month in Boca Grande with President Bush. She said that she spent about six hours a day with the President, mixing paints and teaching him proper brush strokes. She says she wasn't intimidated but admits she really didn't know what to call him until she found the magic number. "I called him '43' because that's the way he signed his paintings. "When I really wanted him to do something, I would say, 'Mr. President you know that you don't do it that way.'" She says the President learned quickly and soon started painting fewer dogs and more landscapes. "He has such a passion for painting, it's amazing," Flood said. "He's going to go down in the history books as a great artist." Hostess Creditor, Private-Equity Firms Show Interest in Twinkies Brand (Reuters) Hostess Brands creditor Silver Point Capital and hedge fund Hurst Capital have expressed interest in buying Hostess's snack cake brands, including Twinkies, the New York Post reported. Paulson Said to Explore Puerto Rico as Home With Low Tax (Bloomberg) John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation. More US Profits Parked Abroad (WSJ) A Wall Street Journal analysis of 60 big U.S. companies found that, together, they parked a total of $166 billion offshore last year. That shielded more than 40% of their annual profits from U.S. taxes, though it left the money off-limits for paying dividends, buying back shares or making investments in the U.S. The 60 companies were chosen for the analysis because each of them had held at least $5 billion offshore in 2011. Twitter, Social Media Are Fertile Ground For Stock Hoaxes (Reuters) "Twitter pump and dump schemes are obviously something for the market to be concerned about, even if they are just a new way for people to do schemes that have been done forever," said Keith McCullough, chief executive officer at Hedgeye Risk Management in New Haven, Connecticut. He uses Twitter and has more than 22,000 followers. In such hoaxes, anonymous users set up accounts with names that sound like prominent market players, issue negative commentary, and spark massive declines. The selling that follows shows how the rapid spread of information on social media can make for volatile trading, and is a warning to investors who trade on news before fully verifying the source. SEC: Goldman Cannot Ignore Proposal to Split Chairman, CEO Roles (Reuters) SEC staff sent a letter to Goldman internal counsel Beverly O'Toole this week, saying the agency is "unable to concur" with Goldman's view that the shareholder proposal does not warrant a vote. El Paso Sheriff's deputies arrest 2 ice cream men for possession of pot (EPT) Saturday afternoon, Sheriff's deputies spotted a purple ice cream truck with a cracked windshield and an expired registration sticker along the 8600 block of Alameda. During the traffic stop, one of the occupants left the vehicle and led deputies on a brief foot pursuit before being caught. Two tupperware bowls containing a green leafy substance, believed to be marijuana, was found on the man, who was identified as 19-year-old Elijah Sanchez. The second occupant, identified as 29-year-old Anthony Arellano, was also charged with possession of marijuana after deputies found marijuana inside the vehicle. Arellano has been arrested in the past for numerous felony charges and a previous possession of marijuana charge in 2006, deputies said.

By Heisenberg Media (Flickr: Elon Musk - The Summit 2013) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 8.16.16

Investors dip toes back in Iraq; Elon Musk can't top setting lofty goals, failing to achieve them; Cops say woman repeatedly kicked boyfriend in face after he refused to have sex with her; and more.