Twitter shares dive 7% after Trump account suspension [Reuters]
“Trump has a very high and loyal following and a lot of those eyeballs will go away if Trump is permanently restricted from posting,” said Andrea Cicione, head of strategy at brokerage TS Lombard.
Other social media platforms, including Facebook Inc, have been quick to issue similar bans on the outgoing president last week after the violence at Capitol Hill./But the fall in Twitter’s shares in premarket trading was much heavier than for any of its peers.

Investors Assumed Democracy Would Endure; They’ve Been Right, So Far [WSJ]
While markets are quick to pick up on any threat to the country’s economic health, they are a poor barometer of its democratic health. Investors crave conditions that are good for growth and profits but are agnostic about whether those conditions are achieved through democratic or undemocratic means…. After China imposed a national-security law on Hong Kong last summer, snuffing out the territory’s democratic movement, the Hang Seng stock index rallied. The ruling parties in Poland and Hungary have steadily eroded the independence of the judiciary, media and civic society during the past decade, but both countries have grown faster than the European Union as a whole. Businesses applauded the economic policies of Indian Prime Minister Narendra Modi even as he undercuts the rights of the country’s Muslim minority.

Trump has less than a ‘scaramucci’ left in office, notes Anthony Scaramucci [MarketWatch]
The former hedge-fund manager, who has broken with Trump in the years since — for example, observing last fall that Trump had unified the country … against him — was White House communication director for just 10 days in 2017.

Wall Street firms reduce exposure to Chinese telcos as U.S. ban approaches [Reuters]
Goldman Sachs, JPMorgan and Morgan Stanley said in filings to the Stock Exchange of Hong Kong on Sunday evening that they will delist 500 Hong Kong-listed structured products that are linked to telecom companies China Mobile, China Telecom and China Unicom or are linked to local indexes including the Hang Seng Index - whose components include the telecom companies…. State Street said an exchange-traded fund it manages which tracks the Hang Seng Index would not make any new investments in sanctioned stocks, though it would continue to maintain its existing shareholdings….
Alex Wong, director at Ample Finance Group in Hong Kong, said the delistings would “not have too much impact”, as customers could switch to Europe or China based issuers.

Goldman Traders Score $2 Billion in Commodities’ Comeback Year [Bloomberg]
Goldman’s business generated more than $2 billion in revenue for its best annual showing in about a decade, according to people with knowledge of the matter. That was a much needed redemption: The unit’s prowess once earned the bank the nickname “Wall Street Refiner,” but a prolonged slump in recent years was starting to raise doubts about the group’s future.

TikTok and Discord Are the New Wall Street Trading Desks [WSJ]
As trading by individual investors boomed during the coronavirus pandemic, so has the popularity of online communities where they gather…. “People fall in love with [some stocks] and they get in these echo chambers, where they are all shouting, like, ‘We’re going to buy Tesla forever!’” said Blake Bassett, a 31-year-old delivery driver who began trading several years ago. “People post all day like it’s a football game….”
Some new investors are drawn by the camaraderie that the platforms offer…. “We actually would join like a Zoom call, and we would live-trade together. And that was pretty much my life,” said [Georgina] Allen, who is now back at work.

A Week Into Full Brexit, the Pain for U.K. Businesses Has Arrived [NYT]
Within a week, implications of the Brexit trade deal with the European Union are being felt by businesses up and down the country as food deliveries are delayed for not having the right customs paperwork, logistics companies halt the shipment of goods, and retailers discover their supply chains might be obsolete…. “People forget just how difficult things were in the past,” [EY’s Sally] Jones said.

NYC Is Set to Get a 12-Minute, $175 Helicopter Commute Option [Bloomberg]
Weekday helicopter service between Westchester County Airport and Manhattan is slated to arrive as early as March, according to Rob Wiesenthal, chief executive officer of Blade Urban Air Mobility…. “We believe people will be willing to pay to go once a week by Blade, because we’re saving so much friction,” Wiesenthal said. “These people are working remotely four days a week, and it can feel comfortable to do this once a week….”
Ross and Blade are also working on a plan to introduce vertiports -- vertical take-off and landing stations -- and electric aircraft within four years.

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Opening Bell: 7.29.20

Sorry, Republicans, but people aren’t freeloading wastrels; hedge funds suffering with mere $200 million allocations; DJ D-Sol had an early night; and more!

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Opening Bell: 6.19.20

Juneteenth; Hertz goes cap-in-hand; that $2 billion doesn’t exist; D.J. D-Sol’s not-so-star turn; and more!

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Opening Bell: 9.20.18

Trump shades OPEC; Tilray still batsh!t; S&P tech scene getting funky; Florida coastline covered in pot; and more!

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Opening Bell: 9.29.20

“Competent and completely loyal;” gilding and underwriting; TikTok takes; and more!

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Opening Bell: 10.5.20

Trading-floor diagnoses; CFTC less technologically incompetent these days; employee-owned investment consultant not anymore; and more!

Opening Bell: 03.15.12

Goldman Roiled by Op-Ed Loses $2.2 Billion for Shareholders (Bloomberg) Goldman Sachs slid $4.17 to $120.37 yesterday, leaving the shares still up 33 percent this year...Smith, who also wrote that he was quitting after 12 years at the company, blamed Blankfein, 57, and President Gary D. Cohn, 51, for a “decline in the firm’s moral fiber.” They responded in a memo to current and former employees, saying that Smith’s assertions don’t reflect the firm’s values, culture or “how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.” You Have Less Than Two Hours To Sign Up For The Dealbreaker NCAA Tournament Challenge (DB) Do it here, do it now, or lose us forever (the password is: animalliar). SEC Cracks Down On Pre-IPO Trading (WSJ) Federal regulators are cracking down on an obscure but booming market for trading shares in companies before they go public. The Securities and Exchange Commission brought charges against two money managers, alleging they misled and overcharged investors on funds formed to buy shares of Facebook Inc., Twitter Inc. and other social-media companies. A so-called secondary market in these companies' private shares has grown rapidly as more investors seek to buy into the companies before their initial public offerings, hoping to profit later from a "pop" in the stock price after the IPO. The allegations by the SEC mark the first major regulatory blow to the market, which the agency says emerged in 2009 and which industry participants say has been fueled lately on the anticipation of a Facebook IPO in the coming months. Citi Rejection Stings Pandit (WSJ) The board of directors held a meeting by telephone shortly after the Federal Reserve said Tuesday it had turned down the capital plan the New York company submitted as part of its latest "stress test," according to people familiar with the situation. Neither Citigroup nor the Fed disclosed what the bank had been seeking, but in recent months the bank's executives had repeatedly said they wanted to return capital to shareholders through dividends or share buybacks in 2012. "Everyone was taken by surprise," said a person with knowledge of the reaction among Citigroup executives and board members. Jobless Claims in U.S. Decrease, Matching Four-Year Low (Bloomberg) Claims for jobless benefits dropped last week in the U.S., matching the lowest level in four years, more evidence the labor market is improving. Applications for unemployment insurance payments fell by 14,000 to 351,000 in the week ended March 10, Labor Department figures showed today. Economists forecast 357,000, according to the median estimate in a Bloomberg News survey. Claims reached the same level a month ago, the lowest since March 2008. UBS Cuts Bonus Pool (WSJ, DB) That would be putting it mildly. JPMorgan's Dimon Responds to Goldman Column (Reuters) J.P. Morgan CEO Jamie Dimon told employees to resist taking advantage of competitors and to focus instead on strengthening the bank's own standards, in an internal memo sent in response to the firestorm engulfing Goldman Sachs after a former banker published his resignation letter in the New York Times. Meredith Whitney: Banks Oversold, Muni Defaults Still Coming (CNBC) "The banks should trade at tangible (book value) or a little better," she said. "But that doesn't mean they're off to the races and that there's tremendous momentum behind the fundamentals of these banks." Goldman fights back after employee's scathing public exit (NYP) After the memo was distributed, Goldman brass went into damage-control mode, fielding calls from investors and clients searching for reaction from the 143-year-old firm. Blankfein was light-hearted about the surprise attack but tried to be extremely responsive to client inquiries about it, sources said. Privately, some Goldman officials played down Smith’s significance within the firm, describing him as a “disgruntled mid-level employee.” Two Billionaires Side With Greg Smith Against Goldman (Forbes) Jim Clark said Smith’s criticism of Goldman’s treatment of its customers is “what I experienced over the four to five years” he entrusted some of his funds with the firm’s private wealth management division...Billionaire Stephen Jarislowsky, CEO of Canadian investment firm Jarislowsky, Fraser, says he also supports Smith’s op-ed. “It’s about ethics and fiduciary responsibility, and the lack thereof,” explains Jarislowsky. “If you’re a fiduciary you should work for your client and not for anyone else. If you’re a doctor, you’re not supposed to work for your pocketbook, but for your client’s health.” Chinese Economy Already in ‘Hard Landing,’ JPMorgan’s Mowat Says (Bloomberg) China’s economy is already in a so- called “hard landing,” according to Adrian Mowat, JPMorgan Chase & Co.’s chief Asian and emerging-market strategist. “If you look at the Chinese data, you should stop debating about a hard landing,” Mowat, who is based in Hong Kong, said at a conference in Singapore yesterday. “China is in a hard landing. Car sales are down, cement production is down, steel production is down, construction stocks are down. It’s not a debate anymore, it’s a fact.” Arrest warrant issued for Russell Brand over iPhone rage (NYP) Brand was named in a police report on Monday night after allegedly grabbing a photographer's cell phone out of his hand and hurling it through the window of a law firm. The paparazzo, Timothy Jackson, filed a police report immediately after the incident, citing "criminal damages." According to Jackson, he had been out with several fellow photographers when he started taking pictures of the 36-year-old British comedian and actor with his iPhone. Brand allegedly "flipped out," snatched the cell phone and threw it at a building, breaking a window in the process. His reps have contacted the law firm and offered to pay for the broken window.

By Yolo0906 (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Opening Bell: 8.27.20

Time’s up at TikTok; Bridgewater downsizing; be careful what you wish for Alex Karp; and more!

trump-tweet1

Opening Bell: 9.6.18

White House coming apart at the seams; Unemployment bottoms out; Chaos rules; A very bad day at the beach; and more!