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Celgene is reportedly in talks to buy a $5.5 billion cancer drugmaker

Business Insider, 1/1/0001 12:00 AM PST

Cancer immunotherapy

  • Celgene is in talks to acquire Juno Therapeutics, The Wall Street Journal reported on Tuesday.
  • If the deal materializes, it'd be the second in 2018 for the biotech giant, which has been under pressure from investors.
  • Juno is known for its experimental treatments that harness the body's immune system to treat cancer. 


Biotech giant Celgene is in talks to buy cancer drugmaker Juno Therapeutics, The Wall Street Journal reports

Celgene has been under pressure from investors to make some changes after a rocky 2017. Already in 2018, the company acquired Impact Biosciences in a $7 billion deal, a move that didn't entirely excite the biotech community. 

Juno declined to comment on the report. 

Juno is developing a highly personalized cancer treatment called CAR T-cell therapy (CAR is short for chimeric antigen receptor). 2017 was a big year for these treatments, with the Food and Drug Administration approving two, and Gilead Sciences buying CAR-T drugmaker Kite Pharma for $12 billion

A deal between Juno and Celgene wouldn't be entirely out of the blue — the two companies have been partnered since 2015 in a $1 billion deal that gave Celgene certain rights to commercialize Juno's treatments. 

Juno was up 40% Tuesday evening on the report. 

Juno stock mover

SEE ALSO: Big pharma is getting ready to spend tax reform dollars on big deals

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Chipotle vs. Qdoba, the bear case on Apple, and diagnosing a bitcoin bubble

Bitcoin Price Analysis: Bitcoin Sees Lower Lows as It Drops Below Historic Support

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Bitcoin Price Analysis

Over the last couple months, we’ve been tracking a potential Distribution Trading Range at the top of bitcoin’s market cycle. Today, we have received higher confidence that bitcoin may have topped out. At around 3:00 p.m. EST, bitcoin broke through the bottom of the trading range and is now seeing aggressive selling as long positions begin to close and short positions begin to open. Today marks the first day of lower lows since bitcoin topped out around $20,000:

Figure_1.JPGFigure 1: BTC-USD, 4-Hour Candles, Distribution Trading Range

Bitcoin managed to blow through several milestones including both the parabolic and the linear trends. The linear and parabolic trends have been guiding trends for the last three years, and today bitcoin has broken parabolic support. It could get ugly:

Figure_2.JPGFigure 2: BTC-USD, 1-Day Candles, Macro Trend

What was once strong support has now become resistance as bitcoin scrambles to find a bottom. We can see quite clearly there is a line of support around $10,000 where the macro Fibonacci retracement values for the 50% retracement line exist. Any downward continuation will likely be supported in the interim. However, it’s fair to say that bitcoin is beginning a new downward trend. As stated earlier, today marks the first day of lower highs and lower lows — i.e., a downtrend.

So where does the bottom lie? That remains to be seen. What is clear, however, is that there was a systematic distribution of bitcoin from large players to the masses; and now we are beginning the next phase of the market cycle — the markdown phase. Will it be a sustained markdown? It’s too early to tell at the moment, so we will have to play it by ear.

Bitcoin is a long-time fan of violent drops and violent bounces, so it’s unclear how this downtrend will terminate. For now, I highly recommend traders stay away from smaller time frames and focus more on the macro view of things.

As we come to test the macro 50% retracement values, it’s important to view how the market responds and see how the volume reacts. If we don’t see strong follow-through on a bounce from the 50%, there could be a strong bearish continuation in its future. Volume is your friend and confirms the trend. If you don’t see strong volume following an upward bounce, it’s entirely possible you could get stuck in a bull trap — and no one wants that.

Bull traps are designed to lure aggressive bulls into long positions prematurely to create liquidity for the bearish investors in the market. If you are unsure of what direction the market is moving, there is nothing wrong with sitting out.

Summary:

  1. A potential markdown phase is under way as bitcoin sees aggressive selling pressure.

  2. Today marks the first day of lower lows in weeks and marks a potential macro downtrend.

  3. Support will likely be found at the $10,000 values, which coincide with the 50% macro Fibonacci retracement values.


Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

This article originally appeared on Bitcoin Magazine.

Litecoin has lost half its value since the creator sold all of his stake

Business Insider, 1/1/0001 12:00 AM PST

Litecoin price



Litecoin has plunged to the sixth-largest cryptocurrency by market cap after losing half of its market value in less than a month.

The cryptocurrency, created by former Coinbase engineer Charlie Lee in 2011 as a quicker alternative to the flagship bitcoin, was worth an all-time high of $365 as recently as December, according to Markets Insider data.

That price had plunged by more than half to $178 by Tuesday afternoon.

During its astronomical rise, Lee was often accused of manipulating the price of Litecoin through his tweets and public appearances. Lee said in December — when Litecoin was double today’s price — that he had  "sold and donated" all of his holdings.

"Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit,” Lee said on Reddit. “Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence."

Lee did not disclose how much of the cryptocurrency he sold or donated, but maintained it did not affect the price of the asset. Still, prices fell shortly after his announcement and continued to tumble.

To be sure, litecoin is still trading up 4,000% from its prices a year ago, and currently has a market cap of $10.1 billion. According to a new study from SEMRush, Litecoin (and Ripple)’s gains have come at the expense of Ethereum, which is also down 24% in the last 24 hours. Most cryptocurrencies took a hit Tuesday after reports China and South Korea are mulling tighter regulatory controls. 

Track the price of Litecoin in real-time on Markets Insider here>>

SEE ALSO: Litecoin creator issues stern warning after the cryptocurrency doubles in a single day

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says stocks will keep soaring in 2018

Litecoin has lost half its value since the creator sold all of his stake

Business Insider, 1/1/0001 12:00 AM PST

Litecoin price



Litecoin has plunged to the sixth-largest cryptocurrency by market cap after losing half of its market value in less than a month.

The cryptocurrency, created by former Coinbase engineer Charlie Lee in 2011 as a quicker alternative to the flagship bitcoin, was worth an all-time high of $365 as recently as December, according to Markets Insider data.

That price had plunged by more than half to $178 by Tuesday afternoon.

During its astronomical rise, Lee was often accused of manipulating the price of Litecoin through his tweets and public appearances. Lee said in December — when Litecoin was double today’s price — that he had  "sold and donated" all of his holdings.

"Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit,” Lee said on Reddit. “Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence."

Lee did not disclose how much of the cryptocurrency he sold or donated, but maintained it did not affect the price of the asset. Still, prices fell shortly after his announcement and continued to tumble.

To be sure, litecoin is still trading up 4,000% from its prices a year ago, and currently has a market cap of $10.1 billion. According to a new study from SEMRush, Litecoin (and Ripple)’s gains have come at the expense of Ethereum, which is also down 24% in the last 24 hours. Most cryptocurrencies took a hit Tuesday after reports China and South Korea are mulling tighter regulatory controls. 

Track the price of Litecoin in real-time on Markets Insider here>>

SEE ALSO: Litecoin creator issues stern warning after the cryptocurrency doubles in a single day

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says stocks will keep soaring in 2018

Litecoin has lost half its value since the creator sold all of his stake

Business Insider, 1/1/0001 12:00 AM PST

Litecoin price



Litecoin has plunged to the sixth-largest cryptocurrency by market cap after losing half of its market value in less than a month.

The cryptocurrency, created by former Coinbase engineer Charlie Lee in 2011 as a quicker alternative to the flagship bitcoin, was worth an all-time high of $365 as recently as December, according to Markets Insider data.

That price had plunged by more than half to $178 by Tuesday afternoon.

During its astronomical rise, Lee was often accused of manipulating the price of Litecoin through his tweets and public appearances. Lee said in December — when Litecoin was double today’s price — that he had  "sold and donated" all of his holdings.

"Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit,” Lee said on Reddit. “Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence."

Lee did not disclose how much of the cryptocurrency he sold or donated, but maintained it did not affect the price of the asset. Still, prices fell shortly after his announcement and continued to tumble.

To be sure, litecoin is still trading up 4,000% from its prices a year ago, and currently has a market cap of $10.1 billion. According to a new study from SEMRush, Litecoin (and Ripple)’s gains have come at the expense of Ethereum, which is also down 24% in the last 24 hours. Most cryptocurrencies took a hit Tuesday after reports China and South Korea are mulling tighter regulatory controls. 

Track the price of Litecoin in real-time on Markets Insider here>>

SEE ALSO: Litecoin creator issues stern warning after the cryptocurrency doubles in a single day

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says stocks will keep soaring in 2018

Bitcoin Poses No Threat to Dollar, Federal Reserve Official Says

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Bitcoin Poses No Threat to Dollar, Federal Reserve Official Says appeared first on CCN

Bitcoin, whose ballooning market cap reached above $325 billion a month ago, is not a worthy opponent for fiat money, says Minneapolis Federal Reserve President Neel Kashkari. In fact, no single cryptocurrency could give the US dollar a run for its money, so to speak. Instead, they are more likely to tussle with one another as they

The post Bitcoin Poses No Threat to Dollar, Federal Reserve Official Says appeared first on CCN

Litecoin has lost half its value since the creator sold all of his stake

Business Insider, 1/1/0001 12:00 AM PST

Litecoin price



Litecoin has plunged to the sixth-largest cryptocurrency by market cap after losing half of its market value in less than a month.

The cryptocurrency, created by former Coinbase engineer Charlie Lee in 2011 as a quicker alternative to the flagship bitcoin, was worth an all-time high of $365 as recently as December, according to Markets Insider data.

That price had plunged by more than half to $178 by Tuesday afternoon.

During its astronomical rise, Lee was often accused of manipulating the price of Litecoin through his tweets and public appearances. Lee said in December — when Litecoin was double today’s price — that he had  "sold and donated" all of his holdings.

"Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit,” Lee said on Reddit. “Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence."

Lee did not disclose how much of the cryptocurrency he sold or donated, but maintained it did not affect the price of the asset. Still, prices fell shortly after his announcement and continued to tumble.

To be sure, litecoin is still trading up 4,000% from its prices a year ago, and currently has a market cap of $10.1 billion. According to a new study from SEMRush, Litecoin (and Ripple)’s gains have come at the expense of Ethereum, which is also down 24% in the last 24 hours.

Track the price of Litecoin in real-time on Markets Insider here>>

SEE ALSO: Litecoin creator issues stern warning after the cryptocurrency doubles in a single day

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Chipotle vs. Qdoba, the bear case on Apple, and diagnosing a bitcoin bubble

Litecoin has lost half its value since the creator sold all of his stake

Business Insider, 1/1/0001 12:00 AM PST

Litecoin price



Litecoin has plunged to the sixth-largest cryptocurrency by market cap after losing half of its market value in less than a month.

The cryptocurrency, created by former Coinbase engineer Charlie Lee in 2011 as a quicker alternative to the flagship bitcoin, was worth an all-time high of $365 as recently as December, according to Markets Insider data.

That price had plunged by more than half to $178 by Tuesday afternoon.

During its astronomical rise, Lee was often accused of manipulating the price of Litecoin through his tweets and public appearances. Lee said in December — when Litecoin was double today’s price — that he had  "sold and donated" all of his holdings.

"Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit,” Lee said on Reddit. “Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence."

Lee did not disclose how much of the cryptocurrency he sold or donated, but maintained it did not affect the price of the asset. Still, prices fell shortly after his announcement and continued to tumble.

To be sure, litecoin is still trading up 4,000% from its prices a year ago, and currently has a market cap of $10.1 billion. According to a new study from SEMRush, Litecoin (and Ripple)’s gains have come at the expense of Ethereum, which is also down 24% in the last 24 hours.

Track the price of Litecoin in real-time on Markets Insider here>>

SEE ALSO: Litecoin creator issues stern warning after the cryptocurrency doubles in a single day

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Chipotle vs. Qdoba, the bear case on Apple, and diagnosing a bitcoin bubble

Litecoin has lost half its value since the creator sold all of his stake

Business Insider, 1/1/0001 12:00 AM PST

Litecoin price



Litecoin has plunged to the sixth-largest cryptocurrency by market cap after losing half of its market value in less than a month.

The cryptocurrency, created by former Coinbase engineer Charlie Lee in 2011 as a quicker alternative to the flagship bitcoin, was worth an all-time high of $365 as recently as December, according to Markets Insider data.

That price had plunged by more than half to $178 by Tuesday afternoon.

During its astronomical rise, Lee was often accused of manipulating the price of Litecoin through his tweets and public appearances. Lee said in December — when Litecoin was double today’s price — that he had  "sold and donated" all of his holdings.

"Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit,” Lee said on Reddit. “Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence."

Lee did not disclose how much of the cryptocurrency he sold or donated, but maintained it did not affect the price of the asset. Still, prices fell shortly after his announcement and continued to tumble.

To be sure, litecoin is still trading up 4,000% from its prices a year ago, and currently has a market cap of $10.1 billion. According to a new study from SEMRush, Litecoin (and Ripple)’s gains have come at the expense of Ethereum, which is also down 24% in the last 24 hours.

Track the price of Litecoin in real-time on Markets Insider here>>

SEE ALSO: Litecoin creator issues stern warning after the cryptocurrency doubles in a single day

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Chipotle vs. Qdoba, the bear case on Apple, and diagnosing a bitcoin bubble

Ethereum drops below $1,000 amid crypto bloodbath

Business Insider, 1/1/0001 12:00 AM PST

ethereum price

SEE ALSO: Cryptocurrency markets are tanking after news of shutdown in South Korea

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says a bitcoin crash won't infect the rest of the market

Ethereum drops below $1,000 amid crypto bloodbath

Business Insider, 1/1/0001 12:00 AM PST

ethereum price

SEE ALSO: Cryptocurrency markets are tanking after news of shutdown in South Korea

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says a bitcoin crash won't infect the rest of the market

Ethereum drops below $1,000 amid crypto bloodbath

Business Insider, 1/1/0001 12:00 AM PST

ethereum price

SEE ALSO: Cryptocurrency markets are tanking after news of shutdown in South Korea

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says a bitcoin crash won't infect the rest of the market

A startup that wants to be the Airbnb for your stuff raised $25 million in a cryptocurrency and cash fundraising round

Business Insider, 1/1/0001 12:00 AM PST

unnamed 5

  • Omni, a California storage startup, raised $25 million in a fundraising round led by two cryptocurrency executives and Highland Capital Partners. 
  • A majority of the money raised by the firm will be in Ripple's XRP. 

 

Two cryptocurrency executives are backing a California startup that wants to be the Airbnb of your stuff.

Omni, a company that allows people to rent out their extra stuff, landed $25 million in a fundraising round, the company announced Tuesday.

Ripple's Chris Larsen and Stefan Thomas led the fundraise, contributing the majority of the amount raised, alongside Highland Capital Partners, a spokesperson told Business Insider. The two executives' contribution was made in Ripple's XRP cryptocurrency. 

Ripple itself did not participate in the fundraise, but the financial technology company plans to serve as a strategic partner to Omni. 

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

A startup that wants to be the Airbnb for your stuff raised $25 million in a cryptocurrency and cash fundraising round

Business Insider, 1/1/0001 12:00 AM PST

unnamed 5

  • Omni, a California storage startup, raised $25 million in a fundraising round led by two cryptocurrency executives and Highland Capital Partners. 
  • A majority of the money raised by the firm will be in Ripple's XRP. 

 

Two cryptocurrency executives are backing a California startup that wants to be the Airbnb of your stuff.

Omni, a company that allows people to rent out their extra stuff, landed $25 million in a fundraising round, the company announced Tuesday.

Ripple's Chris Larsen and Stefan Thomas led the fundraise, contributing the majority of the amount raised, alongside Highland Capital Partners, a spokesperson told Business Insider. The two executives' contribution was made in Ripple's XRP cryptocurrency. 

Ripple itself did not participate in the fundraise, but the financial technology company plans to serve as a strategic partner to Omni. 

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

Ripple’s XRP has lost 60% of its value in less than 2 weeks

Business Insider, 1/1/0001 12:00 AM PST

Ripple XRP price

  • Ripple's XRP has seen gains of more than 4,000% in the past year, but recent slumps have wiped out more than half its value in less than two weeks. 
  • The declines have been fueled by possible regulatory clampdowns on cryptocurrencies in Asia, a major focus for the company.


Ripple’s XRP token has been falling for almost two straight weeks as news of possible regulatory ramp-ups in both South Korea and China bring a relative chill to red-hot cryptocurrency markets.

The token hit an all-time high of $3.31 on January 4, according to Markets Insider data, before sliding 62% over the next 10 days to land at just $1.23 Tuesday afternoon.

XRP’s downward spiral began early this year, when New York Times journalist Nathaniel Popper said on Twitter he was unable to corroborate many of the customers Ripple had claimed. Ripple CEO Brad Garlinghouse has denied these claims, saying interviews and proof had been made available to Popper.

Things only got worse from there. On Monday, January 8, CoinMarketCap, one of the most viewed sites for cryptocurrency pricing data, unexpectedly removed pricing data from South Korean exchanges, where coins have been known to trade at significant premiums, appearing to send overall prices down and inducing further sell-offs across the cryptocurrency world.

Later in the week, almost every single cryptocurrency took a hit after reports of further regulatory clampdowns on cryptocurrency mining and exchanges from China and South Korea, both of which are a huge focus for Ripple.

"They have a bigger risk appetite," Asheesh Birla, Ripple’s VP of product, said of Asian banks in an interview last week. "We have a big emphasis in India and Japan. In the US market it has been a little bit slow to be honest. I am blown away with how fast these banks are digging into this; demand is off the charts."

Ripple said in December that it holds 55 million XRP in escrow, a move that allows it to guarantee liquidity for large transactions and provide a confidence measure for the cryptocurrency. At Tuesday’s prices, those reserves could be worth $67.65 million if the company cashed them in.

Bitcoin — easily the most valuable and well-known cryptocurrency — is also down in the past two weeks, though its losses are just 15% since January 20, compared to XRP's 37%. Tuesday’s XRP prices are still at a 4,204% premium to where the token was trading a year ago, but the dip will certainly call into question XRP's valuation relative to its cryptocurrency peers. 

SEE ALSO: Sign up to get the most important updates on all things crypto delivered straight to your inbox.

Join the conversation about this story »

NOW WATCH: Fidelity sector expert: Buy stocks that are sensitive to the economy

Ripple’s XRP has lost 60% of its value in less than 2 weeks

Business Insider, 1/1/0001 12:00 AM PST

Ripple XRP price

  • Ripple's XRP has seen gains of more than 4,000% in the past year, but recent slumps have wiped out more than half its value in less than two weeks. 
  • The declines have been fueled by possible regulatory clampdowns on cryptocurrencies in Asia, a major focus for the company.


Ripple’s XRP token has been falling for almost two straight weeks as news of possible regulatory ramp-ups in both South Korea and China bring a relative chill to red-hot cryptocurrency markets.

The token hit an all-time high of $3.31 on January 4, according to Markets Insider data, before sliding 62% over the next 10 days to land at just $1.23 Tuesday afternoon.

XRP’s downward spiral began early this year, when New York Times journalist Nathaniel Popper said on Twitter he was unable to corroborate many of the customers Ripple had claimed. Ripple CEO Brad Garlinghouse has denied these claims, saying interviews and proof had been made available to Popper.

Things only got worse from there. On Monday, January 8, CoinMarketCap, one of the most viewed sites for cryptocurrency pricing data, unexpectedly removed pricing data from South Korean exchanges, where coins have been known to trade at significant premiums, appearing to send overall prices down and inducing further sell-offs across the cryptocurrency world.

Later in the week, almost every single cryptocurrency took a hit after reports of further regulatory clampdowns on cryptocurrency mining and exchanges from China and South Korea, both of which are a huge focus for Ripple.

"They have a bigger risk appetite," Asheesh Birla, Ripple’s VP of product, said of Asian banks in an interview last week. "We have a big emphasis in India and Japan. In the US market it has been a little bit slow to be honest. I am blown away with how fast these banks are digging into this; demand is off the charts."

Ripple said in December that it holds 55 million XRP in escrow, a move that allows it to guarantee liquidity for large transactions and provide a confidence measure for the cryptocurrency. At Tuesday’s prices, those reserves could be worth $67.65 million if the company cashed them in.

Bitcoin — easily the most valuable and well-known cryptocurrency — is also down in the past two weeks, though its losses are just 15% since January 20, compared to XRP's 37%. Tuesday’s XRP prices are still at a 4,204% premium to where the token was trading a year ago, but the dip will certainly call into question XRP's valuation relative to its cryptocurrency peers. 

SEE ALSO: Sign up to get the most important updates on all things crypto delivered straight to your inbox.

Join the conversation about this story »

NOW WATCH: Fidelity sector expert: Buy stocks that are sensitive to the economy

Dallas Mavericks to Accept Bitcoin ‘Next Season,’ Says Owner Mark Cuban

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Dallas Mavericks to Accept Bitcoin ‘Next Season,’ Says Owner Mark Cuban appeared first on CCN

Dallas Mavericks owner Mark Cuban said that the NBA team will accept bitcoin beginning next year. Dallas Mavericks to Accept Bitcoin ‘Next Season’ The billionaire entrepreneur and “Shark Tank” investor made the announcement on Twitter, responding to a question from a fan who asked when he would be able to use bitcoin to buy tickets

The post Dallas Mavericks to Accept Bitcoin ‘Next Season,’ Says Owner Mark Cuban appeared first on CCN

What you need to know on Wall Street today

Business Insider, 1/1/0001 12:00 AM PST

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

Citigroup released fourth-quarter results Tuesday, beating the expectations of Wall Street analysts with adjusted earnings of $1.28 a share. Analysts were expecting the bank to report adjusted earnings — which don’t include short-term impacts of the new tax law — of $1.19 a share.

It's expected to be a noisy quarter for bank earnings in general, thanks in part to the tax law, which has caused many banks to book losses on repatriated cash and deferred tax assets that declined in value. Overall, Citi lost $18.3 billion, or $7.15 a share, for the quarter.

That included a one-time, non-cash charge of $22 billion, or $8.43 a share, on account of the new tax law.

Elsewhere in finance news, Goldman Sachs' vaunted commodities-trading team got butchered in 2017. Two of the biggest high-speed trading firms are joining forces in a deal that's a "sign of the times." And Apple, Amazon, and other tech titans could threaten big banks in one key area.

There's a ton of markets and investing news, so let's jump right in:

In crypto news, two blockchain ETFs are launching — but the SEC asked them to take blockchain out of their names. Messaging app Telegram is looking to raise $1.2 billion in an ICO to become the Mastercard "for the new decentralized economy." The CEO of the oldest bitcoin exchange says all platforms are struggling with "the massive, massive amount of new users." And just about every cryptocurrency is getting smoked

Join the conversation about this story »

NOW WATCH: Netflix is headed for a huge profit milestone in 2018

Two blockchain ETFs are launching but blockchain won't be in their names

Business Insider, 1/1/0001 12:00 AM PST

servers

  • Two blockchain ETFs are set to start trading Wednesday, but blockchain won't be in their name. 
  • Eric Ervin, the chief executive officer of Reality Shares, told Business Insider the SEC is wary about the mania surrounding blockchain. 


Reality Shares' new blockchain ETF is set to begin trading on Wednesday as expected, but there's a catch. 

Blockchain won't be in its name. 

Screen Shot 2018 01 16 at 11.46.37 AMThe Securities and Exchange Commission requested Reality Shares remove the word "blockchain" from its Reality Shares Nasdaq Blockchain Economy ETF amid anxieties at the regulator that cryptocurrency and blockchain mania is sweeping Wall Street. 

"So it is going to be Next Gen Economy ETF," Reality Shares chief executive Eric Ervin, told Business Insider. "Same ticker, same premise, same index, and the same investment objective."

Amplify, a company that has an actively managed blockchain fund set to go live Wednesday, is also removing the nascent technology from its name. Ervin told Business Insider the regulator asked both firms to prove that the majority of the revenue from each company in the funds is tied to blockchain. 

"It's a measure we can't prove," Ervin said. 

Ervin said the regulator would typically allow them to make a case for a different test to show a fund lives up to its name, but not in this case since "it's such a hot hot thing they said you can re-file and delay or change the name."

The SEC has also pumped the brakes on the launch of bitcoin-linked ETFs. As such, a number of companies including Rafferty Asset Management, ProShares, and VanEck have halted plans to launch bitcoin-linked funds.

Still, Ervin thinks a bitcoin ETF will happen. 

"It would make that on-ramp process easier for people," he said."I think everyone should have 1-5% of their net-worth here, in cryptocurrencies."

But a bitcoin or blockchain-linked ETF is just the tip of the iceberg, according to Ervin. He said there's going to be a day whens stocks are tokenized on the blockchain.

"And then you can have a token that represents shares in many companies, like an ETF," he said. "So maybe that's the next step for the space."

Ervin said his firm is looking at numerous ways they can become a part of this.

"This isn't just 'let's launch an ETF,' it is a much bigger deal for us," he said.

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

'We can't use old models on new innovation': A top GSK exec says pharma is about to see a massive shift

Business Insider, 1/1/0001 12:00 AM PST

GSK Jack Bailey

  • Healthcare in the US — from the way it's paid for to the types of drugs that have been approved — has gone through a lot of changes in the past few years. 
  • How companies adapt to those changes will be critical to their future, GlaxoSmithKline US pharmaceuticals president Jack Bailey told Business Insider.
  • "I think you wait on the sidelines now and you could lose out," Bailey said. 


It's been an exciting and at times challenging few years for the healthcare industry. 

That's especially true with regard to cutting-edge treatments that harness the body, and with the way these one-time-only therapies challenge the standard way we pay for medication. As companies and patients face higher price tags, it'll take some new ways of thinking to figure out how to cover those costs. 

"Healthcare's undergoing unprecedented change," GlaxoSmithKline US pharmaceuticals president Jack Bailey told Business Insider. "I think the winners are going to be the ones who understand where it needs to go, hopefully help contribute to thoughtful change, and drive some of the change themselves."

The change is in part coming from some of the biggest scientific developments in the last year. For example, in August, the Food and Drug Administration approved a new cancer treatment that takes cells out of a cancer patient's body, reprograms them, then inserts them back into the body to have them go after the cancer. And in December, the first gene therapy to reverse a hereditary form of blindness was approved as well. 

There's also been the changes that have come from the Affordable Care Act, and the subsequent attempts to dismantle it

Periods of massive change in healthcare have happened before, Bailey said. Back in the 1990s, there was healthcare reform under President Bill Clinton that changed things for pharmaceutical companies, managed care organizations aimed at reducing the cost of healthcare were starting to form, and there was a big wave of new drug approvals. At the time, not being a part of that movement wasn't an issue. The same won't be true this time around.

"I think in the 90s when there was the last period of change, you could wait on the sidelines and it wouldn't hurt you. I think you wait on the sidelines now and you could lose out," Bailey said. 

That's the case not just on the scientific side with these new approaches like cell or gene therapy, but also on the payment side. Drugmakers and health insurers have to come up with new ways to pay for those treatments that often have a hefty one-time price tag — as high as $850,000 — rather than a monthly prescription price.

Ultimately, Bailey said, we're moving in a direction from thinking about healthcare that's paid for based on how often you use it, to a system that's more about how healthy you might be as the result of one treatment or program. How long it takes to make that transition, however, remains to be seen. 

"I do think this new innovation is going to be a forcing mechanism because if you're talking about blindness, and curing cancer, people are going to want that," Bailey said. "We can't use old models on new innovation."

SEE ALSO: The first female big pharma CEO had the perfect response to a question about women in leadership

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2 of the biggest high-speed trading firms are joining forces in a deal that's a 'sign of the times'

Business Insider, 1/1/0001 12:00 AM PST

Trading screens.

  • New York-based Hudson River Trading is set to acquire Chicago rival Sun Trading, the two companies announced Tuesday.
  • Consolidation is a trend in the trading industry amid low volatility and a lack of profit opportunities.


Hudson River Trading, a New York-based trading firm, is going to acquire Chicago rival Sun Trading, the two companies announced Tuesday.

“Sun Trading is a highly regarded market marking firm with an approach to trading that is complementary to HRT’s,” said Jason Carroll, cofounder and managing director of Hudson River Trading, in a statement. “This acquisition combines HRT’s expertise in on-exchange trading with Sun’s expertise in off-exchange trading creating a stronger, more diverse firm."

The merger, according to the statement, is pending regulatory approval and is set to close this quarter. 

Richard Repetto, an analyst at Sandler O'Neill + Partners, told Business Insider the merger is a "sign of the times."

"With the record low volatility, HFT firms are seeking scale benefits and the resultant efficiencies to drive their businesses," he said in an email. 

Trading firms like Sun and Hudson River do best when the markets see more price swings, but when they are calm as they have been over the last year, profit opportunities are harder to come by. 

In such an environment, consolidation has become an attractive option for trading firms.

Notably, high frequency trading firm Virtu Financial acquired rival KCG Holdings in an all cash transaction for $1.4 billion.

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China to Restrict Cryptocurrency OTC Trading and Mining, No Definite Plans Yet

CryptoCoins News, 1/1/0001 12:00 AM PST

The post China to Restrict Cryptocurrency OTC Trading and Mining, No Definite Plans Yet appeared first on CCN

According to an internal memo obtained by Bloomberg and Reuters, the People’s Bank of China (PBoC) vice governor Pan Gongsheng has encouraged the government to enforce a complete ban on cryptocurrency trading. Far-Fetched to Claim China Triggered Market Correction Last year, the Chinese government banned cryptocurrency exchanges from operating, closing down Huobi, BTCC, OKCoin, and

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There's a 'significant risk to markets' that's a bigger worry than where the economy is headed next

Business Insider, 1/1/0001 12:00 AM PST

waves

  • The Treasury Department is set to increase its bond sales to support the government's funding needs. 
  • According to Deutsche Bank's Torsten Slok, this incoming supply flood is a "significant risk to markets" that's worth more attention than the US economy's nuts and bolts.
  • Several central banks, among the biggest buyers of Treasurys and key sources of demand, are getting ready to slow their bond buying.

 

The Treasury Department's forthcoming increase in debt sales poses "a significant risk to markets," according to Torsten Slok, Deutsche Bank's chief international economist.

Treasury plans to slowly increase its issuance of coupon-bearing securities to support the government's funding needs. This will be crucial as the gap between spending and income continues to widen. The US deficit jumped to a record $665.7 billion in the most recent fiscal year, and could hit $1 trillion in a decade, according to analyses of the new tax law. 

One way the government plans to fund all that spending is by borrowing from the public. And this means that the Treasury's issuance of bonds is set to surge.

There just needs to be interested buyers. 

"The bottom line is that investors should spend less time looking at US economic fundamentals and more time on where a doubling in demand for US fixed income can come from, in particular in a world where central banks at the same time stop doing QE," Slok said in a note on Tuesday.

He continued: "If demand for US fixed income doesn’t double over the coming years then US long rates will move higher, credit spreads will widen, the dollar will fall, and stocks will likely go down as foreigners move out of depreciating US assets.  And this could happen even in a situation where US economic fundamentals remain solid."

1 16 18 treasury supply COTD

The Treasury Department is selling $62 billion in coupon-bearing bonds in the three months through February, when it's expected to announce an increase. 

This comes at a time when one of the biggest sources of demand for Treasurys — central banks — appears to be retreating to the backseat. 

After the financial crisis, central banks in the US, Japan, and Eurozone helped keep interest rates low by buying up several billions worth of Treasurys. When demand for the bonds rises and increases their prices, their yields fall.

But the global economy is now in recovery.

The Fed is already shrinking its balance sheet, partly by not reinvesting $6 billion of its maturing Treasurys every month.  

Last week, the European Central Bank and Bank of Japan spooked investors with news that suggested they were slowing their bond purchases.

Also, senior Chinese government officials reportedly urged slowing or stopping their buying of Treasurys. All this news sent the benchmark 10-year yield to its highest level in 10 months. 

SEE ALSO: The $14 trillion bond market has caught Wall Street off guard

DON'T MISS: We asked 6 big-money investors about their biggest fears — and they all had the same answer

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Goldman Sachs' vaunted commodities-trading team got butchered in 2017 (GS)

Business Insider, 1/1/0001 12:00 AM PST

lloyd blankfein

  • Goldman Sachs' commodities-trading department in 2017 suffered the worst performance in the bank's history as a public company, according to a Bloomberg report.
  • Commodities trading, once one of the bank's most vaunted businesses, saw revenues plummet 75% in 2017 to less than $300 million. 


Goldman Sachs' commodities-trading team, once one of its most vaunted lines of business, has hit a new low. 

The group in 2017 suffered its worst showing in the bank's history as a public company, with commodities revenues falling 75%, according to a report by Bloomberg.

Based on Bloomberg's analysis, commodities trading revenues, which were $1.1 billion in 2016, dropped below $300 million in 2017 — less than half of what rival Morgan Stanley is expected to report. 

Commodities-trading revenues have fallen dramatically since reaching a high of $3.4 billion in 2009, but the expected 75% decline is the steepest year-over-year drop-off since that high point. 

Goldman Sachs, whose fixed income, currency, and commodities operation has suffered overall in 2017, reported earlier in the year that the second quarter was the worst in commodities in the firm's history as a public company.

The unit's dreadful year was driven by botched performances in gas and power, according to the report. 

Goldman Sachs will report fourth-quarter earnings results Wednesday. 

Read the full story at Bloomberg. 

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Under Armour is getting hit after Macquarie slashes its price target (UAA, UA)

Business Insider, 1/1/0001 12:00 AM PST

Under Armour



Under Armour is getting whacked after Macquarie downgraded the stock and slashed its price target by 20%. The company is trading 7.85% lower to $13.01 on Tuesday.

Macquarie's view on Under Armour is so dire that the firm suggested the company might have to raise new capital at some point in the future. Under Armour's decline has been much worse than investors have realized, analyst Laurent Vasilescu wrote in a client note.

While the rest of Wall Street is expecting 2018 revenues to be 4.6% higher than the previous year, Vasilescu is expecting a decline of about 1% for Under Armour. He argues that only looking at the company's income statement fails to tell the whole picture. While Under Armour has boosted its revenue number by adding several new wholesale retailers, sales at existing partners have slipped.

In 2017, Under Armour started selling its product in Kohl's, Famous Footwear and Designer Shoe Warehouse. Combined, the three partners added $120 million of revenue, which helped mask a 2.1% decline in revenue, sans new partners. In North America, where the athletic apparel industry competition is heating up, Under Armour saw a 7% year over year decline in sales, according to Vasilescu.

If sales continue to decline like this, and the company continues to spend heavily to compete with the likes of Nike, Lululemon, Adidas, and others, it could be forced to raise more money. Vasilescu expects that doing so through a debt offering would be preferable to diluting the shareholder's stake by selling shares, though it would be expensive due to a lackluster rating from the credit rating agencies.

Vasilescu rates Under Armour an "underperform" with a price target of just $8, which is $43.7% lower than the company's current price and 20% lower than Macquarie's prior $10 price target.

Under Armour is down 5.55% this year.

Read more about how Nike is going into "battleship" mode.

under armour stock price

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Under Armour is getting hit after Macquarie slashes its price target (UAA, UA)

Business Insider, 1/1/0001 12:00 AM PST

Under Armour



Under Armour is getting whacked after Macquarie downgraded the stock and slashed its price target by 20%. The company is trading 7.85% lower to $13.01 on Tuesday.

Macquarie's view on Under Armour is so dire that the firm suggested the company might have to raise new capital at some point in the future. Under Armour's decline has been much worse than investors have realized, analyst Laurent Vasilescu wrote in a client note.

While the rest of Wall Street is expecting 2018 revenues to be 4.6% higher than the previous year, Vasilescu is expecting a decline of about 1% for Under Armour. He argues that only looking at the company's income statement fails to tell the whole picture. While Under Armour has boosted its revenue number by adding several new wholesale retailers, sales at existing partners have slipped.

In 2017, Under Armour started selling its product in Kohl's, Famous Footwear and Designer Shoe Warehouse. Combined, the three partners added $120 million of revenue, which helped mask a 2.1% decline in revenue, sans new partners. In North America, where the athletic apparel industry competition is heating up, Under Armour saw a 7% year over year decline in sales, according to Vasilescu.

If sales continue to decline like this, and the company continues to spend heavily to compete with the likes of Nike, Lululemon, Adidas, and others, it could be forced to raise more money. Vasilescu expects that doing so through a debt offering would be preferable to diluting the shareholder's stake by selling shares, though it would be expensive due to a lackluster rating from the credit rating agencies.

Vasilescu rates Under Armour an "underperform" with a price target of just $8, which is $43.7% lower than the company's current price and 20% lower than Macquarie's prior $10 price target.

Under Armour is down 5.55% this year.

Read more about how Nike is going into "battleship" mode.

under armour stock price

SEE ALSO: Nike is going into 'battleship' mode to launch itself to the top of the hot athletic apparel market

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NOW WATCH: THE BOTTOM LINE: Chipotle vs. Qdoba, the bear case on Apple, and diagnosing a bitcoin bubble

David Einhorn's Greenlight Capital is betting that Twitter will have a winning year (TWTR)

Business Insider, 1/1/0001 12:00 AM PST

David Einhorn
  • David Einhorn's hedge fund Greenlight Capital is bullish on Twitter.
  • The fund cites restructuring and new management at the social media site.
  • The hedge fund said it initiated a small position in Twitter in the fourth quarter at an average of $21.59 per share. Twitter is currently trading at $25.00, up around 16% on where Greenlight invested. 


Greenlight Capital, David Einhorn's hedge fund, is bullish on Twitter.

In a fourth-quarter investor letter seen by Business Insider, Greenlight said new management at Twitter improved Twitter users' experience on the social media site, leading to a rapid rise in users and time spent on the site last year.

"We believe TWTR will have a pitch to advertisers in 2018, which should lead to revenue growth," the fund said.

Greenlight added: "Restructuring actions taken over the past year will allow much of the revenue to fall to the bottom line, and we expect TWTR to begin to close some of the 25% margin gap vs. its social media peers.

The hedge fund said it initiated a small position in Twitter at an average of $21.59 per share. Twitter is currently trading at $25.00, up around 16% on where Greenlight invested. 

Greenlight underperformed last year, returning 1.6% after fees, compared to a 21.8% gain in the S&P 500 index, the letter said.

A spokesman for Greenlight declined to comment. Spokespeople for Twitter didn't immediately respond to an email seeking comment.

Screen Shot 2018 01 16 at 12.18.50 PM

DON'T MISS: Billionaire investor Steve Cohen is about to make his return to the hedge fund industry — and he's already amassed a substantial war chest

SEE ALSO: David Einhorn's Greenlight Capital suffers, says 'it feels like we have been running face first into the wind'

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CREDIT SUISSE: There are 3 reasons why an activist investor could be interested in Lowe's (LOW, HD)

Business Insider, 1/1/0001 12:00 AM PST

A view of the sign outside the Lowes store in Westminster, Colorado February 26, 2014.   REUTERS/Rick Wilking/File Photo   - RTX2KVFA

  • News that activist investor D.E. Shaw wants a potentially larger stake in Lowe's has caused its shares to climb.
  • Seth Sigman, an analyst at Credit Suisse, sees additional upside for the home retailer, as there are three things that make the company attractive.
  • Relative to its rival Home Depot, Sigman sees Lowe's as being a formidable investment opportunity.
  • Watch shares of Lowe's trade in real time on Markets Insider.


Investors should not underestimate the appeal of Lowe's after news that activist investor D. E. Shaw, a quantitative investment firm, has reportedly carved out a larger stake in the company

After the news dropped on Friday, the home retailer's shares climbed 10% to $105.38 per share. Though the exact size of D.E. Shaw's investment is unknown, the investment company did disclose a 0.12% stake in Lowe's in a November filing, according to Bloomberg.

The move could be part of D.E. Shaw's plans to ask the company for changes that could increase shareholder value, according to unnamed sources in the Bloomberg report.

Credit Suisse's Seth Sigman outlines three reasons why the company could be attractive to activist investors. "We see additional upside to LOW, on the back of a possible activist investment," Sigman wrote in a note.

First, Sigman said that the company could be seen as a cheaper alternative to its rival Home Depot

Sigman wrote that Lowe's' valuations are at a 10-year-low, and the valuation gap between Lowe's and Home Depot has widened due to Lowe's inconsistent results and lower comparable same-store sales from the previous year compared to its rival. Home Depot is also known as a "survivor" stock because it has shaken off natural disasters and competition from Amazon, which has pushed its valuation higher. 

Moreover, the housing market is doing well, which should play to Lowe's favor, Sigman said. In addition to rising home prices and demand, home retailers have gotten a boost from Hurricanes Harvey and Irma last year because the people in affected areas will be looking to repair or rebuild their homes.

Finally, Sigman also views the gap between Lowe's and Home Depot's sales and margins as "addressable," in that it could be cyclical and strategic in nature, so that changes at Lowe's could reduce or close that gap. 

Sigman has raised Lowe's price target to $116 a share, a 31% increase from his previous target of $88 a share. 

Lowe's stock was trading at $102.98 per share on Tuesday, up about 10% this year. Home Depot's stock stood at $197.52 a share on Tuesday, and it's up 5.05% for the year. 

Lowe's is expected to report fourth-quarter earnings on February 28. Home Depot will report on February 20. You can see when companies are reporting earnings on Markets Insider's earnings calendar

Read more about how investors view the stock market's relentless rally here.

Lowe's stock price

SEE ALSO: CREDIT SUISSE: There’s been a ‘fundamental shift’ in how investors view the stock market's relentless rally

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Bitcoin Price to Hit $100,000 in 2018, Predicts Saxo Bank Analyst

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Bitcoin Price to Hit $100,000 in 2018, Predicts Saxo Bank Analyst appeared first on CCN

An analyst at Saxo Bank said that he believes the bitcoin price could reach $100,000 in 2018 due to increased interest from institutional investors. Institutional Investors Could Bid Bitcoin Price Up to $100,000 Kay Van-Petersen made waves in Dec. 2016 when he predicted that the bitcoin price could reach as high as $2,000 in 2017,

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Apple, Amazon, and other tech titans could threaten big banks in one key area

Business Insider, 1/1/0001 12:00 AM PST

tim cook

  • S&P: "We currently do not see competition from tech titans as posing a short-term risk to our bank ratings."
  • But in the longer term banks could face serious competition from the likes of Apple and Google in the payments space, which can account for up to 15% of retail banks' revenues.
  • Challenges could come faster in Europe, where new legislation is opening up the financial system.


LONDON — Credit rating firm Standard & Poor's believes that "tech titans" like Apple and Amazon don't pose a threat to big banks in the short-term, but could challenge their payments businesses in the longer term.

Credit analyst Paul Reille and team published a note this week titled: "The Future of Banking: How Much Of A Threat Are Tech Titans To Global Banks?"

Reille and his team conclude: "In the short term, we don't expect competition from tech titans to have an immediate impact on the banks that we rate. However, in the long term, we think that they are well-placed to potentially disrupt certain aspects of the traditional banking industry value chain."

Amazon has a lending program for sellers on its platform but Standard & Poor doesn't believe tech giants are likely to pose a serious challenge banks in this area, due to the high regulatory burden associated with lending in the US and Europe.

S&P likewise doesn't expect tech companies like Google, Facebook, or Apple to take deposits due to the strict rules governing the activity.

apple iPhone apple pay

"In the long term, regulation is likely to remain a key factor deterring tech titans' efforts to increasingly offer the full financial services suite currently provided by banks," Reille and his team said.

"That said, banks could feel the biggest competitive threat from tech titans for activities where barriers to entry are low — such as transaction revenues, which could constrain their margins."

S&P argued that the biggest threat to banks in the US and Europe is in payments, where the likes of Apple, Google, and Samsung have all already launched products, which S&P dubs the "Pays."

"Although these firms are not posing any meaningful short-term pressure on fee income, we believe that they could leverage their strong customer bases and networks to potentially constrain traditional banks' payment services revenues in the longer term.

"Amongst other advantages, tech titans have high investment capabilities and financial firepower, strong brands, very high numbers of loyal customers or users, state-of-the-art IT systems and technology, as well as a distinct ability to gather, analyze, and link customer data."

The threat could materialise quicker for European banks due to new regulations — PSD2 and Open Banking in the UK — that will open up the financial system to outside entrants this year. (We've written about this possibility before.)

S&P said: "Under the EU directive, external parties like the Pays could begin to initiate payments on behalf of customers using their smartphones to shop online or in retail stores.

"In the long term, we believe that in certain regions, banks might increasingly feel some pressure on their fees and commissions due to the possible growth of the Pays, the wide-scale adoption of mobile payments, and the proliferation of account-to-account transfers.

"The most affected banks would likely be retail banks in Europe and the US where interchange and card transaction fees can account for up to 15% of total revenues."

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CREDIT SUISSE: There are 3 things that could drive the stock market crazy in 2018

Business Insider, 1/1/0001 12:00 AM PST

trader nyse stressed angry excited

  • Stock market volatility was locked near record lows for much of 2017, and Credit Suisse says it has nowhere to go but up.
  • The firm highlights three things that could drive a surge in price swings this year.


Even as the S&P 500 turned in a monster 2017, it was a trade betting on a market standstill that offered the best opportunity for profit.

Exchange-traded products linked to the so-called short-volatility strategy surged almost 200% in the last year, smashing returns for even the hottest tech stocks. In turn, price swings in US stocks were virtually non-existent — a dynamic reflected by the CBOE Volatility Index, or VIX, which spent most of 2017 locked near record lows.

Fear not, says Credit Suisse, which sees more volatility just around the corner. The firm forecasts that the VIX will trade at a median of 12.5 in 2018, higher than the 10.9 level from last year.

Credit Suisse identified three things that could cause wild stock price swings and spiking volatility this year:

1) Sharply higher bond yields

Credit Suisse says that its 10-year Treasury yield "danger level" for stocks is 3.5%. Treasuries were trading near 2.55% as of Tuesday morning, meaning that the ongoing bond market selloff will have to continue in order for this threshold to be breached.

"In order to get such a rapid rise in yields, we would need to see a sharp acceleration in US wage inflation and a much more hawkish Fed," Credit Suisse equity derivatives strategist Mandy Xu wrote in a client note.

The firm notes that the only time there's been an empirical relationship between higher rates and a higher VIX is when yields rise sharply in response to surprise Federal Reserve tightening measures. For evidence of this, look no further than the so-called "taper tantrum" that transpired in May 2013 after then-Fed chair Ben Bernanke made surprising comments about slowing asset purchases:

Screen Shot 2018 01 16 at 10.57.32 AM

2) A trade war

In the near term, Credit Suisse is looking at the March deadline for talks to modernize NAFTA, noting that there's been little progress up to this point.

The firm also sees mounting risk around a possible "full-scale trade war" with China as US trade penalties risk "tit-for-tat retaliation" from China.

Meanwhile, there's been speculation that the US may exit NAFTA entirely, something that Credit Suisse notes has been factored into the Mexican market. However, there's been no such comparable risk premium priced into US equities, either on a single-stock or whole market basis, the firm says.

Screen Shot 2018 01 16 at 11.10.22 AM

3) Geopolitical risks

This is perhaps the most obvious possible negative catalyst for the US stock market, and also potentially the most dangerous. Credit Suisse highlights the following five areas as inspiring the most worry (all bullets verbatim):

  • North Korea: “fire and fury,” escalation of rhetoric/sanctions
  • Middle East: Iran, Syria, Saudi Arabia > upside risk for oil prices
  • United States: government shut down, Russia investigation
  • Europe: Italian elections, Catalonia independence, etc.
  • Cyberattacks: from state and non-state actors

SEE ALSO: A dangerous trade that reminds experts of the 1987 market crash is riskier than ever

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The best states to get divorced if your spouse is loaded

Business Insider, 1/1/0001 12:00 AM PST

wealthy cigar smoking races pretentious

  • Separating finances in a divorce can be messy.
  • In 9 US states, everything acquired throughout the marriage from real estate to income is considered joint property.
  • Residents in these states are entitled to a 50/50 split of all assets during a divorce.

 

Divorce is an ending no couple wants to arrive at, but the reality is many do and the tall task of dividing your assets varies from state to state.

If your partner is the breadwinner, you'll be better off post-divorce in states that observe community property law, where a 50/50 split applies to your marital estate.

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin (and Alaska by opt-in agreement) are community property states.

Here, everything acquired throughout the marriage is considered joint property (except assets given as a gift or inherited, or separate property owned before marriage, so long as it stayed separate throughout the marriage), so when a couple separates, each spouse is entitled to exactly half of the assets. That includes real estate, income, cars, furniture, stocks, and retirement accounts.

So if your partner has been earning six figures for the entirety of your 10-year marriage and you have earned significantly less — perhaps your industry isn't high-paying or you chose to forgo a career to care for young children — you'll more than likely be better off post-divorce if you live in a community property state, where your spouse's wealth is considered joint property in a marriage.

In contrast, in the other US 41 states, a marital estate is made up of assets acquired under each spouse's name; they're not technically considered joint or community property unless both names are on the deed. Upon divorce, the assets are divided "fairly" at a judge's discretion, taking into account each person's earning potential or income, financial needs, contributions, and personal assets, rather than simply splitting it 50/50.

To protect personal assets in either case, couples can set up a prenuptial agreement, which establishes terms for a division of assets in the event of a divorce.

Check the map below to find out if the state you live in observes equitable distribution or community property law.

divorce property rules

SEE ALSO: Here's why every couple should get a prenup

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NOW WATCH: A certified financial planner explains just how risky of an investment bitcoin is

‘Monsieur Bitcoin’ to Head France’s Cryptocurrency Regulation Task Force

CryptoCoins News, 1/1/0001 12:00 AM PST

The post ‘Monsieur Bitcoin’ to Head France’s Cryptocurrency Regulation Task Force appeared first on CCN

France’s economy minister has established a task force to examine the risks that bitcoin and other cryptocurrencies present to the economy and propose regulatory guidelines that will mitigate these threats. On Monday, economy minister Bruno Le Maire announced that his department had created a cryptocurrency task force that will be chaired by a former central

The post ‘Monsieur Bitcoin’ to Head France’s Cryptocurrency Regulation Task Force appeared first on CCN

David Einhorn's Greenlight Capital returned just 1.6% last year, says 'it feels like we have been running face first into the wind'

Business Insider, 1/1/0001 12:00 AM PST

David Einhorn

David Einhorn's Greenlight Capital returned 1.6% last year after fees, compared to a 21.8% gain in the S&P 500, according to a fourth-quarter letter seen by Business Insider.

Greenlight lost 1.6% in the fourth quarter last year, compared to a 6.6% gain in the S&P 500 over the same period.

In the January 16 letter, Greenlight said it was frustrated by the underperformance.

"As we were in the batter's box so to speak, it felt like we were swinging well and hitting the ball hard. We just didn't deliver a satisfactory result on the scoreboard."

The letter added:

"While it feels like we have been running face first into the wind, we don’t intend to capitulate and are sticking to our strategy of being long misunderstood value and shorting 'not value.'"

A spokesman for Greenlight didn't immediately respond to a request for comment.

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Mark Cuban: Dallas Mavericks to Accept Bitcoin, Ether 'Next Season'

CoinDesk, 1/1/0001 12:00 AM PST

The Dallas Mavericks will begin accepting cryptocurrency payments during their next season, according to owner and investor Mark Cuban.

CREDIT SUISSE: Intel won't see a near term earnings impact from Spectre or Meltdown (INTC)

Business Insider, 1/1/0001 12:00 AM PST

Intel CEO Brian Krzanich

  • Two major flaws in how modern computers process information has sent the tech world scrambling for a fix.
  • Amid the scramble, Intel, the company most affected by the flaws, has seen its stock price slump.
  • But, as the company prepares to report earnings soon, one analyst thinks the company will be fine in the near term.
  • Watch Intel's stock price move in real time here.


Spectre and Meltdown, arguably the two biggest flaws ever found in modern computers, might not have a big impact on the near-term earnings of Intel, the company hit the hardest by the flaws.

At least, that's the thinking of John Pitzer, an analyst at Credit Suisse.

"While our calendar first quarter estimates embed NO negative impact to revenue from the Meltdown/Spectre security issues – near term we would highlight that the uncertainty created could cause at least some calendar first quarter server/client purchases to be deferred as IT managers look for more clarity," Pitzer said in a note to clients.

Spectre and Meltdown are flaws in a technique modern CPUs use to speed up computing. There are three total variations of the two flaws, and Intel is the only company whose chips have been reported to be affected by all three. The company has seen its share price decline about 8.73% so far this year after the flaws were disclosed publicly.

Pizter previously released a report the day after the flaws were disclosed that claimed everyone was making "mountains from molehills" regarding the flaws. A lot of new information about the flaws has surfaced since then, but Pizter is holding his ground, saying Intel's near-term revenue largely won't be affected.

There have been confusing and conflicting reports around the flaws since their public disclosure, however. AMD, which is Intel's main rival in the space, initially said its hardware would not be affected by the flaws, and later reversed its stance. Nvidia, which makes GPUs, created confusion when it issued Spectre and Meltdown patches for its products which were thought to be impervious to the flaws. Nvidia later clarified that its patches were only precautionary, and its products are not affected.

Patches to fix CPUs affected by the flaws were initially thought to slow down certain programs by as much as 30%, and an exact impact on performance has yet to be determined. Pitzer said IT managers and big data centers could delay planned purchases of Intel chips until more clarity is found, and the long-term effects of the flaws for chipmakers won't be evident for some time.

If certain companies' chips are found to be faster than others after all the final Spectre and Meltdown patches have been issued, there could be a sector-wide shift to the faster chips, Pitzer said.

Pizter has a "neutral" rating on Intel, but said it's mostly because he thinks the company is too expensive right now, not because of the potential risks associated with Spectre and Meltdown.

Intel reports fourth quarter earnings January 25, and Pitzer thinks the results will fall in line with Wall Street's expectations. Pizter is expecting earnings per share of $0.86 on revenue of $16.3 billion.

Read more about Intel's place in the Spectre and Meltdown fiascos.

Intel stock price

SEE ALSO: Intel and AMD are sliding after Microsoft says significant slowdowns can occur after Meltdown and Spectre updates

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NOW WATCH: The chief global strategist at Charles Schwab says a bitcoin crash won't infect the rest of the market

Ripple Price Drops to 2.5-Week Low, Eyes Sideways Trading

CoinDesk, 1/1/0001 12:00 AM PST

Ripple's XRP token fell to a 2.5-week low today, and is looking at a more or less sideways movement in the short-term, chart analysis suggests.

IBM is teaming up on blockchain with the world’s largest shipping company (IBM)

Business Insider, 1/1/0001 12:00 AM PST

IBM Maersk Blockchain

  • Shares of IBM gained about 1% Tuesday morning after the computer and software giant announced a blockchain partnership with Denmark’s Maersk, the world’s largest shipping company.
  • The two companies will create an industry-wide trading platform that could speed up the movement of goods while saving billions of dollars by eliminating the "enormous trail of paperwork and bureaucracy" that comes with international shipping, Reuters reports.
  • “The big thing that is missing from this industry to digitize and unleash the potential of the technology is really to create a form of utility that brings standards across the entire ecosystem,” Maersk’s Chief Commercial Officer Vincent Clerc told Reuters.
  • Blockchain is the technology that powers cryptocurrencies like bitcoin, and Maersk is far from the only company to see benefit from the trendy decentralized ledgers. Banks, manufacturers, and even iced tea companies have announced new focuses on blockchain — and many have seen their stocks soar in response.
  • Shares of Maersk are up about 0.54% on Copenhagen’s stock exchange.

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: Bitcoin can be a bubble and still change the world

IBM is teaming up on blockchain with the world’s largest shipping company (IBM)

Business Insider, 1/1/0001 12:00 AM PST

IBM Maersk Blockchain

  • Shares of IBM gained about 1% Tuesday morning after the computer and software giant announced a blockchain partnership with Denmark’s Maersk, the world’s largest shipping company.
  • The two companies will create an industry-wide trading platform that could speed up the movement of goods while saving billions of dollars by eliminating the "enormous trail of paperwork and bureaucracy" that comes with international shipping, Reuters reports.
  • “The big thing that is missing from this industry to digitize and unleash the potential of the technology is really to create a form of utility that brings standards across the entire ecosystem,” Maersk’s Chief Commercial Officer Vincent Clerc told Reuters.
  • Blockchain is the technology that powers cryptocurrencies like bitcoin, and Maersk is far from the only company to see benefit from the trendy decentralized ledgers. Banks, manufacturers, and even iced tea companies have announced new focuses on blockchain — and many have seen their stocks soar in response.
  • Shares of Maersk are up about 0.54% on Copenhagen’s stock exchange.

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: PAUL KRUGMAN: Trump can't take credit for the soaring stock market

Dow hits 26,000 for the first time

Business Insider, 1/1/0001 12:00 AM PST

paris exchange traders party celebrate

  • The Dow Jones industrial average topped 26,000 in early trading on Tuesday as the fourth-quarter reporting season got into full swing. 
  • Investors expect strong earnings, supported by corporate tax cuts and global economic growth. 
  • This marks the index's fastest 1,000-point rise; as the index climbs, the milestones require a smaller percentage move to achieve.

 

Futures on the Dow Jones Industrial Average surged more than 200 points on Tuesday, indicating that the blue-chip index could open above 26,000 for the first time as the fourth-quarter reporting season kicks into high gear.

Dow component UnitedHealth rose 1.47 percent after the largest U.S. health insurer reported results that beat analysts' estimates and raised its full-year profit forecast.

Citigroup Inc jumped 2.7 percent after the lender reported profit that topped Wall Street expectations as strength in consumer businesses made up for lower revenue from bond and currency trading.

Hopes of strong quarterly earnings, supported by steep cut in corporate taxes, and solid global economic growth have bolstered Wall Street's optimism in the start to 2018.

"Not only is the U.S. coming off a strong quarter, but the new tax reform measures are continuing to provide a boost, with investors keen to hear more about what impact this will have on future earnings," said Craig Erlam, senior market analyst at online foreign exchange broker Oanda.

More than three quarters of the 26 S&P 500 companies that have reported so far have topped profit estimates, according to Thomson Reuters I/B/E/S.

At 8:28 a.m. ET, Dow e-minis were up 208 points, or 0.81 percent, with 77,188 contracts changing hands.

If the Dow hits 26,000 on Tuesday, it would mark its fastest 1000-point rise. It ended above 25,000 on Jan. 4.

S&P 500 e-minis were up 12.5 points, or 0.45 percent, with 312,460 contracts traded.

Nasdaq 100 e-minis were up 38.75 points, or 0.57 percent, on volume of 72,029 contracts.

General Motors rose 3.36 percent after the company said it expects earnings in 2018 to be largely flat, compared with 2017, but that profits should pick up pace in 2019.

General Electric shares fell 3.52 percent in heavy premarket trading, after the industrial conglomerate said it would record a $6.2 billion charge in the fourth quarter as part of an ongoing review of its finance arm's insurance portfolio.

Oil prices pulled back from recent highs on Tuesday, with Brent crude dipping 1.07 percent to $69.51 per barrel. 

Hershey fell 1.05 percent after Goldman Sachs downgraded the stock to "sell".

Bitcoin tumbled 18 percent to a four-week trough close to $11,000, after reports that a ban on trading of cryptocurrencies in South Korea was still an option. Shares of cryptocurrency-related companies were all down. Marathon Patent, Riot BlockChain, Xunlei and Overstock.com fell between 4 percent and 13 percent.

(Reuters reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)

SEE ALSO: Here's what 13 Wall Street pros are predicting for the stock market in 2018

Join the conversation about this story »

NOW WATCH: Fidelity sector expert: Buy stocks that are sensitive to the economy

Ripple turns investor as execs lead $25M round for storage and rental startup Omni

TechCrunch, 1/1/0001 12:00 AM PST

 Earlier this month, I wrote that crypto companies are going to become investors in 2018. I didn’t quite imagine that happening as quickly as mid-January, but here we are. Ripple, the fintech startup behind the controversial XRP token, has its first investment after it backed U.S.-based storage startup Omni through a $25 million round. Omni was founded in 2015 as a storage option for… Read More

CRYPTO INSIDER: Everything is getting smoked

Business Insider, 1/1/0001 12:00 AM PST

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Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies are getting smacked Tuesday morning, with as much as $166 billion in market value vanishing since Monday. 

Here are the current standings:

What's happening:

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: The CIO of a crypto hedge fund shares the 3 biggest risks of investing in cryptocurrencies

CRYPTO INSIDER: Everything is getting smoked

Business Insider, 1/1/0001 12:00 AM PST

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Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies are getting smacked Tuesday morning, with as much as $166 billion in market value vanishing since Monday. 

Here are the current standings:

What's happening:

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: The CIO of a crypto hedge fund shares the 3 biggest risks of investing in cryptocurrencies

CRYPTO INSIDER: Everything is getting smoked

Business Insider, 1/1/0001 12:00 AM PST

stock exhange sad

Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies are getting smacked Tuesday morning, with as much as $166 billion in market value vanishing since Monday. 

Here are the current standings:

What's happening:

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: The CIO of a crypto hedge fund shares the 3 biggest risks of investing in cryptocurrencies

Citigroup climbs after beating expectations despite a $22 billion tax hit (C, JPM, WFC, PNC, BAC, COF, STI, KEY, GS, MS, BBT)

Business Insider, 1/1/0001 12:00 AM PST

Michael Corbat

  • Citigroup's stock climbed after reporting strong earnings that beat analysts' expectations.
  • The major banks are expected to post some losses after provisions in the new tax law.
  • Shares of the major banks were up in pre-market trading.
  • View Citigroup's real-time stock price here.

 

Shares of Citigroup jumped 3.10% to $79.22 on Tuesday before the bell after the bank reported earnings that beat Wall Street expectations.

The bank posted adjusted earnings of $1.28 a share, above analysts' expectations of $1.19 a share. Yet the financial institution booked a one-time, non-cash charge of $22 billion, or $8.43 per share, due to the tax law.

Wall Street is anticipating a somewhat turbulent quarter as a result of the tax law. Many banks are expected to book short-term losses because of repatriated cash and deferred tax assets that declined in value.

JPMorgan, Wells Fargo and PNC Financial were the first of the big banks to post earnings on Friday. JPMorgan posted a strong quarter despite taking a $2.4 billion hit from tax reform, while Wells Fargo was boosted by tax reform.

Some of the major banks are listed below with their current trading price. Click on each name to go to their real-time chart. You can also see when the other banks report their earnings here.

To read more about why Trump's new tax rules will cause big banks to book losses, click here.

Citigroup stock price

SEE ALSO: Wall Street banks are booking big losses because of Trump's new tax rules — and they can be traced all the way back to the financial crisis

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says a bitcoin crash won't infect the rest of the market

Citigroup climbs after beating expectations despite a $22 billion tax hit (C, JPM, WFC, PNC, BAC, COF, STI, KEY, GS, MS, BBT)

Business Insider, 1/1/0001 12:00 AM PST

Michael Corbat

  • Citigroup's stock climbed after reporting strong earnings that beat analysts' expectations.
  • The major banks are expected to post some losses after provisions in the new tax law.
  • Shares of the major banks were up in pre-market trading.
  • View Citigroup's real-time stock price here.

 

Shares of Citigroup jumped 3.10% to $79.22 on Tuesday before the bell after the bank reported earnings that beat Wall Street expectations.

The bank posted adjusted earnings of $1.28 a share, above analysts' expectations of $1.19 a share. Yet the financial institution booked a one-time, non-cash charge of $22 billion, or $8.43 per share, due to the tax law.

Wall Street is anticipating a somewhat turbulent quarter as a result of the tax law. Many banks are expected to book short-term losses because of repatriated cash and deferred tax assets that declined in value.

JPMorgan, Wells Fargo and PNC Financial were the first of the big banks to post earnings on Friday. JPMorgan posted a strong quarter despite taking a $2.4 billion hit from tax reform, while Wells Fargo was boosted by tax reform.

Some of the major banks are listed below with their current trading price. Click on each name to go to their real-time chart. You can also see when the other banks report their earnings here.

To read more about why Trump's new tax rules will cause big banks to book losses, click here.

Citigroup stock price

SEE ALSO: Wall Street banks are booking big losses because of Trump's new tax rules — and they can be traced all the way back to the financial crisis

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says a bitcoin crash won't infect the rest of the market

CRYPTO INSIDER: Everything is getting smoked

Business Insider, 1/1/0001 12:00 AM PST

stock exhange sad

Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies are getting smacked Tuesday morning, with as much as $166 billion in market value vanishing since Monday. 

Here are the current standings:

What's happening:

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: Bitcoin can be a bubble and still change the world

CRYPTO INSIDER: Everything is getting smoked

Business Insider, 1/1/0001 12:00 AM PST

stock exhange sad

Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies are getting smacked Tuesday morning, with as much as $166 billion in market value vanishing since Monday. 

Here are the current standings:

What's happening:

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: Bitcoin can be a bubble and still change the world

CRYPTO INSIDER: Everything is getting smoked

Business Insider, 1/1/0001 12:00 AM PST

stock exhange sad

Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

Cryptocurrencies are getting smacked Tuesday morning, with as much as $166 billion in market value vanishing since Monday. 

Here are the current standings:

What's happening:

SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses

Join the conversation about this story »

NOW WATCH: Bitcoin can be a bubble and still change the world

Bitcoin Price Tumbles as China’s Central Bank Tightens the Noose on Cryptocurrency Traders

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Bitcoin Price Tumbles as China’s Central Bank Tightens the Noose on Cryptocurrency Traders appeared first on CCN

China’s government dealt the cryptocurrency markets a severe blow on Tuesday, as multiple outlets reported that the central bank officials plan to block residents from accessing foreign cryptocurrency trading exchanges. The news took the wind out of the market’s sails, and led by the bitcoin price, every top 100-cryptocurrency lost value against the US dollar.

The post Bitcoin Price Tumbles as China’s Central Bank Tightens the Noose on Cryptocurrency Traders appeared first on CCN

GE slumps after saying it will take a $6.2 billion hit on its insurance business (GE)

Business Insider, 1/1/0001 12:00 AM PST

Screen Shot 2018 01 16 at 8.16.15 AM

  • Shares of General Electric are down 4% ahead of Tuesday’s opening bell after the company said it will take a $6.2 billion charge to its legacy long-term care insurance business.
  • GE Capital, the company’s finance unit, will inject $15 billion over seven years into the North American Life & Health business in order to maintain healthy funding levels, GE said. 
  • "At a time when we are moving forward as a company, a charge of this magnitude from a legacy insurance portfolio in run-off for more than a decade is deeply disappointing," CEO John Flannery said in a press release. 
  • The company outlined a turnaround plan in November, saying it would focus on power, aviation and healthcare equipment, while exiting legacy business like lighting and locomotives. It will also trim the size of its board and revamp the firm’s compensation program.
  • GE was easily the worst Dow performer last year, falling 42% over the last 12 months. The benchmark industrial average was up 30% in the same period. The company is expected to report earnings on January 24.

SEE ALSO: General Electric's turnaround plan has investors dumping the stock

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Chipotle vs. Qdoba, the bear case on Apple, and diagnosing a bitcoin bubble

Bitcoins and brothels: Cryptocurrency may be coming to the Bunny Ranch

Fox News, 1/1/0001 12:00 AM PST

The rise of bitcoin may have been one of the biggest stories of 2017, but its acceptance as a means of payment is still limited. Now, the Bunny Ranch, the famous Las Vegas brothel, is looking to cash in on the trend.

Crypto is falling: Here's a super-quick guide to what traders are talking about right now

Business Insider, 1/1/0001 12:00 AM PST

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 9, 2016.  REUTERS/Brendan McDermid

Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.

Here's Lutz:

Morning!  The “Melt Up” continues, with US Futures in the green, with Industrials adding 80bp early, followed by Nasdaq at 50bp as we await Citigroup numbers. Decent rallies overseas as well, where the DAX is adding 80bp with Tech leading to upside in Germany, followed by a 1.6% pop in Consumer stocks. Stockholm only major in the red on the continent as Ericsson gets hit.  FTSE is lower as Carillion-exposed companies see some selling, while BP Getting hit on Deepwater Writedown headers. Strong Overnight in Asia - Nikkei up 1% as Yen weakened - Hang Seng leapt 1.8%, closing at a record as Tencent jumped 3% and Chinese Banks loved the ICBC Numbers - Shanghai up 70bp - KOSPI added 75bp, while Aussie lost 50bp as Miners fell under pressure

The US 10YY is under pressure as Treasuries catch a bid as Bunds retreat from 60bp - JGB Yields at YTD highs as attention starts turning to the BOJ next week. The DXY is off small, just above 3Y lows despite the Euro taking breather from 2% YTD jump as German Coalition remains elusive, and Sterling getting hit away from $1.38 on lower core inflation. Cryptos are getting smoked for 12%+ this AM, with Gold catching a bid. Ore was off 1.4% in China, and we have most Industrial metals lower – Copper is off 90bp, followed by Platinum and Zinc weaker. Oil retreating from 3Y highs, with WTI off 50bp early, while Natty Gas gets hit for nearly 4% this morning.

Here are the 10 things you need to know today.

SEE ALSO: 10 things you need to know before the opening bell

Join the conversation about this story »

NOW WATCH: Bitcoin can be a bubble and still change the world

Crypto is falling: Here's a super-quick guide to what traders are talking about right now

Business Insider, 1/1/0001 12:00 AM PST

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 9, 2016.  REUTERS/Brendan McDermid

Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.

Here's Lutz:

Morning!  The “Melt Up” continues, with US Futures in the green, with Industrials adding 80bp early, followed by Nasdaq at 50bp as we await Citigroup numbers. Decent rallies overseas as well, where the DAX is adding 80bp with Tech leading to upside in Germany, followed by a 1.6% pop in Consumer stocks. Stockholm only major in the red on the continent as Ericsson gets hit.  FTSE is lower as Carillion-exposed companies see some selling, while BP Getting hit on Deepwater Writedown headers. Strong Overnight in Asia - Nikkei up 1% as Yen weakened - Hang Seng leapt 1.8%, closing at a record as Tencent jumped 3% and Chinese Banks loved the ICBC Numbers - Shanghai up 70bp - KOSPI added 75bp, while Aussie lost 50bp as Miners fell under pressure

The US 10YY is under pressure as Treasuries catch a bid as Bunds retreat from 60bp - JGB Yields at YTD highs as attention starts turning to the BOJ next week. The DXY is off small, just above 3Y lows despite the Euro taking breather from 2% YTD jump as German Coalition remains elusive, and Sterling getting hit away from $1.38 on lower core inflation. Cryptos are getting smoked for 12%+ this AM, with Gold catching a bid. Ore was off 1.4% in China, and we have most Industrial metals lower – Copper is off 90bp, followed by Platinum and Zinc weaker. Oil retreating from 3Y highs, with WTI off 50bp early, while Natty Gas gets hit for nearly 4% this morning.

Here are the 10 things you need to know today.

SEE ALSO: 10 things you need to know before the opening bell

Join the conversation about this story »

NOW WATCH: Bitcoin can be a bubble and still change the world

The CEO of the oldest bitcoin exchange says all platforms are struggling with 'the massive, massive amount of new users'

Business Insider, 1/1/0001 12:00 AM PST

Nejc Kodrič CEO Bitstamp

  • New customer sign-ups on cryptocurrency exchange Bitstamp rose from 10,000 a week at the start of 2017 to over 100,000 by the end of the year.
  • Surge corresponded with the huge rise in the price of bitcoin last year, Bitstamp CEO said.
  • Bitstamp had to hire huge amounts of new staff and streamline processes to cope with the influx, CEO said.
  • Rival platforms have close off new sign-ups altogether while they deal with their backlogs.


LONDON — New customer sign-ups to the world's oldest cryptocurrency exchange jumped by 1,000% last year as the price of bitcoin skyrocketed. 

Nejc Kodrič, the CEO of Luxembourg-based Bitstamp, told Business Insider that average new customer sign-ups rose from between 5,000 and 10,000 a day at the start of 2017 to over 100,000 a day by the end of the year.

"At the peak, it was 137,000 accounts opened [on one day]," Kodrič said.

"There is a very strong correlation between price and the amount of new users. If you look at the graph, you can quickly figure out when it really started. For us, the whole year was just gradual growth up until the last quarter [of 2017], then it just exploded."

Bitcoin rocketed over 1,500% against the dollar last year, rising from around $440 per coin at the start of 2017 to a peak of over $19,000 in December. The cryptocurrency has since come off its highs and has crashed to below $12,000 on Tuesday.

bitcoin

Kodrič told BI that Bitstamp grew its headcount last year to cope with the sign-up surge, from a "few dozen" to between 150 and 200 staff. Some teams, such as onboarding and customer service, grew tenfold.

Even still, Kodrič said: "Our team, plus two third-party providers, are still not enough to keep up with the demand. We are maxing out the capacity that those two companies provide to us and it's still not enough."

Rival exchanges such as Bittrex, Bitfinex, and CEX.io have stopped onboarding new users altogether in response to unprecedented demand.

"All of the exchanges right now have a problem with just the surge in the massive, massive amount of new users," Kodrič said.

Some users have taken to Twitter to complain of sign-up delays of 1 to 2 weeks on Bitstamp, but Kodrič said the company is beginning to bring this time down.

"We cannot guarantee that someone will be onboarded that we would like — we cannot onboard somebody in 24 hours, which is what we would want to achieve — but we are getting there with the improvements we are making," he said.

Bitstamp is also dealing with a backlog of customer service enquiries, Kodrič said.

"The profile of new users has changed a bit," he said. "We're getting more mainstream users who are not that savvy with investing. That just brings a mass of support tickets with questions, basic questions. That is clogging the system."

Bitstamp, founded in 2011, has 3 million registered accounts and 500,000 active trading accounts. The exchange, which is the only licensed platform in Europe, is the 14th biggest in the world and had a 24-hour trade volume of $320 million as of Monday afternoon.

Bitstamp has "more than enough internal cashflow to sustain the growth of the company," Kodrič said.

Bitstamp raised £7 million ($10 million) from Pantera Capital in 2013 and £1.7 million ($2.4 million) through a crowdfunding campaign at the start of 2017.

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

10 things you need to know before the opening bell

Business Insider, 1/1/0001 12:00 AM PST

RTX4BV1B

Here is what you need to know.

Bitcoin is leading a cryptocurrency bloodbath. Declining Japanese and South Korean trading volumes are being blamed for spooking the market and spurring declines in the 10 biggest cryptocurrencies on Tuesday morning.

Morgan Stanley identifies the 6 internet stocks to bet on in 2018. The recommendations come after the tech sector destroyed the rest of the market in 2017, surging 37% as nearly every company's stock rose.

China is heading toward a debt crisis that will throw into question everything we think we know about its economy. The country's economic stability is founded on a mountain of debt that Council on Foreign Relations experts warn will end in a crisis.

A dangerous trade that reminds experts of the 1987 market crash is riskier than ever. It's the short-volatility trade, and the net position of investment products that track the so-called VIX has slipped into short territory for just the second time in history.

A key metric shows the stock market is at 'extreme' levels that are the most stretched in 20 years. While the so-called relative-strength index being overextended doesn't necessarily spell immediate doom for stocks, it should give investors caution as they consider adding to positions going forward.

The $14 trillion bond market has caught Wall Street off guard. Investors were led to believe that Japan, China, and the eurozone could slow their bond purchases, something experts say hasn't been priced into the market.

Boris Johnson says his £350-million-a-week Brexit claim was an 'underestimate.' The British foreign secretary told The Guardian that the figure splashed across the side of the Leave campaign's battle bus in the run-up to the 2016 Brexit referendum should have been bigger than £350 million.

Stock markets around the world strengthened. China's Shanghai Composite (+0.77%) climbed, while Germany's DAX (+0.91%) did as well. The S&P 500 is set to open up 0.39% near 2,800.

Earnings reports continue to be released. Citigroup, Bank of the Ozarks, Comerica, and UnitedHealth are scheduled to release earnings before the market open, while CSX and Interactive Brokers will release results after the close.

US economic data is light. Empire manufacturing will be released at 8:30 a.m. ET. The US 10-year yield is up 2 basis points at 2.55%.

SEE ALSO: MORGAN STANLEY: Here are the 6 internet stocks to bet on in 2018

Join the conversation about this story »

NOW WATCH: A Nobel Prize-winning economist says Trump's tax plan won't crash the economy

Carillion: Government orders investigation into directors' conduct

Business Insider, 1/1/0001 12:00 AM PST

Cranes stand on a Carillion construction site in central London, Britain January 14, 2018.

  • The government has fast-tracked an investigation into the directors at failed construction giant Carillion.



LONDON — The government ordered a "fast-tracked" investigation into the conduct of directors at failed construction giant Carillion.

The construction firm was one of the government's biggest contractors until it collapsed into liquidation on Monday after it ran up huge losses on contracts and battled heavy debts.

READ MORE: Crisis-hit construction firm Carillion goes into liquidation

"It is important we quickly get the full picture of the events which caused Carillion to enter liquidation, which is why I have asked the insolvency service to fast-track and broaden the scope of the Official Receiver’s investigation," said business secretary Greg Clark in a statement.

"In particular, I have asked that the investigation looks not only at the conduct of the directors at the point of its insolvency, but also of any individuals who were previously directors. Any evidence of misconduct will be taken very seriously."

Directors and board members at Carillion were accused of "shameful" conduct after they secured a collective £4 million in bonuses last year even as the firm issued alarming profit warnings.

The role of Carillion's auditor KPMG will also be examined by the Financial Reporting Council.

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

Here comes Citi ... (C)

Business Insider, 1/1/0001 12:00 AM PST

Michael Corbat

Citigroup is set to release fourth-quarter results at 8 am Tuesday.

Analysts are expecting the bank to report adjusted earnings of $1.19 a share, as well as revenue of $17.25 billion.

Wall Street is also expecting a noisy quarter for bank earnings in general, thanks in part to the country's newly passed tax law, which has caused many banks to book losses on repatriated cash and deferred tax assets that declined in value.

JPMorgan reported a net $2.4 billion loss related to the tax law, though CEO Jamie Dimon praised the law's long-term benefits.

Citi is primed to be the most affected bank by the tax law, at least in the short term. The massive losses Citi suffered during the financial crisis mean the firm will be writing down more deferred tax assets than any other bank. In December, the firm estimated tax reform would cost the firm $20 billion in the fourth quarter. 

That means on a non-adjusted basis, Citi is looking at a giant fourth-quarter net loss. 

Another wonky item investors will be on the lookout for: any impact from the $1.8 billion margin-loan that a handful of banks, including Citi, arranged for the ex-chairman of Steinhoff International, the South African retailer whose stock price has been ravaged by an accounting scandal.

JPMorgan reported a $273 million hit to its fourth-quarter earnings from the deal, and other banks are expected to have more exposure. 

Citigroup, HSBC, Goldman Sachs, and Nomura initially extended the loan — backed by some 628 million shares of Steinhoff's now-crippled stock — to an entity controlled by Christo Wiese, then Steinhoff's chairman. The banks subsequently sold off parts of the loan to other banks.

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Here comes Citi ... (C)

Business Insider, 1/1/0001 12:00 AM PST

Michael Corbat

Citigroup is set to release fourth-quarter results at 8 am Tuesday.

Analysts are expecting the bank to report adjusted earnings of $1.19 a share, as well as revenue of $17.25 billion.

Wall Street is also expecting a noisy quarter for bank earnings in general, thanks in part to the country's newly passed tax law, which has caused many banks to book losses on repatriated cash and deferred tax assets that declined in value.

JPMorgan reported a net $2.4 billion loss related to the tax law, though CEO Jamie Dimon praised the law's long-term benefits.

Citi is primed to be the most affected bank by the tax law, at least in the short term. The massive losses Citi suffered during the financial crisis mean the firm will be writing down more deferred tax assets than any other bank. In December, the firm estimated tax reform would cost the firm $20 billion in the fourth quarter. 

That means on a non-adjusted basis, Citi is looking at a giant fourth-quarter net loss. 

Another wonky item investors will be on the lookout for: any impact from the $1.8 billion margin-loan that a handful of banks, including Citi, arranged for the ex-chairman of Steinhoff International, the South African retailer whose stock price has been ravaged by an accounting scandal.

JPMorgan reported a $273 million hit to its fourth-quarter earnings from the deal, and other banks are expected to have more exposure. 

Citigroup, HSBC, Goldman Sachs, and Nomura initially extended the loan — backed by some 628 million shares of Steinhoff's now-crippled stock — to an entity controlled by Christo Wiese, then Steinhoff's chairman. The banks subsequently sold off parts of the loan to other banks.

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European investors poured £100 billion of new money into the world's hottest investment product last year

Business Insider, 1/1/0001 12:00 AM PST

A trader stretches at BGC Partners after Donald Trump won the U.S. Presidential election, in London, Britain, November 9, 2016.

  • European investors poured more than €115 billion into exchange-traded funds in 2017.
  • The hot investment products can offer much larger returns than simply investing in underlying assets.
  • More than $4.5 trillion of capital is held in ETFs globally.


LONDON — European investors bought as much as £102 billion (€115 billion; $140 billion) of new exchange-traded funds (ETFs) in 2017, according to new data from Thomson Reuters, pushing the investment product's total assets under management to a fresh record-high.

Thomson Reuters Lipper's annual review of the ETF market was released on Monday, and found that investors now have more than €630 billion (£559 billion; $769 billion) of money in ETFs in Europe.

"The European ETF industry enjoyed further increasing popularity with all kinds of investors in 2017," Thomson Reuters Lipper's head of EMEA research Detlef Glow said in the report.

"This popularity was seen also in the development of the assets under management; assets held by the European ETF industry increased for a sixth consecutive year and marked a new all-time high at €631.2 billion at the end of December 2017."

The assets under management (AUM) of European ETFs is skewed heavily towards stocks, with more than 70% of total AUM in the sector held in equity funds. Around 25% is in bond funds, while around 3% is in commodity funds.

"It was noteworthy that the assets under management increased for all asset types over the course of the year 2017," Glow wrote.

The chart below, provided by Thomson Reuters Lipper, shows the growth of ETFs in Europe over recent years:European ETF market end of 2017An exchange-traded fund is a passive fund which tracks an index, rather than an active investment, and seeks to outperform a given index through frequent buying and selling of individual investments.

Investors have poured money into the products in the past handful of years because when the times are good, ETFs can offer much larger returns than simply investing in underlying assets or putting money into actively managed funds, which tend to have much higher fees than ETFs.

While demand for ETFs is skyrocketing in Europe, the continent's market makes up just a small portion of global AUM in the space, which is now more than $4.5 trillion.

Most of that exposure is in the USA, where ETFs exist for virtually every imaginable asset class. Investment firms selling ETFs in everything from Bunds to cocoa.

But the market in the USA appears to be showing some signs of slowing down, according to a recent report from Citigroup.

The firm noted earlier in January that, while 2017 saw more ETF launches than the prior year, the products still failed to top the roughly 270 new funds from 2015. At the same time, closures in 2017 hit a record for a second straight year, according to Citigroup data.

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Newsflash: Bitcoin Price Plummets Near $11,000  in 2018-Low

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Newsflash: Bitcoin Price Plummets Near $11,000  in 2018-Low appeared first on CCN

Bitcoin price dropped to a 2018-low during Tuesday’s morning trading (GMT), losing over $2,300 (Bitfinex) in a 17% fall in just under 3 hours. Dampened by regulatory scrutiny in Korea, home to one of the world’s biggest crypto markets, bitcoin and other cryptocurrencies continued their descent today. After opening Tuesday’s trading near $13,500 on USD-based

The post Newsflash: Bitcoin Price Plummets Near $11,000  in 2018-Low appeared first on CCN

Down 14 Percent: Bitcoin Charts Bearish Amid Asia Concerns

CoinDesk, 1/1/0001 12:00 AM PST

Amid negative news flow, Bitcoin is taking a hit today and touching 3.5 week lows at the time of writing.

Bitcoin, Ethereum and almost every other cryptocurrency is plunging

TechCrunch, 1/1/0001 12:00 AM PST

 Look away now if you own bitcoin or other cryptocurrencies. This won’t be breaking news to you if you are invested, but today has seen the entire crypto market fall by double-digit percentages. The price of bitcoin slumped by 15 percent to drop below $12,000 for the first time since December 4. Ethereum, meanwhile, fell by over 20 percent to hover above $1,000 and Ripple is down 33… Read More

Bitcoin, Ethereum and almost every other cryptocurrency is plunging

TechCrunch, 1/1/0001 12:00 AM PST

 Look away now if you own bitcoin or other cryptocurrencies. This won’t be breaking news to you if you are invested, but today has seen the entire crypto market fall by double-digit percentages. The price of bitcoin slumped by 15 percent to drop below $12,000 for the first time since December 4. Ethereum, meanwhile, fell by over 20 percent to hover above $1,000 and Ripple is down 33… Read More

Inflation falls: UK prices rose just 3% to end 2017

Business Insider, 1/1/0001 12:00 AM PST

A street artist performs with soap bubbles outside the Natural History Museum in London, Britain, December 12, 2017.

  • Inflation drops from 3.1% in November to 3% in December, as forecast.
  • 3% remains among the highest inflation rates in recent years, put it appears that price growth may now have peaked.
  • The sharp fall in the value of the pound following the UK's vote to leave the EU last year has raised the cost of imports, driving inflation.


LONDON — Inflation in the UK dropped a little in December as signs appear that Britain may have passed the peak level of the inflation driven by sterling's post-Brexit vote drop.

The Office for National Statistics said on Tuesday that the UK's Consumer Prices Index (CPI) inflation rate — the key measure of inflation — was 3% in December, down from 3.1% in November and matching estimates prior to the release.

CPI measures the weighted average of prices of a basket of goods and services, such as food, transportation, and medical care.

CPIH, a measure which includes costs associated with maintaining a home — and which the ONS cites as a more useful indicator of living costs than CPI — was 2.7% in the month, marginally down from November's 2.8% reading.

"Inflation has been running at roughly the same rate since last spring following significant increases, partly due to the weaker pound after the European referendum," ONS Senior Statistician James Tucker said in a statement.

Here's the ONS' chart, showing Tuesday's data as part of the longer term trend:

Screen Shot 2018 01 16 at 09.39.19

The sharp fall in the value of the pound following the UK's vote to leave the EU in the summer of 2016 has raised the cost of imports and pushed up the rate of inflation.

Most major forecasters believed that inflation would peak in late 2017, and start to fall as 2018 progresses, thanks in part to sterling's recent recovery to almost $1.40. It would appear that those predictions were correct.

Tucker, however, urged caution in overinterpreting the data, saying that it "remains too early to say whether today’s slight fall is the start of any longer-term reduction in the rate of inflation."

Inflation's impact on the British economy is being exacerbated by the fact that real wages are actually growing more slowly than prices are rising, meaning that the average Brit is actually seeing the amount of money they have to spend decrease.

Tobacco prices pushed up overall inflation

On a sector-to-sector basis, tobacco and chemicals were among the biggest individual contributors.

"Rising air fares having a smaller impact on headline inflation than last year and the falling cost of various toys and games helped nudge down inflation in December. These were partially offset by rising tobacco prices," Tucker said.

"Increasing costs of tobacco and chemicals, partially offset by slowing petroleum price rises, helped push up the price of goods leaving factories. However, there was a slowdown in the increase in raw material costs, mainly due to falling crude oil prices."

Here's the chart:

Screen Shot 2018 01 16 at 09.43.56

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British banks have almost recovered from the crisis — and it could end the UK's lost decade of productivity growth

Business Insider, 1/1/0001 12:00 AM PST

Silvana Tenreyro

  • Bank of England's Tenreyro says that the UK's productivity growth is set to increase in the coming years.
  • 10 years since the financial crisis, Tenreyro believes that the UK's banks are returning to normal and this will help boost productivity.
  • "The post-crisis productivity drag from finance should disappear as deleveraging runs its course," Tenreyro said in a lecture at Queen Mary, University of London.

LONDON — Silvana Tenreyro, a member of the Bank of England's crucial Monetary Policy Committee has sounded an upbeat tone on Britain's sclerotic productivity growth, saying that the UK can improve its output by placing itself at the "technological frontier" in years to come.

Delivering the annual Peston Lecture at Queen Mary, University of London on Monday night, Tenreyro — who was giving her first public speech as a member of the MPC — also said that Britain's banks are finally returning to normal after the trauma of the financial crisis, and are likely to help productivity rise in the UK going forward.

"The post-crisis productivity drag from finance should disappear as deleveraging runs its course," Tenreyro said.

"The sector’s post-crisis performance has been as poor as its pre-crisis performance was strong. Credit and deposit growth have been weak as banks and households have sought to deleverage," she continued.

"But those processes have largely run their course. Looking ahead, a neutral projection might assume that the performance of the finance industry begins to move in lockstep with aggregate GDP and productivity in the rest of the economy. Relative to the past few years, that would amount to a helpful boost to productivity growth." 

Here's Tenreyro's chart:

Screen Shot 2018 01 16 at 08.33.24

Prior to the crisis, the UK's banks were one of the main drivers of growing productivity, but once it hit and losses started to mount, banks were forced to enter survival mode, helping drag on the UK's overall productivity.

Growth has been virtually non-existent in the last 10 years, leading Bank of England Governor Mark Carney in December 2016 to describe the last 10 years as "the first lost decade since the 1860s" when "Karl Marx was scribbling in the British Library."

During her speech, Tenreyro also urged that the markets to not overestimate how quickly the BoE is set to raise interest rates going forward. The bank hiked for the first time since the crisis last November, and indicated that further hikes would be forthcoming in 2018 and 2019. Tenreyro, however, is in no rush.

She did, however, acknowledge that "if the economy evolves as in our November forecast, with steadily increasing domestic inflationary pressures, I expect perhaps a couple more increases in Bank Rate will be required over the next three years."

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A 'hard Brexit' could cost the EU £99 billion by 2020

Business Insider, 1/1/0001 12:00 AM PST

eu flag

  • A no-deal "hard" Brexit would cost the remaining 27 EU countries £99.5 billion ($137 billion) in lost trade and output by 2020, according to UK research group Oxford Economics.
  • The UK would still likely be the biggest loser from leaving the EU without a deal — losing out on £125 billion in output by 2020.



LONDON — A no-deal "hard" Brexit would cost the remaining 27 EU countries £99.5 billion ($137 billion) in lost trade and output by 2020, according to UK research group Oxford Economics.

While the UK would still likely be the biggest loser from leaving the EU without a deal — losing out on £125 billion in output by 2020 — the EU would also suffer a big economic blow much higher than previous estimates, Oxford Economics said.

The analysis comes as the UK prepares to enter the crucial second round of Brexit negotiations, during which both sides will seek to clarify their future trading relationship. While most analyses have focused on the impact of a no-deal scenario for the UK, Oxford Economics' report highlights the risks for both sides should the UK fall back on World Trade Organisation (WTO) rules, which would result in costly tariffs and increase border delays on goods.

Screen Shot 2018 01 16 at 08.30.03

The analysis suggests the EU would lose out on around £44.4 billion directly in exports and imports should the UK fall back on World Trade Organisation rules, which would see costly tariffs charged between the UK and EU countries. That figure rises to £99.5 across the 27 member countries once firms lower-down in the supply chain — the makers of car parts, for example — are considered.

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Bitcoin's huge 2017 rally synched almost perfectly with the number of online searches for 'bitcoin'

Business Insider, 1/1/0001 12:00 AM PST

A chain of block erupters used for Bitcoin mining is pictured at the Plug and Play Tech Center in Sunnyvale, California October 28, 2013. Since discovering digital currency Bitcoins a few months ago, Aaron Jackson-Wilde has paid about $2,000 for

  • The value of bitcoin moved almost perfectly in line with internet searches for the term in 2017, new analysis by SEMrush found. 
  • Online searches for ethereum also moved the price of the cryptocurrency.
  • Bitcoin began to lose ground towards the end of the year as cryptocurrencies such as litecoin and ripple gained in popularity.


LONDON — The price of bitcoin in 2017 correlated almost perfectly with how often the term was searched for online, according to new analysis by intelligence firm SEMrush.

Over the year, online searches for "bitcoin" increased by 1,258%, and in December the term was searched for 17 times more often than the dollar and 101 times more often than the euro. The price of bitcoin moved alongside search volumes almost exactly, the analysis found — the so-called "correlation coefficient" was 95%.

Here's the chart:

Screen Shot 2018 01 16 at 08.18.30

As bitcoin soared in value, rising over 1,000% against the dollar over 2017, investors and financial executives expressed increasing interest and concerns in cryptocurrencies. In response to concerns that cryptocurrencies may be used to facilitate financial crimes and launder money, European and UK authorities are planning to crack down on bitcoin.

The relationship between ethereum's price and the volume of internet search traffic for the term was similarly close to that of bitcoin, with a correlation coefficient of 90%.

Screen Shot 2018 01 16 at 08.19.57

From April last year, cryptocurrency markets attracted more traffic than stock exchanges, and grew 229% in December alone. Nearly 30% of searches came from the US and nearly 10% came from Russia.

Screen Shot 2018 01 16 at 08.29.33

Over the year, bitcoin, ethereum and litecoin were the most searched for cryptocurrencies. But the analysis found bitcoin was losing ground to other cryptocurrencies, losing 25% of its search volume throughout 2017, and that litecoin and ripple started to gain ground on ethereum from November.

Screen Shot 2018 01 16 at 08.26.22 

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NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

Bitcoin's huge 2017 rally synched almost perfectly with the number of online searches for 'bitcoin'

Business Insider, 1/1/0001 12:00 AM PST

A chain of block erupters used for Bitcoin mining is pictured at the Plug and Play Tech Center in Sunnyvale, California October 28, 2013. Since discovering digital currency Bitcoins a few months ago, Aaron Jackson-Wilde has paid about $2,000 for

  • The value of bitcoin moved almost perfectly in line with internet searches for the term in 2017, new analysis by SEMrush found. 
  • Online searches for ethereum also moved the price of the cryptocurrency.
  • Bitcoin began to lose ground towards the end of the year as cryptocurrencies such as litecoin and ripple gained in popularity.


LONDON — The price of bitcoin in 2017 correlated almost perfectly with how often the term was searched for online, according to new analysis by intelligence firm SEMrush.

Over the year, online searches for "bitcoin" increased by 1,258%, and in December the term was searched for 17 times more often than the dollar and 101 times more often than the euro. The price of bitcoin moved alongside search volumes almost exactly, the analysis found — the so-called "correlation coefficient" was 95%.

Here's the chart:

Screen Shot 2018 01 16 at 08.18.30

As bitcoin soared in value, rising over 1,000% against the dollar over 2017, investors and financial executives expressed increasing interest and concerns in cryptocurrencies. In response to concerns that cryptocurrencies may be used to facilitate financial crimes and launder money, European and UK authorities are planning to crack down on bitcoin.

The relationship between ethereum's price and the volume of internet search traffic for the term was similarly close to that of bitcoin, with a correlation coefficient of 90%.

Screen Shot 2018 01 16 at 08.19.57

From April last year, cryptocurrency markets attracted more traffic than stock exchanges, and grew 229% in December alone. Nearly 30% of searches came from the US and nearly 10% came from Russia.

Screen Shot 2018 01 16 at 08.29.33

Over the year, bitcoin, ethereum and litecoin were the most searched for cryptocurrencies. But the analysis found bitcoin was losing ground to other cryptocurrencies, losing 25% of its search volume throughout 2017, and that litecoin and ripple started to gain ground on ethereum from November.

Screen Shot 2018 01 16 at 08.26.22 

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

Bitcoin's huge 2017 rally synched almost perfectly with the number of online searches for 'bitcoin'

Business Insider, 1/1/0001 12:00 AM PST

A chain of block erupters used for Bitcoin mining is pictured at the Plug and Play Tech Center in Sunnyvale, California October 28, 2013. Since discovering digital currency Bitcoins a few months ago, Aaron Jackson-Wilde has paid about $2,000 for

  • The value of bitcoin moved almost perfectly in line with internet searches for the term in 2017, new analysis by SEMrush found. 
  • Online searches for ethereum also moved the price of the cryptocurrency.
  • Bitcoin began to lose ground towards the end of the year as cryptocurrencies such as litecoin and ripple gained in popularity.


LONDON — The price of bitcoin in 2017 correlated almost perfectly with how often the term was searched for online, according to new analysis by intelligence firm SEMrush.

Over the year, online searches for "bitcoin" increased by 1,258%, and in December the term was searched for 17 times more often than the dollar and 101 times more often than the euro. The price of bitcoin moved alongside search volumes almost exactly, the analysis found — the so-called "correlation coefficient" was 95%.

Here's the chart:

Screen Shot 2018 01 16 at 08.18.30

As bitcoin soared in value, rising over 1,000% against the dollar over 2017, investors and financial executives expressed increasing interest and concerns in cryptocurrencies. In response to concerns that cryptocurrencies may be used to facilitate financial crimes and launder money, European and UK authorities are planning to crack down on bitcoin.

The relationship between ethereum's price and the volume of internet search traffic for the term was similarly close to that of bitcoin, with a correlation coefficient of 90%.

Screen Shot 2018 01 16 at 08.19.57

From April last year, cryptocurrency markets attracted more traffic than stock exchanges, and grew 229% in December alone. Nearly 30% of searches came from the US and nearly 10% came from Russia.

Screen Shot 2018 01 16 at 08.29.33

Over the year, bitcoin, ethereum and litecoin were the most searched for cryptocurrencies. But the analysis found bitcoin was losing ground to other cryptocurrencies, losing 25% of its search volume throughout 2017, and that litecoin and ripple started to gain ground on ethereum from November.

Screen Shot 2018 01 16 at 08.26.22 

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

Bitcoin's Price Just Dropped Over $1,300 in 1.5 Hours

CoinDesk, 1/1/0001 12:00 AM PST

The price of a bitcoin just plummeted by over $1,300, as losses are seen across the wider cryptocurrency market.

The top 10 cryptocurrencies are all plunging in a big sell-off

Business Insider, 1/1/0001 12:00 AM PST

bitcoin

  • The 10 biggest cryptocurrencies by market capitalisation are falling on Tuesday morning.
  • Declining Japanese and South Korean trading volumes blamed for spooking the market.
  • Cryptocurrencies surged in 2017 but have been marked by volatility so far this year.
  • Meanwhile, independent financial advisor deVere plans to launch a crypto app.


LONDON — All of the 10 biggest cryptocurrencies by market capitalisation are plunging on Tuesday morning, with most suffering double-digit percentage losses.

Bitcoin fell as much as 14% in early trade, breaking through both $13,000 and $12,000 levels, but has recovered slightly since then. The decline appears to have spooked the market, with other coins selling off in at the same time.

Here's the scoreboard as of 8.45 a.m. GMT (3.45 a.m. ET) and per Markets Insider:

  1. Bitcoin is down 11.3% against the dollar to $12,082.79;
  2. Ethereum is down 11% against the dollar to $1,131.61;
  3. Ripple is down 15.8% to $1.39;
  4. Bitcoin Cash is down 6% to $199.45;
  5. Cardano is down 14.1% to $0.69;
  6. Litecoin is down 10.3% to $207.83;
  7. Neo is down 14.3% to $160.37;
  8. Nem is down 13% to $1.27;
  9. Stellar is down 16.4% to $0.51;
  10. IOTA is down 11.8% to $3.21.

Cryptocurrencies have experienced a volatile start to 2018 after an huge rally last year.

Increased regulatory scrutiny from South Korea has dampened sentiment in the sector. Mati Greenspan, an analyst at trading platform eToro, said declining volumes from Japan and South Korea appeared to be behind Tuesday morning's sell-off.

Crypto prices in these markets typically carry a premium, which pushes up average prices globally.

"The volumes have been declining steadily both in Japan and South Korea over the last few days," Greenspan told Business Insider. "This morning, the combined volume from these two top cryptotrading countries dropped below 30%. Looks like they're tired of overpaying for cryptos and waiting for the market to even out."

Elsewhere in the cryptocurrency space, deVere Group, an independent financial advisor with $12 billion under advisement, announced plans to launch its own cryptocurrency app. DeVere Crypto will let people store, transfer and exchange five major cryptocurrencies, including bitcoin and ethereum.

DeVere's CEO and founder Nigel Green said in a statement: "Traditionalists who declare cryptocurrencies ‘a fad’ are akin to King Canute trying to command the tides of the sea to go back.

"DeVere Crypto is designed to meet the growing need and want to store and transfer cryptocurrencies. It’s meeting the evident demand."

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

The top 10 cryptocurrencies are all plunging in a big sell-off

Business Insider, 1/1/0001 12:00 AM PST

bitcoin

  • The 10 biggest cryptocurrencies by market capitalisation are falling on Tuesday morning.
  • Declining Japanese and South Korean trading volumes blamed for spooking the market.
  • Cryptocurrencies surged in 2017 but have been marked by volatility so far this year.
  • Meanwhile, independent financial advisor deVere plans to launch a crypto app.


LONDON — All of the 10 biggest cryptocurrencies by market capitalisation are plunging on Tuesday morning, with most suffering double-digit percentage losses.

Bitcoin fell as much as 14% in early trade, breaking through both $13,000 and $12,000 levels, but has recovered slightly since then. The decline appears to have spooked the market, with other coins selling off in at the same time.

Here's the scoreboard as of 8.45 a.m. GMT (3.45 a.m. ET) and per Markets Insider:

  1. Bitcoin is down 11.3% against the dollar to $12,082.79;
  2. Ethereum is down 11% against the dollar to $1,131.61;
  3. Ripple is down 15.8% to $1.39;
  4. Bitcoin Cash is down 6% to $199.45;
  5. Cardano is down 14.1% to $0.69;
  6. Litecoin is down 10.3% to $207.83;
  7. Neo is down 14.3% to $160.37;
  8. Nem is down 13% to $1.27;
  9. Stellar is down 16.4% to $0.51;
  10. IOTA is down 11.8% to $3.21.

Cryptocurrencies have experienced a volatile start to 2018 after an huge rally last year.

Increased regulatory scrutiny from South Korea has dampened sentiment in the sector. Mati Greenspan, an analyst at trading platform eToro, said declining volumes from Japan and South Korea appeared to be behind Tuesday morning's sell-off.

Crypto prices in these markets typically carry a premium, which pushes up average prices globally.

"The volumes have been declining steadily both in Japan and South Korea over the last few days," Greenspan told Business Insider. "This morning, the combined volume from these two top cryptotrading countries dropped below 30%. Looks like they're tired of overpaying for cryptos and waiting for the market to even out."

Elsewhere in the cryptocurrency space, deVere Group, an independent financial advisor with $12 billion under advisement, announced plans to launch its own cryptocurrency app. DeVere Crypto will let people store, transfer and exchange five major cryptocurrencies, including bitcoin and ethereum.

DeVere's CEO and founder Nigel Green said in a statement: "Traditionalists who declare cryptocurrencies ‘a fad’ are akin to King Canute trying to command the tides of the sea to go back.

"DeVere Crypto is designed to meet the growing need and want to store and transfer cryptocurrencies. It’s meeting the evident demand."

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

The top 10 cryptocurrencies are all plunging in a big sell-off

Business Insider, 1/1/0001 12:00 AM PST

bitcoin

  • The 10 biggest cryptocurrencies by market capitalisation are falling on Tuesday morning.
  • Declining Japanese and South Korean trading volumes blamed for spooking the market.
  • Cryptocurrencies surged in 2017 but have been marked by volatility so far this year.
  • Meanwhile, independent financial advisor deVere plans to launch a crypto app.


LONDON — All of the 10 biggest cryptocurrencies by market capitalisation are plunging on Tuesday morning, with most suffering double-digit percentage losses.

Bitcoin fell as much as 14% in early trade, breaking through both $13,000 and $12,000 levels, but has recovered slightly since then. The decline appears to have spooked the market, with other coins selling off in at the same time.

Here's the scoreboard as of 8.45 a.m. GMT (3.45 a.m. ET) and per Markets Insider:

  1. Bitcoin is down 11.3% against the dollar to $12,082.79;
  2. Ethereum is down 11% against the dollar to $1,131.61;
  3. Ripple is down 15.8% to $1.39;
  4. Bitcoin Cash is down 6% to $199.45;
  5. Cardano is down 14.1% to $0.69;
  6. Litecoin is down 10.3% to $207.83;
  7. Neo is down 14.3% to $160.37;
  8. Nem is down 13% to $1.27;
  9. Stellar is down 16.4% to $0.51;
  10. IOTA is down 11.8% to $3.21.

Cryptocurrencies have experienced a volatile start to 2018 after an huge rally last year.

Increased regulatory scrutiny from South Korea has dampened sentiment in the sector. Mati Greenspan, an analyst at trading platform eToro, said declining volumes from Japan and South Korea appeared to be behind Tuesday morning's sell-off.

Crypto prices in these markets typically carry a premium, which pushes up average prices globally.

"The volumes have been declining steadily both in Japan and South Korea over the last few days," Greenspan told Business Insider. "This morning, the combined volume from these two top cryptotrading countries dropped below 30%. Looks like they're tired of overpaying for cryptos and waiting for the market to even out."

Elsewhere in the cryptocurrency space, deVere Group, an independent financial advisor with $12 billion under advisement, announced plans to launch its own cryptocurrency app. DeVere Crypto will let people store, transfer and exchange five major cryptocurrencies, including bitcoin and ethereum.

DeVere's CEO and founder Nigel Green said in a statement: "Traditionalists who declare cryptocurrencies ‘a fad’ are akin to King Canute trying to command the tides of the sea to go back.

"DeVere Crypto is designed to meet the growing need and want to store and transfer cryptocurrencies. It’s meeting the evident demand."

Join the conversation about this story »

NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

ViaBTC Increases Cloud Mining Fee Citing China's Mining Resource Scarcity

CoinDesk, 1/1/0001 12:00 AM PST

China's crypto mining pool ViaBTC increases its maintenance fee ratio for AntMiner S9 cloud mining contract, citing mining resource scarcity in China.

Cryptocurrency Market Bloodbath: Bitcoin, Ripple, et al. Decline in Value

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Cryptocurrency Market Bloodbath: Bitcoin, Ripple, et al. Decline in Value appeared first on CCN

Today, on January 16, the cryptocurrency market experienced a major correction, for the third time in the past 10 days. The price of most cryptocurrencies including bitcoin, Ripple, Ethereum, and Bitcoin Cash declined by around 10 percent, while small cryptocurrencies recorded larger losses. With the exception of NEO and Monero, all of the top 20

The post Cryptocurrency Market Bloodbath: Bitcoin, Ripple, et al. Decline in Value appeared first on CCN

Cryptocurrency Market Bloodbath: Bitcoin, Ripple, et al. Decline in Value

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Cryptocurrency Market Bloodbath: Bitcoin, Ripple, et al. Decline in Value appeared first on CCN

Today, on January 16, the cryptocurrency market experienced a major correction, for the third time in the past 10 days. The price of most cryptocurrencies including bitcoin, Ripple, Ethereum, and Bitcoin Cash declined by around 10 percent, while small cryptocurrencies recorded larger losses. With the exception of NEO and Monero, all of the top 20

The post Cryptocurrency Market Bloodbath: Bitcoin, Ripple, et al. Decline in Value appeared first on CCN

'It looks like a real problem': 16% of Britain's poorest households are falling behind on debt repayments

Business Insider, 1/1/0001 12:00 AM PST

Pedestrians pass by a money lending shop in northeast London October 3, 2013. Britain's financial watchdog drew fire on Thursday for failing to impose a cap on the huge interest rates imposed by payday lenders as it set out its plan to discipline the industry.

  • The IFS has sounded a warning over poor households who are falling behind on bills and debt repayments
  • Those households appear to be struggling with "problem debt" which is swallowing huge chunks of their income —around a quarter of the lowest-income households are struggling with repayments.


LONDON — Most of Britain's consumer debt pile is manageable, but poor households falling behind on bills and debt repayment represent a growing cause for concern.

That's according to a report by the Institute for Fiscal Studies, which found that Britain's poorest households appear to be struggling with "problem debt" which is swallowing huge chunks of their income.

The report said about 16% of the lowest-income tenth of households are in arrears on loan repayments and bills. An additional 10% of that group are not behind on bills but are spending over 25% of their disposable income on unsecured debt repayments.

That means in total around 25% of the lowest-income households are struggling with repayments.

Headline numbers are no guide to the scale of 'problem debt'

"Debt looks like a real problem for a significant minority of those on low incomes, who are not keeping up with bills and/or spending high fractions of their disposable income on debt repayment," said David Sturrock, a research economist at the IFS and an author of the report.

"Headline numbers are no guide to the scale of 'problem debt': distinguishing between debts that are entirely appropriate and those that look unmanageable is crucial."

Over 60% of unsecured debt is half by households with above average income, which the IFS said did not represent a significant risk, especially because most of those had financial assets to cover any liability.

"Most unsecured debt is held by high-income households who look able to manage it, and more than half of those with debts have enough financial assets to pay them off," Sturrock said.

Other findings included:

• Roughly 50% of households in Great Britain have some unsecured consumer debt.

• Almost half of that is loans from banks and other financial institutions (43%), with credit card debt the next most significant portion (25%) and hire purchase — buying a car on finance, for example — the third most significant at 21%.

• One in 10 households has more than £10,000 of unsecured debt. Debt holdings are very concentrated in the hands of that group of households, who hold 70% of all unsecured household debt.

• Those with lower incomes are less likely to hold debts, but are more likely to be in "net debt" – with debts of greater value than their financial assets (e.g. savings accounts).

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NOW WATCH: A crypto expert explains the difference between the two largest cryptocurrencies in the world: bitcoin and Ethereum

Coinbase Criticized For Spamming Bitcoin Mempool, CEO Responds

CryptoCoins News, 1/1/0001 12:00 AM PST

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Throughout the past week, Coinbase, the global cryptocurrency market’s largest brokerage and wallet platform valued at $1.6 billion, has been heavily criticized for the absence of Segregated Witness (SegWit) and transaction batching on its platform. Coinbase Lacking SegWit and Batching Transactions Jameson Lopp, the lead engineer and architect at multi-signature blockchain security service provider BitGo,

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