New technologies, from the automobile to the personal computer, start out expensive and priced as luxuries. As wealthy folks show demand, increased production can drive prices down. That's why today's computers are cheaper, adjusted for inflation, than those in the 1990's.
 | | Good morning. New technologies, from the automobile to the personal computer, start out expensive and priced as luxuries. As wealthy folks show demand, increased production can drive prices down. That's why today's computers are cheaper, adjusted for inflation, than those in the 1990's.
But some innovations try to start from the bottom up instead of the top down. Such plans rarely work, but people keep trying. On Tuesday, Amazon announced a plan to issue a credit card offering for people with bad or no credit. While plenty of these folks are credit worthy and will likely pay the bills (eventually), Amazon will likely learn the lesson that bankers learned a decade ago when they started writing so-called "NINJA" mortgages to people with "no income and no jobs." | | |
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| | |  | DOW 30, 26,048.51 | -0.05% | | | | S&P 2,885.72 | -0.03% | | | | NASDAQ 7,822.57 | -0.01% | | | | | *As of market close | | | • | Stocks were mostly flat on Tuesday, as news of more stimulus out of China led to an initial rally that faded out. | | | | • | In muted trading, few big moves occurred in any asset class, with a modest decline in oil prices after inventory data late in the day indicated higher-than-expected supplies. | | | |
| | | China Plans New Stimulus Measures | |  | | China moves to bolster slowdown in economic growth. | | China announced new stimulus measures on Tuesday, which helped fuel a global push higher for stocks early in the day. The country announced that local governments are being urged to issue "special" bonds to pay for big projects. With local government debt in China seen as a big concern, the push from the state itself, and the likely backing implied by the push, has given investors one less reason to worry.
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Wall Street legend Paul Mampilly recently identified this as the stock of the century.
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| | Sprint, T-Mobile Merger Under Fire | |  | | States plan legal battle ahead of DOJ approval for the carrier merger. | | Shares of both T-Mobile (TMUS) and Sprint (S) struggled on Tuesday, on reports that at least 10 state attorneys general are preparing to stop the proposed merger of the company.
The combined entity would create a $26 billion carrier company. The Department of Justice was expected to make a decision on the merger later this week, with the head of the antitrust division appearing to approve of the merger.
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| | | | Insider Activity: Occidental Petroleum (OXY) |  | | Two insiders make a multi-million dollar buy in the oil giant. | | Two corporate insiders have just bought in over $2 million in shares of Occidental Petroleum (OXY).
On June 10, CEO Vicki Hollub bought 37,460 shares, a commitment of over $1.8 million. SVP Marcia Backus bought 10,000 shares, putting down over $480,000. The buys come after shares have slid from $54 in the past month to $47 in recent days.
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| | Unusual Options Activity: Tesla Motors (TSLA) | |  | | Big bet that automaker's shares will decline this month. | | At least one trader is betting on a modest decline in Tesla Motors (TSLA) between now and the end of the month.
On Tuesday, over 7,500 contracts traded on a June 28th, 2019 $210 put option for Tesla. With a prior open interest of 286, this represents a twenty-six-fold surge in volume. Shares currently trade around $217, implying a downside of $7, or about three percent, for these put options to move in-the-money before expiration.
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| | | | TOP | | | ALB | 3.525% |  | | | | SLB | 3.44% | | | | | RF | 3.431% | | | | | CTL | 3.291% | | | | | HRB | 3.118% | | | | | BOTTOM | | | RTN | 5.113% |  | | | | LLL | 4.389% | | | | | HRS | 4.278% | | | | | UTX | 3.961% | | | | | ABMD | 3.818% | | | | | |
| | |  | | We continue to see the Permian representing the key driver of global oil supply growth for the next five years, | - Goldman Sachs analyst Brian Singer, perhaps explaining why oil inventories continue to build  | |
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