Economists are usually dry, boring, precise, and don't raise any eyebrows. But when UBS Chief Economist Paul Donovan made an innocent comment last week, he ended up in hot water. Citing inflation in China, Donovan said that the recent uptick was mainly due to sick pigs, which only "matters if you are a Chinese pig."
 | | Good morning. Economists are usually dry, boring, precise, and don't raise any eyebrows. But when UBS Chief Economist Paul Donovan made an innocent comment last week, he ended up in hot water. Citing inflation in China, Donovan said that the recent uptick was mainly due to sick pigs, which only "matters if you are a Chinese pig."
In China, however, dubious translations have led some to believe that Donovan was referring to the Chinese people as pigs. The result? A push from the Chinese government to cut ties with UBS, and to have all folks involved fired. The lesson? If you're an economist, stick to being boring rather than making a good sound bite. | | |
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| | |  | DOW 30, 26,089.61 | -0.07% | | | | S&P 2,886.98 | -0.16% | | | | NASDAQ 7,796.66 | -0.52% | | | | | *As of market close | | | • | Stocks dipped slightly Friday, amid lackluster economic data. | | | | • | Gold hit a 2019 high, topping $1,350. Oil moved one-half percent higher after Thursday's events in the Gulf of Oman. | | | |
| | | Consumer Sentiment Slides, Missing Estimates | |  | | Tariff fears weigh on customers this month. | | Consumer sentiment missed estimates for the month of June. Sentiment came in at 97.9 against a consensus of 98.4, and a prior reading of 100.0.
The index is centered around the number 100, with numbers over 100 showing increasing confidence. Numbers below 100 indicate declining confidence. Year-over-year, sentiment has declined 0.3 percent.
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| | 5G Stocks Are About to Get Red-Hot | |  | | One penny-sized piece of "plastic" is about to set a massive investment opportunity in motion. It's a tiny modem that makes new 5G technology 100x faster than your home internet... and Comcast is worried. We've identified 3 stocks set to produce returns as high as 3,217% from one of the greatest technological shifts in our lifetime. Get in early and own these 5G stocks on the cheap. Click here for all the details. | |
| | Chewy Goes Public, Shares Rally From IPO Price | |  | | Online pet retailer adds to list of companies going public this year. | | Online pet product retailer Chewy (CHWY), went public on Friday, adding to a full calendar for companies making their debut on market exchanges this year.
Shares were initially sold at $36 per share, after being priced at $22 just before launch. The company raised about $1 billion in the IPO, and the launch price gave the company an $8.8 billion valuation.
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| | | | Insider Activity: Chico's FAS (CHS) |  | | Two insiders buy at clothing retailer. | | On June 13th, two insiders picked up shares at Chico's FAS (CHS).
These buyers include SVP & General Counsel Gregory Baker, who picked up 2,000 shares, paying nearly $7,200 to do so. Director Kimberly Tofalli bought 14,000 shares, shelling out just under $51,000.
An executive and director buy around the same time is a solid sign that shares are undervalued. It's as stronger buy signal than just one purchase.
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| | Unusual Options Activity: Apple (AAPL) | |  | | Trader bets on big move in shares by January. | | At least one trader is betting that Apple (AAPL) could move over 40 percent higher between now and January 2020.
On Friday, over 5,390 options had traded on a January 2020 $275 call for the company. With shares trading around $192, that implies a 43 percent upside in shares in the next six months.
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| | | | TOP | | | FB | 2.175% | | | | VTR | 2.033% | | | | CF | 1.905% | | | | UAA | 1.767% | | | | INCY | 1.755% | | | | BOTTOM | | | FFIV | 5.65% | | | | NBL | 5.007% | | | | AGN | 4.198% | | | | IPGP | 3.911% | | | | HP | 3.682% | | | | |
| | |  | | If he shows up, good. If he doesn't - in the meantime, we're taking in billions of dollars a month. Eventually, they're going to make a deal, because they're going to have to…" | - President Trump on meeting with Chinese President Xi later this month at the G20 meeting.  | |
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