Social media companies have long tried to straddle the different goals of providing a forum for people to communicate with each other, while also being a business that provides a safe environment for its users. With the big names now in the regulatory spotlight, the timing seems a bit odd for these companies to crack down on political speech, but they're looking to do just that.
 | | Good morning. Social media companies have long tried to straddle the different goals of providing a forum for people to communicate with each other, while also being a business that provides a safe environment for its users. With the big names now in the regulatory spotlight, the timing seems a bit odd for these companies to crack down on political speech, but they're looking to do just that.
On Thursday, Twitter announced that it would censor President Trump's tweets going into the 2020 election using a process called "down-ranking." While Trump certainly used Twitter masterfully to get elected in the first place, this kind of attack against speech may only make it easier for Trump to play the populist underdog— much like he did in 2016—and win reelection. | | |
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| | |  | DOW 26,526.58 | -10.04% | | | | S&P 2,924.92 | +0.38% | | |  | NASDAQ 7,967.76 | +0.73% | | | | | *As of market close | | | • | Stocks held to modest gains on Thursday, as trading remained quiet ahead of the G20 meeting. Boeing dragged down the Dow. | | | | • | Bitcoin fell by 12 percent in trading after nearly doubling in about a week,, but more conventional assets like oil and gold traded flat. | | | |
| | | Economy Hits 3.1 Percent Growth Rate in First Quarter | | 
| | Revised numbers still show strong economy. | | The U.S. economy grew at a 3.1 percent rate in the first quarter of 2019. That information is based on the latest recalculation to the gross domestic product (GDP) by the department of Commerce.
The rate of growth suggests a reasonably strong economy, but the final numbers coming in ended up revising earlier estimates downward on consumer spending. Although consumer spending still rose, it did so at a slower-than-expected rate.
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| | Retired Goldman Sachs trader says you can't UNSEE this income trick | | |  | | Can you can spot the secret to collecting more money for yourself and your family in this picture?
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| | Bitcoin Drops 16.7% | |  | | Cryptocurrency tanks after big rally. | | Since hitting a low of $3,200 per coin earlier this year, bitcoin prices have been accelerating higher in recent days. Last Friday, bitcoin cracked $10,000—and went as high as $13,500 before a big drop on Thursday.
Despite the large drop, the cryptocurrency is still on track to have its best performing month since 2017, the last time shares started to go parabolic.
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| | | | Insider Activity: Biohaven Pharmaceutical Holding Company (BHVN) |  | | Two insiders buy over $600,000 in shares. | | Insiders still remain incredibly bullish across the biotech and pharmaceutical space.
On Wednesday, two insiders bought shares at Biohaven Pharmaceutical Holding Company (BHVN). CEO Vlad Coric bought 5,000 shares, shelling out just over $201,000. And director John Childs bought 10,000 shares, paying just over $403,000.
This marks the first insider buys at the company in over two years, following insider sales last year in the $50-60 range.
» FULL STORY | | | | |
| | Unusual Options Activity: Altria (MO) | |  | | Trader bets on more downside for tobacco giant. | | Tobacco companies have had a rough year, amidst long-term sales declines and a decision to pass on major investments in the growing cannabis industry.
One trader sees some more downside, with a large put option trade on Altria (MO). On Thursday, over 9,500 contracts of the July 12th $49 put options traded, a 57-fold increase in volume on the option.
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| | | • | Ahead of G20, China lists some demands for a trade deal, including lifting the Huawei ban. | | | | | • | United States partners with other countries on a plan for better tanker security in the Gulf of Oman. | | | | | • | Despite economic growth, fewer renters believe they will ever own a house. | | | | | • | The current rally in gold looks like it could last, unlike prior pullbacks. | | | | | • | Boeing shares weigh on the Dow as new flaw in the 737 Max is revealed. | | | | | • | Also in travel, startup corporate travel platform TripActions quadruples valuation with new funding. | | | | | • | With big tech in the regulatory crosshairs, Mark Zuckerberg makes the case against a breakup. | | | | | • | 250 retailers will compete with Amazon on Prime Day, up from 194 last year. | | | | | • | In real estate, Jackie O's Compound on Martha's Vineyard is on sale for $65 million. | | | | | • | In earnings news, Nike misses by $0.04 on earnings, but reports increased sales in China. | | |
| | | | TOP | | | CTL | 6.691% | | | | LB | 6.129% | | | | TRIP | 5.744% | | | | GTX | 5.578% | | | | NKTR | 4.175% | | | | BOTTOM | | | CAG | 12.098% | | | | BA | 2.913% | | | | COP | 2.359% | | | | JWN | 2.329% | | | | LW | 2.064% | | | | |
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| | |  | | We believe that recent softness in manufacturing indices is beginning to reflect the fact that demand growth is starting to flag, leaving producers in an increasingly difficult position | - Cailin Birch, global economist at The Economist Intelligence Unit, on the recent first quarter GDP revisions.  | |
| | The Next Big Bankruptcy In America… | | | | No one believed Porter Stansberry years ago when he said the world's largest mortgage bankers (Fannie Mae and Freddie Mac) would soon go bankrupt.
And no one believed him when he said GM would fall apart… or that the same would happen to General Growth Properties (America's biggest mall owner)… or that oil would fall from over $100 per barrel to less than $40 a barrel.
But in each case, that's exactly what happened.
And now Stansberry says something new and terrible is unfolding in America: The "enslavement" of millions of Americans is leading to a political event that is unlike anything we've seen in our country in more than 50 years. | | | |
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