Good morning. Take an extra swig of coffee this morning, especially if you live in California. Under the 1986 Safe Drinking Water and Toxic Enforcement Act, your morning cup o' joe was considered a cancer risk last year, after a state court ruled that any coffee sold in the state had to be labelled as such.
 | | Good morning. Take an extra swig of coffee this morning, especially if you live in California. Under the 1986 Safe Drinking Water and Toxic Enforcement Act, your morning cup o' joe was considered a cancer risk last year, after a state court ruled that any coffee sold in the state had to be labelled as such.
With some studies showing that coffee can lower the risk of cancer, the attempt to label coffee as dangerous is pretty crazy. California regulators have decided to simply not label coffee as either safe or dangerous, citing last year's ruling as an overreach.
It's no surprise that most startup companies in the Golden State focus on technology far from food and beverage production. | | |
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| | |  | DOW 30, 25,720.66 | +0.71% | | | | S&P 2,843.49 | +0.61% | | | | NASDAQ 7,615.48 | +0.53% | | | | | *As of market close | | | • | Stocks rallied for a third day in a row on light data and little, but bullish, corporate news. | | | | • | With bond yields dropping investors may look to stocks for better returns relative to fixed income, even with a trade war potentially slowing down the economy. | | | |
| | | Google Pays $2.6 Billion for Looker | |  | | Google dominates web searches but lags behind others in the cloud and big data space. | | Strategic acquisitions are alive and well in this market, as Google buys Looker Data Services in an all-cash deal. The company is in the business intelligence and big data space, and will now be part of the Google Cloud suite.
During the last private equity round for the company, Looker was valued at $1.6 billion, so this represents a hefty premium of about 62 percent.
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| | 30-Year Mortgage Rates Fall to Two-Year Lows | |  | | Lower mortgage rates could spur refinances, boost housing market nationwide. | | With many investors focused on declining bond yields as a potential yellow flag for the economy, a few advantages are emerging for investors. Thanks to the drop in yields, borrowing costs are lower as well.
For 30-year mortgage rates, the drop has gone from 4.5 percent one year ago to about 3.8 percent as of Thursday. The rate is close to all-time lows, and may entice refinancing activity.
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| | | | Insider Activity: Conn's (CONN) |  | | Multiple directors buy at the regional retail firm. | | Three different directors have been buying shares recently in regional retail outlet Conn's (CONN).
Director James Haworth picked up 2,240 shares, shelling out nearly $40,000 to do so. Director Bob Martin picked up 26,600 shares, for a commitment of over $453,000. And director William Saunders bought 10,000 shares even, paying nearly $180,000.
This kind of cluster of buys by directors is a solid sign.
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| | Unusual Options Activity: Freeport McMoRan (FCX) | |  | | Big bet that copper mining giant will move at least 10 percent higher by early July. | | At least one trader is betting on a 10 percent pop in Freeport McMoRan (FCX) in the next month.
On Thursday, nearly 5,900 contracts traded on July 5th $11 calls. With shares just over $10, they would need to rally nearly $1, or about 10 percent, for these calls to expire in-the-money.
With a prior open interest of 102 in the contract before the trade, this is a big move.
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| | | | TOP | | | AMD | 7.864% |  | | | | IFF | 5.221% | | | | | SHW | 3.733% | | | | | OXY | 3.395% | | | | | COTY | 3.367% | | | | | BOTTOM | | | LB | 4.137% |  | | | | CTVA | 3.963% | | | | | MAC | 3.752% | | | | | VRTX | 3.186% | | | | | CPRI | 3.166% | | | | | |
| | |  | | What we see is that the trend in U.S. stock market sentiment is starting to resemble the pattern observed in the run-up to the Lehman crisis | - Nomura strategist Masanari Takada on recent market volatility  | |
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