In the investment world, trust remains a critical tool. When trust is lost, a relationship that took years or even decades to build can go quickly. So when Deutsche Bank announced that it was changing its structure and getting out of investment banking, the bank's counterparties, such as hedge and retirement funds, have started to pull their capital to park it with a more reliable one.
 | |  Good morning. Down 35 percent from recent highs, Bitcoin prices prove that volatility is the norm for the gold standard of cryptocurrencies. A congressional hearing on Facebook's proposed Libra currency this week hasn't helped matters at all.
But while Bitcoin detractors win the occasional battle, the cryptocurrency's supporters see nothing short of total victory. John McAfee, who once stated on Twitter that he will consume his… anatomy… if the currency is below $500,000 per token by the end of 2020, say he's still positive that the currency may even be closer to $1 million per token by then. | | | | | | | | |  | DOW 27,219.85 | -0.42% | | | | S&P 2,984.42 | -0.65% | | | | NASDAQ 8,185.21 | -0.46% | | | | | *As of market close | | | • | Stocks traded modestly down again on Wednesday, on no major news breaks and a slow day for earnings reports. | | | | • | Commodities also traded steady, with oil extending its loss from Tuesday. Cryptocurrencies bounced modestly after Tuesday's drop and gold rose 1 percent, with silver hitting $16. | | | |
| | | Building Permits See Biggest Decline in Three Years | | 
| | Data suggests economy starting to slow. | | On Wednesday, data released on building permits showed the largest decline in three years. Housing Starts dropped 0.9 percent month-over-month, worse than the 0.7 percent expected drop.
Building permits, however, faced a huge 6.1 percent month-over-month drop, the worst since March 2016. This is the sixth
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| | CSX Shares Decline | |  | | Railroad reports lower earnings and revenue on reduced car loads. | | Shares of railroad company CSX (CSX) dropped around 10 percent on Wednesday, following earnings after the closing bell on Tuesday.
CSX earned $1.08 per share in the second quarter, just missing the $1.11 per share expected by analysts. Revenue also came in at $3.06 billion, against an estimate of $3.14 billion.
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| | | | Insider Activity: Century Bancorp (CNBKA) |  | | Major owner increases stake in regional bank. | | On Tuesday, James Filler bought just over 2,500 shares of Century Bancorp (CNBKA). He already owns more than 10 percent of shares.
The buy, with a total purchase price of $219,000, increases his total position to 702,919 shares, and represents a 0.36 percent increase in his total holdings. Like many other insiders in recent days, Filler sees solid opportunities in companies where he already has a large stake.
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| | Unusual Options Activity: Facebook (FB) | |  | | Bet on surge in shares by September. | | Shares of Facebook (FB) may be heading higher—almost 50 percent higher, based on one unusual trade.
On Wednesday, over 14,000 of the September 2019 $290 call options on the company traded. With shares at $202, shares would need to rise by 45 percent for them to trade in-the-money in the next 64 days before expiration.
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| | | | TOP | | | CTAS | 8.741% | | | | HSY | 3.76% | | | | ABT | 3.127% | | | | CAG | 2.914% | | | | ABMD | 2.487% | | | | BOTTOM | | | CSX | 10.27% | | | | TXT | 9.532% | | | | NSC | 7.478% | | | | UNP | 6.052% | | | | KSU | 4.91% | | | | |
| | Top Rated Technology Stocks |  | | | |
| | |  | | Both global and U.S. economic conditions have been unusual this year, to say the least, and have impacted our volumes. You see it every week in our reported carloads…The present economic backdrop is one of the most puzzling I have experienced in my career | - CSX CEO James Foote on why the railroad fell short on revenue and earnings this quarter  | |
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