Video games are a big business. A triple-A title can cost up to $100 million to make, including market costs—but can still make many times that return.
 | |  Good morning. Video games are a big business. A triple-A title can cost up to $100 million to make, including market costs—but can still make many times that return. The sector brings in more revenue than movie theaters, and has for several years. But unlike the passiveness of a movie going experience, game players can make a bundle too.
Over the weekend, Epic Games hosted a giant World Cup event for its popular game Fortnite. 100 players from around the world have been flown in to New York City to compete from a $30 million prize pool. The top prize? A cool $3 million. And to think of all the millions of parents in the 1980's and 1990's who warned their children that video games wouldn't pay the bills. | | | | | |
| | | It's Trivia time! Join the fun and win a Trading Tips Hat. With the White House and Congress debating the debt ceiling, what year did Congress first pass a debt limit? To participate, just reply to this email within the next 48 hours only with your answer. All who answer correctly will be automatic winners and will be selected on Monday, August 5th. #Happytrading | | | | |
| | |  | DOW 27,205.21 | +0.24% | | | | S&P 3,025.86 | +0.74% | | | | NASDAQ 8,337.03 | +1.20% | | | | | *As of market close | | | • | Stocks recovered from their Thursday decline on Friday, and strong tech earnings led the Nasdaq higher by over 1 percent. | | | | • | Oil and gold traded flat. Cryptocurrencies were mixed, but traded on low volatility. | | | |
| | | GDP Growth Slows to 2.1 Percent | | | | In the second quarter of 2019, America's Gross Domestic Product came in at 2.1 percent. While that was substantially below the 3.1 percent growth rate reported in the first quarter, it still beat expectations of 1.9 percent.
While it is the strongest sign yet that the economy is starting to slow, the growth rate still indicates that the economy is faring relatively well.
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| | Fund Manager Einhorn Bets Against U.S. Corporate Credit | | | | David Einhorn, founder of Greenlight Capital, is making an unusual macroeconomic bet: He's betting that U.S. corporate debt will go lower. Einhorn cites the relative low rates on the debt, the rise of total corporate debt in recent years, and a weakness in bondholder protections such as covenant protections by complacent ratings agencies. Investors in corporate bonds, as opposed to common stocks, are seeking a safer return with steady income payments.
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| | Insider Activity: Cadence Bancorporation (CADE) | | | | Last week, Richard Fredericks bought 3,105 shares of Cadence Bancorp (CADE), increasing his stake by 3 percent. He paid nearly $50,000. This brings his total stake in the company to nearly 108,000 shares.
Other directors have been buyers, largely back in May. Insiders have been sellers of shares at prices at least 20-25 percent higher than where they currently trade.
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| | | | Unusual Options Activity: Caterpillar (CAT) | | | On Friday, a bearish bet on Caterpillar (CAT) led the options market for the size of unusual activity. Over 7,700 contracts traded on the August $128 put options, against an open interest of 123. That is a 62-fold surge in volume.
With the share price around $134, shares will need to fall at least 4.5 percent for the option to trade in-the-money before the option expires on August 16th.
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| | | | TOP | | | MAT | 13.269% | | | | UHS | 10.893% | | | | GOOG | 10.449% | | | | GOOGL | 9.62% | | | | SBUX | 8.936% | | | | BOTTOM | | | MHK | 17.6% | | | | COG | 12.07% | | | | XLNX | 5.345% | | | | WMB | 4.521% | | | | FTV | 4.095% | | | | |
| | |  | | Over the past few years, corporate debt has expanded dramatically, while covenant packages and other bondholder protections have weakened considerably. Rating agencies have been complacent and allowed debt to Ebitda and debt to equity ratios to deteriorate without a corresponding reduction in credit ratings. Meanwhile, we are a decade into an economic recovery and there are signs the economy may be slowing. | - Greenlight Capital founder David Einhorn, explaining his fund's short position on U.S. corporate debt.  | |
| | Former Forklift Operator Turned Millionaire Shares the Secrets to His Success | | | | | | | He started out making $8,000 a year. Now he's a millionaire many times over — thanks in part to this innovative trading strategy. He developed a formula for "flipping stocks" that leverages the power of real estate — and combines it with the speed and power of the US stock market. The secret has made him millions... and now he's "opening the vault" and teaching ordinary folks the very techniques and strategies that he has used to build his fortune. Learn the details here. | | |
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