In an era of over-the-top corporate CEO's, Patrick Byrne often vies for the top spot. Having announced his resignation from Overstock.com, he also filed a Form 4 showing that he sold his entire stake in the company, worth around $90 million.
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| |  Good morning. "When the tide goes out," Warren Buffett once quipped, "You find out who's been swimming naked." Last week's surge in oil prices revealed at least one trader, who made bets on the price of crude—and was caught proverbially naked.
The trader, based out of a Singapore-based subsidiary of Mitsubishi, ended up booking a $320 million loss. Rather than being allowed to claw back to a profit, the trader, who allegedly manipulated the company's risk-management system to build such a big trade in the first place, was fired.
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| | | Do you think the Fed will cut interest rates another quarter point before the end of the year? Tell us why. | | | | |
| | |  | DOW 26,934.60 | -0.59% | | | | S&P 2,991.77 | -0.50% | | | | NASDAQ 8,117.67 | -0.80% | | | | | *As of market close | | | • | Stocks were trending flat, until reports emerged that Chinese trade officials were cancelling a trip to meet with U.S. negotiators. | | | • | Oil prices traded flat, at $58.00 per barrel. | | | • | Gold shot up 1.1 percent, to $1,523 per ounce. | | | • | Cryptocurrencies dropped again, with Bitcoin trading around $10,100. | | | |
| | | Gordon Haskett Upgrades Costco | | | | Gordon Haksett upgraded shares of Costco (COST), giving shares a price target of $330. That's well above the company's recent 52-week high of $307.
The investment firm cites the likelihood that the retailer will have an easy time beating estimates for earnings in the fourth quarter, and that the company will likely declare one of its periodic special dividends before year-end. Haskett adds to the list of investment analysts seeing shares likely to outperform in the coming months.
» FULL STORY | | | | |
| | McDermott Explores Sale of Lummus Technology | | | | McDermott International (MDR), an infrastructure company, reports that it has received multiple unsolicited offers to acquire all or part of one of its divisions, Lummus Technology. The company values the division at $2.5 billion, and is a licensor of proprietary petrochemicals, refining, gasification, and gas processing technologies.
The company has hired Evercore to advise on how to process the offers. Shares of the company plunged 75 percent in the two trading days before the announcement, on fears of potential bankruptcy.
» FULL STORY | | | | |
| | Insider Activity: Destination XL Group (DXLG) | | | | Harvey Kanter, President and CEO of Destination XL Group (DXLG), picked up 20,000 shares recently, increasing his stake in the company by 200 percent at a cost of $27,800.
He was joined by COO Brian Reaves, who bought 21,735 shares, increasing his stake by 19 percent, and who paid just under $30,000.
Other insiders have been buyers of the company in the past year, and zero insiders have been sellers.
» FULL STORY | | | | |
| | | | Unusual Options Activity: Bank of America (BAC) | | | The January 2022 $30.00 put options on Bank of America (BAC) saw over 3,000 contracts trade against a prior open interest of 108, a 28-fold surge in volume.
With shares trading right around $30, the put option is at-the-money, can could move dollar for dollar with shares during a decline at any point before expiration in the next 851 days.
» FULL STORY | | | | |
| | | | TOP | | | INCY | 3.956% | | | | ALGN | 3.427% | | | | REGN | 3.397% | | | | IT | 2.505% | | | | XRAY | 2.465% | | | BOTTOM | | | STX | 6.823% | | | | DRI | 5.53% | | | | NBL | 4.104% | | | | M | 3.554% | | | | NWL | 2.933% | | | | |
| | |  | | "There are risks of tailwinds and costs to monetary policy being too accommodative. | | - Federal Reserve Bank of Boston President Eric Rosengrin on how low interest rates could fuel speculative bubbles that blow up rather than support the economy.  | |
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