Celgene Corporation (CELG) and Juno Therapeutics (JUNO) announced the signing of a definitive merger agreement in which Celgene has agreed to acquire Juno. Under the terms of the merger agreement, Celgene will pay $87 per share in cash, or a total of approximately $9B, net of cash and marketable securities acquired and Juno shares already…
Government shutdown! No one really cares. It sounds like something, but it’s nothing. The government was shut down for 2 weeks in 2013 and hardly anyone noticed and, frankly, this Government has been dysfunctional for pretty much all of 2017, so it’s not like we’re going to miss it. Meanwhile, our President is tweeting from…
from the Cleveland Fed — this post authored by Murat Tasci and Caitlin Treanor Though labor market statistics are often reported and discussed at the national level, conditions can vary quite a bit across individual states. We explore differences in these conditions before and after the Great Recession using a ratio of the number of unemployed workers to…
Over the past 18-months or so, I have written several articles on the potential for a “market melt-up,” which I updated in last week’s post “Market Bulls Target S&P 3000.” “With investors now betting on a sharp rise in earnings to reduce the current levels of overvaluation, there seems to be little in the way of the next major…
For the first time since the Great Recession my wage equation says average hourly earnings growth should be higher than the actual data shows. Moreover, the fitted value is rising sharply. Each of the three variables in the equation — the unemployment rate, capacity utilization, and inflation expectations — is now pushing the fitted value…
While many investors understand the important role that China plays in the global economy, this generally doesn’t translate into significant portions in their equity portfolios. In our view, this will likely change over the course of the next several years. After a series of financial market reforms, President Xi Jinping could be on track to…
OVERNIGHT MARKETS AND NEWS Mar E-mini S&Ps (ESH18 -0.06%) this morning are down -0.07% as the partial shutdown of the U.S. government begins for a third day. The Senate has a vote scheduled for 12pm Eastern time to sees if the impasse can be ended. European markets are up +0.16% at a 2-1/4 month high and EUR/USD moved…
Basic materials sector includes thirteen industries all tied to the mining or manufacturing of basic commodities. The Basic Materials Industries include: agricultural inputs, aluminum; building materials, chemicals, coal, copper, gold, industrial metals, lumber & wood, paper, silver, specialty chemicals, and steel. Today I’m reviewing a coal company named SunCoke Energy Partners, L.P. It’s trading ticker…
Despite speculation that a rise in shale output would test the resolve of the OPEC/Non-OPEC accord, the two players that matter, Saudi Arabia and Russia, appear ready to double down on their production cut strategy. Saudi Energy Minister Khalid Al-Falih and Russian Oil Minister Alexander Novak, in an interview with Bloomberg News, both say that…
XAU/USD is facing the resistance of the upper trend line (now at around 1343.00) of the triangle pattern on its weekly chart once again. Being contained by the trend line, the gold price pulled back from 1344.65. XAU/USD Weekly Chart Let’s look into the 4-hour chart, the fall from 1344.65 is likely consolidation of the uptrend from…
