Currency brokerage FXCM's stock sank, going from around $17 a share to $13, after the Swiss central bank decided to let the franc trade freely against the euro, and is still halted right now. This tweet by Andy Swan pretty much sums up the risks you take when you trade currencies, especially if you are leveraged up on a trade.
You'd think by now that Bank of America would have solved things since the financial crisis happened over six years ago. But no, what with piles of legal bills paid out it still doesn't seem like it's time to buy shares of Bank of America, especially with interest rates so low still. Over on Fast Money on CNBC, Josh Brown was a seller of his shares in BAC.
Ben Bernanke loves to drink his coffee in the morning and read the paper and thank God he doesn't have to deal with any problems.
Obama made a pretty good call a few years ago
. Actually, a crazy brilliant call about the stock market. And if you listened to him, and went in big, you're very rich right now. Well, now Obama is saying don't starting buying all those gas guzzling SUVs just yet.
“I would strongly advise American consumers to continue to think about how you save money at the pump because it is good for the environment, it’s good for family pocketbooks and if you go back to old habits and suddenly gas is back at $3.50, you are going to not
There was no Mad Money for Jim Cramer in this stock trade - no boo-yah shouts:
Memorex Telex was by far the worst investment I have ever made. This computer-storage company had a terrific business but way too much debt. So in 1992 they filed a prepackaged bankruptcy that wiped out the stockholders.
I waited for the bondholders who got stock in the bankruptcy to sell it. I bought several hundred thousand shares at $2 when it started trading. It almost immediately dropped to $1.50, where I bought another couple of hundred thousand. In a few months the stock dropped to
Just imagine the Chariots of Fire music playing as Michael Lucarelli
runs from the CNBC cameras even though he loses a sandal...he's perfect for the role.
TD Bank, a Canadian bank, is growing in the United States because it didn't take part in the subprime mortgage crisis and it focuses on functioning as an actual bank, you know with tellers and dog biscuits. Yes, the best American bank is a Canadian bank, not one of those too big to fail banks like Wells Fargo, Bank of America or JP Morgan. No, the best American bank is Toronto-Dominion Bank:
In the late nineteen-nineties and early two-thousands, the financial-services industry innovated by selling products like subprime mortgages, collateralized debt obligations, and mortgage-backed securities, some to a previously untapped customer
Janet Yellen's neighbors aren't too happy with her security detail. Her neighbors don't like the police officers who shuttle her to and from the Federal Reserve and watch her residence. In particular, they don't like their silly blue police uniforms, how they eat fast food, and their visible guns, along with a number of other things. But it all sounds like it could make a great movie though, how about Neighbors Part II
starring Janet Yellen:
"As neighbors tell it, earlier this year, the security detail protecting new Federal Reserve Chairwoman Janet Yellen barreled through the cul-de-sac where
The week in the stock market has only just started but we already have our financial tweet of the week. Too many times traders want to get revenge, win back the money they lost or get too attached to a stock or just let their emotions and their ego get too involved in the trading, which only leads to disaster. This tweet pretty much nails it.
GoPro went public yesterday and the stock is shooting higher, up 18% as I write this. I think ZeroHedge captures the essence of this IPO with this tweet.
This is from GoPro's description in their Google Finance listing:
"GoPro, Inc. develops hardware and software solutions to alleviate consumer pain points
associated with capturing, managing, sharing and enjoying engaging content."
Not sure what "consumer pain" points