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    Forex News
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Trade Idea of the Day Presented by: Wall Street Pit

Notable Upgrades: Palo Alto Networks (PANW), ImmunoGen (IMGN), NetEase (NTES), Dycom...

Analysts at Argus are out with a report this morning upgrading shares of Palo Alto Networks, Inc. (PANW) with a ‘Buy’ from ‘Hold’ rating. The firm set the name’s price target at $227. In the past 52 weeks, shares of Santa Clara, California-based provider of... Read More

Tesla Tumbles After Recalling 90,000 "Best Car Ever" Model S Sedans

Tesla Motors Inc. said it’s conducting a voluntary recall of 90,000 Model S cars because of a single report of a front seat belt not being properly connected. “Tesla recently found a Model S in Europe with a front seat belt that was not properly connected to the outboard lap pretensioner,” the company said in an e-mail to customers Friday. “This vehicle was not involved in a crash and there were no injuries...

Existing Home Sales Tumble, Weakest Annual Growth Since January

Dominated by an 8.7% collapse in The West, existing home sales fell 3.4% in October MoM (worse than the 2.7% drop expected) to a 5.36mm SAAR. Year-over-year, existing home sales are up just 3.9% - the weakest since January. And finally, in a mind-numbing reality for The Fed's wealth creation plan, median home prices have now dropped for 4 months in a row. This is the weakest growth in existing home sales since January...

Valeant Dead-Cat-Bounce Dies As Stock Plunges 10% Off Morning Highs

From an intraday high of $97.64, Valeant shares are down 10% this morning as the last few days' short squeeze and hope-fueled stability in the hedge fund hotel has given way to more 'first mover advantage' across the levered trading community. As we noted here, this is what hedge fund panic looks like. It seemed like such a good morning...

Chicago Fed: "Index shows economic growth improved in October"

The Chicago Fed released the national activity index (a composite index of other indicators): Index shows economic growth improved in OctoberLed by improvements in employment- and production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to –0.04 in October from –0.29 in September. Two of the four broad categories of indicators that make up the index increased from September, but only one category made a positive...

Gold & Silver Surge Off Goldman's "Crucial Levels"

The safety bid this morning in bonds and bullion is very evident following the Turkish shooting down of a Russian fighter jet. The push higher began yesterday as the almost unprecedented downward spiral in precious metals hit what Goldman called "crucial levels," and bounced. As Goldman notes, in Gold, the critical level is 1,068-1,066. In Silver, support spans 13.98-13.83. Gold Daily/Weekly – The level to watch in Gold is...

Bill Ackman Triples-Down On Valeant: Boosts Stake To 9.9% By Buying Calls, Selling Puts

In the infamous words of Kenny Rogers, "you gotta know when to fold 'em," but in the case of Bill Ackman and his Pershing Square Fund's massive losing position in Valeant (19.47 million shares at average cost of $183.57 against today's $87.11 lows), he has decided to not just double-down, but triple-down by selling puts to fund calls and increase his stake in the company to 9.9% (or 34.12 million shares)...

Kolko: "Why Millennials Still Live With Their Parents"

This morning the Census reported that more young adults are living with their parents in 2015 than during the recession. Despite widespread expectations (including my own) that young people would move out as the job market recovered, they are not. The share of 18-34 year-olds living with parents was 31.5% in 2015, up from 31.4% in 2014. (These Census data are from March of each year. See note at end of post on data and methods.) ...

Comments on October New Home Sales

The new home sales report for October was slightly below expectations, however sales for July, August and September were revised down. Sales were up 4.9% year-over-year in October (SA). Earlier: New Home Sales increased to 495,000 Annual Rate in October. Even though the October report was somewhat disappointing, sales are still up solidly year-to-date. The Census Bureau reported that new home sales this year, through October, were...

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