Hunter Biden’s Ukraine and China deals were probably legal, and that’s the problem

That is, we’re learning just how common it is for the children and other family members of leading U.S. politicians to get lucrative jobs and other positions from foreign state-owned enterprises. There’s also the neat trick of getting all those legal American-made campaign donations into the pockets of the candidates’ family members. So many ways to win favorThere are many other ways to at least try to win favor with our top elected officials via their family members that don’t involve actual ca


That is, we’re learning just how common it is for the children and other family members of leading U.S. politicians to get lucrative jobs and other positions from foreign state-owned enterprises. There’s also the neat trick of getting all those legal American-made campaign donations into the pockets of the candidates’ family members. So many ways to win favorThere are many other ways to at least try to win favor with our top elected officials via their family members that don’t involve actual ca
Hunter Biden’s Ukraine and China deals were probably legal, and that’s the problem Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: jake novak
Keywords: news, cnbc, companies, thats, positions, legal, probably, president, members, trump, problem, university, hunter, biden, family, ukraine, bidens, campaign, china, deals, laws


Hunter Biden's Ukraine and China deals were probably legal, and that's the problem

Hunter Biden speaks during the World Food Program USA’s 2016 McGovern-Dole Leadership Award Ceremony at the Organization of American States on April 12, 2016 in Washington, DC. Kris Connor | WireImage | Getty Images

Whether the politicians in Washington like it or not, the last few weeks of non-stop coverage of the Trump impeachment inquiry has been shining a light on a disturbing practice that’s been in place since long before this president ever took office. That is, we’re learning just how common it is for the children and other family members of leading U.S. politicians to get lucrative jobs and other positions from foreign state-owned enterprises. It may all be legal, but it certainly seems like a brilliant way to get around U.S. campaign finance laws that prohibit donations from foreigners and foreign governments. It’s important to emphasize that in this Ukraine scandal, there isn’t any evidence that Hunter Biden or former Vice President Joe Biden broke any laws as the younger Biden received his lucrative state-owned Ukrainian natural gas company board post. But let’s be clear: the fact that getting these high-paying jobs and positions is often 100 percent legal isn’t a reason to be less concerned. It’s a reason to be more outraged. But let’s be even more clear. It’s not just foreign company boards of foreign-owned investment funds at play. Children of elected officials from both parties have received lucrative jobs from U.S. companies, regardless of their experience or comparable salaries for the same positions. There’s also the neat trick of getting all those legal American-made campaign donations into the pockets of the candidates’ family members. The easy way to do that is for a candidate to simply hire his or her family members as official staffers on the campaign and pay them whatever salary they like. That’s a long running practice several elected officials from both parties have employed for years.

So many ways to win favor

There are many other ways to at least try to win favor with our top elected officials via their family members that don’t involve actual cash and salaries. For example, the admission rates for Stanford University (4.8 percent), Yale University (6.3 percent), Harvard University (5.4 percent), and Georgetown Law School (24 percent), are all extremely low. But for each of our last four presidents, the acceptance rate for their children at these schools has been a head-scratching 100 percent. Either each one of these presidential kids was coincidentally a genius, or someone in academia knows how to use influence to keep those huge endowments untaxed. Once again, to those journalists and all the legal eagles correctly pointing out that no laws are being broken by any of this, the public has one thing to say: Big deal. Yeah, so it’s likely no laws are technically being broken. But the spirit of campaign finance and bribery laws is being trashed thoroughly. Of course the voters are not alone in knowing this has been the case for some time. Back in 2014, many of the same Democrats who are now defending the Bidens now were decrying the indirect influence lobbyists and corporations were gaining by paying off politicians’ relatives. It would be great if they had the intellectual honesty to be just as outraged by the very appearance of impropriety in the Biden case as they appear to be in response to everything they don’t like about President Trump. There should be plenty of room for outrage over the deals, legal or not, that Hunter Biden made with foreign-owned companies and whatever President Trump and his aides have done to bring this story into the spotlight. In other words, there’s plenty of room to be angry at both the Bidens and President Trump over this entire matter.

Uncharted territory


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: jake novak
Keywords: news, cnbc, companies, thats, positions, legal, probably, president, members, trump, problem, university, hunter, biden, family, ukraine, bidens, campaign, china, deals, laws


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Sterling soars to 7-week high on optimism of a Brexit breakthrough

Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low. The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop. Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.” Kit Juckes, chief foreign e


Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low. The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop. Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.” Kit Juckes, chief foreign e
Sterling soars to 7-week high on optimism of a Brexit breakthrough Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: david reid
Keywords: news, cnbc, companies, traders, breakthrough, short, newspaper, positions, sterling, soars, optimism, report, opposition, northern, london, brexit, times, 7week, high


Sterling soars to 7-week high on optimism of a Brexit breakthrough

Sterling rose to its highest level since late July on Friday as momentum appeared to swell behind the idea that Britain won’t leave the European Union without a formal deal.

Shortly after11 a.m. in London, the pound had risen 1% for the session to reach $1.2456. Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low.

The main driver behind buying appeared to be a newspaper report in The Times newspaper that suggested that the Democratic Unionist Party is softening its opposition to a Northern Ireland-only backstop.

The DUP has long rejected the backstop — an insurance policy against any hard border within Ireland — as any part of the Brexit process. DUP leader Arlene Foster once described her party’s opposition as a “blood red” line.

Foster again discredited the prospect of a Northern Ireland-only backstop on Friday and derided the Times report, stating “anonymous sources lead to nonsense stories.”

Despite that rebuttal, sterling clung on to its gains and even took a further leg higher.

Kit Juckes, chief foreign exchange strategist at Societe Generale, said in his daily research note Friday that the Times report had triggered some traders to cover off their short positions on sterling. Short positions are where traders bet against an asset, believing it will fall in price, in order to make a profit.

Juckes cautioned that it was now “very late in the day” for U.K. Prime Minister Boris Johnson to arrange a fresh deal that would satisfy lawmakers in Belfast, London and Brussels.


Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: david reid
Keywords: news, cnbc, companies, traders, breakthrough, short, newspaper, positions, sterling, soars, optimism, report, opposition, northern, london, brexit, times, 7week, high


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Euro remains subdued before key ECB meeting this week

Leveraged funds have increased their net short positions on the euro, expecting the ECB to cut interest rates, announce it will buy government bonds or other European assets, or both. “ECB watchers are confident there could be a 20 bps cut and so the potential surprise (for the euro) on the rate cut isn’t that big,” said Esther Maria Reichelt, a Commerzbank analyst. “It’s far more difficult to assess what kind of unconventional measures” the ECB could use to stimulate the euro zone economy, whic


Leveraged funds have increased their net short positions on the euro, expecting the ECB to cut interest rates, announce it will buy government bonds or other European assets, or both. “ECB watchers are confident there could be a 20 bps cut and so the potential surprise (for the euro) on the rate cut isn’t that big,” said Esther Maria Reichelt, a Commerzbank analyst. “It’s far more difficult to assess what kind of unconventional measures” the ECB could use to stimulate the euro zone economy, whic
Euro remains subdued before key ECB meeting this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09
Keywords: news, cnbc, companies, remains, european, rate, cut, key, traders, ecb, subdued, far, dollar, sept, meeting, positions, euro, week


Euro remains subdued before key ECB meeting this week

The euro fell to a five-day low against the dollar Monday as investors remained convinced the European Central Bank would introduce a new wave of monetary policy stimulus at its meeting on Thursday.

Leveraged funds have increased their net short positions on the euro, expecting the ECB to cut interest rates, announce it will buy government bonds or other European assets, or both.

Other global central banks are already loosening monetary policy, including the People’s Bank of China, which on Friday cut the amount of cash that banks must hold as reserves.

“ECB watchers are confident there could be a 20 bps cut and so the potential surprise (for the euro) on the rate cut isn’t that big,” said Esther Maria Reichelt, a Commerzbank analyst.

“It’s far more difficult to assess what kind of unconventional measures” the ECB could use to stimulate the euro zone economy, which “could have a far bigger impact on the euro,” Reichelt said.

Money markets are pricing in a 72% chance the ECB will cut rates by 20 basis points on Thursday, lower expectations than last week. Some analysts suggest the ECB will start buying euro zone equities, not just government bonds, in a new wave of quantitative easing.

The euro was neutral against the dollar in early London trade at $1.1033. It slipped to $1.10155 overnight, its weakest since Sept. 4.

Hedge funds have added more short euro positions, taking the amount of contracts to $6.74 billion in the week to Sept. 3, the highest in a month, though positions were not as big as in April.

The dollar index, which tracks the U.S. currency against six other currencies, was flat at 98.438. The dollar was confined to a narrow range against the yen as traders weighed the prospect of U.S. rate cuts against their demand for safe-haven assets. Dollar/yen was last flat at 106.93.

The Federal Reserve will continue to act “as appropriate” to sustain the U.S. economic expansion, Fed Chair Jerome Powell said Friday in Zurich, bolstering expectations for a rate cut at the Fed’s meeting on Sept. 18.

Elsewhere, the Australian dollar, a proxy for risk, jumped to a five-week high of 0.68625 against the U.S. dollar as traders became more optimistic that China would withstand the impact of trade disputes with the United States, after its central bank cut its reserve rate ratio.

The New Zealand dollar held onto gains, trading at 0.6419 against the U.S. dollar, not far from the four-week high of 0.6444 it reached on Friday.

Sterling was down 0.4% at $1.2235 as traders waited to see whether the British parliament would vote to hold an early general election before the Oct. 31 Brexit deadline. If a snap election were held and the Conservative Party won, it could scrap recent legislation to extend Britain’s exit from the European Union for a third time. Against the euro, sterling was 0.5% lower at 90.13.


Company: cnbc, Activity: cnbc, Date: 2019-09-09
Keywords: news, cnbc, companies, remains, european, rate, cut, key, traders, ecb, subdued, far, dollar, sept, meeting, positions, euro, week


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Mutual fund managers are betting big on banks, and it’s killing them

Mutual funds are most overweight in financials across all sectors, according to a Goldman Sachs analysis of 597 equity mutual funds with $2.6 trillion of asset under management, based on their positions by the end of the second quarter. The fund managers’ positions on mutual funds may have changed during the third quarter. “The decline in interest rates has also been a drag on relative fund performance because managers are overweight Financials … the largest overweight across all sectors,” Arj


Mutual funds are most overweight in financials across all sectors, according to a Goldman Sachs analysis of 597 equity mutual funds with $2.6 trillion of asset under management, based on their positions by the end of the second quarter. The fund managers’ positions on mutual funds may have changed during the third quarter. “The decline in interest rates has also been a drag on relative fund performance because managers are overweight Financials … the largest overweight across all sectors,” Arj
Mutual fund managers are betting big on banks, and it’s killing them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: yun li
Keywords: news, cnbc, companies, killing, rates, funds, betting, month, fund, positions, financials, overweight, mutual, bank, quarter, goldman, big, managers, banks


Mutual fund managers are betting big on banks, and it's killing them

Traders work on the floor of the New York Stock Exchange on August 14, 2019

Stock pickers are heavily invested in bank stocks, and it hasn’t been working out well for them.

Mutual funds are most overweight in financials across all sectors, according to a Goldman Sachs analysis of 597 equity mutual funds with $2.6 trillion of asset under management, based on their positions by the end of the second quarter. They were long consumer discretionary the most in the first quarter, the report said. The fund managers’ positions on mutual funds may have changed during the third quarter.

“The decline in interest rates has also been a drag on relative fund performance because managers are overweight Financials … the largest overweight across all sectors,” Arjun Menon, U.S. portfolio strategist at Goldman, said in a note.

Interest rates plunged this month with Treasury yields dipping below historic levels as investors rushed to the safety of government bonds amid the escalated trade war. Bank stocks took a big hit this month on profit worries as the spread between the rate banks collect from borrowers and the rate they have to pay out to savers shrinks.

Citigoup, PNC Financial and U.S. Bancorp are among the top positions of mutual funds by the end of June, according to Goldman. Citigroup tanked a whooping 22% in August as bond yields collapsed, while PNC and U.S. Bancorp are down more than 8% in August.

The S&P 500 financials sector sank briefly into correction territory earlier this month, whacked by both falling interest rates as well as an inverted yield curve.

However, Warren Buffett is still a big fan of banks.

His Berkshire Hathaway slightly increased its bet on bank shares in the second quarter, according to a regulatory filing. Berkshire’s Bank of America stake was increased by 3.5% last quarter, and it raised its holding of U.S. Bancorp by 2.4%. Other big bank holdings, including Wells Fargo and J.P. Morgan Chase, remained the same.

Bank of America dropped more than 10% this month and J.P. Morgan fell more than 5% amid intensifying fears of a recession.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: yun li
Keywords: news, cnbc, companies, killing, rates, funds, betting, month, fund, positions, financials, overweight, mutual, bank, quarter, goldman, big, managers, banks


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Hedge funds are betting Amazon and Netflix will get burned in this market sell-off

Hedge funds are upping their bets against some of the biggest technology stocks. The moves followed the biggest stock market plunge of the year on Monday. Hedge funds are expecting stocks such as Amazon, Google-parent Alphabet and Netflix to be among the biggest losers. Hedge funds that were ready for Monday’s drop reaped the profits of betting against shares of multiple technology companies. Short positions also saw gains of $100 million or more each from declines in the stock of Netflix, Aliba


Hedge funds are upping their bets against some of the biggest technology stocks. The moves followed the biggest stock market plunge of the year on Monday. Hedge funds are expecting stocks such as Amazon, Google-parent Alphabet and Netflix to be among the biggest losers. Hedge funds that were ready for Monday’s drop reaped the profits of betting against shares of multiple technology companies. Short positions also saw gains of $100 million or more each from declines in the stock of Netflix, Aliba
Hedge funds are betting Amazon and Netflix will get burned in this market sell-off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: michael sheetz
Keywords: news, cnbc, companies, biggest, selloff, funds, stock, shorts, hedge, netflix, short, shares, burned, amazon, profits, betting, positions, technology, market, saw


Hedge funds are betting Amazon and Netflix will get burned in this market sell-off

Hedge funds are upping their bets against some of the biggest technology stocks.

Investors added $1.7 billion to short-selling positions on Monday and Tuesday, according to estimates from Ihor Dusaniwsky, S3 Partners’ head of predictive analytics. The moves followed the biggest stock market plunge of the year on Monday.

Short selling is a term used to describe betting against shares of a company. Shorts saw mark-to-market profits of $16.7 billion over the period that began with an escalating trade war with China as well as other macroeconomic data.

Hundreds of millions of dollars over the last two days flowed into new bets. Hedge funds are expecting stocks such as Amazon, Google-parent Alphabet and Netflix to be among the biggest losers. All three tech giants rank among the top 10 with the largest short position increases.

Hedge funds that were ready for Monday’s drop reaped the profits of betting against shares of multiple technology companies. Shorts against Apple brought in mark-to-market profits of just over $300 million in the last two days as the stock dropped 5.2%. Short positions also saw gains of $100 million or more each from declines in the stock of Netflix, Alibaba, Square, Tesla, Visa and Amazon.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: michael sheetz
Keywords: news, cnbc, companies, biggest, selloff, funds, stock, shorts, hedge, netflix, short, shares, burned, amazon, profits, betting, positions, technology, market, saw


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David Einhorn reveals new positions in Chemours, Dillard’s and Scientific Games

US growth could be weakest in more than two years but latest data… The economy is expected to have grown in the second quarter at the slowest pace in more than two years, but the data will have little bearing on the Fed when it holds its…Market Insiderread more


US growth could be weakest in more than two years but latest data… The economy is expected to have grown in the second quarter at the slowest pace in more than two years, but the data will have little bearing on the Fed when it holds its…Market Insiderread more
David Einhorn reveals new positions in Chemours, Dillard’s and Scientific Games Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-25  Authors: fred imbert
Keywords: news, cnbc, companies, games, scientific, slowest, einhorn, second, latest, dillards, insiderread, chemours, itsmarket, holds, reveals, quarter, little, david, weakest, pace, positions


David Einhorn reveals new positions in Chemours, Dillard's and Scientific Games

US growth could be weakest in more than two years but latest data…

The economy is expected to have grown in the second quarter at the slowest pace in more than two years, but the data will have little bearing on the Fed when it holds its…

Market Insider

read more


Company: cnbc, Activity: cnbc, Date: 2019-07-25  Authors: fred imbert
Keywords: news, cnbc, companies, games, scientific, slowest, einhorn, second, latest, dillards, insiderread, chemours, itsmarket, holds, reveals, quarter, little, david, weakest, pace, positions


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This is how Elizabeth Warren plans to close the pay gap for women of color

She says that “while millions of families count on Latinas and black women to deliver financially, they face a steeper climb to provide that financial security” due to bias and discrimination. On Friday, Democratic presidential candidate Elizabeth Warren released an ambitious plan to close the pay gaps that women of color face at work. Currently, black women, Native American women and Latina women make 61 cents, 58 cents and 53 cents, respectively, compared to white men. “The gap in weekly earni


She says that “while millions of families count on Latinas and black women to deliver financially, they face a steeper climb to provide that financial security” due to bias and discrimination. On Friday, Democratic presidential candidate Elizabeth Warren released an ambitious plan to close the pay gaps that women of color face at work. Currently, black women, Native American women and Latina women make 61 cents, 58 cents and 53 cents, respectively, compared to white men. “The gap in weekly earni
This is how Elizabeth Warren plans to close the pay gap for women of color Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: courtney connley
Keywords: news, cnbc, companies, elizabeth, mothers, gap, plans, companies, women, pay, black, writes, positions, warren, white, color, close


This is how Elizabeth Warren plans to close the pay gap for women of color

Warren cited data that indicates that more than 70% of black mothers and more than 40% of Latina mothers are the sole breadwinners in their families, compared to less than a quarter of white mothers. She says that “while millions of families count on Latinas and black women to deliver financially, they face a steeper climb to provide that financial security” due to bias and discrimination.

In a Medium post, the Massachusetts senator writes that if elected, on day one of her presidency she would implement a set of executive actions that would “boost wages for women of color and open up new pathways to the leadership positions they deserve.”

On Friday, Democratic presidential candidate Elizabeth Warren released an ambitious plan to close the pay gaps that women of color face at work.

Sen. Elizabeth Warren (D-MA) speaks on during the first night of the Democratic presidential debate on June 26, 2019 in Miami, Florida.

Currently, black women, Native American women and Latina women make 61 cents, 58 cents and 53 cents, respectively, compared to white men. “And it’s getting worse,” writes Warren. “The gap in weekly earnings between white and black women is higher today than it was 40 years ago. ”

To fix this problem, Warren says that as president she would deny federal contracts to companies with a poor track record of diversity and equal pay, implement a minimum wage salary of $15 an hour (since black and brown women disproportionately occupy low-wage jobs), ban companies from asking applicants about their salary and criminal histories, and ban companies from using forced arbitration and non-compete clauses that “make it harder for employees to fight wage theft, discrimination and harassment.”

Additionally, Warren points out that women of color also face a steeper climb to higher-level management positions. “Even though black women and Latinas are often the leaders and decision-makers in their own homes and communities, they hold only one spot on the Fortune 500 CEO list and less than 5% of Fortune 500 Board positions, ” she writes.

Currently, Mary Winston, who was appointed interim CEO of Bed, Bath & Beyond in May, is the only black woman leading a Fortune 500 company.

Warren writes that she would provide companies with resources to attract applicants from Historically Black Colleges and Universities (HBCUs), Tribal Colleges and Universities and other minority-serving institutions. She says she would also create paid fellowship programs for federal jobs for minority and low-income candidates and she would require every federal agency to make diversity a core part of its strategic plan. This includes, she says, creating a government-wide mentorship program focused on black and brown employees.

“It’s time to build an America that recognizes the role that women of color play in their families and in the economy,” writes Warren, “that fairly values their work, and that delivers equal opportunity for everyone.”

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Don’t miss: Abortion, equal pay, family leave: Here are all the women’s rights policies proposed by 2020 candidates so far


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: courtney connley
Keywords: news, cnbc, companies, elizabeth, mothers, gap, plans, companies, women, pay, black, writes, positions, warren, white, color, close


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Huawei exec: We need more time to become the world’s top phone maker

New York, London and Paris remain the world’s leading cities —…New York, London and Paris continue to dominate as the world’s top three most competitive cities. But their prime positions could be up for contention, according to a new…Get Aheadread more


New York, London and Paris remain the world’s leading cities —…New York, London and Paris continue to dominate as the world’s top three most competitive cities. But their prime positions could be up for contention, according to a new…Get Aheadread more
Huawei exec: We need more time to become the world’s top phone maker Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11
Keywords: news, cnbc, companies, leading, cities, york, prime, newget, london, phone, worlds, need, exec, maker, paris, remain, positions, huawei


Huawei exec: We need more time to become the world's top phone maker

New York, London and Paris remain the world’s leading cities —…

New York, London and Paris continue to dominate as the world’s top three most competitive cities. But their prime positions could be up for contention, according to a new…

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Company: cnbc, Activity: cnbc, Date: 2019-06-11
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Stocks making biggest moves after hours: Shutterfly, Broadcom, Zynga

New York, London and Paris remain the world’s leading cities —…New York, London and Paris continue to dominate as the world’s top three most competitive cities. But their prime positions could be up for contention, according to a new…Get Aheadread more


New York, London and Paris remain the world’s leading cities —…New York, London and Paris continue to dominate as the world’s top three most competitive cities. But their prime positions could be up for contention, according to a new…Get Aheadread more
Stocks making biggest moves after hours: Shutterfly, Broadcom, Zynga Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: jesse pound, emma newburger
Keywords: news, cnbc, companies, leading, cities, york, prime, stocks, newget, zynga, moves, shutterfly, london, broadcom, worlds, paris, biggest, making, remain, positions, hours


Stocks making biggest moves after hours: Shutterfly, Broadcom, Zynga

New York, London and Paris remain the world’s leading cities —…

New York, London and Paris continue to dominate as the world’s top three most competitive cities. But their prime positions could be up for contention, according to a new…

Get Ahead

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Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: jesse pound, emma newburger
Keywords: news, cnbc, companies, leading, cities, york, prime, stocks, newget, zynga, moves, shutterfly, london, broadcom, worlds, paris, biggest, making, remain, positions, hours


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Cramer: ‘We’ve had a terrific run’ — it’s time to trim some positions

The major U.S. indexes all declined during the session as investors revealed worries that the stock market has been too strong for its own good, CNBC’s Jim Cramer said Wednesday. The Dow Jones Industrial Average shed about 163 points, while the S&P 500 and the tech-heavy Nasdaq Composite fell 0.75% and 0.57%, respectively. “We’ve had a terrific run, so I am blessing you to do some selling tomorrow,” the “Mad Money” host said. The current year doesn’t quite look like ’87 or ’99, but discipline is


The major U.S. indexes all declined during the session as investors revealed worries that the stock market has been too strong for its own good, CNBC’s Jim Cramer said Wednesday. The Dow Jones Industrial Average shed about 163 points, while the S&P 500 and the tech-heavy Nasdaq Composite fell 0.75% and 0.57%, respectively. “We’ve had a terrific run, so I am blessing you to do some selling tomorrow,” the “Mad Money” host said. The current year doesn’t quite look like ’87 or ’99, but discipline is
Cramer: ‘We’ve had a terrific run’ — it’s time to trim some positions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: tyler clifford
Keywords: news, cnbc, companies, cramer, 1987, veteran, stock, stocks, dow, dotcom, weve, run, terrific, trim, positions, nasdaq, money, market


Cramer: 'We've had a terrific run' — it's time to trim some positions

The major U.S. indexes all declined during the session as investors revealed worries that the stock market has been too strong for its own good, CNBC’s Jim Cramer said Wednesday.

The Dow Jones Industrial Average shed about 163 points, while the S&P 500 and the tech-heavy Nasdaq Composite fell 0.75% and 0.57%, respectively.

“We’ve had a terrific run, so I am blessing you to do some selling tomorrow,” the “Mad Money” host said. “But other than that, I think we’re in fine shape — somewhat overheated, most definitely — but I still think it makes sense to stay the course.”

The Dow had its best four-month rally to start the year since 1987. The Nasdaq had its best showing in the same period since its big rally in 1999. No one wants 2019 to look like those two years, Cramer said.

“Nothing scares the daylights out of professional traders more than those two years,” he said. “If you’re a grizzled veteran like I am, you know those two years had a horrific pattern: They gave you rapid-fire rallies, which ultimately led to a pair of ignominious crashes.”

Cramer said he is always on the lookout for history to repeat itself. He said he had cash on hand when the stock market crashed in 1987, and he shorted tech stocks during the dotcom bubble burst in 2000, which followed the 1999 rally.

The current year doesn’t quite look like ’87 or ’99, but discipline is key, said Cramer, who trimmed positions in his ActionAlertsPlus.com charitable trust. Still, the Dow is up 13% this year, the S&P 500 is up 17% and the Nasdaq is up 21%, he noted.

“Any time you have a remarkable run, it never hurts to take something off the table. Nobody ever got hurt ringing the register,” Cramer said. “Bulls make money, bears make money, but hogs — they get slaughtered. In other words, please don’t be greedy.”

But it’s not time to sell everything like the veteran stock trader did in 1987, or to short stocks as he did in 2000. The strategy behind short selling is to borrow stocks that have potential to decline in hopes of making a profit when the share price falls.

Yet, the “tsunami of IPOs” coming to market is reminiscent of the dotcom era, Carmer said. There are seven deals this week, and many in the technology space. Uber is on its way to public markets next week.

“When you get too many IPOs in one sector, it’s incredibly toxic to the rest of the group because all of this new supply tends to overwhelm the demand,” he said. “Like any other market, when supply exceeds demand, prices … they go down. So the current deluge of deals is unnerving to anyone who traded during the dotcom bubble.”


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: tyler clifford
Keywords: news, cnbc, companies, cramer, 1987, veteran, stock, stocks, dow, dotcom, weve, run, terrific, trim, positions, nasdaq, money, market


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