SmileDirectClub is now the worst unicorn IPO of 2019, down nearly 60% from its debut

Jordan Katzman, co-founder of SmileDirectClub Inc., left, and Alex Fenkell, co-founder of SmileDirectClub Inc., watch traders during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 12, 2019. Shares of SmileDirectClub plummeted 12.9% on Monday after California Gov. Bill 1519, which he extended through January of 2024, gives the Dental Board of California oversight over all dental operations within the state. The stock is now down almost 6


Jordan Katzman, co-founder of SmileDirectClub Inc., left, and Alex Fenkell, co-founder of SmileDirectClub Inc., watch traders during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 12, 2019. Shares of SmileDirectClub plummeted 12.9% on Monday after California Gov. Bill 1519, which he extended through January of 2024, gives the Dental Board of California oversight over all dental operations within the state. The stock is now down almost 6
SmileDirectClub is now the worst unicorn IPO of 2019, down nearly 60% from its debut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: pippa stevens
Keywords: news, cnbc, companies, worst, nearly, 2019, unicorn, dental, cofounder, bill, sept, stock, went, ipo, california, debut, public, smiledirectclub


SmileDirectClub is now the worst unicorn IPO of 2019, down nearly 60% from its debut

Jordan Katzman, co-founder of SmileDirectClub Inc., left, and Alex Fenkell, co-founder of SmileDirectClub Inc., watch traders during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 12, 2019.

Shares of SmileDirectClub plummeted 12.9% on Monday after California Gov. Gavin Newsom signed a bill that protects consumers who use teledentistry products. Bill 1519, which he extended through January of 2024, gives the Dental Board of California oversight over all dental operations within the state.

The stock is now down almost 60% since it went public just over a month ago, making it the worst-performing IPO this year among companies that went public with a valuation over $1 billion. The stock began trading on Sept. 12. Lyft is the second-worst unicorn performer since its IPO, down about 45%.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: pippa stevens
Keywords: news, cnbc, companies, worst, nearly, 2019, unicorn, dental, cofounder, bill, sept, stock, went, ipo, california, debut, public, smiledirectclub


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Finance experts at FinCon share what they learned from their worst money mistakes

Many experts also admitted that, although they are money savvy now, that wasn’t always the case. Here are some of the worst mistakes the financial gurus of FinCon made:Joseph and Tasha Cochran, One Big Happy Life blogThe mistake: Joseph and Tasha were shocked when they finally sat down and tallied up their debt. The total, between student loans and their mortgage, came to $1 million. What they learned: Now, Joseph says, he wished he hadn’t taken out so many student loans. What he learned: Track


Many experts also admitted that, although they are money savvy now, that wasn’t always the case. Here are some of the worst mistakes the financial gurus of FinCon made:Joseph and Tasha Cochran, One Big Happy Life blogThe mistake: Joseph and Tasha were shocked when they finally sat down and tallied up their debt. The total, between student loans and their mortgage, came to $1 million. What they learned: Now, Joseph says, he wished he hadn’t taken out so many student loans. What he learned: Track
Finance experts at FinCon share what they learned from their worst money mistakes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: aditi shrikant, natalie zfat, myelle lansat
Keywords: news, cnbc, companies, money, finance, student, fincon, financial, lot, loans, experts, rose, mistake, worst, share, start, tasha, mistakes, learned, college


Finance experts at FinCon share what they learned from their worst money mistakes

While attending FinCon 2019, a financial literacy conference in Washington, D.C., the Grow team gleaned lots of great money advice from financial experts, like “avoid the two-income trap” and “start early” when it comes to saving and investing. Many experts also admitted that, although they are money savvy now, that wasn’t always the case. Here are some of the worst mistakes the financial gurus of FinCon made:

Joseph and Tasha Cochran, One Big Happy Life blog

The mistake: Joseph and Tasha were shocked when they finally sat down and tallied up their debt. The total, between student loans and their mortgage, came to $1 million. In retrospect, Joshua realizes that some of that debt may have been avoidable, especially in college: “I studied abroad. I spent an extra semester in school,” he says. What they learned: Now, Joseph says, he wished he hadn’t taken out so many student loans. Tasha adds that it’s a good idea to look into less expensive options. “There are so many opportunities to continue to invest in your education beyond traditional college,” she says. For example, some students start off at a community college and then transfer.

Jeff Rose, certified financial planner

The mistake: Rose says he “used to waste money” on clothes and dining out: “When I started recognizing how much I could have had, how much I could have earned had I invested a lot sooner, definitely a lot of regrets there.” What he learned: Track your money to discover where it’s actually going and make a plan for how to spend it the right way. If talking to his younger self, he says, “I would first tell him to stop buying stupid things he doesn’t need.” It sounds simple, but 60% of Americans don’t create a budget, according to a 2019 Credit.com survey, and can easily end up overspending.

Talaat & Tai McNeely, His & Her Money blog


Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: aditi shrikant, natalie zfat, myelle lansat
Keywords: news, cnbc, companies, money, finance, student, fincon, financial, lot, loans, experts, rose, mistake, worst, share, start, tasha, mistakes, learned, college


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Tokyo braces for what could be worst typhoon in 60 years

Pedestrians protect themselves from the rain with an umbrella in the streets of Tokyo, on September 30, 2018 as Japan is hit by typhoon Trami. The storm could be the strongest to hit Tokyo since 1958 and people should also prepare for high waves and storm surges, the Japan Meteorological Agency said. Many of more than 30,000 houses Typhoon Faxai destroyed or damaged in Chiba last month have yet to be repaired. Tokyo Disneyland said it would close its theme park on Saturday, its first weather-rel


Pedestrians protect themselves from the rain with an umbrella in the streets of Tokyo, on September 30, 2018 as Japan is hit by typhoon Trami. The storm could be the strongest to hit Tokyo since 1958 and people should also prepare for high waves and storm surges, the Japan Meteorological Agency said. Many of more than 30,000 houses Typhoon Faxai destroyed or damaged in Chiba last month have yet to be repaired. Tokyo Disneyland said it would close its theme park on Saturday, its first weather-rel
Tokyo braces for what could be worst typhoon in 60 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11
Keywords: news, cnbc, companies, rain, worst, typhoon, cancelled, month, flights, prepare, japan, tokyo, water, hit, braces


Tokyo braces for what could be worst typhoon in 60 years

Pedestrians protect themselves from the rain with an umbrella in the streets of Tokyo, on September 30, 2018 as Japan is hit by typhoon Trami.

A powerful typhoon approached Japan on Friday, threatening to batter its capital with the heaviest rain and winds in 60 years, shutting down stores, factories and subway systems and disrupting a Formula One Grand Prix and rugby’s World Cup.

Typhoon Hagibis, which means “speed” in the Philippine language Tagalog, is due to make landfall on the main island of Honshu on Saturday, a month after one of the strongest typhoons to hit Japan in recent years destroyed or damaged 30,000 houses and caused extensive power outages.

The storm could be the strongest to hit Tokyo since 1958 and people should also prepare for high waves and storm surges, the Japan Meteorological Agency said.

“The typhoon could bring record-level rainfall and winds,” an official at the agency told a news conference.

Prime Minister Shinzo Abe ordered his cabinet ministers to do their utmost to secure people’s safety.

Officials in the Chiba prefecture east of Tokyo, which was hit hard by typhoon Faxai a month ago, have told people to prepare supplies of food and water for up to three days.

Some supermarkets ran out of bottled water and batteries. Twitter users posted photographs of bare shelves and traded tips on how to prepare for disruptions to water and power cuts.

Many of more than 30,000 houses Typhoon Faxai destroyed or damaged in Chiba last month have yet to be repaired.

Japanese Formula One Grand Prix organisers cancelled all practice and qualifying sessions scheduled for Saturday, adding that the qualifying round would be held on Sunday, before the final race takes place as planned.

The approaching super typhoon has already forced the cancellation of two matches of the rugby World Cup on Saturday, while a Sunday match between host Japan and Scotland is in doubt.

Airline ANA Holdings cancelled all domestic flights to and from Tokyo’s two main airports from Friday afternoon.

It and rival Japan Airlines Co cancelled some flights to and from airports servicing the major cities of Osaka and Nagoya.

Most flights operating to and from those airports would be cancelled on Saturday, both airlines said on their websites.

Train operators said they would suspend bullet trains between Tokyo and Nagoya in central Japan and most operations between Nagoya and Osaka, in western Japan, from Saturday morning.

Most train and subway lines in Tokyo are also due to be shut down.

Tokyo Disneyland said it would close its theme park on Saturday, its first weather-related closure since a snowstorm in 1984. Retail giant Seven & I Holdings said it would shut its supermarkets and department stores in metropolitan Tokyo.

Toyota Motor Corp announced it was suspending production at three factories.

Storm surges are likely along the Pacific coast of Honshu on Saturday and Sunday, as is torrential rain, raising the risk of floods and landslides, public broadcaster NHK said.

Typhoon Ida, known as the “Kanogawa Typhoon” in Japanese, killed more than 1,000 people in 1958.


Company: cnbc, Activity: cnbc, Date: 2019-10-11
Keywords: news, cnbc, companies, rain, worst, typhoon, cancelled, month, flights, prepare, japan, tokyo, water, hit, braces


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October can be spooky for investors — here’s why experts say not to worry

October has a spooky reputation with investors, but experts say there’s no need to fear the stock market. This month has sometimes been horrifying, historically: Over the past century, three of the darkest days on Wall Street all happened during October. That day, now known as “Black Monday,” “was the worst single-day drop, percentage-wise, in history.” There’s another reason October has a bad reputation, says Lambert: “Market volatility, historically, is higher” in October. “Volatility implies


October has a spooky reputation with investors, but experts say there’s no need to fear the stock market. This month has sometimes been horrifying, historically: Over the past century, three of the darkest days on Wall Street all happened during October. That day, now known as “Black Monday,” “was the worst single-day drop, percentage-wise, in history.” There’s another reason October has a bad reputation, says Lambert: “Market volatility, historically, is higher” in October. “Volatility implies
October can be spooky for investors — here’s why experts say not to worry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, investors, say, spooky, reputation, worst, historically, fear, volatility, worry, great, market, day, heres, lambert, financial, experts


October can be spooky for investors — here's why experts say not to worry

October has a spooky reputation with investors, but experts say there’s no need to fear the stock market.

This month has sometimes been horrifying, historically: Over the past century, three of the darkest days on Wall Street all happened during October.

“The big one is October 1987, when the Dow plunged 22% in a single day,” says Jason Lambert, the president and CEO of Northwest Financial & Tax Solutions, near Portland, Oregon. That day, now known as “Black Monday,” “was the worst single-day drop, percentage-wise, in history.”

The Great Depression began after a market crash in October 1929 and the financial crisis that sparked the Great Recession started with an October market meltdown in 2008.

There’s another reason October has a bad reputation, says Lambert: “Market volatility, historically, is higher” in October. “Volatility implies fear,” he says, “even if it doesn’t mean that the market is moving up or down.”


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, investors, say, spooky, reputation, worst, historically, fear, volatility, worry, great, market, day, heres, lambert, financial, experts


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UN facing ‘worst cash crisis’ in nearly a decade, warns staff could go unpaid in November

UN Secretary General Antonio Guterres addresses the United Nations General Assembly at UN headquarters on September 24, 2019 in New York City. The United Nations (UN) is facing its “worst cash crisis” in nearly a decade because almost one-third of its member states have not paid their annual dues, according to Secretary-General Antonio Guterres. “The organization is facing a severe financial crisis,” Guterres said. “To be more specific, a severe liquidity crisis. UN spokesperson Stephane Dujarri


UN Secretary General Antonio Guterres addresses the United Nations General Assembly at UN headquarters on September 24, 2019 in New York City. The United Nations (UN) is facing its “worst cash crisis” in nearly a decade because almost one-third of its member states have not paid their annual dues, according to Secretary-General Antonio Guterres. “The organization is facing a severe financial crisis,” Guterres said. “To be more specific, a severe liquidity crisis. UN spokesperson Stephane Dujarri
UN facing ‘worst cash crisis’ in nearly a decade, warns staff could go unpaid in November Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam meredith
Keywords: news, cnbc, companies, facing, worst, guterres, united, crisis, unpaid, states, staff, decade, cash, paid, general, york, nearly, member, nations, warns, severe


UN facing 'worst cash crisis' in nearly a decade, warns staff could go unpaid in November

UN Secretary General Antonio Guterres addresses the United Nations General Assembly at UN headquarters on September 24, 2019 in New York City.

The United Nations (UN) is facing its “worst cash crisis” in nearly a decade because almost one-third of its member states have not paid their annual dues, according to Secretary-General Antonio Guterres.

Speaking in front of the UN’s budget-setting Fifth Committee on Tuesday, Guterres said the situation was so desperate that last month’s General Assembly in New York was only possible because of emergency spending cuts made earlier in the year.

“The organization is facing a severe financial crisis,” Guterres said.

“To be more specific, a severe liquidity crisis. The equation is simple: without cash, the budget cannot be properly implemented.”

UN spokesperson Stephane Dujarric said in a statement published Tuesday that, by the end of September, member states had paid only 70% of the total assessment for the regular budget.

That compares with 78% at the same time of year in 2018.

The UN said that while 129 member states had paid their dues for the organization’s 2019 budget by Tuesday — the most recent being war-torn Syria — 64 others were still required to pay “urgently and in full.”

It said there is an outstanding amount of $1.3 billion for the year.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam meredith
Keywords: news, cnbc, companies, facing, worst, guterres, united, crisis, unpaid, states, staff, decade, cash, paid, general, york, nearly, member, nations, warns, severe


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Tariff-hit tech companies are telling markets to prepare for the worst from earnings

Technology companies, which face some of the biggest tariff impacts, have been slashing expectations for third-quarter earnings at a record pace. “The number of companies being cautious going forward with guidance is a reflection of the tariffs. Earnings for that group are now forecast to show a 30.3% decline, down sharply from the 22.1% previous estimate. “I think you’ll see the cloud lift” once a trade deal gets done. “So, it follows that evolving changes in 2021 earnings expectations will lik


Technology companies, which face some of the biggest tariff impacts, have been slashing expectations for third-quarter earnings at a record pace. “The number of companies being cautious going forward with guidance is a reflection of the tariffs. Earnings for that group are now forecast to show a 30.3% decline, down sharply from the 22.1% previous estimate. “I think you’ll see the cloud lift” once a trade deal gets done. “So, it follows that evolving changes in 2021 earnings expectations will lik
Tariff-hit tech companies are telling markets to prepare for the worst from earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: jeff cox
Keywords: news, cnbc, companies, companies, sector, worst, earnings, decline, deal, telling, tariffhit, tech, guidance, expectations, trade, think, markets, prepare, tariff


Tariff-hit tech companies are telling markets to prepare for the worst from earnings

That comes as overall S&P 500 earnings, with 16 companies reporting so far, are tracking at a blended 3.8% decline from the same period a year ago and as markets are looking to gauge what impact the U.S.-China tariff war has had more than a year after it began.

With the kickoff to the heart of earnings season still about two weeks away, some 29 information technology sector companies have lowered their guidance, which is the biggest number since FactSet starting tracking the data in 2006.

Technology companies, which face some of the biggest tariff impacts, have been slashing expectations for third-quarter earnings at a record pace.

“The number of companies being cautious going forward with guidance is a reflection of the tariffs. That has always been in my view what the critical factor is going to be,” said Michael Yoshikami, founder of Destination Wealth Management. “The rubber hasn’t met the road quite yet, but i think it is getting close. That is something to be concerned about.”

As a sector, technology is projected to show a 10.1% decline from the third quarter in 2018.

At the industry level, expectations have fallen most for semiconductors and equipment, an area especially hit by tariffs. Earnings for that group are now forecast to show a 30.3% decline, down sharply from the 22.1% previous estimate.

Companies that have seen sharp reductions in the semis space include Western Digital, Analog Devices and Advanced Micro Devices. Micron is one of the few companies to have reported Q3 earnings so far and posted an 84.9% decline

Electronic equipment instruments and components also has come down to an estimated 8.9% decline from 4.4% previously, according to FactSet.

Yoshikami said the prospects are likely to only get worse unless the Trump administration reaches a deal soon with China.

“You could actually have a negative impact that won’t show up for three or four months. That’s why I think a deal is better sooner rather than later,” he said. “I think you’ll see the cloud lift” once a trade deal gets done.

To be sure, markets have held up remarkably well despite the trade concerns. Major indexes continue to hover around record territory despite all the geopolitical turmoil.

However, a report Tuesday from the Institute for Supply Manufacturing Survey shows the sector at its weakest rate since June 2009, and comments from participants show a clear link to tariff concerns. Should corporate CEOs echo those concerns with poor guidance, that would provide a stern test for the market to advance from here.

“US stocks have rallied sharply this year because investors expect that an eventual US-China trade deal combined with a more dovish Fed will lead to a noticeable bump in future earnings,” Michael Arone, chief investment strategist at State Street Global Advisors, said in a recent report. “So, it follows that evolving changes in 2021 earnings expectations will likely determine what investors should expect from stock prices in 2020.”


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: jeff cox
Keywords: news, cnbc, companies, companies, sector, worst, earnings, decline, deal, telling, tariffhit, tech, guidance, expectations, trade, think, markets, prepare, tariff


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Dow drops to start Q4, but there’s a historical case to remain bullish on stocks in final trading quarter

Recession red flags are weighing on the stock market, and if you go back a year, fourth quarter 2018 was a painful one for investors. The S&P 500 had traded positively 80% of the time. That excludes the fourth quarter 2018, when stocks were battered and made the biggest contribution to a year in which stocks posted their worst performance in a decade. The S&P 500 and Dow plunged 13.97% and 11.8% in Q4 2018, respectively, their worst performances since 2011. The S&P 500 and Dow added a little ove


Recession red flags are weighing on the stock market, and if you go back a year, fourth quarter 2018 was a painful one for investors. The S&P 500 had traded positively 80% of the time. That excludes the fourth quarter 2018, when stocks were battered and made the biggest contribution to a year in which stocks posted their worst performance in a decade. The S&P 500 and Dow plunged 13.97% and 11.8% in Q4 2018, respectively, their worst performances since 2011. The S&P 500 and Dow added a little ove
Dow drops to start Q4, but there’s a historical case to remain bullish on stocks in final trading quarter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: george manessis
Keywords: news, cnbc, companies, fourth, stocks, final, 500, market, past, drops, trading, dow, theres, 2018, remain, quarter, worst, start, historical


Dow drops to start Q4, but there's a historical case to remain bullish on stocks in final trading quarter

Recession red flags are weighing on the stock market, and if you go back a year, fourth quarter 2018 was a painful one for investors. But there is at least one historical reason to remain positive on stocks as the year’s final quarter starts: It’s been the quarter with the highest average gains over the past decade.

The S&P 500 Index has averaged a 4% gain in the final three months of the year over the past decade, according to a CNBC analysis of Kensho, a market data analysis platform. The S&P 500 had traded positively 80% of the time. The Dow Jones Industrial Average had added 5% in fourth quarters over the past 10 years, trading positive 80% of the time.

That excludes the fourth quarter 2018, when stocks were battered and made the biggest contribution to a year in which stocks posted their worst performance in a decade. The S&P 500 and Dow plunged 13.97% and 11.8% in Q4 2018, respectively, their worst performances since 2011. The Nasdaq plunged 17.5% in the period, its biggest quarterly fall since 2008. All three indexes posted losses of near-9% in December 2018 alone.

Volatility is back, with the third quarter a bumpy three-month stretch for stocks, and October has historically been a high point for the VIX volatility index.

But the market has proved to be, in the least, resilient, closing out the third quarter with a slight gain. The S&P 500 and Dow added a little over 1% each. Meanwhile, the Nasdaq slipped a bit lower, falling just short of the break-even level. And that’s in spite of the fact September has historically been a bad one for stocks.

For the year, the S&P is up 19%, its best performance through the first three quarters of a calendar year since 1997.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: george manessis
Keywords: news, cnbc, companies, fourth, stocks, final, 500, market, past, drops, trading, dow, theres, 2018, remain, quarter, worst, start, historical


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Health-care stocks are in their longest losing streak since 2016

The health-care sector just closed out a third straight month in the red, its longest losing streak in three years. Any time you have a pop in the sector, it’s going to be a sell for quite a long time.” Health-care stocks faced similar pressure in 2015 and 2016 as Democratic presidential candidate Hillary Clinton pledged health-care reform. At its worst, the XLV ETF plummeted 11% in the third quarter of 2015. This time around, Maley says the XLV ETF had performed in line with the S&P 500 before


The health-care sector just closed out a third straight month in the red, its longest losing streak in three years. Any time you have a pop in the sector, it’s going to be a sell for quite a long time.” Health-care stocks faced similar pressure in 2015 and 2016 as Democratic presidential candidate Hillary Clinton pledged health-care reform. At its worst, the XLV ETF plummeted 11% in the third quarter of 2015. This time around, Maley says the XLV ETF had performed in line with the S&P 500 before
Health-care stocks are in their longest losing streak since 2016 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: keris lahiff
Keywords: news, cnbc, companies, think, 2016, sector, maley, going, worst, trading, target, healthcare, stocks, longest, presidential, streak, losing, xlv, etf


Health-care stocks are in their longest losing streak since 2016

The health-care sector just closed out a third straight month in the red, its longest losing streak in three years.

A fourth monthly decline would be its worst stretch since 2011, and one trader says there could be more pain ahead.

“I view the whole sector as a wounded target right now,” said Boris Schlossberg of BK Asset Management on CNBC’s “Trading Nation” on Monday. “Health care, in my opinion, is the most bloated, the most bureaucratic, the most inefficient sector of the economy. At 20% of the GDP and at $20,000 premium per capita at this point, they pretty much have squeezed all the rentier profits out of the system that they can at this point.”

The sector also has a target on its back as the 2020 presidential election draws closer. The XLV health care ETF has fallen more than 3% in the past three months as Democratic presidential candidates such as Elizabeth Warren have pushed for a “Medicare For All” solution.

“Even if the Democrats do not win, there’s going to be tremendous amount of pressure to cut costs, control drug prices,” said Schlossberg. “Any way you slice it, basically the sector is a ‘sell the rally’ trade at this point. Any time you have a pop in the sector, it’s going to be a sell for quite a long time.”

Health-care stocks faced similar pressure in 2015 and 2016 as Democratic presidential candidate Hillary Clinton pledged health-care reform. At its worst, the XLV ETF plummeted 11% in the third quarter of 2015.

However, Miller Tabak equity strategist Matt Maley does not see that degree of decline this time around.

“I don’t think it’ll be anywhere near as bad as it was four years ago because the setup is much, much different. In the 12 months leading into the summer before the election year the last time around, the XLV had outperformed the S&P by two times,” said Maley on “Trading Nation” on Monday. “This group had become very overbought, and very over-owned.”

This time around, Maley says the XLV ETF had performed in line with the S&P 500 before beginning its breakdown in April.

“I don’t think you’ll have that forced selling or at least that reweighting that you had going forward. So even though I think it’s a problem, it’s not as big a problem,” said Maley.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: keris lahiff
Keywords: news, cnbc, companies, think, 2016, sector, maley, going, worst, trading, target, healthcare, stocks, longest, presidential, streak, losing, xlv, etf


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US manufacturing survey shows worst reading in a decade

A gauge of U.S. manufacturing slumped to the lowest level in more than 10 years in September as exports dived amid the escalated trade war. “We have now tariffed our way into a manufacturing recession in the U.S. and globally,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. New orders, backlog, raw materials inventories exports and imports also contracted across the board last month, ISM data showed. The deeper contraction in the manufacturing sector is the latest sign


A gauge of U.S. manufacturing slumped to the lowest level in more than 10 years in September as exports dived amid the escalated trade war. “We have now tariffed our way into a manufacturing recession in the U.S. and globally,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. New orders, backlog, raw materials inventories exports and imports also contracted across the board last month, ISM data showed. The deeper contraction in the manufacturing sector is the latest sign
US manufacturing survey shows worst reading in a decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: yun li
Keywords: news, cnbc, companies, survey, reading, decade, manufacturing, shows, sector, recession, orders, lowest, trade, ism, month, contraction, trump, worst


US manufacturing survey shows worst reading in a decade

A gauge of U.S. manufacturing slumped to the lowest level in more than 10 years in September as exports dived amid the escalated trade war.

The U.S. manufacturing Purchasing Managers’ Index from the Institute for Supply Management plunged to 47.8% in September, the lowest since June 2009, marking the second consecutive month of contraction. Any figure below 50% signals a contraction.

The new export orders index tanked to only 41%, the lowest level since March 2009, down from the August reading of 43.3%, ISM data showed.

“We have now tariffed our way into a manufacturing recession in the U.S. and globally,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.

The report fanned fears of a recession and hit the stock market. The Dow Jones Industrial Average lost more than 150 points, erasing earlier gains on Tuesday.

“Global trade remains the most significant issue, as demonstrated by the contraction in new export orders that began in July 2019. Overall, sentiment this month remains cautious regarding near-term growth,” Timothy Fiore, ISM chair, said in a statement.

The ISM employment gauge for the sector dropped to the lowest since January 2016, primarily driven by a lack of demand. New orders, backlog, raw materials inventories exports and imports also contracted across the board last month, ISM data showed.

“There is no end in sight to this slowdown, the recession risk is real,” Torsten Slok, chief economist at Deutsche Bank said in a note on Tuesday following the report.

The deeper contraction in the manufacturing sector is the latest sign that the escalated trade war between the U.S. and China is taking a big bite from the economy. Manufacturing was once considered a big winner under the Trump administration with improvement in employment and activity over the past few years.

President Donald Trump blamed high interest rates and a strong dollar for the weakness in manufacturing, saying in a tweet Tuesday the central bank “allowed the Dollar to get so strong … that our manufacturers are being negatively affected. Fed Rate too high.”

The sector contracted for the first time in more than three years in August, ending a 35-month expansion period where the PMI averaged 56.5%, according to ISM.

“Comments from the panel reflect a continuing decrease in business confidence,” Fiore said.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: yun li
Keywords: news, cnbc, companies, survey, reading, decade, manufacturing, shows, sector, recession, orders, lowest, trade, ism, month, contraction, trump, worst


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Trump targets ‘pathetic’ Federal Reserve after worst manufacturing reading in a decade

President Donald Trump again attacked the Federal Reserve on Tuesday after the weakest U.S. manufacturing reading in 10 years. His tweet comes after the Institute for Supply Management manufacturing reading fell to 47.8 in September, down from 49.1 in August. A stronger dollar relative to global currencies is generally expected to reduce exports and increase imports. While exchange rates may have contributed to the drag on manufacturing in September, trade also did, according to ISM. “Global tra


President Donald Trump again attacked the Federal Reserve on Tuesday after the weakest U.S. manufacturing reading in 10 years. His tweet comes after the Institute for Supply Management manufacturing reading fell to 47.8 in September, down from 49.1 in August. A stronger dollar relative to global currencies is generally expected to reduce exports and increase imports. While exchange rates may have contributed to the drag on manufacturing in September, trade also did, according to ISM. “Global tra
Trump targets ‘pathetic’ Federal Reserve after worst manufacturing reading in a decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: jacob pramuk
Keywords: news, cnbc, companies, reading, decade, remains, manufacturing, currencies, pathetic, reserve, federal, dollar, trade, relative, targets, wrote, trump, worst, fed


Trump targets 'pathetic' Federal Reserve after worst manufacturing reading in a decade

President Donald Trump speaks at the Hispanic Heritage Month reception at the White House in Washington, September 27, 2019.

President Donald Trump again attacked the Federal Reserve on Tuesday after the weakest U.S. manufacturing reading in 10 years.

In a tweet, the president wrote Fed Chair Jerome Powell and the central bank “have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected.” He argued the Fed has set interest rates “too high.”

“They are their own worst enemies, they don’t have a clue,” he wrote. “Pathetic!”

As his trade war with China rages on, Trump has repeatedly blamed the Fed’s interest rate policy for concerns about a slowing U.S. economy. He has contended the central bank has not moved quickly enough to ease monetary policy — though the Fed has cut its benchmark funds rate twice this year.

His tweet comes after the Institute for Supply Management manufacturing reading fell to 47.8 in September, down from 49.1 in August. A reading below 50 shows a manufacturing contraction.

The poor economic data contributed to major U.S. stock indexes sliding on Tuesday.

The dollar index, which measures the U.S. currency against a basket of global currencies, has climbed more than 3% this year and sits near its highest level since mid-2017. A stronger dollar relative to global currencies is generally expected to reduce exports and increase imports.

While exchange rates may have contributed to the drag on manufacturing in September, trade also did, according to ISM.

“Global trade remains the most significant issue as demonstrated by the contraction in new export orders that began in July 2019. Overall, sentiment this month remains cautious regarding near-term growth,” said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.

This story is developing. Please check back for updates.

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Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: jacob pramuk
Keywords: news, cnbc, companies, reading, decade, remains, manufacturing, currencies, pathetic, reserve, federal, dollar, trade, relative, targets, wrote, trump, worst, fed


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