One
of the most talked-about rising companies in retail is reportedly filing for
bankruptcy – (www.businessinsider.com) The
hot clothing company Nasty Gal is filing for bankruptcy, Recode reports.
Sophia Amoruso, who founded the company as an eBay shop in 2006 when she was
22, will also step down as executive chairwoman, according to Recode. The once
promising hip retailer for young women has been through some tumultuous times
in recent years.
Trump
Day-One Winners and Losers Piling Up Fast Across the Globe - (www.bloomberg.com) Donald
Trump’s stunning victory is already creating winners and losers in markets and
industries around the world, from miners in America’s Appalachian Mountains
heartened by his devotion to coal, to Mexican peso traders stunned by
a wave of panic selling. Many changes will play out slowly. Others took little
time to manifest. Here are some highlights: WINNERS: Private prisons:
Corrections Corp. of America was up as much as 60 percent in intraday trading
and the GEO Group Inc. climbed as much as 35 percent on speculation that Trump
will use existing private lockups to detain immigrants.
We
Just Had The Worst Day For Mortgage Rates in Over 3 Years - (www.mortgagenewsdaily.com) Mortgage
Rates skyrocketed today, relative to their average range of movement.
It was the single biggest move higher since the days of the taper tantrum
in mid-2013. Virtually all lenders are quoting conventional 30yr fixed
rates that are at least an eighth of a point higher versus yesterday.
Over the past decade, you can count single-day eighth-point moves without
using any toes. Some lenders were a quarter point higher, which has only
happened a few times, ever.
Prosiris’s
Billion-Dollar Hedge Fund Plunges to $284 Million - (www.bloomberg.com) Prosiris
Capital Management’s main hedge fund has seen assets plunge by more than 70
percent this year as losses mounted at the credit firm run by Goldman Sachs
Group Inc. alumnus Reza Ali. The Prosiris Global Opportunities Fund oversaw
$284 million as of Sept. 30, according to a performance summary seen by
Bloomberg, compared with $999 million as of December 2015. Investors yanked
cash as the New York-based fund lagged behind its benchmark, falling 17 percent
in the first nine months of the year, the documents show. It only made money in
two of those months, and less than 1 percent each time. This year’s decline
follows the fund’s 2.6 percent drop in 2015, when Prosiris oversaw $1.6 billion
at one point.
Wall
Street elite stunned at Trump triumph - (www.reuters.com) From
plush penthouse apartments on the Upper East Side to bars in midtown Manhattan,
New York’s financial community watched in stunned dismay on Wednesday as
Republican Donald Trump clinched the White House. An early party mood quickly
soured as donors and supporters of Hillary Clinton realized that the Democratic
candidate, Wall Street's preferred choice because she represented the status
quo, had lost. Many were stuck for words. “Not really much to say,” said Marc
Lasry, a billionaire credit investor. Trump's unpredictable pronouncements and
opposition to free-trade agreements have made the real estate mogul unpopular
with many financiers, who fear that he could disrupt global trade and damage
geopolitical relationships.
Dow’s 1,172-Point Round Trip Just Misses Post-Election Record - (www.bloomberg.com)
Bond yields on fire as market anticipates more inflation, growth - (www.cnbc.com)
Today's S&P 500 Reversal Is the Biggest Since 2008 Crisis: Chart - (www.bloomberg.com)
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