(Note: I actually did this little throwaway post yesterday; today alone, the stock is down another 60% as I am typing this).
The Department of Justice has decided that private prisons aren’t so cool anymore, so they aren’t going to use them. This is having a, shall we say, negative effect on Corrections Corporation of America.
As ZH says………”presented with no comment”:
As some of you know, I’m an old hand at the world of connected computers. I’ve been online since 1981, wrote a (rather prophetic) book in 1983 called The World Connection, and have been neck-deep in computers and the Internet for my entire life.
With these bona fides, I stand by my statement that Yahoo has always been a piece of garbage, and were it not for their accidental investment in Alibaba, they probably would have gone belly-up years ago. (Astonishing footnote: Yahoo is being sold for only FOUR times what they paid for Tumblr, which they drove into the ground).
Yahoo’s charred remains were finally purchased, though, by Verizon, for less than one TENTH the price Microsoft offered them nearly a decade ago. Don’t let the chart fool you: although it shows Yahoo’s stock price is the same as it was in January 1999 (which in itself is pretty dismal), virtually the entire value in this price is represented by the aforementioned Alibaba investment. They got lucky…………just like Marissa Mayer, whose blue eyes and relatively trim figure scored her a $300 million payday just by hanging around Yahoo long enough for it to get sold.
Last night, when I first learned about the horrible, disgusting tragedy that took place in Nice, I instantly had this thought (which I tweeted out):
Well, these days, I’ve got to say, it feels satisfying to get at least ONE prediction right:
Some of you will rest assured that no charts were involved in my speculative analysis.
Bears have been frustrated, and I am among them, that bear markets are allowed to go no longer than one, maybe one-and-a-half, days. This week brought another example. Monday was a market holiday, but on Tuesday, we had a nice tumble. The fall was continuing overnight, but our old pal Dennis “the commodity king” Gartman decided to go bearish on crude, and, well, the result was predictable.