It is the 30th of April 2017

News

Third Point Made 5.9% In Q1, Expects "Favorable Investing Environment To Continue": Full Letter

Having returned 5.9% in Q1, or just shy of the overall market's 6.1% return, it was not surprising to find the mood in Dan Loeb's just released Third Point letter to be far more uplifting than in the recently posted David Einhorn letter (whose punchline was "The Longs Say Stocks Can Only Go Up, Seemingly To Infinity And Beyond. We Have Seen This Before").

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San Francisco Judge Blocks Trump's Sanctuary City Executive Order

To our complete 'shock,' a federal judge in San Francisco has just blocked Trump's Executive Order intended to withhold funding from communities that limit cooperation with U.S. immigration authorities.  The basis of the finding is that only Congress, not the president, has authority to attach new conditions to federal spending.

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U.S. Steel Crashes After Slashing Guidance By More Than 50%

One day after Trump slammed Canada with a lumber tariff, somehow managing to send lumber future prices limit down on the CME, he is faced with another, far more credible crisis: the terrible guidance just released by US Steel in particular, and the fate of the US Steel industry - and China's adverse impact - in general.

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U.S. Steel Crashes After Slashing Guidance By More Than 50%

One day after Trump slammed Canada with a lumber tariff, somehow managing to send lumber future prices limit down on the CME, he is faced with another, far more credible crisis: the terrible guidance just released by US Steel in particular, and the fate of the US Steel industry - and China's adverse impact - in general.

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