It is the 15th of September 2019

News

Google Slides As Cost-Per-Click Tumbles

Google, aka Alphabet, reported Q2 earnings that beat on the top and bottom line, reporting EPS of $5.01, above the estimate of $4.45, and earnings per share excluding the $2.7 billion European Commission fine of $8.90, also above the $8.25 expected. Total Q2 revenue of $26.01 billion rose 21% Y/Y, and also beat consensus of $25.64BN.

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Blue Apron Prices IPO At Bottom Of Deeply Discounted Range

Perhaps impacted by Amazon's Whole Foods' deal, Blue Apron just priced its IPO at $10 (30 million shares).

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"Something Snapped": US Department Store Sales Crash Most On Record

As we first documented last week in "Mega-Bears Smell Blood As Mall REITs Tumble" and as Bloomberg followed up yesterday, looking at CMBS on the Mall REIT space, many have set their sights on mall REITs as the "next big short." However, an obvious question that has emerged is whether it is too late to go all in on this particular short, or whether as some have suggested, the bottom is in.  “The short feels crowded to us,” said Matthew Weinstein, principal at Axonic Capital, a hedge fund that specializes in structured products. “If these defaults start happening soon, the short will work, but if the defaults do not occur quickly, the first guy out could drive the market meaningfully higher.”

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