Following the initial halt in CSI-300 Futures at the 5% limit down level, the afternoon session opened to more carnage and amid the worst 'first day of the year' in at least 15 years, Chinese stocks collapsed further to a 7% crash. At 1334 local time, stock trading was halted for the rest of the day across all exchanges (at least two hours early). As Bloomberg reports,
Around two weeks ago, Wang Weidong, who WSJ describes as “one of China’s top fund managers,” drew a crowd so large at the Grand Hyatt in Lujiazui that the building’s air conditioning unit was, much like the SHCOMP’s volume tracking software in April, overwhelmed by the sheer number of aspiring Chinese day traders in attendance. The message was clear: buy Chinese stocks.
One of our recurring activities over the past few years was, in collaboration with Nanex, to point out the countless mini-flash crashes that take place almost on a daily basis across the equity market. Although not as dramatic as the far more popular major flash crashes of May 2010 or August 2015, these recurring events merely served to underscore just how broken and fragment the market plagued by HFTs has become.
This post Crude Crashes: Here’s What You Need to Know… appeared first on Daily Reckoning.
What the heck happened to the bounce?
The stock market has leaked like a broken faucet for more than a week now. In fact, the S&P 500 just logged its first seven-day losing streak in five years, LPL Financial’s Ryan Detrick reminds us.
Bloodbathery.. it seems at full employment no one needs a new job... or wants to hire? LNKD is downover 20% in the after-hours following a drastic guidance cut. This crashes the stock to its lowest since July 2014...
Clothing retailer Express, Inc. (EXPR) confirmed yesterday that it has received a letter from investment firm Sycamore Partners intimating the latter’s interest in acquiring it. Sycamore had revealed on Thursday that it has purchased a 9.9% stake in the fashion retailer. Express’s stock price surged 22% in extended trading yesterday following the confirmation.
By Amit Chokshi:It takes a special type of management team and board to reach new lows for corporate governance when such “benchmarks” of fiduciary duty and competence are established by companies such as Hewlett-Packard (HPQ) and MF Global (MFGLQ.PK) but the executive team and Board at Talbots (
The 20th century could be categorized as THE century when communications took off and we started living in each other’s pockets. Lives had been ruined by war, trouble and strife. Wealth had been redistributed beyond belief. There were no longer just a few that were making the profits, but there were growing classes of people that wanted recognition.
By Richard Evans:The board of Sycamore Networks, Inc (SCMR) made a shock announcement Tuesday, 23 October. Sycamore sold off some of its assets, while saying it would sell off the remaining assets of the business and close shop. NASDAQ temporarily halted trading in Sycamore's shares after the announcement was made.