Fed to the Rescue; WeWork’s Failure to Launch
Down for the Count
“Am I the only one I know / Waging my wars behind my face and above my throat.” — “Migraine,” Twenty One Pilots
My apologies, Great Stuff readers. I am indisposed today.
Someone gave my inner voice a jackhammer and an icepick. When I find out who, we’re going to have words.
Migraine or no, I still managed to grab a few headlines of interest this morning, so here goes:
- Failure to launch: In a move we all saw coming, WeWork is delaying its initial public offering. Apparently, even floating the idea of a mere $10 billion valuation wasn’t enough to drum up interest in a real estate company with $1.9 billion in losses last year.
- So, you’re telling me there’s a chance: The CME FedWatch Tool is projecting a 90% chance that the Federal Reserve will cut interest rates at this week’s meeting — as if you were expecting anything else at this point. Still, I would love to see what President Trump’s Twitter would look like if Fed Chair Jerome Powell decides not to cut rates this week.
- Return of the living dead: Ill-fated movie theater subscription company MoviePass Inc. officially shut down operations this weekend. Shares of parent company Helios and Matheson Analytics Inc. (OTC: HMNY), which once traded as high as $5,100, now hover near $0.0014. But someone is looking to resurrect the company. Ted Farnsworth, former Helios chairman and CEO, says he still believes there’s “great unrealized value in MoviePass.” To quote Gnarls Barkley: “I think you’re crazy.”
That’s it for today while I recover. But, you can still check out some of the best financial news of the past week by visiting the Great Stuff website — which is far easier than scouring your inbox for past editions.
Or, if you want a truly better and more productive way to spend today, you could watch every single presentation from the 2019 Total Wealth Symposium!
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Great Stuff will be back tomorrow with your irregularly scheduled programming.
Until next time, good trading!
Great Stuff Managing Editor, Banyan Hill Publishing