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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Pause. Rewind. Rewatch. All the things you wish you could do with real life — it’s all yours. But you have to act now. This offer won’t be available for long.
Great Stuff will be back tomorrow with your irregularly scheduled programming.
Until next time, good trading!
Regards,
Joseph Hargett
Great Stuff Managing Editor, Banyan Hill Publishing