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The Capitalist Newsletter – June 21, 2017

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BARCLAYS COMES UNDER FIRE FROM ALL ANGLES AS THE BANK FACES NEW FRAUD CHARGES OVER QATAR FUNDRAISING

For anyone unfamiliar with Barclays, it’s a British bank and financial services company based out of London. Barclays is also a household name in the financial world, dabbling in retail, wholesale, and investment banking, along with wealth management, mortgages, and credit cards. Basically, Barclays does everything. And now the financial titan is coming under some serious heat for the actions of former executives who are facing fraud charges relating to Qatari investors back in 2008. And while Barclays may only be responsible for a fine from that, there’s a lot more problems for the British bank to deal with.

Read The Capitalist’s Take Here

Read More at Reuters Here

Read More at CNN Money Here


U.S. OIL PLUNGES; HITS 9 MONTH LOW AS OIL ENTERS BEARISH TERRITORY

Oil on Tuesday marked its lowest finish since August, with prices sinking into bear-market territory as investors remained concerned that rising output from the U.S. and Libya will offset OPEC-led production cuts.

Meanwhile, natural-gas prices got a modest boost as traders eye two tropical storms that have formed in the Atlantic.

July West Texas Intermediate crude CLN7, -1.95% declined by 97 cents, or 2.2%, to settle at $43.23 a barrel on the New York Mercantile Exchange on the contract’s expiration day. That was the lowest front-month contract finish since Sept. 16, according to data from Dow Jones.

Read More at MarketWatch Here

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Read More at Investor’s Business Daily Here

Read More at CNBC Here


MNUCHIN PROMISES ‘MASSIVE’ TAX REFORM — THIS YEAR

Treasury Secretary Steven Mnuchin said Tuesday he’s confident a “massive” tax bill will work its way through Capitol Hill by year’s end – just hours before House Speaker Paul Ryan is set to make a “major” tax announcement.

“The speaker, myself, the senate leadership, we are all 100 percent committed to getting it done this year. It’s critical to the economy,” Mnuchin told CNBC’s “Squawk Box” Tuesday morning. “We are meeting weekly, and we could not be more focused on getting this done.”

Read More at US News & World Report Here

Read More at The Hill Here

Read More at CNBC Here


Closing Bell

– Tuesday, June 20th

Markets Plunge DOWN as Crude Hits 9 Month Low

Big Insider Trades

– Moody’s Corp. (MCO) CFO Linda Huber Sells $1.2m

– The Williams Companies, Inc. (WMB) Director Stephen Bergstrom Buys $500k

Winners & Losers

– Vivint Solar, Inc. (VSLR) Jumps UP (19.54%) After Receiving Favorable Comments from Wall Street Analysts Regarding Possible Company Sale

– Fang Holdings Ltd. (SFUN) Tumbles DOWN (12.84%) After Reporting Worse Than Expected Quarterly Earnings

The TIP Sheets

– Tuesday, June 20th

– Sears Holdings Corp (SHLD) Ticks UP (6.75%) as Company Continues to Sell Assets to Raise Revenue. However, Cash is Running Out and Same Store Sales are Plunging. Expect Shares to Fall Back DOWN

Unusual Volume

Encana Corp. (ECA) Drops DOWN (3.78%) on 35m Shares Traded After Major Investor Unloads Massive Shares. With Oil in a Glut, Expect Shares to Continue DOWN

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