LOL: First story I read Tuesday wasn't about the dollar ahead of the Federal Reserve meeting, oil prices spiking to $65 a barrel or a key policy proposal for el Presidente Trump. Nope, it was about cryptocurrency litecoin. Over the past 24 hours, litecoin has exploded roughly 67% to $250 as interest in bitcoin futures casts a halo throughout the cryptocurrency realm. Litecoin's market cap: $13.1 billion at last check. That's nowhere near bitcoin's almost $300 billion, but still worth more than Sears (SHLD) ($459 million) and impressive in the grand scheme of things. Wondering what litecoin is? It's described as being a lightweight alternative to bitcoin. Whatever that means ...
Quick take on this big deal: European property company Unibail-Rodamco said Tuesday it will spend $15.7 billion to buy Westfield Corp., the owner of the shopping center at One World Trade Center in New York. Indeed this is an interesting bet in an age of death by Amazon (AMZN - Get Report) . Or is it? I have long been of the view that shopping malls will be returned to the local communities in a sense. That means the mall could become a true community gathering place, one that includes maybe an indoor farmer's market, a movie theater, and an apartment complex for seniors housed inside a former Macy's (M - Get Report) . Further, the mall will be a place to get urgent medical care and then pick up the medicine from an Amazon warehouse in former a J.C. Penney (JCP - Get Report) . In such a setting, the mall is critical again and COULD compete in the digital age. So the deal isn't a dumb bet. Having said that, if I am an anchor store such as Sears and Macy's that do business in a Westfield-owned mall this deal is petrifying. Department stores don't fit in this new mall as a community world, and an eager property owner may try to push them out via higher rents in order to redevelop the space for 2040.
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Read this: Stock valuations are high relative to historical norms. A terrorist bombed New York City's Port Authority on Monday. Despite these not-so-small issues, stocks refuse to go down. One part encouraging, one part scary as we all look for the proverbial bubble to pop amid some unforeseen development. TheStreet's founder Jim Cramer serves up one heck of an analysis here on why stocks refuse to go down. Read it, then cut and paste it on your Amazon Echo Show, and read it again.
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