If you aren't an investor in it, chances are you're skeptical about bitcoin and you just can't wrap your head around the recent price increase. That, or you just don't buy the fact that an unregulated currency not backed by any central bank could be viable.
Well, you're not alone, and today you may have gotten some confirmation that your skepticism isn't far off, or at least, isn't unfounded, as Federal Reserve Chair Janet Yellen said Wednesday the cryptocurrency is not only speculative, but also is not a stable store of value.
Man, I am almost all bitcoin-ed out. Will this hubbub end? Anyways, back to something we can all wrap our heads around.
The retail sector hasn't been one for faint of heart investors and despite recent gains from the broader sector (mainly the big guns Walmart (WMT) and Target (TGT) which have helped buoy the broader sector), there could be more trouble brewing. The pet segment, for instance, once a red-hot bet, is now taking it on the chin (or snout).
Consider privately held PetSmart, which reported disappointing numbers earlier this week. Adjusted Ebitda came in short of what had been expected, as well as down 34% year over year. PETM is no longer a publicly traded stock, but the chain is still backed by debt that took a serious trip down a dark and dangerous path in Tuesday trading.
We've got a take for traders on PetSmart over on Real Money and look out for a distressed investing take from The Deal, soon. I'll make sure to keep you updated.
On the deal front, lots has been made over AT&T's (T) acquisition of Time Warner (TWX) and more tie-ups between content creators and the companies that provide the delivery mechanism for that content.
Well, don't look now, but T-Mobile (TMUS) is getting into the game. Company CEO John Legere, who has long maligned wireless rivals Verizon (VZ) and AT&T for their policies and corporate decisions, is taking his game of smack talk to the TV business as the wireless carrier announced the purchase of Layer 3 TV Inc. on Wednesday.
Layer 3's service, which currently requires a set-top box, carries more than 250 high-definition channels, including ESPN, AMC and HBO. The deal, according to Legere, will give the company technology that is imperative to the launch of its own over-the-top TV service to rival that of Comcast (CMCSA) or Charter (CHTR) , among others.
The acquisition follows T-Mobile's offer of free Netflix (NFLX) to customers of its family plans starting in September and marks the company's continued efforts to truly be the "un-carrier."
Photo of the day: A famous graduate of Fort Hamilton High
The Federal Reserve raised interest rates for the third time this year, pursuing a path of normalizing monetary policy following the unprecedented stimulus deployed in the aftermath of the 2008 financial crisis. The Fed, led by Chair Janet Yellen, increased its target borrowing rate by a quarter percentage point, or 25 basis points, to a range of 1.25% to 1.5%, according to a statement. Yellen, who was nominated by President Obama to succeed Ben Bernanke in 2014 as Fed Chair, will hold one more Fed meeting before she leaves her post. Yellen will be succeeded by Jerome Powell, a Trump appointee. Yellen is a Brooklyn, N.Y. native and a graduate of Fort Hamilton High School in Bay Ridge. Above is a photo from her high school yearbook.
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