Last week, I asked the rhetorical question of whether the Greeks-go-abegging-again saga was really over and if the rest of the world can finally move on? Just when we all breathed a big sigh of relief, Prime Minister Alexis Tsipras (now ex-PM, I guess) decided he is not ready to move out of the global spotlight and suddenly resigned his post last night in an effort to force early elections after members of his own party rejected the terms of the bailout agreement. However, he did so only after his government had received the first installment from the bailout and also after his government had made a scheduled debt repayment to the ECB. This is not robbing Peter to pay Paul, but robbing Peter to pay Peter.
We woke up Monday morning to the Tesla (TSLA) upgrade and accompanying price target raise to a whopping $465 per share from the prior expectation of $280 per share from Morgan Stanley. Maybe the analyst at MS was offered a house in the first colony on Mars once settled by Elon Musk and SpaceX?
Wondering what those geniuses at our Federal Reserve, who were of the opinion (based on the FOMC minutes from the July meeting released Wednesday) that conditions were just right at the moment for a Fed liftoff in interest rates, are thinking now? Conditions still ripe, my pointy-headed friend?
Yesterday Gartner said Apple (AAPL) increased its market share in the smartphone segment in China for the second quarter of 2015 to 14.6%, up 2.4% year over year. Samsung saw a drop of 4.3% in the quarter to 21.9%. Gartner said the "Apple of China," a.k.a. Xiaomi, had a market share of just 4.9% in 2Q, albeit up from 4.3% year over year.
On the other hand, market researcher IHS Technology says Apple's market share in China for smartphones in 2Q was 12%, Samsung at 9% and Xiaomi was No. 1 with an 18% market share. Where do these "market research companies" come up with their numbers? Who are they polling and how are they coming up with such wildly disparate data? Paid hacks come to mind, no? (Apple is part of TheStreet's Action Alerts PLUSportfolio.)
Now that the Chinese situation has taken a decided turn for the worse and is hurting a lot of average people who are invested in the stock markets around the world, I am not going to make my usual tongue-in-cheek comments about our good quasi-Communist friends (sorry, couldn't resist at least that). However, next weekend the gloves come off again.
The BBC reported yesterday that Finland's Santa Claus Office has declared bankruptcy over unpaid taxes. Talk about a bad economic environment getting worse. If St. Nick won't be around this Christmas, the world has bigger problems than the stock market to deal with, no?
With that, I wish all of you a safe and fun-filled weekend.