Top Stories of the Week
This Deal May Not Be The One That They Want (But They May Take it Anyway)
The eyes of Europe (and the world) remain fixed on Athens as the Greek government continues to negotiate with its creditors. The week brought news that a deal was close enough to get people’s hopes up, but it’s still unclear how things will play out.
Push comes to shove, Greek PM Alexis Tsipras is stuck between a rock and a hard place. The cuts he’s being asked to swallow will not be popular with the people who voted him into office. However, rejecting the deal and plunging his country into bankruptcy and an exit from the Euro zone would likely also prove unpopular in the long run as well.
At last check on Friday, the rest of Europe had given Greece 48 hours to take the deal or suffer the consequences, prompting a lot more posturing and cries of “blackmail” from Tsipras. Which is pretty much par for the course, at this point. Tsipras has summoned his cabinet for further discussion, only time will tell if they bite the bullet and take the deal.
Much Ado About Trade Promotion Authority
In this week’s episode of “Mountains Out of Molehills,” it appears as though a lot of the anger and posturing surrounding the TPA was, well, just that. Despite a lot of discussion about how Democrats were going to take a principled stand against their President and how this was a major political moment and how this bill was a massive deal…it passed the house and senate.
What does this mean? It means that Obama can go negotiate a Pacific Trade Pact that will still need congressional approval.
Carl Icahn Splits After Netflix (NFLX) Goes 7-1
Maybe Netflix has market cap envy?
The streaming video company announced that it would be performing a 7-for-1 stock split that would take its share price from close to $700 to close to $100, a move that echoes Apple (AAPL) because, well, that’s exactly what Apple did about a year ago.
Soon after the news, it was revealed that Carl Icahn had sold his sizeable stake in the company, clearing an over-$800 million profit on the deal. Congrats, Carl. Does this mean the smart money thinks Netflix shares are peaking? Hard to say for sure, but Carl Icahn appears to be convinced that Green is the New Black.
Whole Foods (WFM) is Too Expensive. No, Seriously…
Known for some time to many as “Whole Paycheck,” high-end grocery store Whole Foods has long been accused of overcharging. But that was overcharging in the normal, perfectly legal “EIGHT DOLLARS FOR A CUP OF YOGURT?!?!” way.
Turns out, Whole Foods was also charging in a not-so-legal “let’s say that this weighs more than it does so our already exorbitant prices are even higher.” The New York Department of Consumer Affairs revealed it had found cases of mislabeling that overstated weights on 80 different types of prepackaged food.
Major Supreme Court Decision That You’ve All Already Forgotten About
While it has already faded into the background some, the Supreme Court ruled to uphold the Affordable Care Act as the law of the land on Thursday. Striking down a challenge that was, quite literally, arguing the letter of the law against the spirit, the court upheld the law as constitutional with a ruling that effectively said “didn’t we already do this?”
I’m sure this must be it and congressional Republicans and American conservatives will just accept this as the law of the land now. Last you’ve heard of this story, right? Right?
Big News for Rainbow Flag Manufacturers
While the economic consequences may not be tremendous, the Supreme Court did positively outdo itself on Friday when it ruled 5-4 in favor of recognizing the right to marry as a civil right and opening the way for same-sex couples in any state to get married. By this point, most of America was ready to have a warm, fuzzy moment over this one and I, for one, was also reveling in the news.
Featured on Equities.com this week…
How this Playboy Playmate Became a Better Stock Trader Than You by Equities.com Staff
Gay Marriage is Good For The Economy, Too by Ryan Bhandari
What Stocks Do At the End of a Death Spiral by Steve Kanaval
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