Going down?

[The beef 675] [I'm an image] “Sooo, is summer canceled again?” - Jason Hey there carnivores, Markets had their worst day since March. And today we’re exploring what happened. Keep raging, Jeff & Jason [Image] [I'm an image] Is this bad? Elon Musk [summed up]( the markets perfectly yesterday morning. And he didn’t even need all 280 characters: “lol”. On Thursday [the Dow fell 6.9% (not nice)](, while the S&P and Nasdaq fell 5.9% and 5.3%, respectively. For those of you that recently deleted DraftKings and downloaded Robinhood, that’s bad. Like really bad. In fact, it was the biggest one day decline since March 16 when all three indexes fell over 11%. What went wrong? Well, for starters, J-Poww started running his mouth again... Late in Wednesday’s session, Fed Chair Jerome Powell jumped on his OnlyFans live feed to recap the Fed’s two-day meeting. JP indicated that the pandemic could cause permanent economic damage and that the US economy will contract by 6.5% in 2020 before expanding by 5% in 2021. Additionally, Jerry Interest Rates said that the high percentage of unemployment (currently around 13%) will likely persist through the end of the year. Oh, and Jer says we can [expect near-zero]( interest rates through 2022, which means the central bank doesn’t have a whole lot of confidence that a V-shaped recovery is on its way. "Miss me?" It isn’t just the Fed’s sweet nothings that had investors heading for the exit… ‘Rona boi is back. Texas [posted]( its third straight day of record hospitalizations… which just goes to show that dying for the Dow doesn’t necessarily mean it’ll go up. Elsewhere, Florida had its worst weekly increase. Nationwide, the US’ grand total of coronavirus cases eclipsed 2M. That being said, Treasury Secretary Steven Mnuchin doesn’t see lockdowns in America's future, stating ‘we can’t shut down the economy again’. We'll see what Dr. Fauci has to say about that. The bottom line... Is it just me or is it getting a little frothy in here? It appeared for a while that there was no limit as to how many thousandaires Robinhood could mint. You see, retail investors [had been living]( large, piling into beaten-down stocks, and [making]( billionaires look like simps over the past few weeks. That is until today. The most-bought stocks on Robinhood (many of which were companies negatively impacted by COVID-19... or seeking bankruptcy protection) were all in the red Thursday. Granted all stonks were so that doesn’t say much. The most popular stock on RH, Ford, was down 9%, [while the two others]( on the podium, GE and American Airlines, fell 8% and 14% on the day. [Image] Despite The Worst Market Sell-Off In Three Months Jeff Bishop Managed To Bank More Than $324K In Profits Yesterday [Alternate text]( Mostly Thanks To The Octane Scanner What Is It & How Can You Get Your Hands On It? [Watch Now]( [I'm an image] ☑️ Cox is back, tell a friend. Former head of product at Facebook Chris Cox [is returning]( to the social media giant as...head of product. Cox left the company last year after some major disagreements with Zuckerbot, which centered mostly around the potential use of encrypted messaging, which could potentially be used for terrorism, child trafficking and other generally awful things. Let’s hope they worked that out… After a year of spending time with his family and playing in his reggae band (read: smoking the devil's lettuce in his garage), Cox is ready to get back to work. He reached out to Zuck about a month ago about getting back in the saddle. Investors are excited, hoping Cox can return to prominence in the role he left in March 2019. As part of his new (old) gig he will determine Facebook's culpability in spreading misinformation and divisive content within its current products. The first order of business will be to deal with how Facebook handles the posts of one Donald J. Trump. Good luck buddy. ☑️ I think you know how this about to go. Quicken Loans announced yesterday that it [is getting ready to blow the lid]( off the IPO market. The insurance company is working with Morgan Stanley, Goldman Sachs, CreditSuisse, and JP Morgan to go public. The IPO, which was filed confidentially, is expected to be valued in the tens of billions. Billionaire Dan Gilbert (yup, the guy who wrote that strongly worded letter to Lebron), who owns Quicken, hasn’t made a formal announcement but the mortgage business is pretty hot right now. CEO Jay Farner (from the commercials!) said that he expects $75B in mortgage closures during Q2, up from $53B in Q1. Recent IPOs of Warner Music, ZoomInfo, and Vroom indicate that the IPO market is certainly receptive to new entrants. ☑️ Sour taste in your mouth. Grubhub can’t take time to smell the roses following its recent deal with Just Eat Takeaway. Yum Brands [is ruining its victory lap and suing Grubhub]( for an apparent breach of contract. The two joined forces in 2018 when the Taco Bell owner bought 3% of Grubhub which was supposed to include favorable pricing for delivery of food from its restaurants. That was, until June 2nd when Grubhub terminated the contract. Funny, that’s right before it got bought out. Smells fishy… Grubhub isn’t planning on complying with Yum’s request to reinstate the deal so a court battle is all but certain. The delivery service already reached out to Taco Bell and KFC franchisees directly with new pricing structures. I love the smell of corporate arbitration in the morning. ☑️ Bill the thrill. Bill Ackman is [doing his best Preston Waters](, filing to IPO a blank check company that is looking to raise $1B. Blank check companies look to raise public capital [specifically to make an acquisition]( within a specific timeframe. The acquisition target hasn’t been announced but is typically a private company that is looking to go public itself. Wild Bill took part in a similar deal eight years ago when his company Justice Holdings took Burger King public. Ackman is looking to buy into the volatility of the market and hopefully capitalize on some of the recent swings, like, you know, the ones we saw yesterday. He even went as far as selling his share of Berkshire Hathaway. If you come at the Oracle, you best not miss... ☑️ Guess who’s back? Jobs baby! More like, guess what’s back...First-time claims for unemployment insurance [dropped again this week](, continuing the downward trend of new people out of work. 1.5M jobless claims were filed this week, compared to an expectation of 1.6M, and last week’s number of 1.9M. Another week goes by and we get further from the peak of 6.9M unemployment claims at the end of March. Although the numbers are getting better, economic uncertainty still remains. The Fed didn’t exactly give a glowing forecast for 2020 when it published its minutes Wednesday. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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