Forbes magazine ranks billionaires on a variety of factors. One ranking is the self-made factor. From a scale of 1-10, it ranks how much a person pulled themselves up from their bootstraps and created wealth from scratch, versus inheriting a business.
[Trading Tips]
Good morning. Forbes magazine ranks billionaires on a variety of factors. One ranking is the self-made factor. From a scale of 1-10, it ranks how much a person pulled themselves up from their bootstraps and created wealth from scratch, versus inheriting a business.
With 10 being the highest score, and a sign of true entrepreneurial grit, Ross Perot did just that. Starting at the age of 32 with $1,000 borrowed from his wife, he created a huge business empire that he later sold for billions—well before being best known as the first billionaire presidential candidate. One of his more surprising accomplishments? Funding a private rescue for employees of his being held hostage in Iran in 1979. Now that’s a great boss. Dead at 89, RIP.
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MARKETS
DOW 26,783.49 -0.08% Ă‚
S&P 2,979.63 +0.12% Ă‚
NASDAQ 8,098.38 +0.54% Ă‚
*As of market close
• Stocks traded flat on Tuesday, amid few major developments and ahead of comments by Federal Reserve Chair Jerome Powell.
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• Commodities traded flat as well, although oil rose by about 1 percent late in the day.
Today’s TOP TIPS
[Stocks Await New Fed Comments](
Change in stance likely after solid economic data.
Stocks have been moving slightly and on low volume so far this week as traders awaited a speech by Federal Reserve Chairman Jerome Powell on Tuesday at the Boston Fed.
Following strong job data last week, with over 244,000 jobs created against expectations of 160,000, the Fed is expected to move from “acting as appropriate” to “patient” regarding changes in interest rates.
» [FULL STORY](
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[Cisco Acquires Supplier Acacia for $2.6 Billion](
Supplier merger creates arbitrage opportunity.
Router company Cisco (CSCO), one of the key manufactures of equipment needed to access the Internet and otherwise transfer data, is acquiring one of its suppliers, Acacia Communications (ACIA).
The deal was announced at $70 per share on Acacia, or about $2.6 billion overall. Acacia creates optical interconnect technologies that allow for speedy, high-bandwidth transfers of data.
» [FULL STORY](
[Insider Activity: Safehold Inc. (SAFE)](
Majority owner and manager adds to stake.
On Monday, iStar, the majority owner of Safehold (SAFE), added to their stake. As the majority owner of the company already, and the manager of Safehold, the move is an indication that shares of the company remain undervalued.
iStar picked up an additional 15,000 shares, representing a cost of about $468,000. This buy leaves iStar with over 20.6 million shares of Safehold.
» [FULL STORY](
[Unusual Options Activity: Hess Corporation (HES)](
Big bet on massive rally in energy company.
While the summer is typically a slow season for stocks, one trader is betting on a big move in shares of Hess (HES).
With shares currently around $61, there’s been a surge in trading on the January 2020 $80 calls, indicating a 30 percent upside in shares between now and January. Over 16,000 of those contracts traded on Tuesday, about a 20-fold increase in volume for prior trading.
» [FULL STORY](
IN OTHER NEWS
 • The [market’s sudden moves]( may be the result of a “gamma trap,” some traders say. Â
 • Internationally, [Iran threatens the U.K.]( over the seizure of one of its tankers. Â
 • Also in the U.K., the top two candidates for Prime Minister are [willing to leave the EU without a deal in place](—the so-called “hard Brexit.” Â
 •
[3M shares hit with environmental liabilities](, adding to the company’s year-to-date losses.
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 • [Virgin Galactic plans IPO]( in the second half of 2019. Â
 • Despite the popularity of CBD products, [the FDA has yet to finalize regulations]( on their sales. Â
 • In tech, [Uber’s CTO says it will take the company years]( to make a profit. Â
 • The [FCC proposes a plan to punish international robocallers](. Â
 • Electric toothbrush startup [Quip launches a dental insurance alternative]( in NYC. Â
 • In earnings, [Pepsi beats on strong beverage and snack sales](. Â
S&P 500 MOVERS
TOP
LHX 3.563% Ă‚
AMD 3.464% Ă‚
TWTR 3.292% Ă‚
WDC 3.228% Ă‚
FTNT 2.546% Ă‚
BOTTOM
GTX 5.593% Ă‚
DVA 5.332% Ă‚
LB 4.174% Ă‚
FCX 3.119% Ă‚
LYB 3.113% Ă‚
Top Rated Financial Stocks
1. [COWN: Cowen Group, Inc.]( 100
2. [MVC: MVC Capital, Inc.]( 100
3. [TCPC: TCP Capital Corp.]( 99
4. [BX: Blackstone Group LP]( 98
5. [SCM: Stellus Capital I]( 98
Quote of the Day
Business is not just doing deals; business is having great products, doing great engineering, and providing tremendous service to customers. Finally, business is a cobweb of human relationships.
- the late Ross Perot on the secret to building a multi-billion-dollar business
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