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Dayton Daily News

Regional summit at Roswell Park is part of national cancer 'moonshot' effort
Buffalo News
Despite progress against cancer, the disease remains the second-leading cause of death in the United States and a diagnosis that scares any patient. Now, a national effort to advance treatment – a cancer “moonshot” – lifts off Wednesday with gatherings ...
Biden holding cancer summit to pump up support for 'moonshot' effortWashington Post
Iowa taking 'moonshot' at ending cancerThe Gazette: Eastern Iowa Breaking News and Headlines
White House "Cancer Moonshot" Effort Comes to AtlantaPR Newswire (press release)
Business Wire (press release) -The News Journal -Sioux Falls Argus Leader -Dayton Daily News
all 32 news articles »
Posted: June 28, 2016, 9:24 pm


5 Things People With Mental Health Issues Should Always Remember
Having a mental illness is no picnic. On top of managing the illness itself, you may be battling societal misconceptions, family worry and your own self-blame and concern — which is the least fun cocktail since the prairie oyster. In the face of the ...
Overhauling Mental Health Care Is Not a Cure-All for Reducing Gun Crime, Experts SayABC News
Texans Deserve More Integrated Health CareUT News | The University of Texas at Austin
Senate May Tie Block Grants to State Plans to Reduce SuicidesThe Heartland Institute -Indiana Gazette
all 17 news articles »
Posted: June 28, 2016, 8:53 pm

Washington Post

FDA approves first pill to treat all forms of hepatitis C
Washington Post
WASHINGTON — Federal health officials on Tuesday approved the first pill to treat all major forms of hepatitis C, the latest in a series of drug approvals that have reshaped treatment of the liver-destroying virus. The Food and Drug Administration ...
Gilead wins US nod for drug for all types of hepatitis CReuters
Gilead notches FDA approval for first all-genotype hep C med, EpclusaFiercePharma
FDA approves Epclusa for treatment of chronic Hepatitis C virus
FierceBiotech -Wall Street Journal -Chicago Tribune
all 44 news articles »
Posted: June 28, 2016, 8:24 pm

Congressmen Fight to End FDA Restrictions on Gay Blood Donors
In the wake of the Orlando massacre, which left 49 people dead and many others injured, Rep. Alan Grayson, D-Fla., is introducing a bill that would create a grant program to give money to blood banks. The funds would be used to conduct thorough testing ...
Politicians, Gay Rights Groups Calls on FDA to Lift Blood Donor BanABC News
Dems urge FDA to end ban on gay blood donationsWashington Examiner
Orlando Democrat: FDA should end ban on gay men giving bloodWashington Post -Creative Loafing Tampa -The Georgia Voice -Out Magazine
all 16 news articles »
Posted: June 28, 2016, 8:16 pm


'Nobody Is Immune': Bracing For Zika's First Summer In The US
The mosquito-borne Zika epidemic is headed for its first summer in the United States. New York Times reporter Donald G. McNeil Jr. tells Fresh Air's Terry Gross that if the virus is ever going to hit hard in the U.S., 2016 will be the year. "No one in ...
First baby with Zika-related birth defect is born in FloridaMiami Herald
Zika Infection May Give Future Immunity, Monkey Study SuggestsU.S. News & World Report
This Charity Is Handing Out Zika Prevention Kits To HomelessHuffington Post
Reuters -WJXT Jacksonville -WBUR -NBC 5 Dallas-Fort Worth
all 290 news articles »
Posted: June 28, 2016, 5:49 pm

Washington Post

Medicare weighs changes to controversial plan on cancer meds
Washington Post
WASHINGTON — Trying to salvage a controversial experiment to confront rising drug costs, the Obama administration Tuesday hinted at modifications to an ambitious plan that would revamp Medicare payments. Affected are those medications administered ...
Medicare Proposal to Discourage Expensive Drugs May Undergo ChangesWall Street Journal
Obama official pledges 'adjustments' to controversial Medicare proposalThe Hill
Medicare Drug Pricing Reform to Be 'Adjusted'Newsmax
ModernMedicine -Morning Consult
all 7 news articles »
Posted: June 28, 2016, 5:42 pm

Washington Post

Boston subway study finds no plague or anthrax — but plenty of other lifeforms
Washington Post
If you've ever lived in a dense city with a busy subway like New York, Washington or San Francisco (or all three like I have) you probably know enough to be scared of the creatures that inhabit the rumbling underground world. I'm not talking about the ...
What germs are riding the subway with you? You'll be surprisedLos Angeles Times
Boston's Subways Packed With GermsU.S. News & World Report
Boston subway system covered in microbes, but they're not harmful American Society for MicrobiologyEurekAlert (press release)
The Boston Globe -New York Times (blog) -Popular Science -HSPH News
all 9 news articles »
Posted: June 28, 2016, 5:01 pm

Doctors Swamped by 'E-Medicine' Demands
U.S. News & World Report
TUESDAY, June 28, 2016 (HealthDay News) -- Doctors say they're drowning in electronic paperwork, feeling burned out and dissatisfied with their jobs thanks to countless hours spent filling out computerized medical forms, researchers report. Electronic ...

and more »
Posted: June 28, 2016, 4:48 pm


Out-of-Pocket Hospital Costs Were Rising 6.5% a Year… Before Obamacare
Insurance Journal
If you have private health insurance, the good news is you may be helping your employer keep its health care spending down. The bad news is it's coming out of your pocket. The amount that people with private insurance still had to pay for hospital ...
Hospital stays top $1200 out-of-pocket even with insurance, U-M study
Americans are shouldering more and more of their health-care costsWashington Post
The Growing Cost of a Hospital StayNew York Times (blog)
Chicago Tribune -Forbes -Reuters
all 22 news articles »
Posted: June 28, 2016, 6:10 am

NH Voice

Our view: Raising alarms on Alzheimer's
Sometimes it seems like a terrible but little known disease chooses as its victim a well-known celebrity just to make its name known. Think Michael J. Fox and Parkinson's or Angelina Jolie and breast cancer. Now, across at least two generations ...
Lilly Convenes Leaders at National Mayor's Conference to Address Impact of Alzheimer's Disease on Local CommunitiesPR Newswire (press release)
Alzheimer's Genetics Point to New Research DirectionBioscience Technology
Babraham Institute researchers use brain in a dish to study Alzheimer'sCambridge News -NH Voice -The Ridgefield Press -The Hippocratic Post (blog)
all 27 news articles »
Posted: June 28, 2016, 1:43 am

eBay Items

Google Alert - cancer

Happy birthday to me.” KayEllen Gebhart says this in a flat voice, recalling her birthday in 2008 — the day she learned she had stage III ovarian cancer ...
Posted: June 28, 2016, 8:59 pm
The University of Iowa Hospitals and Clinics Holden Comprehensive Cancer Center is located within the John Pappajohn Pavilion on the University of ...
Posted: June 28, 2016, 7:52 pm
GREENVILLE, SC—Some of the clinical trials being discussed at the national conference are already underway at GHS' Cancer Institute and its ...
Posted: June 28, 2016, 7:37 pm
Sioux Falls has the chance to shoot for the moon and join the rest of the nation in a conversation on curing cancer next week with Vice President Joe ...
Posted: June 28, 2016, 7:14 pm
The rocker surprised Carol Cesario, who is fighting stage 4 lung cancer, by joining her and her family for dinner. He came up behind Cesario, rubbed ...
Posted: June 28, 2016, 7:07 pm
Cancer cells divide much more frequently than normal cells and therefore they are more susceptible to the effects of antimitotics. For example, the ...
Posted: June 28, 2016, 6:22 pm
Denver City Councilman Albus Brooks says he is fighting a rare form of skeletal cancer and will take a leave of absence for a month or longer.
Posted: June 28, 2016, 5:59 pm
Cancer doctors want the administration to tear up its proposal. Choosing his words carefully, Medicare Deputy Administrator Patrick Conway told the ...
Posted: June 28, 2016, 5:37 pm
Organizations throughout the state on Wednesday will host local summits on cancer care and research inspired by Vice President Joe Biden's Cancer ...
Posted: June 28, 2016, 4:58 pm
Zimbabwe's main opposition leader and President Robert Mugabe's chief rival for the past 17 years has announced he is undergoing treatment for ...
Posted: June 28, 2016, 4:41 pm
A new UK study has identified a gene signature that predicts poor survival from ovarian cancer. The study also identified genes which help the cancer ...
Posted: June 28, 2016, 4:30 pm
Biomarkers and Susceptibility, Cancer Prevention and Control Program, Catalan Institute of Oncology, Hospitalet de Llobregat, 08908 Barcelona, ...
Posted: June 28, 2016, 4:20 pm
Stress can be deadly, especially if you have cancer. Researchers at Australia's Monash Institute of Pharmaceutical Sciences found that chronic stress ...
Posted: June 28, 2016, 4:18 pm
Prostate cancer researchers have discovered biomarkers using non-invasive liquid biopsies to identify aggressive disease before surgery.
Posted: June 28, 2016, 3:56 pm
Memorial Sloan Kettering has reached a major milestone in bringing personalized treatments to more cancer patients. Our doctors recently used ...
Posted: June 28, 2016, 3:11 pm
Glioblastoma is not only the most common form of brain cancer, it's also the most deadly. It affects people from around 40 years of age, and most ...
Posted: June 28, 2016, 2:48 pm
Intensity Therapeutics plans to get into the clinic with a reformulation approach to cancer immunotherapy with a new $10 million Series A financing.
Posted: June 28, 2016, 2:26 pm
Five words or less (NewsUSA) - Sponsored News - As divisive as American politics can be, most Americans want their next president to pursue cancer ...
Posted: June 28, 2016, 1:52 pm
(Reuters Health) - Families may be happiest with end-of-life care when their loved ones have cancer or dementia, because those patients are often ...
Posted: June 28, 2016, 1:41 pm
The study found that about 60 percent of the families with patients who had either cancer or dementia reported that their loved ones received excellent ...
Posted: June 28, 2016, 1:41 pm

Google Alert - healing

Turks warned on healing rift. Russian President Vladimir Putin says it will take time to mend ties with Turkey after the November downing of a Russian ...
Posted: June 28, 2016, 8:03 pm
2016 Barkann Family Healing Hearts Foundation Golf OutingThe 2016 Barkann Family Healing Hearts Foundation Golf Outing was at White Manor ...
Posted: June 28, 2016, 7:52 pm
In his arresting new drama The Healing, playwright Samuel D. Hunter does just that, and it elevates the genre to new levels of emotional heights.
Posted: June 28, 2016, 7:41 pm
Then, Congo Square is home to a healing ceremony honoring African ancestors. The Ashe Cultural Arts Center presents its annual MAAFA ...
Posted: June 28, 2016, 7:30 pm
Michael Sagriff has been clean for four years after completing drug treatment court in Regina. After spending almost half his life behind bars, Michael ...
Posted: June 28, 2016, 7:18 pm
For Dallas Mavericks guard Wes Matthews, this off-season is a good time to heal and get better. Matthews averaged 12.5 points, 3.1 rebounds and 1.9 ...
Posted: June 28, 2016, 7:13 pm
It's not just the most stylish yoga teacher on your Instagram feed who is showing off a collection of crystals. The use of crystals in healing, meditation, ...
Posted: June 28, 2016, 7:07 pm
Unlike cells taken from healthy human skin, cells taken from wounds that don't heal -- like diabetic foot ulcers -- are difficult to grow and do not restore ...
Posted: June 28, 2016, 6:56 pm
From that observation, we conclude that the body is a self-healing organism. And if that is the case, if a person has an ailment and is not healing, the ...
Posted: June 28, 2016, 6:22 pm
"It is not healing for us and the individuals that have done the crime. It is not healing for them. And we all need to heal. We need to face our shared ...
Posted: June 28, 2016, 6:11 pm
A Reconnective Healing workshop was featured recently at the Ponce de Leon Center. Two practitioners, mentors and teaching assistants Joan ...
Posted: June 28, 2016, 6:11 pm
“There are so many things that converge around public art,” he said, describing the community building, catharsis and healing that happen during his ...
Posted: June 28, 2016, 5:59 pm
Unlike cells taken from healthy human skin, cells taken from wounds that don't heal - like diabetic foot ulcers - are difficult to grow and do not restore ...
Posted: June 28, 2016, 5:26 pm
The Wisdom Healing Qigong Center is set to open in October 2016. "People will come from around the world, there is nothing quite like it in North ...
Posted: June 28, 2016, 5:15 pm
Heaney, on the other hand, is not healing as the theam had hoped. His ultrasound didn't show the level of healing that Richards' did, but the team isn't ...
Posted: June 28, 2016, 4:41 pm
Ontario is providing nearly $750,000 to support a new healing lodge to serve First Nations communities who are located from Sudbury to Sault Ste.
Posted: June 28, 2016, 4:30 pm
Leticia Yuzefpolsky's family members were killed on Christmas Eve by her ex brother-in-law, dressed as Santa. Now, she's opening up about her ...
Posted: June 28, 2016, 3:45 pm
But the vast healing claims of spring water from the past are not marketed to the public as they were in the 19th century. There are many people today, ...
Posted: June 28, 2016, 3:22 pm
What is the most powerful healing solution ever? One that is ancient, and also completely free? Watch this short 1-minute video to find out.
Posted: June 28, 2016, 3:18 pm
An annual camp is giving area kids an outlet to deal with their grief, following the loss of a loved one. Camp Bravehearts happens in June, offering ...
Posted: June 28, 2016, 2:48 pm

Google Alert - Obesity, Diabetes

BUSINESS WIRE)--In an effort to reduce childhood obesity and promote healthy ... Childhood obesity remains a significant public health issue with far ... of developing weight related health issues such as diabetes, overweight kids ...
Posted: June 28, 2016, 6:22 pm
In addition, we have found a clear relationship between the microbiome and obesity and type 2 diabetes. Again, a high number of bugs and a highly ...
Posted: June 28, 2016, 3:22 pm
New figures show eight children accessed services for type 2 diabetes at ... and the rest of the UK is linked with growing levels of childhood obesity.
Posted: June 28, 2016, 6:56 am
Other than diabetes, the employees working mainly in night shifts were also suffering from obesity, some even had high blood pressure and were ...
Posted: June 28, 2016, 4:34 am
In common obesity-linked type 2 diabetes there is chronic hyperglycemia and dyslipidemia [88,91,92]. As a consequence, the β cell is working very ...
Posted: June 28, 2016, 2:03 am
Kern County residents are afflicted by the highest rate of diabetes in the state, ... [1] As a nurse practitioner at the Kern Medical and a certified diabetes ... in helping patients prevent and manage chronic disease like obesity, diabetes ...
Posted: June 27, 2016, 11:37 pm
Pregnant women with only mildly raised blood pressure are at far higher risk of becoming obese or developing diabetes after the birth, researchers ...
Posted: June 27, 2016, 10:41 pm
Gastric bypass operations are effective, helping obese patients keep the ... When they had their surgery, 41 per cent of the patients had diabetes, 25 ...
Posted: June 27, 2016, 9:56 pm
The majority of teen-agers risk obesity and heart disease by drinking supposedly healthy sports drinks, experts warn. Some 68 percent of children ...
Posted: June 27, 2016, 9:11 pm
The exact cause of NASH is unknown, but known risk factors include type 2 diabetes, obesity, insulin resistance, high cholesterol and high blood ...
Posted: June 27, 2016, 1:07 pm
Nonalcoholic Fatty Liver Disease (NAFLD) is a growing epidemic associated with diabetes and obesity. NAFLD is a chronic liver disease ...
Posted: June 27, 2016, 12:22 pm

eBay Items

"We're moving into a global recession that has nothing to do with Brexit," warns Marc Faber stressing that Britain leaving the EU would not be disastrous, saying that if Switzerland can operate in a "single" market and outside of the EU so can Britain.

 "Brexit is a victory of ordinary people, common sense and people who are prepared to take responsibility for the sake of freedom against a political and financial elite that only cares if stocks go up or down and does not care about the interests of the average British citizen."


"We can only hope that more countries will opt out of the failed EU monster. I see only a good contagion."


When asked why the markets and polls got it so wrong, the editor of the Gloom, Boom & Doom Report, told CNBC, "They were conducted or paid by the elite."

As CNBC further noted, Faber agreed with presumptive Republican presidential nominee Donald Trump that a Brexit is a benefit to his campaign. He said the U.S. could also see a revolt against the political establishment with the election of Trump to the presidency,

"It is already well underway. Brexit is a huge boon for Trump and a wake-up call to Hillary that ordinary people are sick and tired of being lied to and cheated by the crony capitalistic system."

Finally, as FOX Business reports, the Swiss investor compared the current situation between the U.K. and the EU to Switzerland’s historic fight for its own freedom...

Watch the latest video at

“In the 13th century we fought the Habsburg Empire to be free and not to have foreign justice and foreign laws and not to pay taxes to foreign overlords,” he explained.


“This is precisely what the EU does with all the countries. They want to impose courts of justice, taxes, regulations, new laws and most of which inhibit economic growth. This is a victory for freedom and for people, the Brits.”

Finally, Faber also said, confirming our earlier persepctive, that the Brexit will be the “perfect excuse” for global central banks to “coordinate the monetary policies to print even more money.”

Author: Tyler Durden
Posted: June 28, 2016, 9:20 pm

Submitted by Michael Krieger via Liberty Blitzkrieg blog,

To make things even worse, we often outright mock anyone who can’t keep up, or doesn’t fit in with the new order. We call them dumb. Idiots. Religious freaks. Rednecks. Thugs. Hoodlums. Ghetto trash. White trash.


The language we use to talk about those who have been left behind is rife with nasty attempts to turn them into lesser humans. We use the tactics of racism, and apply it to economic losers.


If you hate racism, then you really really really should hate any economic and social system that creates and rewards massive inequality. Because when you get that. You get racism.


And that is the system we have built and now have. That is the system that most everyone screaming about the dumb racists is part of, usually supports, and wins from.


– From the post: Thoughts on Brexit from Someone Who Spends Time in the “Forgotten Places”

In order to prevent people from mischaracterizing my point of view, I want to once again make something completely clear. I do not support Hillary Clinton or Donald Trump, and will not be voting for either in 2016. My intent had been to once again vote for Libertarian candidate Gary Johnson, but recent comments to Politico about how he would support the TPP have prompted me to pull back. I don’t know if there’s anyone I can vote for in November. Nevertheless, the purpose of this article is to provide some political analysis for those interested in that sort of thing.

Trump experienced a horrible period from mid-May to mid-June, which culminated in the dismissal of campaign manager Corey Lewandowski. Based on my Twitter feed, Trump is finished. I’ve been incessantly bombarded with articles highlighting an ever widening lead for Hillary Clinton nationally in the polls. So is Trump finished? Not by a long shot.


First off, let’s discuss the macro environment. As the Brexit vote demonstrated in spades, people are not in a cheery mood and appear willing to suffer negative consequences in the short-term in order to blow up the status quo. This is hugely important and a huge part of the Trump phenomenon. I also think the arrogant, dismissive, undemocratic and paternalistic attitude of so-called “elites” in the aftermath of Brexit will not be lost on U.S. voters. For example, Felix Salmon apparently expressed the following all too common sentiment during a recent conference in California:

Yesterday at the IMN Global Indexing and ETFs Conference, Felix Salmon delivered an opening keynote that was both brilliant and ballsy. Felix explained his view that governing by referendum is insane, and that democracy done properly requires “attenuation” by a technocratic class that understands policy implications and can shepherd the will of the people into a a more feasible version of what they want.

This sort of attitude will only serve to confirm the suspicions of Donald Trump supporters and bring more into the fold. It will also further erode the rapidly disintegrating credibility of the status quo and its ever eager sycophants. As I tweeted earlier today:

Equally interesting, is how incredibly close the race between Clinton and Trump is in a wide variety of swing states, as well as states that typically lean one way or the other. The reason this is happening is we essentially have a race between a nativist populist versus a Wall Street neocon for the first time in recent memory. As such, anyone claiming they know how this will play out is full of…

To give you a sense of just how crazy the whole electoral map has gone, check out these excerpts from a recent Hill article:

Battleground state polls show Donald Trump and Hillary Clinton locked in a tight race for the White House with just more than four months to go before Election Day.


President Obama coasted to reelection in 2012 by defeating GOP nominee Mitt Romney in nine out of 10 battleground states — Colorado, Florida, Iowa, Nevada, New Hampshire, Ohio, Pennsylvania, Virginia and Wisconsin.


He lost a tenth battleground, North Carolina, which he had won four years earlier.


Heading into the 2016 conventions next month, polls in those 10 states show close races across the board.


The polling suggests Clinton has an edge because she has leads in six of the 10 states, while Trump is only consistently leading in North Carolina.


Clinton’s lead, however, is just a percentage point or two in most of the states.


Clinton’s largest lead is in Wisconsin, a state Democrats haven’t lost in a presidential election since 1984. According to a CBS News-YouGov poll released Sunday, she has a 5-percentage-point lead in the Badger State.


In every other state, the candidates are either tied or within 3.5 points of one another.


Polls suggest Clinton has a strong chance of winning Arizona, for example, and the race is also surprisingly close in Georgia and Utah.


States with 163 electoral votes are seen as toss-ups on the RCP map, including the nine other traditional battlegrounds as well as Arizona, Georgia and Michigan, which has been a safe Democratic state.


Pennsylvania is the battleground giving Democrats the most heartburn.


Its 20 electoral votes have not gone to the GOP nominee in almost 30 years, yet a Public Policy Polling (PPP) survey of the state released this month found Trump and Clinton tied, while a Quinnipiac University poll showed Clinton ahead by only 1 point. Analysts at the University of Virginia’s Center for Politics recently shifted Pennsylvania from “Likely Democratic” to “Leans Democratic.”


The contest in New Hampshire, which has gone for the Democratic candidate in five of the last six presidential cycles, is also a toss-up, with the latest poll showing the candidates are tied.


Even Clinton’s 5-point lead in Wisconsin is emblematic of the challenges both candidates face: Sixty-one percent of voters said they have a negative view of Clinton, against 62 percent who view Trump unfavorably.


Trump and Clinton are tied in Ohio, but Clinton holds a 3.4 point lead over Trump in Florida, according to the RCP average.


Florida, by far the biggest swing state with 29 electoral votes, was won by Obama by less than 1 point in 2012 Clinton has only a 1-point lead in Colorado, according to a CBS-YouGov poll released over the weekend. That poll found that a plurality of voters only support Clinton because they oppose Trump, and vice versa.


In Virginia, Clinton has a 42 to 39 lead over Trump, according to a recent PPP survey.


But again, there are warning signs here for the Democrat.


Trump leads big, 42 to 29, among independent voters.


And that survey found that Clinton’s lead would be larger, but that supporters of Bernie Sanders have yet to get on board with her campaign.

Indeed. If Democrats actually wanted to win, they would’ve nominated Bernie Sanders, who destroys Trump in swing states as we learned in the post: New Quinnipiac Survey – Trump and Clinton Tied in Florida, Ohio and Pennsylvania

Author: Tyler Durden
Posted: June 28, 2016, 8:55 pm

The following video, courtesy of Mahir Zeynalov, shows the precise moment when at least one of the two Ataturk Airport explosions took place. Viewer discretion advised.

The moment of the attack at the Istanbul airport. Horrific.

— Mahir Zeynalov (@MahirZeynalov) June 28, 2016

Author: Tyler Durden
Posted: June 28, 2016, 8:47 pm

Last week's huge API-reported inventory draw followed by disappointing DOE-reported draw sent crude prices flip-flopping around $50 before they plunged into Brexit. Having ramped all day and beyond the NYMEX close, WTI tagged $48 and was fading into the API data. Against expectations of a 2.5mm draw, API reported a 3.86mm draw (remember they said 5.22mm draw last week before DOE said 917k). The entire complex saw inventories drawdown with Cushing more than expected, bouncing WTI back above $48.



  • Crude -3.86mm (-2.5mm exp)
  • Cushing -1.207mm (-900k exp)
  • Gasoline -416k
  • Distillates -832k

First distillate draw in 4 weeks, 6th weekly Creude draw in a row...


And the reaction in crude (after today's meltup and NYMEX ramp)... was to extend gains back above $48... but does not seem convinced




Charts: Bloomberg

Author: Tyler Durden
Posted: June 28, 2016, 8:40 pm

Moments ago one of the hedge fund community's favorite "can't miss" consumer discretionary stocks reported Q4 earnings when Nike announced it had earned $0.49 in the quarter, a penny above the $0.48 expected. Revenues missed modestly, printing at $8.24, vs Exp. $8.28.

And yet, despite the bottom line beat, the stock is tumbling after hours: the reason why is becasuse the all-important worldwide orders ex-fx rise 11%, less than the 13% expected, while margin of 45.9%, already a 30 bps drop from a year ago, missed estimates of 46.7%.

The company blamed rising product costs for the margin decline, saying: "Gross margin declined 30 basis points to 45.9 percent as higher average selling prices were more than offset by higher product costs, the negative impact of clearing excess inventory in North America and unfavorable changes in foreign currency exchange rates."

Some more troubling signs: SG&A:

Selling and administrative expense increased 7 percent to $2.8 billion. Demand creation expense was $873 million, up 7 percent, reflecting investments in digital demand creation, sports marketing and brand events which were partially offset by lower advertising expense. Operating overhead expense increased 7 percent to $1.9 billion, reflecting continued growth in the Direct-to-Consumer (DTC) business, and targeted investments in operational infrastructure and consumer-focused digital capabilities.

Unlike peers, Nike was surprisingly blunt about the flow through to the bottom line:

Net income decreased 2 percent to $846 million as revenue growth was more than offset by lower gross margin, higher selling and administrative expense and a higher tax rate, while diluted earnings per share remained unchanged from the prior year at $0.49 reflecting a 2 percent decline in the weighted average diluted common shares outstanding.

Finally, if one excludes FX changes, Nike's orders were even weaker. Considering the last quarter saw a far weaker dollar than a year ago, it is not exactly clear how this number is applicable.

This is how orders compare to estimates:

  • North American futures orders ex-FX up 6.0%, est. up 9.0%
  • Western Europe futures orders ex-FX up 11%, est. 15.5%
  • Central & Eastern Europe futures orders ex-FX up 7%, est. +12.0%
  • China futures orders ex-FX up 24%, est. 23%
  • Japan futures orders ex-FX up 15%, est. +12.8%
  • Emerging marketsfutures orders ex-FX up 13%, est. +12.5%

Finally, for those who track it, NKE inventories as of May 31 were up 12%.

The stock was down about 6% on the news, and is now back to levels not seen since the August 2015 crash.

Author: Tyler Durden
Posted: June 28, 2016, 8:32 pm

Before we start - here are some facts:

The British Pound suffered an 18-standard-deviation devaluation...


With European bank stocks collapsing at the greatest rate ever... ever!!


And finally US bank stocks fell by their most since the US downgrade...


So - having got that off our chest, to clarify this was not a storm in a teacup - we return to the subject at hand. Despite Mario Draghi going full fear-monger, his colleagues at The ECB are playing down the bloodbathery...

The U.K.'s Brexit vote has not triggered a "Lehman moment" in financial markets, despite the sharp sell-off, the vice-president of the European Central Bank (ECB) told CNBC on Tuesday.


Vítor Constancio denied comparisons between the U.K.'s vote to leave the European Union (EU) and the 2008 collapse of Lehman Brothers that triggered the global financial crisis.


"I think indeed the comparison does not apply because the reaction to Lehman as you may recall was that several markets froze … That was not the case this time," he said.


"The second (point) is that the negative effect on prices in markets was more extended in the case of Lehman that indeed triggered a major international crisis," the Portuguese economist and politician later added.

So the reasoning appears to be two-fold:

First - is that funding markets are not spiking like they did before...?

Sterling counterparty risk is surging (but obviously is not at panic levels yet)...


And USD liquidity demands are surging (Sterling basis swaps at highest since 2008 crisis) and EUR-USD basis swaps are as worst since EU crisis.


And Second - asset price plunges are not extending globally?

Umm - global bank stocks are down 13% in 2 days - worse than Lehman!


And EU bank stocks bounce today has been erased!!


So the authorities are 'sure' everything will be fine, but the data tends to argue otherwise.

Additionally, while CreditSights believes Brexit "isn't even close" to Lehman, they warn...

While it’s tough to use words “credit contraction” in market “awash” with central bank liquidity, the term’s narrower application to sovereign exposure limits, corporate credit, counterparty lines may be bigger worry ahead, Glenn Reynolds of CreditSights writes in note dated yday.


Credit risk limit “exercise” may become more active at banks, asset managers, nonbank intermediaries;


may take toll on risky credit assets given market liquidity already impaired by regulatory chang.

So having said all that, we remind readers of Ben Hunt's recent comments that Brexit is a Bear Stearns moment, not a Lehman moment.

That’s not to diminish what’s happening (markets felt like death in March, 2008), but this isn’t the event to make you run for the hills. Why not? Because it doesn’t directly crater the global currency system. It’s not too big of a shock for the central banks to control. It’s not a Humpty Dumpty event, where all the Fed’s horses and all the Fed’s men can’t glue the eggshell back together. But it is an event that forces investors to wake up and prepare their portfolios for the very real systemic risks ahead.


There are two market risks associated with Brexit, just as there were two market risks associated with Bear Stearns.


In the short term, the risk is a liquidity shock, or what’s more commonly called a Flash Crash. That could happen today, or it could happen next week if some hedge fund or shadow banking counterparty got totally wrong-footed on this trade and — like Bear Stearns — is taken out into the street and shot in the head.


In the long term, the risk is an acceleration of a Eurozone break-up, which is indeed a Lehman moment (literally, as banks like Deutsche Bank will become both insolvent and illiquid). There are two paths for this. Either you get a bad election/referendum in France (a 2017 event) or you get a currency float in China (an anytime event). Brexit just increased the likelihood of these Humpty Dumpty events by a non-trivial degree.

What’s next? From a game theory perspective, the EU and ECB need to crush the UK. It’s like the Greek debt negotiations … it was never about Greece, it was always about sending a signal that dissent and departure will not be tolerated to the countries that matter to the survival of the Eurozone (France, Italy, maybe Spain). Now they (and by “they” I mean the status quo politicians throughout the EU, not just Germany) are going to send that same signal to the same countries by hurting the UK any way they can, creating a Narrative that it’s economic death to leave the EU, much less the Eurozone. It’s not spite. It’s purely rational. It’s the smart move.

What’s next? Every central bank in the world will step up their direct market interventions, particularly in the FX market, where it’s easiest for Plunge Protection Teams to get involved. Every central bank in the world will step up their jawboning and “communication policy” to support financial asset prices and squelch volatility. It wouldn’t surprise me a bit if the Fed started talking about a neutral stance, moving away from their avowed tightening bias. As I write this, Fed funds futures are now pricing in a 17% chance of a rate CUT in September. Yow!

What’s the result? I think it works for while, just like it worked in the aftermath of Bear Stearns. By May 2008, credit and equity markets had retraced almost the entire Bear-driven decline. I remember vividly how the Narrative of the day was “systemic risk is off the table.” Yeah, well … we saw how that turned out. Now to be fair, history only rhymes, it doesn’t repeat. Maybe this Bear Stearns event isn’t followed by a Lehman event. But that’s what we should be watching for. That’s what we should be preparing our portfolios for.

Bottom line … if you ever needed a wake-up call that every crystal ball is broken and we are in a political storm of global proportions, today is it. That’s at least 3 mixed metaphors, but you get my point. Brexit isn’t a Humpty Dumpty moment itself, and I think The Powers That Be will kinda sorta tape this egg back together. But if there’s one thing we know about broken eggs and broken teacups and broken partnerships, it’s never the same again, no matter how hard you try to put the pieces back together. My view is that a Humpty Dumpty moment, in the form of a political/currency shock from China or a core Eurozone country, is a matter of when, not if. Tracking that “when”, and thinking about how to invest through it, is what Epsilon Theory is all about.


Author: Tyler Durden
Posted: June 28, 2016, 8:25 pm

In his first appearance in European Parliament since the Brexit vote, UKIP leader Nigel Farage was greeted with raucous jeers and boos (presumably for enabling The Brits to exercise their democratic right to self-determination). Once EU President Martin Schulz had demanded (ironically) that they listen, Farage began his 'victory' speech by reminding his so-called peers of their laughter when he first suggested UK should leave The EU - "you're not laughing now... are you!"

"..and the reason you're so upset, the reason you're so angry, the reason you're not laughing is simple - you as a political project are in denial"


Other MEPs were vocal...

Jean-Claude Juncker, President of the European Commission

"Europe isn't exclusively a cerebral affair. Obviously we have to think but equally when you're sad, it's acceptable to be sad and I am sad after this vote in the UK and I make no secret of it. The British vote has cut off one of our wings, as it were, but we're still flying."

Guy Verhofstadt, leader of the EU Liberal group

"What makes it so hard for the way it succeeded. The absolutely negative campaign. Mr Farage's posters showing refugees like in Nazi propaganda, which he copied at that moment. I never thought it was possible that somebody in this house should do a thing like that."

Marine Le Pen, leader of the far-right French National Front

"The British have chosen a route which it was thought was closed for all time and you were some of those who believed it was closed. Those who said 'It's all irreversible, the European Union is irreversible', well, the British people have told you where to get off."

Martina Anderson, MEP for Irish republican party Sinn Fein

"If English votes drag us out of the EU that would be like Britannia waives the rules. There was a democratic vote. We voted to remain. I tell you that the last thing that the people of Ireland need is an EU border with 27 member states stuck right in the middle of it."

Alyn Smith, MEP for the Scottish Green Party

"We will need cool heads and warm hearts but please remember this - Scotland did not let you down. I beg you: do not let Scotland down now."

Author: Tyler Durden
Posted: June 28, 2016, 8:23 pm

Cheer up Brexit...


Somone had to do something... and it appears GBJPY was the momentum igniter du jour to save the world...


As hedge-unwinds were misunderstood as a bullish signal... in stocks


and FX...


Notably VXV/VIX had dropped to its lowest level since August crash - and today's bounce seems like post-event VIX unwinds...


Stocks bounced confidently today.. on low volume


On the day, we pefectly retraced yesterday's drop...


But post-Brexit things remain ugly...


As US equities decoupled from Cable...


Notably the S&P surged up to the opening levels from yesterdsay and faded... while VIX had fallen 7 handles!!!


Financials had their best day in over 3 months.. but are still down over 6% from Brexit


Some context, post-Brexit...


Treasury yields rose modestly on the day by around 2bps, but the curve remains drastically flatter post-Brexit...


The USD Index dropped modestly on the day as GBPJPY dominated the action once again...


Commodities were mixed with gold down, silver up, and with crude rising on the brexit bounce and Norwegian strike 'hopes'...


Finally, another day, another panic bid at the NYMEX close...

Author: Tyler Durden
Posted: June 28, 2016, 8:04 pm

There has been a lot of speculation surrounding what the changes will be in the relationship between the UK and the European Union as a result of the Brexit referendum. One thing we do know, is that according to a senior MEP, English will no longer be an official language of the European Union.

Danuta Hubner, the head of the European Parliament's Constitutional Afairs Committee (AFCO), warned Monday that English will not be one of the European Union's official languages after Britain leaves the EU. As Politico reports, English is one of the EU's 24 official languages because the UK identified it as its own official language, Hubner said. But as soon as Britain completes the process to leave the EU, English could lose its status.

"We have regulation, where every EU country has the right to notify one official language. The Irish have notified Gaelic, and the Maltese have notified Maltese, so you have only the UK notifying English. If we don't have the UK, we don't have English." said Hubner.

As we reported, during a Tuesday speech to EU lawmakers European Commission President Jean-Claude Juncker didn't speak any English, instead making the speech only in French and German. The games started much earlier than Tuesday however. According to the WSJ,  last Friday and over the weekend, Juncker gave statements and interviews only to German media, a decision that officials said was deliberate. Then on Monday during the commission's daily media briefing, chief spokesman Margaritis Schinas made his opening statement at  in French only, rather than the usual French and English.

Several members of the European Parliament are worried that Juncker's decision not to speak English might send the wrong message, not only to British people.

From the WSJ

It’s as provocative as some of the arguments of the Leave campaign. Now we should react with openness and generosity,” said Sorin Moisa, a center-left lawmaker from Romania.


It’s like children in the playground,” said Cecilia Wikström, a centrist MEP from Sweden. “Brexit is to me so dramatic, so huge…that we shouldn’t react in this symbolic way.”


Ms. Wikström said that keeping English now could actually make communications in the EU a bit fairer, since most of those speaking it would be using a foreign language.


“I was always frustrated that native speakers had such a huge advantage,” she said.

* * *

We suspect that these childish games will continue from the elites who are lashing out in any way possible after being defeated.

Might we suggest that Juncker has a glass of wine and relaxes a bit, perhaps a little less slapping however.

Author: Tyler Durden
Posted: June 28, 2016, 7:55 pm

Submitted by Jim Quinn via The Burning Platform blog,

Everyone knows the key to investing success – Buy low, sell high. So why do the CEOs of the biggest companies in the world buy back their company’s stock at all-time highs and when prices were at decades lows in 2009, they bought nothing?

These MBA geniuses aren’t dumb in the traditional sense. But their decisions to squander hundreds of billion of shareholder money making horrible investment choices points to their greed and corruption.

Executive compensation is tied to earnings per share.

Since these dimwits are too narrow minded and myopic to figure out ways to increase revenues and profits through capital and intellectual investment, they turn to Wall Street stock buyback schemes to boost EPS artificially, while suppressing wages of their workers and shipping jobs overseas. Boosting their own wealth is all that matters to these greedy bastards.

It’s baked in the cake that these CEO “investments” will result in hundreds of billions in losses.

And not one of these dumbass CEOs will lose their job for doing so. Because all the other dumbass CEOs were doing the same thing. Who coulda knowed?

Author: Tyler Durden
Posted: June 28, 2016, 7:40 pm