“OCTOBER: This is one of the peculiarly dangerous months to speculate in stocks. The other are July, January, September, April, November, May, March, June, December, August, and February.” — Mark Twain

1. NYSE Set to Eliminate ‘Rule 48’ — the New York Stock Exchange (NYSE:ICE) is instituting new procedures today that would eliminate “Rule 48,” which allows market makers to delay opening a stock when markets are volatile. Under the changes, NYSE (NYSE:ICE) pre-open price indications will be simplified and adjust for volatility. Values will also be published on both proprietary and other feeds under all market conditions.
2. IEA Cuts Global Oil Demand Forecast — according to the International Energy Agency, global oil demand growth is slowing at a faster pace than first thought. “For 2016, a gain of 1.3M bpd is expected,” the IEA said in its latest market update, equating to a downgrade of 100K bpd from its previous forecast. The prediction will be worrying for oil markets at a time when a delicate rebalancing of supply and demand was thought to be taking place.
3. Walmart Working On a Self-Driving Shopping Cart — Walmart (WMT) claimed that customers would be able to hail an Uber (Private:UBER) like shopping cart that possibly through a smartphone app. Not only has the retailer filed a patent for a cart that has a motor and video cameras, but it would be able to return itself from customers’ cars to the store. The system may also help Walmart (NYSE:WMT) manage inventory by scanning store shelves to ensure products are there.
4. Initial Quantities Of iPhone 7 Plus Sold Out — Apple has confirmed initial quantities of the new iPhone 7 Plus have sold out in all colors. The brand new jet black shade of the smaller iPhone 7 has also sold out around the world. Speculation over strong sales out of the gate and impressive initial reviews sent shares in the tech titan sharply higher.
5. Federal Prosecutors In Early Stages of Wells Fargo(NYSE:WFC) Probe — Federal prosecutors are in the early stages of a Wells Fargo (NYSE:WFC) investigation, WSJ reports. The probe is focusing on figuring out whether higher level executives directed employees to fraudulently open accounts or if poorly-performing employees were just “trying to save their jobs.” Whether prosecutors decide they have a case, or whether that may be criminal or civil is still a ways off.
6. Tesla Using Its Own Vision System Replacing Mobileye (MBLY)— Tesla (NASDAQ:TSLA) will be using its own vision system in upcoming versions of Autopilot. TSLA accused Mobileye (MBLY) “attempted to force Tesla to discontinue this development, pay them more and use their products in future hardware,” .

The week ahead — Economic data from Econoday.com:

This entry was posted on Monday, September 19th, 2016 at 1:04 pm and is filed under Weekly Summary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.