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Nasdaq, New York Stock Exchange sue SEC over planned overhaul of public data feeds
Nasdaq Inc and the New York Stock Exchange have each sued the Securities and Exchange Commission, seeking to block a plan by the regulator to overhaul public data feeds that broadcast stock prices to investors, court filings show. Under the SEC plan, approved in December, supply and demand data for stocks would be added to public feeds, broadening access to the information which the exchanges currently sell to professional traders at a premium. “Nasdaq believes the SEC exceeded its authority by adopting an ill-considered remake of market structure,” a Nasdaq spokeswoman said in an emailed statement. The plan “would make equity markets overly complex and increase hidden costs for investors”, the statement said. The filings were made in the U.S. Court of Appeals for the District Of Columbia Circuit.
The Wall Street Journal reported that Cboe Global Markets, which operates the Chicago Board Options Exchange, was also suing the SEC over the issue. Cboe did not immediately respond to a Reuters request for comment. The lawsuit is the latest legal action taken by the exchanges against the SEC in recent years, which include a successful challenge to a proposed experiment by the SEC to cap trading fees on 1,400 different stocks.
The SEC is also dealing with other suits. In October, Citadel Securities sued the commission over its decision to approve a new mechanism for trading stocks at exchange operator IEX Group Inc.
https://www.reuters.com/article/sec-lawsuit-nyse-nasdaq/nasdaq-new-york-stock-exchange-sue-sec-over-planned-overhaul-of-public-data-feeds-idUSL4N2KG0PA
What Is the Intercontinental Exchange (ICE)?'
The Intercontinental Exchange (ICE) is an American company that owns and operates financial and commodity marketplaces and exchanges. It was founded in May 2000 in Atlanta, Georgia. ICE operations include futures exchanges, cash exchanges, central clearing houses, and market services for off-exchange trading. ICE operates futures exchanges in the U.S., Europe, and Singapore. Its cash exchanges include the New York Stock Exchange (NYSE), NYSE ARCA, NYSE National, NYSE AMEX Options, NYSE ARCA Options, and NYSE Chicago. ICE also operates six central clearing houses: ICE Clear U.S., ICE Clear Europe, ICE Clear Singapore, ICE Clear Credit, ICE Clear Netherlands, and ICE NGX.
In May 2000, ICE was founded by Jeffrey C. Sprecher, a power plant developer who wanted to create a more transparent and efficient platform for over-the-counter (OTC) energy commodity trading. Compared with manual trading, the new platform provided greater price transparency, efficiency, liquidity, and had lower costs. Sprecher received backing from Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutsche Bank, and Societe Generale.
https://www.investopedia.com/terms/i/intercontinentalexchange.asp
62-4139 USAF Rivet Joint off southern Chinese coast
red dot Hong Kong
The RC-135V/W Rivet Joint reconnaissance aircraft supports theater and national level consumers with near real time on-scene intelligence collection, analysis and dissemination capabilities.
The aircraft is an extensively modified C-135. The Rivet Joint's modifications are primarily related to its on-board sensor suite, which allows the mission crew to detect, identify and geolocate signals throughout the electromagnetic spectrum.
The mission crew can then forward gathered information in a variety of formats to a wide range of consumers via Rivet Joint's extensive communications suite.
The interior seats more than 30 people, including the cockpit crew, electronic warfare officers, intelligence operators and in-flight maintenance technicians.
Unusual first-day rallies in SPACs raise bubble concern: ‘Every single one of them has gone up’
The red hot SPAC market is getting even hotter in 2021, raising concerns about rampant speculation detached from reason that could leave retail investors fresh off the GameStop bust holding the bag. Not only are special purpose acquisition companies raising a record level of capital — more than $30 billion so far for its biggest quarter ever — pre-merger SPACs are also seeing an outsized pop on the first day of trading.
New deals this year recorded an average jump of 6.5% on their debuts, a nearly six-fold increase from their historical levels (from 2003 to 2020, the average first-day return of SPAC IPOs is only 1.1%), according to University of Florida finance professor Jay Ritter. Unlike traditional IPOs where debut pops are generally viewed as sign of healthy investor appetite and bullish market environment, SPAC initial rallies are less rational in nature. These blank-check companies are empty corporate shells that raise money from investors and then merge with a private business within two years, while taking it public. So when yield-hungry investors bid up prices of blank-check deals, they are essentially taking a leap of faith betting on something without valuation or an actual business. Many believe the rise in SPAC prices could be a sign of speculative behavior in a new bull market with massive liquidity and unchecked animal spirits. There are signs that the SPAC boom is getting caught up in the retail trader-fueled market frenzy. Bank of America’s client flows showed that retail investors represent 46% of trading volume in SPACs on its platform in January, up from about 30% two months ago. In comparison, the retail crowd takes up only about 20% of S&P 500 trading on Bank of America’s platform.
There is an allure in getting an early piece of a SPAC deal for many retail investors eyeing high-growth start-ups. However, since the majority of individual investors buy SPAC common shares on the open market, they would most likely miss out on the first-day pop. Plus, many brokers don’t offer trading of SPAC warrants, which are a deal sweetener that offers early investors more compensation for their cash. In fact, for buy-and-hold investors who only get in after a deal is struck, they almost always lose money. For the 114 companies that went public via SPAC mergers in the past 10 years, investors lose 15.6% on average if they buy a merged company’s common shares on the first day of trading and hold it for a year, according to Ritter. And they lose 15.4% on average if they hold the shares for three years.
However, it’s a different story for institutional investors. Hedge funds and other players who participate in SPAC IPOs are often able to get offer pricing of $10 plus the benefit of warrants. They also tend to sell shares once the merger is completed, which could have a negative impact on prices.
moar
https://www.cnbc.com/2021/02/10/unusual-first-day-rallies-in-spacs-raise-bubble-concern-every-single-one-of-them-has-gone-up.html
Oil prices turn higher as EIA reports a nearly 7 million-barrel weekly drop in U.S. crude supplies
The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 6.6 million barrels for the week ended Feb. 5. The data compared with the average decline of 2.7 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 3.5 million-barrel decrease, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 700,000 barrels for the week. Gasoline supply, meanwhile, climbed by 4.3 million barrels, while distillate stockpiles were down 1.7 million barrels for the week. The S&P Global Platts survey had forecast a supply increase of 2.7 million barrels for gasoline and a decline of 1.7 million barrels for distillate inventories. March West Texas Intermediate crude CLH21, 0.19% moved up, trading 11 cents, or 0.2%, higher at $58.47 a barrel on the New York Mercantile Exchange. Prices were at $58.18 before the supply data.
https://www.marketwatch.com/story/oil-prices-turn-higher-as-eia-reports-a-nearly-7-million-barrel-weekly-drop-in-us-crude-supplies-2021-02-10
EJU5Y28 USAFSOC C-32B on final approach(and on ground ) at Louisville, KY Ali Airport
SAM709 USAF G5 on approach at Savannah Int'l Aiport from JBA
Looks like COST46 getting some company
JOSH47 US Navy E-6B Mercury heading south to the Gulf from Tinker
Karuna Therapeutics sold by PureTech Health LLC: $118m-Feb 9
PureTech Health PLC - PRTC Receives $118M from Founded Entity Shares
PureTech Receives Approximately $118 Million from Sale of Portion of Founded Entity Shares. PureTech Health plc (LSE: PRTC, Nasdaq: PRTC) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company dedicated to discovering, developing and commercializing highly differentiated medicines for devastating diseases, announced that it has sold 1 million shares of its Founded Entity, Karuna Therapeutics ("Karuna," Nasdaq: KRTX), through a block trade executed by Morgan Stanley & Co. LLC for cash consideration of approximately $118 million (the "Transaction"). Following the Transaction, PureTech continues to hold 2,406,564 shares of Karuna common stock, which is equal to approximately 9.0% of Karuna's outstanding shares as of October 31, 2020.
https://www.proactiveinvestors.co.uk/LON:PRTC/PureTech-Health-plc/rns/931213
Karuna Therapeutics Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing therapies to address disabling neuropsychiatric conditions. Its lead product candidate, KarXT, is an oral modulator of muscarinic receptors that are located both in the central nervous system (CNS) and various peripheral tissues. It is initially developing KarXT, for the treatment of acute psychosis in patients with schizophrenia. The Company is developing a pipeline of therapeutic programs to address symptoms associated with schizophrenia and psychosis associated with Alzheimer's disease (AD), as well as various forms of pain. KarXT is a combination of xanomeline and trospium. Number of employees : 19 people.
https://www.marketscreener.com/quote/stock/KARUNA-THERAPEUTICS-INC-60635949/company/
PureTech Health PLC is a clinical stage biotechnology company. The Company is engaged in discovering, developing and commercializing medicines for diseases, including intractable cancers, lymphatic and gastrointestinal diseases, central nervous system disorders, and inflammatory and immunological diseases, among others. Its segments include Internal and Affiliates. The Internal division is focused on advancing a pipeline fueled by discoveries in lymphatics and immune cell trafficking to modulate disease in a tissue-specific manner. The Affiliates segment is comprised of the programs within its Affiliates division that are consolidated operational subsidiaries that have research and development programs. Its wholly owned pipeline includes various candidates, such as LYT-100, LYT-200, LYT-210, Lymphatic Targeting Chemistry Platform, Milk Exosome Platform and Meningeal Lymphatics Platform. Number of employees : 300 people.
https://www.marketscreener.com/quote/stock/PURETECH-HEALTH-PLC-22619613/company/
https://www.finviz.com/insidertrading.ashx?oc=1727395&tc=7&b=2
CULT20 USAFSOC C-32B back to Eglin nao
ORDER66 E-4B Nightwatch over western TN and hooked up with GULCH32 USAF KC-135 tanker for a run over Kentucky.
GULCH32 back to MacDill AFB
SAM709 USAF G5 ne from ground stop at Myrtle Beach, SC after short hop from Savannah Int'l
TERRA97 USAFSOC C-32B ne from fly overs at Kinston Airport, NC and now back to McGuire AFB, NJ