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HP buys US supercomputer maker Cray Inc
Hewlett Packard Enterprise (HPE) has bought Cray Inc, maker of some of the fastest supercomputers in the world.
Cray Inc's machines are capable of processing trillions of calculations per second and have been used by the UK's Met Office and GCHQ.
Shares in Cray jumped by 18% after announcing the $1.3bn (ÂŁ1bn) deal.
HPE chief executive Antonio Neri said: "Answers to some of society's most pressing challenges are buried in massive amounts of data."
He added: "Only by processing and analyzing this data will we be able to unlock the answers to critical challenges across medicine, climate change, space and more."
The company predicts that the market for data services and storage from areas such as artificial intelligence is expected to grow from $28bn last year to $35bn by 2021.
Seymour Cray, who helped originate the company in the 1950s, is widely recognised as designing the first commercially successful supercomputer.
Cray computers feature a number of times in the world's top 500 supercomputers, and are used by the likes of the Met Office to improve its weather forecasting and climate modelling.
HPE is paying $35 per share for Cray, which is based in Seattle and employs 1,300 people.
https://www.bbc.com/news/business-48314991
Stocks Fall After CNBC Reports "Trade Talks Have Stalled", Scheduling "In Flux".
Confirming that algos have a several millisecond memory at best, moments ago stocks slumped after CNBC reported…. what China's press already reported some 18 hours ago.
As a reminder, and as we noted first thing this morning, the reason why futures slumped overnight is because Chinese officials turned up the trade war rhetoric, warning that there are no plans for another round of talks. Additionally, front page commentary in the Communist Party’s People’s Daily evoked the patriotic spirit of past wars, saying the trade war would never bring China down, while commentary on the blog Taoran Notes, which was carried by state-run Xinhua, accused the U.S. of "playing tricks to disrupt the atmosphere."
The message was clear: no talks are scheduled, and more importantly, China has no urge to schedule talks in the immediate future or to engage the "barbarian" Trump.
However, for some bizarre reason, the market levitated for much of the day even though the China deal mood had soured substantially overnight, prompted by positive sentiment over the jump in fake consumer confidence, and Trump's decision to end steel tariffs with Mexico and Canada (which he only did so he can focus on trade war with China).
And so, with exactly one hour in trading left, CNBC doubled down, reporting what traders already knew thanks to the latest round of belligerent Chinese rhetoric, namely that "negotiations between the US and China appear to have stalled as both sides dig in after disagreement earlier this month." Additionally, CNBC also echoed what Chinese officials had already said, and citing two sources briefed on the status of the talks, said that scheduling for the next round of negotiations is “in flux” because it is unclear what the two sides would negotiate.
Finally, pointing out the obvious, CNBC notes that "China has not signaled it is willing to revisit past promises on which it reneged earlier this month, despite showing up for talks in Washington last week."
The market reaction was instantaneous and negative, sending the S&P sharply lower… and yet prompting questions: why is the market sharply lower on "news" which everyone already knew? Perhaps the biggest question is just what idiot is the marginal price setter in a market in which nearly day-old news can hammer stocks not once but twice, and linked to that, just how dumb are the algos.
Here is the reaction in the S&P, which soared earlier just because Gartman turned short, and which has tumbled once more repeating the slow drift observed overnight in futures.
But the most dramatic observation from the day's violent reversal is that Gartman(known as Fartman) may actually be right…
this guy has been the anti-news item…whatever he says do the opposite, so who told him what?
https://www.zerohedge.com/news/2019-05-17/stock-tumble-after-cnbc-reports-trade-talks-have-stalled-scheduling-flux
he'd be one. They gave it away for virtually nothing to someone-that uncovered in the Q4 10-Q from Goog.
US Market Report
DOW
Volume 281,519,744
Avg. Volume 297,331,774
even with the fartman BS and CNBS repeating an 18 hour old story the average was not hit.
NAS
Volume 1,866,186,201
Avg. Volume 2,216,866,612
SP500
Volume 1,877,949,422
Avg. Volume 3,551,909,193
Dow Suffers Worst Streak Since 2016 Despite Best Dip-Buying In A Decade
China was ugly overnight after defending any dip all week - have to make sure the stock market does not reflect weakness after the trade deal fell apart!!
But Europe soared this week as US delayed auto tariffs.
of course they got that movement right before it closed for the weekend…and then CNBS.
China remains the best performer YTD, barely.
he late-day headlines from CNBC that "trade talks have stalled" - merely repeating what was said overnight numerous times - triggered the algos to dump after early gains (thanks to op-ex gamma hedging and US-Canada tariff headlines)…Small Caps were the week's biggest laggard.
the namelss faceless trading mechanisms need to go-put the pepe's back in control.
The Dow is down four weeks in a row - something it has not done since May 2016!!
The midweek ramp was all one big short-squeeze and the machines ran out of ammo today.
The ratio between Morgan Stanley's China Trade Sensitive Basket and the S&P 500 has dropped to the lowest since U.S. President Trump and Chinese President Xi announced a truce at the G-20 meeting in Argentina in December.
Credit ended the week wider (despite ripping back midweek from Monday's gap wider)…VIX was around unch.
Stocks and bonds decoupled this week (as stocks short-squeezed higher midweek).
See cap#4.
Treasury yields were bid on the week and accelerated lower in the last hour as repeated headlines of trade talks being stalled sparked more bond buying.
The yield curve closed the week just above inversion.
mmmmmkayyyyy
inally, in case you thought something had change in recent days - despite the collapsing fun-durr-mentals and the death of trade talks - you were right. Bloomberg's Luke Kawa notes that over the past 10 sessions (or since the trade war resurfaced) the S&P 500 has averaged a drop of 0.5% overnight and a gain of 0.3% during the day. That 0.8 percentage point average gap over the two-week stretch constitutes the biggest disparity between poor overnight retreats and intraday advances since July 2009.
In other words, as the US-China trade deal began to collapse confidence in the markets, 'someone' was panic-buying US equities during the day after 'someone else' was dumping them overnight at historically high levels.
With global money supply now collapsing, stock markets are gonna need more dip-buying to support this debacle.
enter the PBOC on Sunday and they have already been doing it imo…just not announcing it.
https://www.zerohedge.com/news/2019-05-17/dow-suffers-worst-streak-2016-despite-best-dip-buying-decade
https://www.marketwatch.com/investing/bond/tmubmusd30y?countrycode=bx
https://finance.yahoo.com/quote/%5EGSPC?p=^GSPC
it will if he has an "accident"
>Put the humans back in charge the algos need to be taken away!!!!
could not agree moar anon.