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Inflatable angry emoji looms over Facebook annual board meeting
MENLO PARK, Calif./BOSTON (Reuters) - Protesters carrying an inflatable angry emoji greeted Facebook Inc shareholders as they gathered for the company’s annual meeting on Thursday, the latest sign of its struggle to shake off privacy scandals and rein in fake news and hate speech.
The social media giant again faced demands for reform at Thursday’s meeting, including shareholder proposals that call for revamping the company’s voting structure and ousting Chief Executive Officer Mark Zuckerberg as chairman.
The measures had little chance of succeeding, as a dual class share structure gives Zuckerberg and other insiders control of about 58% of the votes. Many investors have shrugged off the scandals swirling around the company, as it has beaten Wall Street’s estimates for revenue growth and continues to add users globally.
But even though the votes are largely symbolic, they are still seen as a useful barometer of investor sentiment about how well the social media icon is coping with unprecedented challenges to its hands-off approach to content.
Last year, about 83% of shares held by outside investors voted for a proposal that would have the company move to a structure of one vote per share and do away with the supermajority shares.
A coalition of activist groups have urged big investors to reject Zuckerberg’s nomination to the board this year, saying Facebook has failed to protect users, especially racial and religious minorities.
Outside the hotel, a small group of protesters filmed themselves hoisting the 8-foot (2.5-meter) red emoji balloon, saying the company failed to protect its users, particularly minorities, from hate speech and other abuses.
Nearby, a man in a red hat stamped with “Make America Great Again”, a slogan of U.S. President Donald Trump, used a loudspeaker to accuse Facebook of censoring conservatives.
Inside the meeting, other shareholders said the company created a “hostile work environment” for people with conservative views and pressed for a diversity report reflecting its public policy positions.
The coalition, led by consumer group Majority Action and civil rights advocate Color of Change, said they had gathered 125,000 signatures on a petition targeting BlackRock Inc, one of Facebook’s biggest outside investors.
BlackRock’s funds backed all of Facebook’s director nominees last year, but also voted for two shareholder proposals that would have reorganized Facebook’s governance structure.
BlackRock declined to comment on the petition, with a spokesman saying it did not preview votes or comment on specific companies.
https://www.reuters.com/article/us-facebook-shareholders/inflatable-angry-emoji-looms-over-facebook-annual-board-meeting-idUSKCN1T017G?il=0
US Market Report
Volumes
DOW
Volume 184,492,364
Avg. Volume 298,062,539
NAS
Volume 1,533,089,858
Avg. Volume 2,194,469,523
SP500
Volume 1,633,427,126
Avg. Volume 3,527,037,460
Some Headlines:
Oil falls to two-mth lows on small U.S. crude stock draw, trade war worries
https://www.reuters.com/article/us-global-oil/oil-falls-to-two-mth-lows-on-small-u-s-crude-stock-draw-trade-war-worries-idUSKCN1T004F
GE's CEO 'stunned' that factory efficiency drive only just started
https://www.reuters.com/article/us-ge-ceo/ges-ceo-stunned-that-factory-efficiency-drive-only-just-started-idUSKCN1T02A3
Which Chinese Banks Will Fail Next?
Yesterday we reported that in the aftermath of the failure of China's Baoshang Bank (BSB), and its subsequent seizure by the government - the first takeover of a commercial bank since the Hainan Development Bank 20 years ago - the PBOC appeared to panic and injected a whopping 250 billion yuan via an open-market operation, the largest since January.
https://www.zerohedge.com/news/2019-05-30/which-chinese-banks-will-fail-next
Uber to report first earnings as a public company, with eyes on food delivery
good luck with 'dat
https://finance.yahoo.com/news/uber-reports-first-earnings-as-a-public-company-110000225.html
Market Action
Low volume drifting as it did nothing much since the futures action last night. Of note, the treasury auctions continue with the long-end of the curve starting next week. It's no coincidence that yields are low as this is what they pay to the 'investors' who buy them to mitigate risk profiles.
See Cap#3 for remaining schedule into July.
The ten year is still lower than the Fed Funds discount rate so it's cheaper for this system to pass that back and forth instead of go directly to the FRB for capital-that has its limits too.'''
Cryptos & Crude Crack As Credit & Yield Curve Collapse Continues
Chinese stocks were lower overnight as an afternoon bid failed to get back to even, but remain higher on the week thanks to PBOC's panicky liquidity injection.
see story above
For the second day in a row a sudden buying panic program lifted at 1534ET.
PANIC baby..nothing but PANIC-kek!
The trillion dollar tech stocks aren't anymore…
ha ha hahahahahahaha
Financials continue to outperform the market, despite plunging yield curve.
this is fuggen ridiculous- the debt they carry is staggering and the Qrtly reports show they can't hack it even with fixed income.
Credit spreads continue to push wider (echoing 2018)
How about 2007-2009 bitchezzzz.
Many claimed that after a strong month for bonds (and weak for stocks) that month-end pension rebalancing would spark forced buying in stocks… that didn't happen…
Again go look up the SERCO report(s) in the catalog to see what this process was/is really used for…it's not rebalancing I can assure you.
Treasury yields tumbled once again (down 9-10bps on the week), despite a small hope-filled rise overnight.
'''See cap#4
10Y Yields broke down to yesterday's lows after Pence's China comments.
The yield curve slumped back to cycle lows, erasing yesterday's late-day bounce.
Tick,tock…MFers
Yuan managed gains on the day but remains down from PBOC warnings to shorts.
The current printing session ends early next week-they will have to do it again and again-no choice now.
WTI is the lowest since mid-Feb (testing and losing its 100DMA).
This is good for us hardworking pepe's
And gold was bid on heavy volume up to its 50DMA.
Most likely spec positions being taken as the qtr closes…a good sign in either case-needs some love and a move solidly over $1300 to attract moar attention.
Finally, we note that, having diverged massively for a few months, the correlation between the S&P 500 and US Treasury yields has accelerated in recent weeks, back to its highest level since Aug 2016.
The question is - will the relationship revert like in 2016 (rates higher) or 2007 (equities lower)?
No- POTUS got this…..
https://www.zerohedge.com/news/2019-05-30/crypto-cracks-credit-yield-curve-collapse-continues
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
https://finance.yahoo.com/quote/%5EIXIC?p=^IXIC
https://www.treasury.gov/resource-center/data-chart-center/quarterly-refunding/Documents/auctions.pdf
うん!
are you asking or telling?
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