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Illumina Illuminates the Risks

Daily Rap 07-12-2019

The indices were back in the plus column through midday, led again by the Dow, which gained 0.5%, compared to smaller upticks in the S&P and Nasdaq. However, today's more interesting development from my perspective was the price action of Illumina (ILMN).

The "Light" at the End of the Tunnel Last night the company reported that its revenues would be a little light and the stock was smacked for about 15%. The reason I think that is worth noting is because before today it sported about a $50 billion market cap and traded at 12 times revenues. Thus, it is both large and expensive, although a revenue multiple of 10 to 12 is only sort of the middle of the road in terms of the absurd expensiveness we see regularly these days.

I have long said...more

Last year's posts for Ask Fleck

Q: Interesting that DB with $50 Tr in gross notional derivatives appears to have caused no ripples. Has LODM commented on DB? Do you expect DB related problems to surface this summer, later, or never?

Fleck: Derivative fear has been overblown. The LODM has noted what a steaming pile of garbage DB is, but hasn't been concerned specifically about its derivatives.
(posted: 7/12/2019)

Q: Do you believe there is any significance in the increase in long term interest rates?

Fleck: No, not yet. It's just been a couple of days. We would need to continue to see such action to start to think something was changing.
(posted: 7/12/2019)

Q: Wesdome reports stellar production and increases guidance and it's flat on the day. Had that been TLSA it would have been halted limit up.......I guess it gives us a chance to buy more at a bargain price.

What a market.

Fleck: It's just still such a small universe that cares about miners.
(posted: 7/12/2019)

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The bottom's in...