In a week when central bank actions have dominated the headlines, from the Federal Reserve’s decision to start tapering to the Bank of England blindsiding markets by standing pat, it’s worth taking a step back as to how much rates really matter.
But what really mattered in predicting returns is at what rate, and in what direction, did company earnings compound. The buzz Economists expect a strong October payrolls report, with The Wall Street Journal-compiled consensus expecting a 450,000 gain in nonfarm payrolls and the unemployment rate easing a tick to 4.7%.
Peloton Interactive PTON, -4.27% skidded 30% after the exercise-bike maker forecast far-weaker holiday sales than analysts expected. Inventories rose 35% sequentially to $1.27 billion. RiverPark’s Rubin said Peloton was the top short in its long/short fund. He said the fund “may cover some” but there’s downside below $50 per share.
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That one metric: did Nancy Pelosi buy it?
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