Ron's off on a Holiday break. Happy Thanksgiving! See you Monday, November 26th.
November 20, 2018
It was just Friday when we talked about the stunning decline in the value of a bitcoin to $5,560. Today, two trading days later, Bitcoin is more than 20 percent lower than that, under $4,400. If you bought it last year at near $20,000, don’t call it a bad investment, call it good estate tax planning.
Call it what you will but, most of the earnings announcements this morning have been less than encouraging. Target led it off by missing the $1.12 earnings estimate by 3 cents. Sales were okay in total, but the gross margin fell from 29.6 to 28.7 percent. Evidently all those new free-delivery and same-day fulfillment services are pressuring those margins, and are not likely to abate any time soon. Target shares are off about 9½ percent pre-market. Lowe’s is...