iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,593 Blog Posts

The Mall is Dead (Rainy Day Vacation Edition)

I awoken from my slumber around 11am today, without a care in the world. School will be starting soon, which means that “The Fly’s” morning breakfast eatery and car service, ferrying the kids to and fro school, will be in full effect. This being the last week of August, marking yet another summer gone by without the world ending, I am Sancho Panza of the blogging world — taking siestas and eating large vegan meals whenever I want.

As you could imagine, I was delighted to see both BBY and FINL shot to pieces this morning. The latter offered horrendous earnings and guidance, something I had been warning about since last year.

Releases Q2 preliminary results; sees Q2 sales of $469.4 mln vs. $477.8 mln Capital IQ Consensus Est, sees EPS of $0.08-0.12 vs. $0.38 consensus; lowers comps sales through remainder of FY18 to declining 3-5% versus its prior guidance for an increase in the low-single digit range; lowers FY18 EPS guidance below consensus; guides Q3 EPS below consensus; guides Q4 EPS below consensus

I will reiterate my thesis.

The sneaker trade is dead. The NBA is the greatest generational short of our lifetime. It is the new hockey and the numbers will soon reflect that reality. Incomes aren’t rising enough to justify $300 sneakers. Ergo, FINL, FL, NKE and others will get flushed down the toilet.

BBY is down sharply too and the mall, as we know it, is dead.

I spent $99 at Whole Foods yesterday or a half bag of vegetables and some meat for company. All of the shit on sale was non-organic — because they’re gouging the good people of Princeton — a people who raise irreverent children who frantically cycle throughout the streets cursing at gentlemen — making fun of their cool hats.

Copper is collapsing too, as predicted. Shares of FCX are a sell.

The market isn’t any good here. Save yourselves. Hop aboard the ark, via TLT, or get inside the mine, via GLD. Let this phase of the market pass and get back in after the dust settles.

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13 comments

  1. gappingandyapping
    gappingandyapping

    Melania looks insanely hot today. Just smoking!

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    • sarcrilege

      It’s good to know that you market and political priorities are in good order.

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      • gappingandyapping
        gappingandyapping

        Could not be better aligned at this moment as I focus on Le Hotness. Politics if for pedophiles and low IQ individuals.

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    • bennyhill

      You are attracted to cats?

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  2. themarketace

    Copper is up today and looks just fine. $FCX is down because of the Indo/Grasberg news.

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  3. wolfdaddy

    The pre made chicken scampi at WF went from 12 to $15 per pound. Good thing I can get poisonous farm raised salmon for a few dollars cheaper. Thanks a lot assholes.

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  4. itinerant

    Since everyone has given up on the trump stock theme just thought I’d mention that the ole Trump basket is bouncing hard of last Wednesday conviction day. There is still plenty of fundamental and technical room for the stocks to run over the next three years.

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  5. itinerant

    Also Fly, may I suggest instead of going full vegan you take up the genteel practice of only consuming meat that you have hunted and prepared yourself? The more exotic and far fetched the better. For instance I am currently slicing through an exquisite fallow deer steak. Haven’t eaten any mass produced meet since my early 20’s. There is also the gentleman farmer route to consider, or if you prefer simply procure the land, rent it to some halfwit doofus in return for a gentleman’s portion of the produce and reap the tax benefits to boot.

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    • heaterman

      This!

      Fits in nicely with getting out of the stinking moldering city.
      Raise your own food. Hunt. Fish. Live large off the land.
      Get real.

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  6. bennyhill

    Private school huh? You do know that’s a waste of money right?

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    • heaterman

      Ha. Your biased perception is on full display here BH.

      Case in point. Students who transfer into the local private school from the public education system find out rather quickly what is meant by ” rigorous academic program”.
      More often than not they must repeat the grade level they just completed or even go back a year.
      Graduates from this K-12 institution seeking higher education are almost automatically accepted at any university they choose.

      And here’s another thing… the excellence of this school raises the bar and forces the nearby public school to reach levels of success unheard of in the other regional public schools.

      Competition in education is a very good thing.

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  7. matt_bear

    your original short the NBA/footlocker article really got to my bear roots last year. it was finally seeing some really good bear porn amidst a bull orgy. Alas, I did not take the trade and I’m now miserable for it as profiting from a decline has a much more euphoric feel to it vs. a good ol regular buy and up trade.

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