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Ep. 473: Game over for the Fed
Ep. 473: Game over for the Fed
Ep. 473: Game over for the Fed
Ep. 473: Game over for the Fed
Ep. 473: Game over for the Fed
Ep. 473: Game over for the Fed

🔴Ep. 473: Game over for the Fed

Peter Schiff - 2019-06-08

The Peter Schiff Show Podcast - Episode 473 Recorded June 7, 2019 Dow Finished the Week with a 4.7% Gain - The Dow Jones soared 263 points today, although at one point the index was up better than 350 points. But it managed to finish the week with a 4.7% gain. That is the best showing for the Dow Jones Industrials in 6 months and in fact we snapped a six-week losing streak this week. All of the major averages had positive weeks. The NASDAQ - the best gainer on the day; up 1.7% - not quite as strong on the week because it took a shellacking on Monday with the FANG stocks leading the way down - but up about 3.7% on the week. Similar gains for the Russell 2000, the Dow Transports, the S&P 500 not quite as strong as the Dow - I think up about 4.2% on the week. What was the Catalyst? - But why? What was the catalyst for this big move up in the U.S. stock market? Was it better than expected earnings? Not really. Some companies beat estimates. Take a look at some of these recent IPO's like Zoom Video. Zoom Video was up 18% today because it earned 3 cents a share instead of the one cent that Wall Street was expecting. Now, 3 cents per share is not a lot of earnings when you're a $94 stock, but that's where the stock is. Beyond Meat to Infinity and Beyond - Even more ridiculous is Beyond Meat, which is beyond sanity as it's going to infinity and beyond. Now, Beyond Meat was up almost 40% today, $138.65. The high was $149.46. This stock is already more than tripled its IPO price - or quadrupled, I can't really tell. Now they're still not making money at Beyond Meat, so they still haven't moved beyond losses. The company lost $6.6 million on the quarter; that's 95 cents per share. But it is an improvement, because a year ago, in the same period, they lost 98 cents a share. If you adjust it, if you back out a lot of other stuff, like stock-based compensation and things that nobody likes to count, then they only lost 14 cents per share, which was better than the 15 cents a share loss that Wall Street was expecting. So clearly that's worth an extra 40% on the price of the stock. I forget what this thing is trading; 100+ times revenue. It is a crazy multiple, but at least the stock has a viable product. RATE AND REVIEW this podcast on Facebook. facebook.com/PeterSchiff/reviews/ SIGN UP FOR MY FREE NEWSLETTER europac.com/ Schiff Gold News: SchiffGold.com/news Open your Goldmoney account today: Goldmoney.com/ Buy my newest book at tinyurl.com/RealCrash Like and follow Peter Schiff on Facebook Facebook.com/PeterSchiff Follow me on Twitter: Twitter.com/PeterSchiff