Insider Trading Explained: Legal, Illegal, and 10b5-1 Plans
How Section 10(b), Rule 10b-5, Form 4 filings, and 10b5-1 trading plans separate legal insider activity from federal crimes.
Stock Market
Stock market news and analysis, with explanations of company developments, earnings and the forces moving share prices. Start with Market Education if you are new to investing. Find your way around ECMSource.
Palmer Luckey’s Erebor Nears $1.5B Round at $9.5B
Erebor, the tech-focused bank co-founded by Palmer Luckey, is in talks to raise $1.5B at a $9.5B valuation — more than doubling in eight months.
Payrolls Shrink in July: -23,000 Jobs, Rate-Cut Bets Surge
US payrolls unexpectedly contracted by 23,000 in July vs consensus of +85,000. Unemployment eased to 4.1% as bonds rallied and September rate-cut odds jumped.
Credit Spreads at 20-Year Tights as Supply Tops $1.7T
IG at 81bps, HY at 281bps, and $1.68T of corporate bonds already issued YTD — why record supply keeps meeting record demand in the credit market.
Robinhood’s $200M RVII Fund: Retail Access to YC Startups
Robinhood filed to list RVII, a $200M NYSE-traded BDC that lets any retail investor buy exposure to Y Combinator startups. Structure, fees, and catches.
Fed Launches Pilot Survey of $1.3T Private Credit Market
Dallas and NY Fed will pilot the first regular data pull on private credit after Q3, with initial findings due Q1 2027. Here’s what it will track.
Japan’s Yield Shock: Takaichi Presses BOJ as 30-Year Hits 3.97%
PM Takaichi’s May request that the BOJ buy more bonds becomes public as 30-year JGB yields hit a record 3.97% and 10-year yields the highest since 1996.
AI Debt Deluge Meets Pushback: Cover Ratio Halves to 2x
Hyperscaler bond books have slid from 5x oversubscribed in February to under 2x by July, as AI-related debt heads to $570B and Moody’s warns.
Treasury Backs Yen: First U.S. Support Op in Over a Decade
U.S. Treasury and the NY Fed joined the Bank of Japan to buy yen after USD/JPY hit 40-year highs — Washington’s first yen support in over a decade.
Bear Steepener Alert: 30-Year Yield Hits 5.17%, Curve Widens
The 30-year Treasury yield touched 5.17% on July 23, a multi-year high, and the curve steepened sharply after the July FOMC. Here is what is driving it.