25 May Watchlist 👀

 

Today we are watching…

1. JP Morgan (#jpm)

Bitcoin is like marmite; you either love it or hate it. Jamie Dimon, CEO of America’s biggest bank, believes the digital tokens “have no actual value.” He’s confident that “it will eventually blow up” and that only “idiots” buy it. However, Bitcoin exchanges are making money (for now), and they need banking services. JP Morgan has carefully vetted a group of closely regulated exchanges and is announcing banking services to be sold to Coinbase and Gemini. JP Morgan wants its investors to know, its stock will never be a play on Bitcoin, but at least now its own fortunes are somewhat connected!

2. BP (#bp)

It’s hell in the Permian. Rock bottom oil prices have brought shale crashing down. If it wasn’t for backroom bailouts, this entire sector full of stocks would’ve hit zero. In order to rebuild, BP faces some very harsh realities. 120 of its 250-strong senior management team will be made redundant in the coming weeks as a remodel of the firm’s corporate structure. This announcement gives investors hope that a turnaround is ready to begin. Putin has ordered support for his oil companies, and the Saudi Crown Prince also prepared to ease off the drilling. Could we see the very, very early initial green shoots of a new shale era?

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