UBS strategists say that private credit default rates could surge 15% if it triggers an aggressive disruption among corporate borrowers. That follows blue limits, new blue outs, new limits for retail investors in one of its private credit, BDCs. And a report from Citron Research that says I could lead to a double digit U.S. unemployment rate by 2025 and also discuss fears in private credit.Let's discuss with Bloomberg senior reporter Silas Brown. So I, I got to say, it feels like we've hit a fever pitch of ...

Group 1 - COIN, the stock of Coinbase, experienced a 6.4% decline on January 15, primarily due to the company's withdrawal of support from the crypto market structure bill [1][4] - The stock price fell below $240, forming a "death cross" pattern, indicating a bearish trend as the 50-day simple moving average crossed below the 200-day simple moving average [2] - Historical data suggests that similar setups in the past have coincided with major price bottoms, leading to subsequent rallies of over 100% [3] Group 2 - Coinbase's CEO Brian Armstrong cited significant issues with the bill, including a ban on tokenized equities and limitations on DeFi, as reasons for the withdrawal, emphasizing that a bad bill is worse than no bill at all [4][6] - Armstrong believes that the concerns raised by Coinbase are shared by the broader crypto industry, and he does not think the withdrawal will permanently damage the bill's prospects [5][6] - Citron Research criticized Coinbase's decision, suggesting that the company is more concerned about rising competition than the bill's framework, and they support the tokenization platform Securitize, which has issued over $4 billion in tokenized assets [7]

(Bloomberg) -- A US judge denied short-seller Andrew Left’s request to toss out the criminal case against him over his trading activity on the grounds that it was a “selective prosecution” that targeted his online speech.A two-page order issued Monday by US District Judge Terry J. Hatter in Los Angeles did not explain the reason for the motion being rejected. An earlier bid by Left to dismiss the charges on different grounds was denied by the same judge in July. Trial is set for March 17.Left, whose stock t ...

Core Viewpoint - Teladoc Health's stock price increased by over 9.7% to $9.185, following a rare bullish comment from Citron Research, which reaffirmed confidence in the company's long-term potential [1] Company Summary - Teladoc has been focusing on digital healthcare and virtual consultations in recent years [1] - Despite a decline in stock price from the peak during the COVID-19 pandemic, analysts believe the company is poised for new growth opportunities [1] Industry Summary - The acceleration of digital transformation in healthcare insurance and corporate health plans is expected to benefit Teladoc [1]

Core Viewpoint - Teladoc Health's stock price increased by over 9.7% to $9.185, following a rare bullish comment from Citron Research, which reaffirmed confidence in the company's long-term potential [1] Company Summary - Teladoc Health has been focusing on digital healthcare and virtual consultations in recent years [1] - Despite a decline in stock price from the peak during the COVID-19 pandemic, analysts believe the company is poised for new growth opportunities [1] Industry Summary - The acceleration of digital transformation in healthcare insurance and corporate health plans is expected to benefit Teladoc Health [1]

Core Viewpoint - LoanDepot's stock has more than doubled recently due to positive assessments of its mortgage servicing portfolio, which provides stable income despite fluctuations in loan origination volumes [3]. Company Performance - LoanDepot's stock price increased from below $2 to approximately $4.50 per share in a few weeks, driven by Citron Research's favorable evaluation [3]. - The company has seen a 30% increase in loan origination volume in Q2 2025 compared to Q1, alongside revenue growth, indicating improved operational execution [5]. - Despite recent revenue growth of 20.5% over the past twelve months and 22.4% year-over-year in the latest quarter, LoanDepot has not recorded an annual profit since 2021, with a negative P/E ratio of -13.6 and a P/FCF of -2.0 [6]. Market Conditions - Anticipations of decreased interest rates due to a weak August jobs report have led to increased optimism among investors regarding mortgage lenders [5]. - The affordability crisis in the U.S. and slower household formation may limit growth potential, although political focus on housing affordability could enhance mortgage demand [7]. Investment Outlook - LoanDepot presents a high-risk, high-reward investment scenario, with short-term catalysts and servicing stability on one side, and ongoing profitability challenges on the other [7].

Core Viewpoint - Citron Research, led by Andrew Left, criticized Opendoor Technologies, labeling it a "stock promo and a science project in how to burn money," while expressing a more favorable view on loanDepot, Inc. [1][2] Company Analysis - Citron Research argues that Opendoor's business model has never been successful, stating, "The business model is not broken….it has never worked" [2]. - Despite the criticism, Opendoor's stock initially dipped but quickly rebounded, indicating investor resilience [2]. - Opendoor shares experienced a significant increase of over 8% on heavy trading volume, with a remarkable rise of more than 420% over the past six months [3][4]. Market Reaction - Following Citron's comments, loanDepot shares also saw a rally, as the market is perceived to undervalue its mortgage servicing division, which Citron valued at $5 per share, more than double its recent trading price [3][4]. Financial Concerns - Citron highlighted several risks associated with Opendoor's business, including: - Inability to leverage AI for margin scaling or market defense [5]. - Low margins in the housing sector, where a 1-2% swing can eliminate profits [5]. - Significant capital requirements, with billions tied up in inventory and no guaranteed resale [5]. - Competition from Zillow, which previously attempted and failed with a similar model [5]. - Anticipation of massive dilution due to ongoing cash burn [5].

Group 1: Company Overview - Palantir (NYSE: PLTR) is currently facing bearish pressure, with Citron Research projecting a potential decline of over 70% from its current trading level of $148, which is down 8.24% on the day and has extended weekly losses to over 20% [1][4][7] - The stock is perceived to be significantly overvalued amid increasing competition in the artificial intelligence (AI) and big data sectors [4][6] Group 2: Comparative Analysis - Citron Research compared Palantir to Databricks, a private data analytics company valued at $100 billion, highlighting that if Palantir were to achieve the same valuation, its stock would be worth approximately $40, indicating a substantial disconnect from its current market price [4][6] - Databricks has over 15,000 enterprise clients and operates on a true SaaS model, which positions it as a stronger growth business compared to Palantir, which relies heavily on government contracts [5][6] Group 3: Market Sentiment and Trends - The selloff in Palantir shares is part of a broader trend of weakness in AI-related equities, exacerbated by comments from OpenAI CEO Sam Altman suggesting that the AI sector may be in a bubble, raising concerns about the sustainability of current valuations [7] - Despite recent pullbacks, Palantir shares have increased by 92% in 2025, driven by expectations of more U.S. government contracts and strong retail interest in AI, although commercial revenue growth has not kept pace [8]

Core Viewpoint - Palantir's stock has faced criticism from Citron Research, which argues that the stock remains overvalued despite a significant drop in price, with a current trading value of $173.10, down 2.3% for the day, but up 130% year to date [1][3]. Group 1: Valuation Concerns - Citron Research claims that Palantir's valuation exceeds its fundamentals, suggesting that if priced similarly to OpenAI, the stock would be around $40, which they do not consider a bargain [4]. - The bearish sentiment is reinforced by comments from OpenAI CEO Sam Altman, who described the AI market as a bubble, raising concerns about sustainable valuations in the sector [3]. Group 2: Insider Selling - Citron highlighted significant insider selling, noting that CEO Alex Karp has sold nearly $2 billion worth of stock over the past two years, labeling him as one of the most aggressive insiders in the tech sector [5]. Group 3: Mixed Analyst Opinions - Despite the bearish outlook from Citron, some analysts have raised their price targets for Palantir, with Wedbush's Dan Ives increasing his target from $160 to $200, citing strong second-quarter results and growing adoption of its AI suite [6]. - Palantir reported a 78% increase in earnings per share, surpassing $1 billion in revenue for the first time, with operating income of $464.4 million and free cash flow of $568.8 million, exceeding Wall Street estimates [7]. - Other analysts, including D.A. Davidson and Mizuho, have also revised their targets upward, indicating a generally positive sentiment among some market participants [8].