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Quote of the Day
“What’s interesting is that the euro itself created the asymmetric shocks that are now destroying it [via the capital flows it engendered]. Not only have they created something incapable of dealing with shocks, but the creation engendered the shocks that are destroying it. “
-Paul Krugman, from the Financial Times
July 25th – This Day in Stock Market History
July 25th, 2012 – Italy’s credit rating is downgraded as the Italian debt crisis continues.
Although Greece was the biggest worry during the European debt crisis, Italy was also feared to be in trouble.
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The European debt crisis was the main source of volatility for U.S. markets in 2016. U.S. stock markets had dropped 10% over the prior month as fears that Italy would leave the European Union grew.
Although the headlines would remain grim for some time, this period of the Italian debt crisis would mark the lows of the U.S. stock market for the year.
July 25th, 2016 – Verizon announces that it will purchase Yahoo for $4.83 billion.
The deal was part of a pivot Verizon was making to bolster its online ad business to complete with the likes of Google and Facebook.
Verizon would create a new venture, called Oath, which would contain Yahoo and AOL that it had purchased in 2015 for $4.4 billion.
2 years later, Verizon would write down nearly all of the value of Oath, deeming it almost worthless. Even after spending nearly $10 billion on AOL and Yahoo, Oath remained just a small portion of the online advertising market:
The purchase of Yahoo by Verizon would finally put an end to Yahoo, which was one of the “darlings” of the tech bubble. At its tech bubble peak, Yahoo was worth $125 billion.
Best July 25th in Dow Jones Industrial Average History
1932 – Up 4.06%, 1.94 points.
Worst July 25th in Dow Jones Industrial Average History
1966 – Down 1.88%, 16.32 points.
<– Go To Previous Day: July 24th – 1974: The US Supreme Court rules that President Nixon must give up Watergate tapes. Impeachment proceeding continue.
Go To Next Day: July 26th – 2018: Facebook declines 18%, wiping out $119 billion in market cap –>