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Clinton Portis
Clinton Portis filed for bankruptcy (NBC Sports)
Former NFL running back Clinton Portis has filed for bankruptcy just five years after retiring from the league. Portis, who made $40 million over the course of his nine-year career, has a long list of creditors including MGM Grand Hotel in Las Vegas ($287,178.56), the Internal Revenue Service ($458,619.79), his mother ($500,000) and others. According to NBC Sports, bad investments led to Portis' downfall as he lost $8 million on a failed casino, and another $2 million to a ponzi scheme. Portis had nearly 12,000 all-purpose yards and 80 touchdowns playing for the Denver Broncos and Washington Redskins.
China's yuan will have a longer trading day starting in 2016 (Bloomberg)
The trading hours for onshore yuan are set to double beginning in January. Action will last until 11:30 p.m. Beijing time, but the 4:30 p.m. price will still be considered the close, Bloomberg says, citing the People's Bank of China. The PBOC hopes the extension of trading will increase liquidity in the yuan as it readies for its inclusion in the International Monetary Fund's reserves basket.
Nike posted an earnings beat (Business Insider)
The sneaker giant announced earnings of $0.90 a share, beating the Wall Street consensus of $0.86. Revenue rose 4.1% to $7.7 billion, a tad shy of the $7.8 billion that was anticipated. Sales in China were a bright spot, surging 34% in the second quarter, excluding currency adjustments. Nike says futures orders climbed 20% when accounting for currency fluctuations, which was far better than the 13.6% gain that was expected. "We see tremendous opportunity ahead as we enter an Olympic and European Championships year with a full pipeline of inspiring innovation for athletes everywhere," Nike president and CEO Mark Parker said in the earnings release.
What the Fed's rate hike means for the global markets (Charles Schwab)
The central banks of 20 countries, including the Fed, accounted for one-third of the global GDP hiked rates in 2015. This marks a huge change from the monetary policy of the past few years, and from the policies of other central banks going into 2016. "The validation of the improvement and sustainability of global economic growth represented by the start of rate hikes by some central banks is encouraging. But while economic growth is likely to accelerate in 2016, so is the volatility in global stock markets as a widening divergence in monetary policy contributes to the challenges facing some markets," argues Jeffrey Kleintop.
A Morgan Stanley team will pay the SEC $8.8 million over a "parking" scheme case (Reuters)
A Morgan Stanley unit will pay the SEC $8.8 million to settle charges that one of its portfolio managers, Sheila Huang, conducted pre-arranged trades that were beneficial to clients' accounts, also known as "parking", reports Suzanne Barlyn. Huang agreed to be barred from the industry and will pay a $125,000 penalty.