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This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) lost 0.6% last week, but may gain nearly all that back in just one day Monday. The ETF is up 0.5% premarket as investors get set to receive a whole raft of economic news this week.
On Tuesday, the U.S. Bureau of Labor Statistics (BLS) will report nonfarm payrolls figures for November, giving us our freshest data yet on the state of the jobs market. The U.S. Census Bureau (which is part of the Commerce Department) will also release retail sales figures for October — less important as it will be arriving a month late because of the government shutdown, and will not tell us how retail sales held up during the shutdown, either.
BLS will return two days later to report on the Consumer Price Index (CPI) for November, an important gauge of the inflation rate.
Bankruptcy news
Over the weekend, robotic vacuum cleaner company iRobot (Nasdaq: IRBT) filed for bankruptcy protection. Strangely, the company couched its announcement in growth terms, emphasizing its plan to enter into a restructuring support agreement with its Chinese contract manufacturer Shenzhen PICEA Robotics Co., Ltd.
“Picea will receive 100% of the equity interests in the Company,” said iRobot, “which will delever the Company’s balance sheet and enable iRobot to continue operating in the ordinary course, pursue its product development roadmap, and maintain its global footprint.”
Receiving less emphasis is the fact that equity shareholders in iRobot will be entirely wiped out as the company is handed over to China lock, stock, and barrel. And the fact that iRobot stock will become debt-free will be small consolation to the small investors who realize… they no longer own it.
iRobot stock is down more than 70% on the news, but should probably be down 100%.