/* Article Data (Server Side) article (o): [object Object] Content (s): Article Not Found. relatedData (o:Array(16)): 0 (o): [object Object] Headline (s): China's problem is the economy itself, not the market sell-off Teaser (s): The stock market sell-off is not the problem. Yes, the Shanghai Composite Stock Index has dropped almost 40 per cent since its June peak, but the Chinese economy has rarely been upset by fluctuations of its financial markets. Source (s): Financial Times DocumentDate (s): 17 minutes ago DocumentDate_raw (n): 1440949038000 Link (s): http://www.ft.com/cms/s/0/066a5068-4d98-11e5-b558-8a9722977189.html DocumentKey (s): HTTPwww.ft.com/cms/s/0/066a5068-4d98-11e5-b558-8a9722977189.html DMSourceID (s): Google ContentType (s): Article 1 (o): [object Object] Headline (s): Third Point's Loeb says Suzuki should cancel shares it buys back from VW Teaser (s): TOKYO Aug 31 U.S. activist investor Daniel Loeb said Suzuki Motor Corp should cancel the shares it plans to buy back from Volkswagen AG, not issue equity or convertible shares. Source (s): Reuters DocumentDate (s): 21 minutes ago DocumentDate_raw (n): 1440948825000 Link (s): http://www.reuters.com/article/2015/08/30/suzuki-motor-vw-thirdpoint-idUSL4N1150BF20150830 DocumentKey (s): HTTPwww.reuters.com/article/2015/08/30/suzuki-motor-vw-thirdpoint-idUSL4N1150BF20150830 DMSourceID (s): Google ContentType (s): Article 2 (o): [object Object] Headline (s): Warren Buffett buys into oil refiner Phillips 66 Teaser (s): Billionaire investor Warren Buffett's company has amassed a stake worth nearly $US4.5 billion ($6.3bn) in Phillips 66 more than a year after trading a chunk of its holding in the oil refiner for a chemical business investment. Source (s): The Australian DocumentDate (s): 1 hour ago DocumentDate_raw (n): 1440943327000 Link (s): http://www.theaustralian.com.au/business/wall-street-journal/warren-buffett-buys-into-oil-refiner-phillips-66/story-fnay3ubk-1227504961487 DocumentKey (s): HTTPwww.theaustralian.com.au/business/wall-street-journal/warren-buffett-buys-into-oil-refiner-phillips-66/story-fnay3ubk-1227504961487 DMSourceID (s): Google ContentType (s): Article 3 (o): [object Object] Headline (s): Italy's Eni Finds 'Supergiant' Natural Gas Field off Egypt Teaser (s): The Italian energy company Eni SpA announced Sunday it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. Source (s): ABC News DocumentDate (s): 2 hours ago DocumentDate_raw (n): 1440941735000 Link (s): http://abcnews.go.com/International/wireStory/eni-found-supergiant-natural-gas-field-off-egypt-33413941 DocumentKey (s): HTTPabcnews.go.com/International/wireStory/eni-found-supergiant-natural-gas-field-off-egypt-33413941 DMSourceID (s): Google ContentType (s): Article 4 (o): [object Object] Headline (s): Punjab attracts Rs 3500-crore investments for solar projects Teaser (s): CHANDIGARH: Punjab government today said it has received bids from as many as 18 companies for setting up solar projects in the state which will attract investment of Rs 3,500 crore. Source (s): Economic Times DocumentDate (s): 5 hours ago DocumentDate_raw (n): 1440929925000 Link (s): http://economictimes.indiatimes.com/industry/energy/power/punjab-attracts-rs-3500-crore-investments-for-solar-projects/articleshow/48732026.cms DocumentKey (s): HTTPeconomictimes.indiatimes.com/industry/energy/power/punjab-attracts-rs-3500-crore-investments-for-solar-projects/articleshow/48732026.cms DMSourceID (s): Google ContentType (s): Article 5 (o): [object Object] Headline (s): China fears linger as focus on Fed sharpens Teaser (s): London: Fears over the health of the Chinese economy kept world markets on edge last week and China country will remain in focus, along with the question of whether the Federal Reserve will raise interest rates next month. Source (s): gulfnews.com DocumentDate (s): 6 hours ago DocumentDate_raw (n): 1440925200000 Link (s): http://gulfnews.com/business/economy/china-fears-linger-as-focus-on-fed-sharpens-1.1575592 DocumentKey (s): HTTPgulfnews.com/business/economy/china-fears-linger-as-focus-on-fed-sharpens-1.1575592 DMSourceID (s): Google ContentType (s): Article 6 (o): [object Object] Headline (s): China is growing at 'reasonable' pace despite pressures, says Premier Li Teaser (s): BEIJING - China's economy is growing at a "reasonable" pace and, despite growing pressure, the government can handle well the risks the country faces, Chinese Premier Li Keqiang said. Source (s): BDlive DocumentDate (s): 9 hours ago DocumentDate_raw (n): 1440915075000 Link (s): http://www.bdlive.co.za/world/asia/2015/08/30/china-is-growing-at-reasonable-pace-despite-pressures-says-premier-li DocumentKey (s): HTTPwww.bdlive.co.za/world/asia/2015/08/30/china-is-growing-at-reasonable-pace-despite-pressures-says-premier-li DMSourceID (s): Google ContentType (s): Article 7 (o): [object Object] Headline (s): Watch Boeing's Laser Shoot a Drone Out of the Sky Teaser (s): "Watch the silent, invisible laser suddenly ignite the vehicle." No, that's not the opening line of a summer sci-fi blockbluster. Source (s): PC Magazine DocumentDate (s): Aug 29, 2015 DocumentDate_raw (n): 1440852975000 Link (s): http://www.pcmag.com/article2/0,2817,2490281,00.asp DocumentKey (s): HTTPwww.pcmag.com/article2/0,2817,2490281,00.asp DMSourceID (s): Google ContentType (s): Article 8 (o): [object Object] Headline (s): Obama pushing for more clean energy choices for consumers Teaser (s): Sandoval joined Obama in the motorcade bound for the Mandalay Bay Convention Center, where the president spoke at the National Clean Energy Summit. Source (s): TV Newsroom DocumentDate (s): Aug 29, 2015 DocumentDate_raw (n): 1440828000000 Link (s): http://tvnewsroom.org/newslines/u-s/obama-pushing-for-more-clean-energy-choices-for-consumers-107042/ DocumentKey (s): HTTPtvnewsroom.org/newslines/u-s/obama-pushing-for-more-clean-energy-choices-for-consumers-107042/ DMSourceID (s): Google ContentType (s): Article 9 (o): [object Object] WSODIssue (s): |69198695|8406495|170676|248784 DMSourceID (s): KAPITALL Source (s): Kapitall Headline (s): Brazil is in a recession Link (s): http://folionation.squarespace.com/news/2015/8/28/brazil-is-in-a-recession.html Thumbnail (s): DocumentDate_raw (n): 1440775500000 DocumentDate (s): August 28, 2015 DocumentDate_smart (s): Aug 28, 2015 DocumentKey (s): 1107-290734296785735456555-1QFBOTMPS6Q5PO8LMDQBOB1V9I ContentType (s): Article TrackingPixel (s): Teaser (s):

The world's seventh-largest economy is now in a recession. And it may take years for Brazil's economy to recover.

Brazil's economy entered a recession in the second quarter, contracting more than expected between April and June. The Brazilian Institute of Geography and Statistics (IBGE) revealed on Friday that Brazil's GDP contracted by 1.9 percent last quarter, topping the median forecast of a 1.7 percent contraction. The IGBE also revised its first-quarter output figure, dropping it from a 0.2 percent contraction to 0.7 percent.

Declining commodity prices, weak demand from China—which Quartz points out is Brazil's biggest trading partner—and the ongoing Petrobras corruption scandal have slammed Brazil's economy. Additionally, high interest rates of 14.25 percent have negatively impacted consumer spending, which fell 2.1 percent between the first and second quarter.

And then there are the recent credit rating downgrades. Earlier this month, Moody's Investor Service lowered Brazil's credit rating to stable. Standard & Poor's cut the nation's outlook to negative in July.

The government, led by embattled President Dilma Rousseff who is dealing with a growing impeachment threat, has enacted several austerity measures in an attempt to help the economy. The measures include reduced spending on unemployment benefits and eliminating payroll tax breaks.

According to the BBC, analysts believe Brazil won't see growth until 2017. 

Speaking of analysts, below is a list of four Brazilian stocks with an average analyst recommendation of buy or better (as indicated by a numerical value below 3) that are actually outperforming the market this week. 

Click on the interactive chart to view data over time. 

1. Ambev S.A. (ABEV, Earnings, Analysts, Financials): Produces, distributes, and sells beer, draft beer, soft drinks, other non-alcoholic beverages, malt, and food in the Americas. Market cap at $83.59B, most recent closing price at $5.37.

Average analyst recommendation of 2.4.

The stock is outperforming the market by 1.32% this week. It is underperforming the market by 13.67% so far this year.

JPMorgan upgraded the stock to overweight (which means it's expected to outpeform its industry) from neutral on June 1.

 

2. Cosan Ltd. (CZZ, Earnings, Analysts, Financials): Engages in the production and sale of sugar and ethanol products. Market cap at $1.03B, most recent closing price at $3.88.

Average analyst recommendation of 1.8.

The stock is outperforming the market by 0.26% this week. It is underperforming the market by 49.02% so far this year.

Goldman Sachs initiated a buy rating on the stock on May 12.

 

3. Itau Unibanco Holding S.A. (ITUB, Earnings, Analysts, Financials): Provides commercial, corporate, and investment banking services to individuals, small and middle-market companies, and large corporations in Brazil and internationally. Market cap at $46.81B, most recent closing price at $7.91.

Average analyst recommendation of 2.3.

The stock is outperforming the market by 4.35% this week. It is underperforming the market by 36.57% so far this year.

 

4. Companhia de Saneamento Basico do Estado de Sao Paulo (SBS, Earnings, Analysts, Financials): Provides water and sewage services to residential, commercial, industrial, and governmental customers in the State of Sao Paulo. Market cap at $3.01B, most recent closing price at $4.45.

Average analyst recommendation of 2.5.

The stock is outperforming the market by 3.25% this week. It is underperforming the market by 27.88% so far this year.

 

 

(Monthly return data sourced from Zacks Investment Research. Upgrade data sourced from Yahoo! Finance. All other data sourced from FINVIZ.)

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Kapitall Wire offers free cutting edge investing ideas, intended for educational information purposes only. It should not be construed as an offer to buy or sell securities, or any other product or service provided by Kapitall Inc., and its affiliate companies.

Open a free account today get access to virtual cash portfolios, cutting-edge tools, stock market insights, and a live brokerage platform through our affiliated company, Kapitall Generation, LLC. 

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10 (o): [object Object] Headline (s): UPDATE 3-Scotiabank energy-sector bad loans climb; profit tops estimates Teaser (s): (Adds CFO comments, updates shares). By John Tilak. TORONTO Aug 28 (Reuters) - Bank of Nova Scotia, which reported a quarterly profit that beat market expectations on Friday, said bad loans in the energy sector climbed as the oil price selloff took a toll. Source (s): Reuters DocumentDate (s): Aug 28, 2015 DocumentDate_raw (n): 1440768894000 Link (s): http://in.reuters.com/article/2015/08/28/bank-nova-results-idINL1N1130CO20150828 DocumentKey (s): HTTPin.reuters.com/article/2015/08/28/bank-nova-results-idINL1N1130CO20150828 DMSourceID (s): Google ContentType (s): Article 11 (o): [object Object] WSODIssue (s): |151846|12671937 DMSourceID (s): KAPITALL Source (s): Kapitall Headline (s): IBM still has a lot of work to do Link (s): http://folionation.squarespace.com/news/2015/8/27/ibm-still-has-a-lot-of-work-to-do.html Thumbnail (s): DocumentDate_raw (n): 1440702420000 DocumentDate (s): August 27, 2015 DocumentDate_smart (s): Aug 27, 2015 DocumentKey (s): 1107-290734296785735455714-47KEGHEVO726EH0LQO28C1POA2 ContentType (s): Article TrackingPixel (s): Teaser (s):

Big Blue is trying to become a leader in the cloud and data services spaces. But leaving the past behind takes time.

IBM (IBM) is in the midst of a major turnaround program that will take several years. The company is shifting its strategy and growing cloud services and software.

Presently, the stock is inexpensive and trades at a forward P/E of 10. The low valuation is due to the operational risks of transitioning from hardware to services.

At first glance, it does not look like IBM will report better quarters in the future. Its second-quarter earnings on July 20 showed a 13.5 percent decline in revenue, extending IBM’s revenue slump to 13 consecutive quarters. The company is also buying back shares, which should help stabilize its share price.

IBM is also taking efforts to strengthen its competitive advantage. In the healthcare sector, the company is building data analytics solutions with its Watson technology. In July, IBM announced a partnership between Watson Health and CVS that aims to analyze patient data and provide better care. Earlier this month, IBM shared that it was adding image recognition capabilities to the artificial intelligence. As IBM makes improvements and adds functionality to Watson health, it may generate growing, incremental revenue.

Rackspace (RAX) is an alternative investing idea for those interested in the cloud hosting space. The company previously demonstrated strong growth rates. Rackspace is a pure play in the cloud market, whereas IBM is just building its business in this area.

The firm earned $0.20 per share on revenue of $480.2 million in the most recent quarter. Unfortunately, the company forecast revenue growth that was below consensus. 

IBM remains attractive for those looking for an undervalued firm in transition.

Written by Chris Lau

 

 

Click on the interactive chart to view data over time. 

1. International Business Machines Corporation (IBM, Earnings, Analysts, Financials): Provides information technology (IT) products and services worldwide. Market cap at $145.16B, most recent closing price at $146.70.

 

 

2. Rackspace Hosting Inc. (RAX, Earnings, Analysts, Financials): Operates in the hosting and cloud computing industry. Market cap at $4.45B, most recent closing price at $31.44.

 

 

 

 

(Monthly return data sourced from Zacks Investment Research. All other data sourced from FINVIZ.)

Analyze These Ideas: Getting Started

Dig Deeper: Access Company Snapshots, Charts, Filings

ABOUT US

© Kapitall, Inc. All rights reserved. Kapitall Wire is a division of Kapitall, Inc. Kapitall Generation, LLC is a wholly owned subsidiary of Kapitall, Inc.

Kapitall Wire offers free cutting edge investing ideas, intended for educational information purposes only. It should not be construed as an offer to buy or sell securities, or any other product or service provided by Kapitall Inc., and its affiliate companies.

Open a free account today get access to virtual cash portfolios, cutting-edge tools, stock market insights, and a live brokerage platform through our affiliated company, Kapitall Generation, LLC. 

Securities products and services are offered by Kapitall Generation, LLC - a FINRA/SIPC member.

12 (o): [object Object] WSODIssue (s): |45563793|68572657 DMSourceID (s): KAPITALL Source (s): Kapitall Headline (s): Twitter is not getting many favorites from Wall Street Link (s): http://folionation.squarespace.com/news/2015/8/26/twitter-is-not-getting-many-favorites-from-wall-street.html Thumbnail (s): DocumentDate_raw (n): 1440606300000 DocumentDate (s): August 26, 2015 DocumentDate_smart (s): Aug 26, 2015 DocumentKey (s): 1107-290734296785735454321-2NQRVISU4BTEDUVE6J75J3EJKM ContentType (s): Article TrackingPixel (s): Teaser (s):

Twitter has been falling since April, and it recently reached a big milestone: dropping below its IPO price.

It’s official: Twitter (TWTR) is sitting comfortably below its IPO price. After the markets' plunge, which started last week and accelerated on Monday, Twitter closed at $24.38 on Tuesday, August 25, over 6 percent below its IPO price of $26. Considering that positive developments are underway at the company, is the bearishness justified?

Twitter’s stock fall accelerated after the company reported second-quarter results on July 28. The firm earned $0.07 per share on revenue of $502.4 million, up from earnings of $0.02 per share on revenue of $312 million a year ago.

The social media company is improving its product offerings. Just last week, Twitter removed the 140-character limit from direct messages. In the live video streaming space, Twitter subsidiary Periscope celebrated reaching 10 million accounts on August 2. This milestone was reached around just four months after the platform’s launch.

Periscope is a high value product. Users are spending enormous amounts of time on the platform, watching more than 40 minutes of content a day.  The strong interest in Periscope’s content should give Twitter another means for generating ad revenue.

On August 20, the company announced a new feature: the Twitter Audience platform. The product will give advertisers the option of buying ads for third-party apps and on Twitter.

However, user growth remains a hurdle for the company. Twitter's monthly active users increased by two million, or 2.6 percent, new users last quarter while Facebook’s (FB), one of Twitter’s main rivals, user base grew by 3.47 percent from the previous quarter. 

Despite the improvements, Twitter is still bleeding cash. It ended 2014 with a net loss of $578 million, or a loss of $0.96 per share.

Twitter must prove its worth. Periscope and the ad platform updates will contribute to the company’s revenue and should help it compete more effectively. Twitter will be a more compelling investing idea if it turns profitable this fiscal year.

Written by Chris Lau

 

 

Click on the interactive chart to view data over time. 

1. Facebook Inc. (FB, Earnings, Analysts, Financials): Operates as a social networking company worldwide. Market cap at $236.96B, most recent closing price at $83.00.

 

 

 

2. Twitter Inc. (TWTR, Earnings, Analysts, Financials): Operates as a global platform for public self-expression and conversation in real time. Market cap at $16.04B, most recent closing price at $24.38.

 

 

 

(Monthly return data sourced from Zacks Investment Research. All other data sourced from FINVIZ.)

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© Kapitall, Inc. All rights reserved. Kapitall Wire is a division of Kapitall, Inc. Kapitall Generation, LLC is a wholly owned subsidiary of Kapitall, Inc.

Kapitall Wire offers free cutting edge investing ideas, intended for educational information purposes only. It should not be construed as an offer to buy or sell securities, or any other product or service provided by Kapitall Inc., and its affiliate companies.

Open a free account today get access to virtual cash portfolios, cutting-edge tools, stock market insights, and a live brokerage platform through our affiliated company, Kapitall Generation, LLC. 

Securities products and services are offered by Kapitall Generation, LLC - a FINRA/SIPC member.

13 (o): [object Object] WSODIssue (s): |36276|72887506|205778 DMSourceID (s): KAPITALL Source (s): Kapitall Headline (s): The Nasdaq rebounds Link (s): http://folionation.squarespace.com/news/2015/8/25/the-nasdaq-rebounds.html Thumbnail (s): DocumentDate_raw (n): 1440521340000 DocumentDate (s): August 25, 2015 DocumentDate_smart (s): Aug 25, 2015 DocumentKey (s): 1107-290734296785735453211-3756A27HB3PQC5V4S6US7DM89M ContentType (s): Article TrackingPixel (s): Teaser (s):

After several high-profile tech firms on the Nasdaq plunged on Monday, they're back up as if nothing happened.​

The Nasdaq Composite Index fell sharply on Monday, along with all the major US indices. Yesterday, the Dow Jones Industrial fell around 1000 points at market open, but recovered some of its losses by the end of the day. Today, another bold move by China is shifting the overall sentiment from negative to a major positive.

The People’s Bank of China cut its one-year lending rate by 0.25 percent to 4.6 percent. It also lowered its reserve requirement ratio by 0.5 percent to 18 percent for most large banks.

Two macro factors contributed to a rise in fear in the markets. First, economic activity in China slowed down in July. On August 9, the government reported a drop in July exports. Second, oil prices fell below $40. The falling energy prices imply the global economy is also weakening. Traders finally responded in the last week by selling expensive stocks:

Over on the Nasdaq, tech firms are on the rebound from Monday’s sell-off. Apple (AAPL) is rallying Tuesday after falling as low as $92 on Monday thanks to an upgrade to outperform from a Wells Fargo analyst that helped lift the stock to nearly $109. It is also worth mentioning that CEO Tim Cook sent Jim Cramer an email Monday morning to dispel fears that China’s economic troubles would weigh heavily on Apple.

After falling 7.9 percent at one point and dropping below $600 yesterday, Google (GOOG) is back up to $613 as of early Tuesday afternoon:

Microsoft (MSFT) shares also slid on Monday, entering sub-$40 territory for the first time in over a year. Just like Apple and Google, the stock is back up, trading around $42.

Written by Chris Lau

 

 

Click on the interactive chart to view data over time. 

1. Apple Inc. (AAPL, Earnings, Analysts, Financials): Designs, manufactures, and markets personal computers, mobile communication and media devices, and portable digital music players, as well as sells related software, services, peripherals, networking solutions, and third-party digital content and applications worldwide. Market cap at $620.77B, most recent closing price at $103.12.

 

 

2. Google Inc. (GOOG, Earnings, Analysts, Financials): Builds technology products and provides services to organize the information. Market cap at $421.26B, most recent closing price at $589.61.

 

 

3. Microsoft Corporation (MSFT, Earnings, Analysts, Financials): Develops, licenses, and supports a range of software products and services for various computing devices worldwide. Market cap at $340.99B, most recent closing price at $41.68.

 

 

 

(Monthly return data sourced from Zacks Investment Research. All other data sourced from FINVIZ.)

Analyze These Ideas: Getting Started

Dig Deeper: Access Company Snapshots, Charts, Filings

ABOUT US

© Kapitall, Inc. All rights reserved. Kapitall Wire is a division of Kapitall, Inc. Kapitall Generation, LLC is a wholly owned subsidiary of Kapitall, Inc.

Kapitall Wire offers free cutting edge investing ideas, intended for educational information purposes only. It should not be construed as an offer to buy or sell securities, or any other product or service provided by Kapitall Inc., and its affiliate companies.

Open a free account today get access to virtual cash portfolios, cutting-edge tools, stock market insights, and a live brokerage platform through our affiliated company, Kapitall Generation, LLC. 

Securities products and services are offered by Kapitall Generation, LLC - a FINRA/SIPC member.

14 (o): [object Object] WSODIssue (s): DMSourceID (s): KAPITALL Source (s): Kapitall Headline (s): Universal Pictures is having a great year Link (s): http://folionation.squarespace.com/news/2015/8/25/universal-pictures-is-having-a-great-year.html Thumbnail (s): DocumentDate_raw (n): 1440513900000 DocumentDate (s): August 25, 2015 DocumentDate_smart (s): Aug 25, 2015 DocumentKey (s): 1107-290734296785735453043-5EQ7BNV7EOP31GLRO4MV3UJSF1 ContentType (s): Article TrackingPixel (s): Teaser (s):

Consumers aren't paying for small-screen entertainment, but the big screen is a different story. Ask Universal.

Traditional media, as we know it, is dead. That's the gist of the message Sanford C. Bernstein analyst Todd Jeunger sent out to Wall Street last week. In the August 20th note, Jeunger writes that analysts need to change their approach to valuing the media industry since everything is changing thanks to declines in pay-TV customers and an increase in streaming video on demand services, which means less subscription revenue and advertising revenue for media companies.

Jeunger downgraded Walt Disney (DIS) and Time Warner (TWX) and said Viacom (VIAB) is a "clear structural short." The analyst gave lukewarm support to 21st Century Fox (FOX), noting that the Bernstein team "cannot force our model or 12-month target price any lower."

And then there's the movie industry, which has suffered due to low domestic attendance and, as a result, relies heavily on overseas ticket sales to make a profit or even break even. That's not the case with Comcast (CMCSA) subsidiary Universal Pictures, though. The studio now holds the record for the highest-grossing year at the international box office, banking $3.78 billion in the first eight months of the year.

Four of the year's five highest-grossing films are Universal films: Furious 7 ($1.2 billion), Jurassic World ($983.5 million), Minions ($670.2 million) and Fifty Shades of Grey ($404.1 million). And then there's Straight Outta Compton, which is crushing the domestic box office and set to make $100 million within its first two weeks in theaters.   It's also Universal's 13th film to take the number one spot at the box office this year.

15 (o): [object Object] WSODIssue (s): DMSourceID (s): KAPITALL Source (s): Kapitall Headline (s): When the stock market is in the red, consider currencies Link (s): http://folionation.squarespace.com/news/2015/8/24/when-the-stock-market-is-in-the-red-consider-currencies.html Thumbnail (s): DocumentDate_raw (n): 1440448260000 DocumentDate (s): August 24, 2015 DocumentDate_smart (s): Aug 24, 2015 DocumentKey (s): 1107-290734296785735453048-1H3GSPS5H60L3V3R7FH0U4BFSJ ContentType (s): Article TrackingPixel (s): Teaser (s):

While the stock market loses money on this bleak Monday, people are flocking to money—currencies, that is. 

After recouping some of the losses incurred during Monday morning trading, the stock market turned around and declined significantly in the afternoon. By market close, the Dow Jones Industrial Average plummeted 588.5 points (18-month low), the S&P 500 lost 77.7 points (10-month low) and the Nasdaq Composite Index slid 179.8 points (7-month low).

The volatility in the stock market sent investors searching for the next best thing: currencies. Bloomberg reports that activity ramped up in the $5.3 trillion-a-day forex market in response to the global sell-off. The winner of the day among safe haven currencies was the Japanese yen, which rose 2.7 percent to 118.73 yen to the dollar at one point this afternoon. The euro also performed well, topping $1.17—a first since January. Meanwhile, the dollar struggled, with the US Dollar Index, which compares the dollar to six currencies, falling 1.7 percent in the afternoon to 93.37. 

Today's three-best performing currency ETFs actually ended the day on a positive note. ProShares Ultra Yen (YCL) is up 5.94 percent, ProShares Ultra Euro (ULE) is up 4.48 percent and the ProShares Ultra Short Australian Dollar (CROC) is up 4.10 percent. 

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