Media Navel Gaze: June 27, 2016
“The British are leaving! The British are leaving!” (Thanks, New Yorker, for the Paul Revere redux cartoon IGed just hours after the vote). No real joking matter, however, with the stunning and surprising “leave” vote turning Brexit into a real deal that forced UK Prime Minister David Cameron to step down and markets to buckle pretty much everywhere amid predictions for a UK recession; (Interesting side note: the bitcoin became the flight-to-quality trade, showing more safe-haven gains than gold, probably a first); still lots of head scratching and debate on what’s next, but an online petition for a second referendum has received nearly 3.0 million signatures with a trending hashtag of #regrexit gaining attention along with talk that there was way too many Google searches in the UK like “What does it mean to leave the EU?” after the vote.
- Other news did exist: Democrats staged a sit in over gun legislation, demanding a vote on gun curbs;
- Tesla announced plans to buy SolarCity in a deal not received well on Wall Street;
- But Twilio soared 92 percent on its first day of trading, one of the best debut performances for an IPO so far this year;
- The Dow lost 3.39 percent (down 610 points) to close at 17,400, suffering its eighth largest decline ever and sliding into the red for the year now; the British pound fell more than 10 percent against the dollar;
- The NFL and Cirque du Soleil are partnering on an interactive exhibit and theater in Times Square, strange bedfellows that will surely attract fans (new and global?); and
- The New York Times iconic fashion photographer, Bill Cunningham, who was designated a living landmark, died at 87 with a life portrayed in a must-read obit on the front page of his paper that described not only his life but the colorful world of fashion and the streets of the city.