A few logistics on shared cabs etc for Sharestock first. Then Darktrace (DARK), Funding Circle (FCH), Alien Metals (UFO), Cenkos (CNKS), FinnCap (FCAP), Shield Therapeutics (STC) and Restaurant Group (RTN)

Where do we start this Thursday on the UK markets? Surely it has to be Associated British Foods (ABF) and its (unsurprising) iffy update.

A real ramshackle range of regulatory news updates today but I focus here on Funding Circle (FCH). I first wrote about this one in the summer of last year, after I noticed an office of its during a business trip of mine in San Francisco. Suffice to say it was ‘big and bold on the second floor of a nice small scale development in the middle (and most expensive part) of the city’. In that article, I highlighted the huge IPO shocker from a 440p listing price to just 135p then. The strategic car crash continued…

I have written on Funding Circle (FCH) a few times on this website, most recently here where I noted that targeting 'adjusted EBITDA break-even' and continuing to expect free cash outflows hardly made a compelling business case even before you considered the lack of the validity of the business model given 'it is late to the lending party and hence likely to be skewed to a bunch of loans which the big banks - for whatever reason - have passed on'. Today's update from the company sounds bullish as it has gained 'accreditation to join the British Business Bank's (BBB) Coronavirus Business Interruption Loans Scheme (CBILS)'...

You will have your own thoughts about President Trump's decision to ban European Union citizens from entering the United States, but it is clearly another impediment to global supply chains and that is not good. Global financial markets are therefore grisly and it is a natural instinct not to want to look at your portfolio – even if you had a bunch of cash and gold stocks a-plenty. But onto corporate earnings. There was a huge bunch of them today, including three old 'pals' that continue to be dogs that woof. The first two simply have too much debt which - despite ever lower global interest rates - is not a good look when earnings/cash flows are under pressure…

Its shares already down from a 440p 2018 IPO price to little more than 80p, now a “Directorate Change” announcement from SME loans platform company Funding Circle (FCH) – and the shares further down, towards 78p…

Whilst the country is a matter of days from an important political decision, back in the world of markets and companies, I see my old pals at Funding Circle (FCH) are continuing to struggle with a sub one quid share price and a variety of excitable press disclosures including the introduction of a 1.25% exit charge for investors wishing to re-sell their loans in order to turn their savings back into cash.  And naturally it is not as if the ball has been smashed out of the park in terms of returns and related.  

I see there is another bizarre story around Funding Circle (FCH) in the Sunday press with the observation that the company is 'diverting some borrowers away from its peer-to-peer lending site to rivals and traditional banks...as a way to help borrowers seeking larger unsecured loans above £500,000'. 

After you have looked at the most-read articles and listened-to Bearcasts this week, answer me this question. How much foreign market companies would you like to see ShareProphets cover, in particular US, Europe, Oz, etc?

In today's podcast I discuss Global Resources Investment Trust (GRIT), Red Rock Resources (RRR) and Funding Circle (FCH). Warning this podcast contains some strong language.

I see Funding Circle (FCH) is out with a short update today reiterating its - naturally previously reduced - full year guidance. However, it is not that exciting with loan originations down 0.5% year-on-year in the third quarter, although loans under management were up 31% for the first nine months of 2019 compared to last year. A few weeks ago I talked about the fundamental flaws of this business and today's little update highlighting that there has been no extra overt hit to numbers has been naturally taken as good news (spot the short squeeze). However let us think about what lower loan originations mean…

There are two guests in this week's show, First up I discuss the clown who runs Sirius Minerals (SXX). Then I welcome Chris Bailey. We discuss where value lies in the market and has the mood music changed, SIG (SHI),  Metro Bank (MTRO), Funding Circle (FCH), the crazy share price of Diageo (DGE) and much more. Then my second guest is the legendary bear raider Gabriel Grego of Globo and Folli Follie Fame. We discuss his latest triumph Bio-On and much more. If you like this and can't wait seven days for more of the same  and are tired of being a cheapskate you should listen to my Bearcast every day.

In today's podcast I discuss the latest deranged rantings of Chris Frazer, the CEO of Sirus Minerals (SXX). The guy is a total knobhead, a man wheeling out the most lamentable excuses for his own failure. I also discuss a piss poor and incomplete trading statement from smug Sam Smith's FinnCap (FCAP) and look at two AIM zeros in waiting: Sound Energy (SOU) and Funding Circle (FCH) 

You all know what I think about the peer-to-peer lending Funding Circle (FCH) which i have written about negatively a couple of times in the last few months, most recently here   Back then I concluded 'you do not need to get involved... unless you are a desperate business which really, really needs finance and the mainstream banks have prudently turned you down already. For the rest of us, grab some popcorn and watch the ongoing post-IPO car crash'.  Broadly speaking this still feels a very, very prudent position to take.  

More earnings season numbers dropped into the hopper this morning, so a quick move through three I have given views and opinions on over recent months…

We live in a mad, mad world and I cite four examples of this: the banning of the original US flag by Nike 48 hours ahead of July 4, illiterate Zak Mir going into PR, the PI love-in on Bulletin Boards with utterly worthless Premier African Minerals (PREM) and the IPO of Funding Circle (FCH). I look at Dialight (DIA), and Fastjet (FJET) and then list my top ten shorts worth more than £250 million (with two slightly smaller cheats included) and explain the bear case for each.

Many people who work outside the financial services do not believe it when I say that some of the greatest stories can be found in the regulatory news statements by listed companies. And by 'great', of course I mean both the simply awe-inspiring...and the absolutely shocking…

I start by referring you to a video just up of my labour of love, the Greek Hovel, which you can see HERE. Then I take apart the bullish nonsense about the stockmarket Malcolm Stacey served up yesterday HERE.  Finally I look at IPOs planned for the next few weeks such as that of Sam Smith's FinnCap and broker AJ Bell. Why oh why go now? Surely they are both either mad or desperate? I discuss in detail why both should be avoided like the plague, referring also to the Funding Circle IPO debacle.