Stock market news today August 14

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‘Tech trendiness’ has spiked to the highest level in 15
years 

Anyone watching the stock
market knows the tech sector is flying high in
seemingly unstoppable fashion.

Contrarians have long called foul on this, blindly assuming that
what goes up must surely come crashing down.

But that has been a long-running fool’s errand. If you had dumped
your tech shares at the first sign of overvaluation, you would
have missed out on months — perhaps years — of massive returns.

Fortunately for those waiting for the ax to fall on tech, Jim
Paulsen, the chief investment strategist
at The Leuthold Group, has a tool meant
to assess when that may happen. And based on his most recent
findings, the next year may not be so pretty for the red-hot
sector — and, by extension, the market at large.

Tinder’s founders are suing Match Group and IAC, saying
they’ve been ripped off 

A group of early Tinder employees, including cofounders Sean Rad,
Justin Mateen, and Jonathan Badeen,
announced on Tuesday that they had filed a lawsuit against
InterActiveCorp and Match Group, the owners of Tinder.

They’re alleging that IAC used a lowball valuation based on false
information to reduce the value of stock options that early
employees and founders held. The plaintiffs are seeking at least
$2 billion.

The Tinder team received written contracts in 2014 outlining
stock options as well as four dates they could exercise them,
according to Tuesday’s complaint.

But they allege that ahead of the first exercise date, in May
2017, IAC valued Tinder at $3 billion and merged it with Match,
which “stripped away” the team’s options in the fast-growing
dating app, leaving them with less valuable Match options.

Elon Musk says he’s hired Goldman Sachs to help take
Tesla private 

Elon Musk hasn’t been one to hide his disdain for Tesla skeptics
on Wall Street.

But when it came time to hire bankers to advise him on taking the
company private, the Tesla CEO enlisted a bank home to one of the
most bearish Tesla analysts on Wall Street. Goldman Sachs’
automotive analyst David Tamberrino has had a “sell” rating on
the stock since February 2017.

Even Goldman’s most optimistic scenario for Tesla doesn’t even
reach Musk’s tweeted goal of $420.

Ethereum is down another 10% 

Ethereum’s steep price fall continued on Tuesday as the entire
cryptocurrency market continues to fall.

Ethereum
is down just over 10% to $253.35 at 4.22
p.m. BST (11.22 a.m. ET). The current sell-off began on
Monday, when
Ethereum dropped to an 11-month low. Bloomberg reported that
the slump was sparked by startups that had raised funding in
ethereum through so-called initial coin offerings (ICOs) now
cashing their holdings into traditional fiat money they can spend
on development.

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