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CWS Market Review – March 5, 2024
Eddy Elfenbein, March 5th, 2024 at 6:40 pm(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)
Beware the Reversals of March
In recent years, March has been the time for dramatic market turnarounds. Sometimes, March has welcomed major high points while other times, it’s been lows; but whatever the direction, this has been the time of year for them.
Why March? Beats me. Perhaps the coming of spring gives new hope to those who’ve been on the wrong end of the market for so long.
I’ll give you a few examples. Probably the biggest was the Great Tech Bubble which peaked in March 2000. The Nasdaq Composite closed at 5,048 on March 10, 2000.
This was the top of a blistering rally. In the previous 18 months, the index had soared 250%. The good times didn’t last. One year later, the Nasdaq was down 60%. Within two-and-a-half years, the Nasdaq was off by more than 75%. Anyone heard from Pets-dot-com lately?
The bear market low of 2002-03 is up for some debate. That’s because the market low officially came in October 2002. However, the stock market put on a nice 19% rally over the next four weeks…before it collapsed again.
Some analysts will claim that a rally of that size qualifies as a new bull market. Frankly, I’m agnostic on these points, but the S&P 500 reached another major low on March 11, 2003, right at the start of the Iraq War. The market low came exactly three years and one day after the Tech Bubble popped.
The Financial Crisis of 2007-08 is an interesting case because it took some time before the size of the damage was fully realized. The stock market peaked in October 2007 before it gradually eroded, and that erosion soon turned into an avalanche.
The closing low for the S&P 500 came on March 10, 2009 at 676.53. In terms of pure valuation, that may stand out as a multi-decade low. Adjusted for inflation, the Dow Jones Industrial Average was where it was 43 years before. Everyone, it seemed, hated Wall Street. If you recall, this was the time Jim Cramer went on Jon Stewart’s show. Like the others, this was also a great time to buy.
Then there’s the Covid bear market. That was an extremely dramatic market and again, March was the turning point. I’ve never seen a market so panicked. In March 2020, the S&P 500 had two of its six worst days in history, and it had two of its ten best days in history. In 13 trading days, the S&P 500 lost close to 30%. The S&P 500 finally reached its closing low of 2,237.40 on March 23, 2020.
Of course, that was also a great time to buy (thanks to extraordinary efforts from the Federal Reserve). In less than 17 months, the S&P 500 doubled, and it’s up another 14% from there.
It’s interesting to see how the market emerges from whatever chaos we face. On Wall Street, we refer to market drops as being “corrections” but from a long-term perspective, those drops are really the errors.
There’s an old saying on Wall Street that “bull markets go up the staircase while bear markets jump out the window.” That’s very true and you can really see the impact by looking at the long term.
Permit me a brief thought experiment. Think of investing as a roulette wheel with very unusual rules. You spin the wheel once a year, and you face two possible payoffs. You have either an 85% chance of making 15% on your investment next year, or you have a 15% chance of losing 20%.
I made up those numbers, but it’s close to what investors actually see. The long-term payoff is close to 10% but the key is that you have to keep playing through those 20% drawdown years. In fact, the odds are high that in an investing lifetime, you’ll almost certainly see two bad years within a five-year span.
The other part of this thought experiment is that bull markets can seem, to a rational observer, unusually hot. After all, the market is performing at a 50% faster rate than its long-term average, and that can happen for several years. This causes too many investors to jump ship too soon, and that’s a big mistake.
One of my favorite quotes from Peter Lynch is, “Far more money has been lost by investors’ preparing for corrections, or trying to anticipate corrections, than has been lost in the corrections themselves.”
Target to Start Membership Program
Shares of Target (TGT) got a nice 12% boost today after the retailer said it’s going to start a paid membership program next month. Of course, this is exactly what other retailers like Amazon and Walmart do. I’m curious what took Target so long. Amazon Prime is a smash hit, and Walmart said that Walmart+ has been doing very well.
The new service will be called Target Circle 360. The service “will include unlimited free same-day delivery for orders over $35 in as little as one hour with no delivery fees and free two-day shipping, along with other perks.”
The initial price will be $49 per year, but it will bump up to $99 per year after the initial promotion ends on May 18.
I’ve been following Target recently and the retailer appears to be at a turning point. There are still a lot of problems at Target, but for the first time in a long time, the company may be a worthwhile investment.
The shares had not been performing very well versus the overall market until late last year.
Then in November, Target released an encouraging, but not great, earnings report. I don’t want to overstate the case because Target still has problems. For Q3, same-store sales fell by 4.9%. Retail is a tough game, and it’s especially hard if your sales are falling. Retail is all about managing your inventory efficiently and getting the lowest price to your customer.
Still, the company said in November that it had improved its efficiency and was managing its inventory better. For its fiscal Q3, Target made $2.10 per share which was well ahead of the consensus for $1.48 per share. After the November report came out, the stock jumped 17% in one day.
Today, Target reported its fiscal-Q4 earnings, which covers the important holiday shopping season. Once again, Target didn’t have great news to report but it was a lot better than was feared. Same-store sales fell 4.4%. That was the third drop in a row. For the first time since 2016, Target’s annual sales fell.
For earnings, Target made $2.98 per share for its Q4. That was much better than Wall Street’s consensus for $2.42 per share. Target’s own range for earnings was $1.90 to $2.60 per share. Quarterly revenue hit $31.92 billion which was $90 million better than consensus.
For Q1, the current quarter, Target sees same-store sales falling by 3% to 5%, and earnings ranging between $1.70 and $2.10 per share. For the full-year, Target expects same-store sales to be flat to -2%, and full-year earnings coming in between $8.60 and $9.60 per share. That’s not great, but it could have been much worse.
Turnaround plays are tough. I generally avoid them. The issue is that investors need to figure out which is a fixable problem and which is not, because once a company loses its competitive edge, it’s very difficult to get it back. I’m pleased to see the progress at Target but the company still has to do more.
JetBlue and Spirit Call Off Merger Plans
JetBlue (JBLU) and Spirit Airlines (SAVE) finally ditched their plans for a $3.8 billion merger. The Biden administration fought to stop the deal, claiming it would harm consumers. In January, a federal judge sided with the administration and blocked the deal.
The two airlines had been looking to appeal the decision but have now agreed to part ways. JetBlue now owes Spirit a breakup fee of $69 million and $400 million to Spirit’s shareholders. I’ll be honest—Jet Blue shareholders dodged a big bullet with this one.
Despite the payment, Spirit is in very rough shape. They weren’t pursuing this deal because they wanted to but because they had to. In the chart above, notice how badly shares of SAVE got punished after the judge’s decision in January.
Spirit is a mess. The airline has a massive debt load, and they haven’t turned a quarterly profit since Covid. The airline is projected to lose money this year and next year as well. Perhaps someone else will buy them. Frontier (ULCC) had been kicking the tires, but they were eventually outbid by JetBlue.
I bet Frontier or someone else could get a good deal, but taking on Spirit won’t be easy. The DOJ will almost certainly challenge any deal.
That’s all for now. I’ll have more for you in the next issue of CWS Market Review.
– Eddy
P.S. If you want more info on our ETF, you can check out the ETF’s website.
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Morning News: March 5, 2024
Eddy Elfenbein, March 5th, 2024 at 7:03 amChina Sets GDP Goal That Needs Policy Support ‘From All Fronts’
China’s Weak Energy Target Exposes Growth Dilemma
Singapore Has Taylor Swift to Itself This Week, and the Neighbors Are Complaining
Britain Isn’t Such a Basket Case Anymore, at Least to Investors
Bitcoin’s Market Value Touches Record as Token’s Price Nears All-Time High
Brighter Economic Mood Isn’t Translating Into Support for Biden
US Banks Far More Exposed than Europeans to Property Crunch, Says Morgan Stanley
Bank Runs Spooked Regulators. Now a Clampdown Is Coming
NYCB Ballooned Despite Real Estate Warnings in Years Before Fall
Biden to Launch Joint FTC-DOJ Task Force to Crack Down on ‘Unfair and Illegal Pricing’
Biden to Finalize Rule to Cap Credit Card Late Fees at $8
JPMorgan Joins France’s Payments Network CB to Skirt Visa, Mastercard
Immigration Rage Drowns Out the US Labor Market’s Need for Workers
Business Is Booming for DEI Lawyers as Corporate America Asks ‘What’s Legal?’
Seoul Semiconductor Files Patent Lawsuit Against Amazon With European Court
Apple on Collision Course With EU as New Digital Markets Act Kicks In
Apple’s iPhone Woes in China Deepen With a 24% Sales Plunge
AMD Hits US Roadblock in Selling AI Chip Tailored for China
Nio Loses Another $2.9 Billion as China’s EV Battle Intensifies
Former Twitter Executives Sue Elon Musk for More Than $128 Million in Severance
JetBlue and Spirit Call Off Their $3.8 Billion Merger
Simply Paused or Permanently Sunk? The Kroger-Albertsons Merger Has Hit a Major Snag
Macy’s ‘Is Melting Away’: Activist Investor Brings $6.6 Billion Bid to Buyout Battle
Target Sales Fall for First Time Since 2016
Book Startup Pitches Authors a Novel Deal: $0 Up Front, Bigger Profits
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Morning News: March 4, 2024
Eddy Elfenbein, March 4th, 2024 at 7:05 amRussia’s Backdoor for Battlefield Goods From China: Central Asia
OPEC+ Will Soon Confront a Tougher Oil-Market Test
US Funding Bill Blocks China from Buying Oil from Strategic Petroleum Reserve
Red Sea Conflict Threatens Key Internet Cables
Beijing Is Expected to Unveil GDP Target Around 5% — A Goal Now Harder to Achieve
Rich Countries Are Becoming Addicted to Cheap Labor
Higher Interest Rates Drag Swiss National Bank to $3.6 Billion Loss
Looming Event Risk Can’t Stop Nikkei Topping 40,000
Judge’s Ruling Sets Back Law Meant to Fight Money Laundering
America Blew Almost $2 Trillion. Make It Stop
Does Interest Rate Pain Explain the Consumer Sentiment Gap?
Wall Street’s DEI Retreat Has Officially Begun
Private Equity’s Green Star Started It All With a Database
JPMorgan’s AI-Aided Cashflow Model Can Cut Manual Work by 90%
Humanoid Robots at Amazon Provide Glimpse of an Automated Workplace
Forced to Change: Tech Giants Bow to Global Onslaught of Rules
Apple Hit With €1.8 Billion EU Fine Over App Store Rules
Nvidia Leaps Aramco to Be World’s Third Most-Valuable Company
Companies Are Juggling More Software Vendors Than Ever. It Isn’t Easy
Railroad Workers Were Ready to Strike. Now They’re Fighting to Save Their CEO
It’s Me, Hi, I’m the Problem. I’m 33
The ZIP Code Shift: Why Many Americans No Longer Live Where They Work
Ohio Fines CVS $1.5 Million Over Safety and Staffing Issues
Vista Outdoor Rejects $2.9 Billion Takeover Offer From MNC Capital
From Rock to Rap, Artists Are Doubling Down on Videogames to Reach New Listeners
Why Prices of the World’s Most Expensive Handbags Keep Rising
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Morning News: March 1, 2024
Eddy Elfenbein, March 1st, 2024 at 7:02 amFinally, Some Good News at the W.T.O.
The Monaco Royals Whose Deals Have Brought Peril to the Palace Doors
India’s Blowout GDP Based on Data Distortion That Masks Slowdown
China’s Wobbly Start to the New Year
Xi’s One-Man Rule Over China’s Economy Is Spurring Unrest
Ukraine Drafts Crucial Farm Workers in Desperate Rush to Bolster Military
Yellen Says Russia Assets No Substitute on Ukraine Aid
Eurozone Inflation, at 2.6%, Continues to Ease
Thomas Jordan: The Technocrat Central Banker Who Made the Big Decisions
Congress Approves Interim Funds to Avert US Government Shutdown
US Money Market Funds See Big Inflows Ahead of Inflation Data
A Fed Held Hostage by Data Is Asking for Trouble
The U.S. Economy Is Surpassing Expectations. Immigration Is One Reason
NYCB Flags Weaknesses in Loan Oversight and Names New CEO
Bankers Sick of the NYC Commute Are Fueling a Boom in a Mini Greenwich
Big Tech’s Boom Has Strategists Scrambling to Keep Up With Rally
Court Weighs Whose Freedom of Speech Is at Risk in Content Moderation Fight
Elon Musk Sues OpenAI, Altman for Breaching Firm’s Founding Mission
Shrinkflation 101: The Economics of Smaller Groceries
Developers Got Backing for Affordable Housing. Then the Neighborhood Found Out
Global CO2 Emissions Hit Record High in 2023, IEA Says
Disney Heirs Line Up Against Activist Investors
Kuehne + Nagel Shares Tumble After Earnings Fall Short of Expectations
Daimler Truck Expects 2024 Adjusted Earnings in Line With Previous Year; Raises Dividend
Pearson’s Pretax Profit Rises; Extends Share Buyback Plan by GBP200 Million
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Morning News: February, 29, 2024
Eddy Elfenbein, February 29th, 2024 at 7:07 amUkraine Sees Risk of Russia Breaking Through Defenses by Summer
AI Is Already Changing How the US Wages War
China Bans High-Frequency Trader as Quant Crackdown Expands
Market Herding Is Everywhere, Not Just the US
Canada’s TD Bank Posts Lower Profit on Higher Loan Loss Provisions
Fed Officials Emphasize Data to Guide Pace of Interest-Rate Cuts
Bitcoin ETFs Shake Up Crypto Market After Storming Wall Street
Greg Coffey in Talks to Buy EMSO, Create $13 Billion Hedge Fund Firm
Audit Deficiencies by Accounting Giants Grew in Latest Inspections, U.S. Regulator Says
The Right Questions Can Make You Money
Auto Insurance Spike Hampers the Inflation Fight
FAA Gives Boeing 90 Days to Come Up With Quality-Control Plan
Air Travel Is Extra Hard for Wheelchair Users. Here’s How the Government Wants to Fix It
Oil Producers May Not Share Analysts’ Views of a Tighter Market
Frackers Are Now Drilling for Clean Power
Biden Calls Chinese Electric Vehicles a Security Threat
Robotics Startups Hope the AI Era Means Their Time Has Come
How the World’s Priciest Property Market Stumbled
The American Southwest Is Finally Starting to Embrace Vertical Living
Chemours Shares Slide Premarket as Execs on Leave Amid Probe
Tech Layoffs Keep Coming. Why Is Head Count Barely Budging?
Billionaire Claure Forges New Empire After WeWork Collapse
Chocolate Makers Try a New Recipe: Less Chocolate
Beiersdorf Guides for Sales Growth Ahead
Birkenstock Posts Strong Earnings With Sandal Demand Growing
Paramount’s Big Game Is Still a Sideshow
Disney’s $8.5 Billion Reliance Merger Is a Streaming Wars Win in Sports-Obsessed India
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Morning News: February 28, 2024
Eddy Elfenbein, February 28th, 2024 at 7:02 amAnother Chinese Property Giant Faces a Creditor Who Wants It Dismantled
Hong Kong Takes Drastic Action to Avert Property Slump
China Tells Quants to Phase Out Strategy Blamed for Turmoil
Eurozone Confidence Keeps Struggling to Recover, Survey Shows
The Fed Contrarian Who Saw the Soft Landing Coming
Lorie Logan Makes Waves on Wall Street From Her Perch at the Dallas Fed
The Big Bond Steepener Is Flopping as the Fed Delays Rate Cuts
Flawed Valuations Threaten $1.7 Trillion Private Credit Boom
Sam Bankman-Fried Makes His Last Stand
How Much Wealth You Need to Join the Richest 1% Around the World
A Tech Billionaire Is Quietly Buying Up Land In Hawaii. No One Knows Why
Gen Alpha Are Ready to Spend – and They Want to Be Treated Like Adults
US Home-Buying Demand Nears Worst Since 1995 With Rates Above 7%
This Is Where New Migrants Are Going When They Reach the US
How the Media Industry Keeps Losing the Future
Baidu Posts Record Revenue Amid Search for New Growth Engines
China’s Electric Vehicles Are Going to Hit Detroit Like a Wrecking Ball
Apple’s Scrapped Car Project Means AI and Headset Bets Are More Urgent
Elon Musk Hypes Tesla Roadster Again After Half Decade of Delay
New F1 Team Names Bring Money, Marketing and Lots of Syllables
How a Vermont Ski Area Roared Back From a Financial Scandal
Surge Pricing for Burgers and Shakes? Wendy’s Will Give It a Whirl
Going ‘California Sober’ May Be Bad for Your Heart
Companies Were Big on CBD. Not Anymore
Hollywood Is Banking on Dune: Part Two to Revive the Blockbuster Experience
Levi’s Wants You to Rethink Your Denim Shopping
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CWS Market Review – February 27, 2024
Eddy Elfenbein, February 27th, 2024 at 7:18 pm(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)
LUNR Falls Back to Earth
I feel terrible for the company Intuitive Machines (LUNR). This was the team that flew its craft, named Odysseus, to the moon and landed it on the lunar surface. This was the first time Americans had done so in over 50 years.
There was, however, one small problem. Odysseus landed on its side. That wasn’t supposed to happen. In my opinion, who cares?! They effectively landed a Roomba on another planet. Dear lord, that’s amazing!
So what if they got some minor details wrong? They got the first 99.999999% of the mission right. Odysseus is the first privately-built craft in history to make a soft landing on the moon.
Mind you, Odysseus is still working fine. It’s even been able to send back incredible photos. It’s just lying on its side. I mean, Odysseus is chillin’. Who cares?
Well, the markets, apparently. On Monday, shares of Intuitive Machines plunged 35%. At one point today, LUNR was down another 20%. The market gods can be a cruel bunch.
This is, however, an important lesson for investors. The stock market is not swayed by emotion. No matter how much you may wish for something to happen, the market simply doesn’t care. After all, shares of LUNR jumped 530% between the stock’s January low and its February high. The company had initially reported that the landing went well. Only when the evidence became clear did they say there was a problem.
I’m on LUNR’s side. Not enough to be an investor, but certainly enough to be a fan. This is a good reminder that a near-term share-price move isn’t the end of the world. Or even the moon.
Durable Goods Plunge the Most in Four Years
This morning, the Commerce Department released the durable goods report for January, and it was pretty bleak.
Last month, orders for durable goods fell by 6.1%. That was even below Wall Street’s already pessimistic forecast for a drop of 4.5%. This was the biggest drop in nearly four years, and that report came during the initial stages of Covid.
When we say durable goods, we mean things that are intended to last more than three years. This data can be a good omen for future economic growth. People tend to buy durable goods when they’re optimistic. That’s why today’s report is so concerning.
The data for December was revised lower to a drop of 0.3%. The initial report had been for it to remain unchanged. These reports may suggest that the economy is downshifting from robust growth towards the end of last year.
A major factor for the lousy report is a 59% drop in in civilian aircraft orders. According to MarketWatch, “Boeing reported on its website that it had received only three orders for commercial aircraft in January, sharply down from 371 in December.”
Overall transportation orders dropped 16.2% last month after slipping 0.6% in December. Orders for motor vehicles and parts fell 0.4%. Excluding transportation, durable goods orders fell 0.3% last month after dipping 0.1% in December.
There were decreases in orders of primary and fabricated metals. Machinery orders were unchanged. But orders for computers and electronic products increased 1.4%, while those for electrical equipment, appliances and components rose 0.9%.
Economists like to look at “core capital goods” which is non-defense capital goods minus aircraft orders. That’s considered to be a good proxy for business spending. For February, it edged up by 0.1%. For January, it was down by 0.6%.
There’s been a lot of talk about “seasonality effects” or the impact of weather or the news of large-scale layoffs. For example, Google is laying off 12,000 employees after reporting a profit of $20 billion for Q4. Of course, that’s what a profit-making enterprise does. We’ll need to see more data, but the economy may be slowing down right now.
Also this morning, the Conference Board said that its consumer confidence index fell to 106.7. Economists had been expecting 115. The number for January was revised lower to 110.9. This is another worrying sign.
On Monday, the Commerce Department said that sales of new homes rose in January but by less than expected. Sales of single-family homes totaled 661,000 last month (that’s an annualized figure). Wall Street had been expecting 690,000. One bright spot is that it was a 1.5% increase over December.
Meanwhile, the median sales price of new houses last month came in at $420,700, up from $413,100 in December. One problem impacting the housing market is that there’s relatively low supply. Since so many people locked in mortgages when rates were lower, they’re skittish about putting their homes on the market right now.
I don’t think the economy is in serious trouble right now, but this week’s reports do concern me. We’ll need to see more reports before we can definitely say that the economy is in trouble. The odds of no rate cut coming in June are slowly getting higher.
Tomorrow, the government will update its report on Q1 GDP growth. The initial report was quite good. On Thursday, we’ll get the PCE price data. This is the Fed’s preferred measure for inflation. Then on Friday, the ISM Manufacturing Index comes out.
Amazon Joins the Dow
Yesterday, Amazon (AMZN) joined the Dow Jones Industrial Average. This is Wall Street’s equivalent of being a “made man.”
It’s a big deal. There are only 30 stocks in the index so when one goes in, another comes out. This time, it was Walgreens Boots Alliance (WBA) that got the boot. The company recently cut its dividend and I think that prompted the index keepers to make a move.
The Dow doesn’t change its members very often. This was the first change to the Dow in nearly four years. Actually, the Dow has been getting slightly more active in recent years.
The Dow didn’t make any changes to the index from 1939 to 1956 when it replaced Loew’s Theatres with International Paper. They made four more changes in 1959 but that was it until 1976. All told, the index went 37 years with only making four changes to its roster. Since its founding in 1897, the Dow has made about 130 changes.
In 1939, the gatekeepers of the Dow removed IBM (IBM) from its index. That was a huge mistake. It was added back in 1979. Over those 40 years, IBM was a huge winner for investors. If the Dow folks had left it alone, the Dow’s level would be much higher today.
I’m not a big fan of the Dow. My preference is to follow the S&P 500, and that’s usually what I reference when I’m speaking of the market as a whole. Investors see it that way as well. Among index funds, $5.75 trillion is indexed to the S&P, but only $87 billion is indexed to the Dow.
The lack of tech stocks has hurt the Dow. In recent years, the S&P 500 (in blue) has significantly outperformed the Dow (in red).
The S&P 500 is a larger index, but the other reason is that it’s weighted by market value while the Dow is weighted by price. To calculate the Dow, you simply add up all the prices and adjust it by a multiple.
Before this week’s change, each $1 in the share price of a Dow member worked out to about 6.6 Dow points. Since Walgreens is around $20 per share, it was barely a blip in the index. It was, by far, the lowest-weighted stock in the index. Amazon is currently around $173 per share. Recall that Amazon split its stock 20-for-1 less than two years ago. (Google did a 20-for-1 a little bit after Amazon.)
There’s also the issue of Walmart splitting its stock 3-for-1. Even though nothing changes, Walmart’s weighting in the Dow will drop by two-thirds. Price weighting simply makes little sense. I understand why it was used in 1896, but not today. The Dow is an anachronism. The best index to follow is the S&P 500.
That’s all for now. I’ll have more for you in the next issue of CWS Market Review.
– Eddy
P.S. If you want more info on our ETF, you can check out the ETF’s website.
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Morning News: February 27, 2024
Eddy Elfenbein, February 27th, 2024 at 7:06 amJapan’s Consumer Prices Grow at Slowest Pace in Nearly Two Years
German Consumer Confidence Ticks Up Despite Gloomy Outlook
Yellen Urges Israel to Restore Economic Ties to West Bank
Yellen Calls for Way to Use Frozen Russian Assets to Aid Ukraine
Biden Trade Chief Arrives at WTO Optimistic on Overhauling the Trade Forum
An Emboldened F.T.C. Bolsters Biden’s Efforts to Address Inflation
Fed Rate Cuts Are Likely to Be Slow — But Not Necessarily Steady
Hawkish Fed Impedes Regional Banks’ Efforts to Shed CRE Risks
Debt-Addicted Companies Look to Equity as Interest Costs Skyrocket
Goldman Sachs Trades at a Discount. Here’s Why
BlackRock Says ‘New Regime’ Calls for More Active Management
Food Is Taking a Bite Out of Your Income. These Consumers Are Getting Creative
Housing Costs Are Running Hot, but Is the Data Missing a Cooling Trend?
Nvidia’s $70 Million Florida Supercomputer Hobbled by DeSantis Law
US Rebates For Energy-Efficient Appliances Are Coming, Finally
ZTE, China Network Maker Shares Rise After U.S. Allies Unveil 6G Principles
China’s EV Champion Is Coming for Your Gas Powered Cars, Too
Corner Offices Are Out; Collaboration Is In. Say Hello to the New Law Firm
Warehouse Boom Fades, and the Hopes of a California Region Fade With It
Chevron’s $53 Billion Deal for Hess in Jeopardy on Possible Exxon Challenge
Behind the Kroger-Albertsons Deal, a Pragmatic CEO With His Biggest Bet
Macy’s to Close 150 Namesake Stores, Grow Luxury Brands
Stephen Curry Is Battling the Clock to Win Over Sneaker Fans
Trump’s $540 Million Court Fine Tests His ‘King of Debt’ Title
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Morning News: February 26, 2024
Eddy Elfenbein, February 26th, 2024 at 7:03 amBank of England Builds ‘Proactive Case’ to Regulate Non-Banks
EU Adopts Euro Instant Payments Rules to Take on Visa, Mastercard
What Happened When Saudi Arabia Took its Money and Influence to Miami
Treasury Markets Are Losing Their Shock Absorber
Stocks Take a Breather at Start of Data-Rich Week
When High-Yield Savings Accounts Come With an Asterisk
China’s Quant Clampdown Risks Damaging Fragile Markets for Years
Jack Ma-Backed Ant Outbids Citadel Securities for Credit Suisse’s China JV
Goldman, Morgan Stanley Backstop Riskiest Slices of CLOs
Berkshire Set to Close In on $1 Trillion Valuation After Results
Risk Models Behind World’s Best Hedge Fund Strategy Are Getting a Lot Harder to Crack
Genesis Faces Unlikely Bankruptcy Foe: Its Own Parent Company
Cathie Wood Sells Into Nvidia Frenzy Again, Cuts TSMC Stake
AI Is Exploding Data Center Energy Use. A Google-Created Technique May Help
Top Global Energy Traders Face Multi-Billion Cash Quandary
AT&T Will Give $5 to Customers Hit By Cellphone Network Outage
Intuitive Machines Sinks on Concerns Lander Tipped on Moon
Tech Splits Ad Companies’ Fortunes in Two
BYD’s New $233,450 EV Supercar to Rival Ferrari, Lamborghini
Li Auto Forecasts Softer Sales After Posting Surge in Quarterly Revenue, Profit
Norfolk Southern Seeks to Thwart Activist With New Board Picks
Temu’s U.S. Entry Is an Orange Flag for Etsy
Adidas Is Dropping a New Batch of Controversial Yeezy Shoes on Digital Channels
Cigarettes Are Losing Their Hold on the Nicotine Fix
Giving Big, a California Couple Gets Gratitude and Scrutiny
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Morning News: February 23, 2024
Eddy Elfenbein, February 23rd, 2024 at 7:02 amOil Market Gets a Russian Lesson: Sell on the Sound of Cannons
Venezuela Calls in Oil Debt It Once Traded Away for Literal Beans
China’s Central Bank Tries to Catch Markets Off Guard With Surprise Easing
China Home Prices Slide, Increasing Pressure on Beijing
France Will Cut Spending as It Sees a Weaker Economy Ahead
German Business Sentiment Brightens Slightly, Despite Signs of Recession
ECB Can Afford Less Restrictive Stance From Summer, Simkus Says
U.S. to Impose Sanctions on More Than 500 Russian Targets
The Political Failure of Bidenomics
Top Fed Officials Bolster Case for Patient Stance on Rate Cuts
Wave of Cash Seen Washing Into Credit as Investors Seek Duration
Global Equity Funds See Outflows Amid Inflation Concerns
Record World Stocks Leave Bonds in Gloom
Fidelity Manager Dumps Nearly All Treasuries on Growth Optimism
What Companies Need to Know When Accounting for Leap Day
Student Loan Borrowers in Texas Get Biggest Share of Biden’s $1.2 Billion Forgiveness Plan
Nvidia Set to Top $2 Trillion Valuation in First for Chipmakers
Allianz Boosts Shareholder Returns After Profit Nearly Doubles
Deutsche Telekom Expects Adjusted Earnings Growth to Pick Up
Grab Targets Organic Growth, AI Tools in Path to Profitability
Are You Bleeding Money on Car Insurance? So Are Insurers
Vice’s New Owners Prepare to Slash What’s Left of Its Work Force
It’s a Great Deal, Before the ‘Drip Pricing’
When Science Class Is in a Former Macy’s
Émigrés Are Creating an Alternative China, One Bookstore at a Time
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