Author Archive

• CWS Market Review – February 6, 2024
  Eddy Elfenbein, February 6th, 2024 at 8:13 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.”)

  You Can Forget About That March Rate Cut

  Well, maybe the Fed won’t be raising interest rates next month!

  Over the last few days, we’ve gotten some important news that’s completely shifted our expectations for what the Fed’s plans are. It looks like the Federal Reserve probably will not be cutting interest rates at its March meeting. This new outlook is having a major impact on Wall Street. In two days, the yield on the three-year Treasury rose from 3.96% to 4.27%.

  This change in outlook has impacted the stock market as well. On Friday, the S&P 500 closed at a new all-time high, but it was a very narrow market. By that, I mean that most of the heavy lifting was being done by a few stocks. Facebook, for example, gained more than 20%. Even though the S&P 500 rallied more than 1% on Friday, the average stock in the index was down for the day.

  J.C. Parets noted that on Monday, we saw the fewest stocks on the NYSE above their 200-day moving average since early December, and the fewest above their 50-day moving average since mid-November.

  The stock market finished just shy of a new all-time close today.

  

  This is a confusing and temperamental market. Let’s breakdown what’s going on. We’ll start with last week’s jobs report.

  Wall Street got a big shock on Friday when the January jobs report came in much better than expectations. Wall Street had been expecting a gain of 185,000 net new jobs. That wasn’t even close. Instead, the Labor Department said that the U.S. economy added 353,000 new jobs last month.

  Who would have guessed that an aggressive interest rate policy from the Fed seems to have had little impact on the labor market? Not me.

  Wall Street had been expecting the unemployment rate to rise to 3.8%. Instead, it stayed at 3.7%. If you work out all the decimals, then the current unemployment rate is lower than it was during every single month in the 1970s, 80s, 90s and 00s. All the way through 2018. (To be fair, the methodology hasn’t remained consistent over that time.)

  We’re also seeing a pickup in wages. In January, average hourly earnings grew by 0.6%. That doubled Wall Street’s forecast. Over the last year, wages are up by 4.5%. The problem is that any previous wage growth had largely been eaten up by inflation. That’s not so much the case anymore.

  

  Not only was January a good month for job growth, but the Labor Department also revised higher its numbers for November and December. The original estimate for December was for a jobs gain of 117,000. Now the Labor Department says it was 333,000. The number for November was revised upward by 9,000.

  Here are some more details from the jobs report:

  Job growth was widespread on the month, led by professional and business services with 74,000. Other significant contributors included health care (70,000), retail trade (45,000), government (36,000), social assistance (30,000) and manufacturing (23,000).

  The broader U-6 rate increased to 7.2%. Also, the labor force participation rate stayed the same at 62.5%. If we look at the labor force participation rate for prime-working age folks (25 to 54), that rose to 83.3% which isn’t far from a 20-year high.

  One interesting bit in the jobs report is that hours worked declined even though wage is holding up well. That may suggest that employers are opting to reduce hours instead of cutting jobs. It’s hard to say if this is a trend just yet, but it’s worth watching.

  The jobs report came one day after the strong Q4 GDP report. That report said that the U.S. economy grew at a real annualized rate of 3.3% during the final three months of 2023. That’s quite good. The Atlanta Fed’s GDPNow model just raised its forecast for Q1 GDP growth from 3.0% to 4.2%.

  With the economy growing and creating new jobs, why is the Fed in such a rush to raise interest rates? Well, it turns out that the Fed isn’t in a hurry to raise interest rates.

  Fed Chairman Jerome Powell was interviewed on 60 Minutes. The interview aired on Sunday. In it, Powell said that although he’s pleased with the direction in inflation, he and the FOMC aren’t fully convinced that the battle is over.

  PELLEY: You’ve avoided a recession. Why not cut the rates now?

  POWELL: Well, we have a strong economy. Growth is going on at a solid pace. The labor market is strong: 3.7% unemployment. And inflation is coming down. With the economy strong like that, we feel like we can approach the question of when to begin to reduce interest rates carefully.

  And, you know, we want to see more evidence that inflation is moving sustainably down to 2%. We have some confidence in that. Our confidence is rising. We just want some more confidence before we take that very important step of beginning to cut interest rates.

  PELLEY: What is it you’re looking at?

  POWELL: Basically, we want to see more good data. It’s not that the data aren’t good enough. It’s that there’s really six months of data. We just want to see more good data along those lines. It doesn’t need to be better than what we’ve seen, or even as good. It just needs to be good. And so, we do expect to see that. And that’s why almost every single person on the, on the Federal Open Market Committee believes that it will be appropriate for us to reduce interest rates this year.

  I added the boldface. In short, Powell wants to see more good data, and the FOMC thinks rates need to be cut sometime this year.

  In the trading pits, Wall Street traders think there’s only a 20% chance that the Fed will cut at its next meeting. That’s a big change in a short amount of time. Just one month ago, the odds of a March cut were at 64%.

  The odds of a cut in May were at 95%. Now they’re at 67%.

  We’re still in the thick of Q4 earnings season. Frankly, the results haven’t been that great. The first batch of earnings were weak, but the numbers have gotten a bit better.

  According to the most recent numbers, 46% of the stocks in the S&P 500 have reported results. Of that, 72% have beaten on earnings and 65% have beaten on revenue. That’s actually not that good. (On Wall Street-istan, you’re expected to beat expectations.) The five-year average is a 77% beat rate for earnings and a 68% beat rate for revenue.

  The old Wall Street formula is to lower the expectations bar so low that you can easily step over it. Then declare victory.

  Earnings are tracking growth of 1.6%. The average report is 2.6% above estimates. That’s below the five-year average of 8.5%.

  Follow-Up on the WillScot/McGrath Deal

  Last week, I told you about WillScot Mobile Mini Holdings (WSC) and its offer to buy out McGrath RentCorp (MGRC).

  I bring it up again because the behavior of both stocks has been unusual. Normally, the acquirer’s stock falls, but not this time. Shares of WSC have rallied. Meanwhile, McGrath has rallied well above its cash buyout price.

  

  Here’s how it’s supposed to work. The deal is 60% cash and 40% stock. McGrath shareholders have a choice. For each share of MGRC they own, they can either get $123 in cash or 2.8211 shares of WillScot Mobile Mini, but MGRC closed today at $128.71 per share. That’s well above the cash offer price. Meanwhile, WSC closed today at $50.13 per share. That values MGRC at $141.42 per share which is 10% above the current share price, and 15% above the cash price.

  Normally, the buyout target wants the cash portion of the deal so they’re protected from a sudden plunge in the acquirer’s stock. This time, it seems that the cash side of the deal is an anchor. I won’t be surprised if the details of this deal are refined in the coming weeks. WillScot will report its Q4 earnings on February 20, and McGrath reports the next day.

  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.

• Morning News: February 6, 2024
  Eddy Elfenbein, February 6th, 2024 at 7:03 am

  Xi to Discuss China Stocks With Regulators as Rescue Bets Build

  China Is Pumping Money Into Stocks and Markets Are Loving It

  Wall Street Snubs China for India in a Historic Markets Shift

  Yellen Says Stable Financial System Is Key to U.S. Economic Strength

  Banks Sue Regulators Over Anti-Redlining Rule

  JPMorgan to Open More Than 500 New Bank Branches Over Next Three Years

  UBS Restarts Buyback as Ermotti Slogs Through ‘Pivotal’ Year

  NYCB’s Tense Talks With Watchdog Led to Moves That Rocked Market

  Brookfield Wants $15 Billion for Real Estate Bet After Stumbles

  Facebook’s First Dividend Stands to Make a Few Very Rich

  Alibaba’s 80% Loss May Extend on Competition Worries

  Summer Has Long Stressed Electric Grids. Now Winter Does, Too

  BP Joins Oil Majors With Resilient Profit Beat; Lifts Buyback

  F.A.A. Chief Plans to Pledge ‘More Boots on the Ground’ at Plane Factories

  Boeing’s Next Crisis: Aerospace Workers Demanding 40% Pay Raise

  TSMC to Build Second Chip Plant in Japan

  Toyota Cashes In on Booming Hybrid Sales

  KDDI Plans to Acquire Further Stake in Japan Convenience-Store Operator Lawson for $3.3 Billion

  Lilly’s Zepbound Debut Drives Sales, Pushing Shares Even Higher

  Spotify Beats Forecasts for Subscriber Growth; Shares Gain

  Who’s Who in the Battle Over Disney’s Board

  Blackstone’s $80 Trillion Opportunity

  How Loud Billionaires Convert Their Wealth Into Power

  Inside a Private Jet Club Where Everything Went Wrong

  $7 Million for 30 Seconds? It’s Worth It at the Super Bowl

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• Morning News: February 5, 2024
  Eddy Elfenbein, February 5th, 2024 at 7:03 am

  Eastern Europe’s Richest Woman Pivots $43 Billion Empire West

  China Tightens Some Trading Restrictions for Domestic and Offshore Investors

  China Stocks Post More Wild Swings After Beijing Stability Vow

  China Real-Estate Projects Set to Receive Loans Under ‘Whitelist’ Program

  Top U.S. Treasury Officials to Visit Beijing for Economic Talks

  Gold Prices to Hit $2,200 and a ‘Dramatic’ Outperformance Awaits Silver in 2024, Says UBS

  Powell Tells ‘60 Minutes’ Fed Is Wary of Cutting Rates Too Soon

  Why Are Americans Wary While the Economy Is Healthy? Look at Nevada

  How Nevada Is Pushing to Generate Jobs Beyond the Casinos

  Morgan Stanley and Goldman Spoil Private Credit’s Record Deal

  Why NYC Apartment Buildings Are on Sale Now for 50% Off

  What Business Leaders Are Saying About the Red Sea Attacks

  McDonald’s Sales Growth Slows as Mideast War Hurts Results

  Big Oil’s Optimism Faces Reality Check in Tech-Obsessed Market

  Why Is Big Tech Still Cutting Jobs?

  Merck to Buy Elanco’s Aqua Business for $1.3 Billion

  Apple Vision Pro’s First Test: Will People Wear It in Public?

  Google and Yahoo Are Cracking Down on Inbox Spam. Don’t Expect Less Email Marketing

  Samsung’s Leader Acquitted in Stock and Accounting Fraud Case

  Yandex Owner to Sever Ties to Russia With $5.2 Billion Sale

  Wegovy Maker to Boost Production Capacity With Multibillion-Dollar Deal

  Team Cow or Team Soy: The Milk Wars Roiling America

  How Much for Thin Mints? Some Girl Scouts Raise Cookie Prices

  What Happens to Chinatown When the Sports Teams Leave

  World Cup 2026 Final Goes to NYC-Area in Victory Over Dallas and LA

  N.F.L.’s Rapid Embrace of Gambling Creates Mixed Signals

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• Morning News: February 2, 2024
  Eddy Elfenbein, February 2nd, 2024 at 7:02 am

  India’s Quiet Push to Steal More of China’s iPhone Business

  China Criticizes IMF’s Growth Outlook, Calls to Boost Confidence

  Homebuyers in Canada Are So Frenzied They Won’t Wait for Rates to Go Down

  Commercial Real Estate’s Slow-Motion Crisis Explained

  A New Perk for Some Student Loan Borrowers: A 401(k) Match

  US Jobs Report to Show Slower Hiring Pace After Annual Revisions

  Biden Takes Aim at Grocery Chains Over Food Prices

  Missing Chinese Banker Resigns After Investigation

  What’s Really Going On with Bank Stocks

  BofA’s Hartnett Says Stock Markets Are Behaving Like Dot-Com Era

  US Equity Funds Draw Inflows Amid Positive Economic and Inflation Data

  JPMorgan’s Trades Threaten to Take Privacy Out of Private Credit

  US Regional Bank Stocks Brace for Final Trading Session of Painful Week

  Meta, Amazon Surge by $279 Billion After Cuts Boost Profit

  Amazon Enters Chatbot Fray With Shopping Tool

  Exxon, Chevron Surpass Forecasts as Shale Drilling Lifts Output

  Tesla Runs Afoul of Font-Size Rule in 2.2 Million Electric Cars

  China’s New Energy Vehicle Sales Are Softening in Early 2024

  A Year After Bankruptcy Concerns, Carvana is Leaner and Ready for its Wall Street Redemption

  AbbVie Sees Signs of Post-Humira Growth in Positive 2024 Outlook

  Bristol Sees New Drugs Fueling Upbeat 2024 Profit Outlook

  Dual Mission for Macy’s New Chief: Revive Stores and Fend Off Takeover

  Barbie Owner Mattel Draws Activist Seeking Changes at Toy Maker

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• Morning News: February 1, 2024
  Eddy Elfenbein, February 1st, 2024 at 7:13 am

  Beijing Pledges More Fiscal Support as Economy Stumbles

  A $560 Billion Property Warning Hits Banks From NY to Tokyo

  ECB’s Lane Sees Profits and Wages Important for Inflation Path

  BOE Raises Prospect of Rate Cuts in 2024 If Inflation Eases

  NY Community Bancorp Plunges as Real Estate Risks Jolt Market

  Deutsche Bank to Cut 3,500 Jobs and Reward Shareholders

  BNP Paribas Delays Profit Target in Shock to Investors

  A New Global Tax Is About to Raise Billions. The U.S. Is Missing Out.

  Risky Borrowers Storm Loan Market for Once ‘Unthinkable’ Savings

  The Fed Is Taking It Slow. But the Markets Want More

  Powell Navigates ‘Toxic’ Politics of Rate Cuts as Election Nears

  US Firms’ Hiring Announcements Ease to Slowest January on Record

  Employed But Unhappy: What’s in Store for US Workers in 2024

  Generative A.I.’s Biggest Impact Will Be in Banking and Tech, Report Says

  Can This A.I.-Powered Search Engine Replace Google? It Has for Me

  A.I. Fuels a New Era of Product Placement

  U.S. Makes Initial Offers in Medicare Drug Price Negotiations

  In Year Since Ohio Crash, Railroads Barely Move Needle on Safety

  Wind Farms Are Overstating Their Output — And Consumers Are Paying For It

  Shell Hikes Dividend as Gas Trading Business Boosts Bottom Line Amid Turn Away from Renewables

  ‘Your Product Is Killing People’: Tech Leaders Denounced Over Child Safety

  Volvo, An Early Electric Car Adopter, Cuts Off Funding For Its EV Affiliate

  Musk Moves Ahead With Plan to Shift Tesla Domicile to Texas

  The Lawyer—and Drummer—Who Felled Elon Musk’s $55.8 Billion Compensation Package

  Amazon Could Soon Be on Hook for Safety of Third-Party Products It Sells and Ships

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• Morning News: January 31, 2024
  Eddy Elfenbein, January 31st, 2024 at 7:04 am

  China’s Censorship Dragnet Targets Critics of the Economy

  Pro Take: Foreign Creditors Face Challenge in Reaching China Evergrande’s Assets

  Saudi Arabia Eyes Reviving Multibillion Dollar Aramco Share Sale

  Oil Traders Won Ecuador Deals With $70,000 Watch and Bags of Cash

  A New Solution for CO2 Emissions: Bury Them at Sea

  Europe Regulates Its Way to Last Place

  Unlikely Allies Want to Bar a Brazilian Beef Giant From U.S. Stock Markets

  Will a Hiring Slowdown Push the Fed to Cut Rates Soon?

  Fed to Hold Interest Rates Steady But Start Considering Cuts

  There Are No ‘Price Controls,’ There’s Just Scarcity

  Pimco Squares Up for a Bareknuckle Fight in Private Credit

  A Pre-I.P.O. Gift to Company Executives: ‘11th-Hour Options Discounting’

  Wall Street Punishes Alphabet and Microsoft Despite Earnings Beats After Stocks Hit Record

  Microsoft Has Three Trillion Reasons to Keep the Heat on Google

  Boeing Pulls Guidance to Show Investors That Safety Comes First

  Novo Nordisk Smashes Past $500 Billion Value on Wegovy Frenzy

  Novartis Shares Fall After Earnings Miss Hopes, Outlook Disappoints

  GSK Bets on Further Growth After Shingles and RSV Vaccines Boost Sales

  Byron Allen Makes $14 Billion Offer for Paramount Global

  Musk’s $55 Billion Pay Package Voided, Threatening World’s Biggest Fortune

  Who Is Most Likely to Get Fired? Remote Workers, Middle Managers

  H&M Replaces CEO After Another Lackluster Year

  PGA Said to Approve $3 Billion Investment From Fenway-Led Group

  N.C.A.A. Inquiry Takes On Growing Role of Booster Groups

  Universal Music Group Poised to Stop Licensing Music to TikTok

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• Morning News: January 30, 2024
  Eddy Elfenbein, January 30th, 2024 at 7:02 am

  IMF Lifts World GDP Outlook on US Strength, China Fiscal Support

  Evergrande Liquidation to Leave Little for Creditors to Claim

  China’s Real Estate Crisis ‘Has Not Touched Bottom’

  Global Clean Energy Spending Surges to $1.8 Trillion. It’s Not Enough

  Saudi Aramco Drops Expansion Plan, Raising Demand Questions

  The Billionaire Sultan Set to Gain Even More Power in Malaysia

  Eurozone Economy Flatlines, Raising Concerns About Falling Behind

  Germany’s Economy Shrank at End of 2023 as Gloomy Sentiment Persists

  Global Deal Activity on Course to Rebound This Year

  Fewer Workers Are Quitting. Here’s What That Means for the Economy

  Why Cut Rates in an Economy This Strong? A Big Question Confronts the Fed.

  Banks Are Hawking US Recession Hedges Tied to Both Stocks, Bonds

  Preparing to Access Beneficial Ownership Database Will Cost Banking Industry Millions, FinCEN Estimates

  JPMorgan Quants Warn of Dot-Com Style Concentration in US Stocks

  Scandal-Hit Trading Desk Turns Into Money Spinner at Wells Fargo

  Toyota Remains World’s Top-Selling Automaker; Chairman Apologises Over Scandals

  GM Sees Higher Profits Ahead as 2023’s Problems Recede

  BYD Shares Fall as China’s Auto Price War Weighs on Bottom Line

  As Demand for Fast Deliveries Surges, the Industry Struggles on EV Transition

  Truck Makers Team Up to Push for Electric Vehicle Chargers

  Companies Hire ‘Robot Wranglers’ to Corral Lost and Confused Cyborgs

  Walmart Hopes New Flashing Lights Will Help Shoppers Find Stuff

  The World’s Biggest Jeweler Now Only Sources Recycled Metals

  How Do You Make a Weed Empire? Sell It Like Streetwear

  Joel Embiid Wants the African Diaspora to Flourish Onscreen

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• CWS Market Review – January 29, 2024
  Eddy Elfenbein, January 29th, 2024 at 1:15 pm

  Exciting news today! One of our Buy List stocks, McGrath RentCorp (MGRC), is being bought out for $123 per share. That’s a 10% premium to Friday’s closing price.

  I wanted to send you this special alert to let you know what’s happening.

  McGrath RentCorp has reached a deal with WillScot Mobile Mini Holdings (WSC) to be bought for $123 per share in cash and stock. WillScott describes itself as “a leader in innovative temporary space solutions.” McGrath is one of our new buys this year.

  The deal is expected to close in the second quarter of this year. WillScot merged with Mobile Mini a few years ago.

  I’ll be honest – I’m not wild about this deal price. I think McGrath may be selling itself short. The stock was close to $123 just a few weeks ago. Still, I understand there was probably a lot of negotiating behind the scenes, and that could be why a large amount of the deal is in cash.

  Both boards have approved the deal, but it’s not done just yet. The deal still needs regulatory approval and the approval of shareholders. I don’t think that will be a problem, and the stock market apparently agrees. You can tell that by how closely MGRC has been trading to $123 per share.

  Here are the details. McGrath shareholders have a choice. For each share of MGRC they own, they can either get $123.00 in cash or 2.8211 shares of WillScot Mobile Mini. However, shareholders may run up against limitations since the entire deal is to be 60% cash and 40% stock. I don’t know the details just yet. Personally, I favor getting as many shares of WSC as possible.

  In the press release, the companies spell out the benefits of the deal:

  • Highly complementary businesses with diversified customer segments: The acquisition brings together two complementary businesses, enhancing diversity across customer segments. The combined company’s broad offering, attractive unit economics and long rental durations underpin its uniquely predictable recurring cash flow profile. On a pro forma basis, approximately 90% of combined total revenue is derived from leasing and related services, while the addition of Enviroplex expands WillScot Mobile Mini’s permanent modular capabilities.
  • Operating synergies with a high confidence of realization: $50 million of run-rate operating synergies expected to be achieved within 24 months of closing. Confidence in targets reinforced by WillScot Mobile Mini’s long history of successful M&A integrations.
  • Increased scale allowing accelerated rollout of growth initiatives: The combined customer base and rental fleet represent an expanded platform for the rollout of WillScot Mobile Mini’s strategic levers, such as Value-Added Products and Services, cross-selling and commercial best practices, and operations excellence. Together, these provide a clear path to multiple years of sustained growth and margin expansion.
  • Strong financial position underpins reinvestment in growth: The combined company’s strengthened financial profile, enhanced cash generation and de-leveraging capability, and disciplined capital allocation amplify WillScot Mobile Mini’s ability to reinvest in growth and compound returns.

  McGrath shareholders will ultimately own 12.6% of WSC. Putting aside my concerns about the sale price, this is a very good day for us and for CWS.

  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.

• Morning News: January 29, 2024
  Eddy Elfenbein, January 29th, 2024 at 7:04 am

  Evergrande Set for Liquidation as China Property Crisis Drags On

  EU Reinforces Tight Limits on Crypto Firms from Outside Bloc

  A Little Dual Easing Soon Could Help the Fed Avoid Major Easing Later

  Xi Jinping Can’t Prop Up Chinese Shares Much As Fed Can’t U.S. Shares

  Treasury Seen Boosting Long-Term Debt Sales One Last Time

  Mortgage Rates in US to Snap Three-Year Streak of Gains, Survey Shows

  Traders Line Up for ‘Once-in-a-Generation’ Emerging Markets Bet

  Biden Power Plant and EV Plans Hit a New Obstacle: Vulnerable Democrats

  US Chicken Prices to Fall at Last Thanks to Green Fuel Boom

  Activist Investors Fret Over Exxon Mobil’s Lawsuit Bypassing US Regulator

  There’s So Much Data Even Spies Are Struggling to Find Secrets

  Hottest Job in Corporate America? The Executive in Charge of A.I.

  US Wants Cloud Firms to Reveal Foreign Clients in China AI Race

  U.S. Oil Drillers Are Going Electric—and Hitting Speed Bumps

  Logistics-Tech Startups Face Uncertain Future as Freight Slump Continues

  Blackstone Is Building a $25 Billion Empire of Power-Hungry Data Centers

  BYD Preliminary Net Income Rises Up to 87% But Misses Estimates

  Toyota Halts Shipments of 10 Models Over Mishandling of Engine Tests

  Ring to Stop Allowing Police to Request Videos From Security Cameras

  Amazon Is Now Charging Prime Members Extra for Ad-Free Streaming. For Some, That’s a Deal Breaker

  Basketball, Basketball, Basketball: Inside Steve Ballmer’s New $2 Billion Arena

  Be sure to follow me on Twitter.

• Morning News: January 26, 2024
  Eddy Elfenbein, January 26th, 2024 at 7:02 am

  China Signals More Targeted Stimulus to Come

  China Evergrande Unit Starts Legal Proceedings Against Parent

  As China’s Markets Stumble, Japan Rises Toward Record

  German Consumers Feel the Chill as Inflation Keeps Biting

  Biden Freezes Approvals to Export Gas, Imperiling Major Projects

  Reforms to US Disaster Aid Expose Growing Home Insurance Gap

  American Workers Come Out Winners in a Clash Between Economists Over a Curve

  The Fed Tells Banks Not to Be Shy About Asking It for Money

  Wall Street Unleashes Quants in Race for Private-Market Billions

  Us Equity Fund Withdrawals Ebb To Four-Week Low Amid Tech-Led Wall Street Rally

  Is Cryptocurrency Like Stocks and Bonds? Courts Move Closer to an Answer

  JPMorgan Shuffles Top Managers as Jamie Dimon Prepares Successors

  The F.T.C. Takes on A.I. Deals

  The Sleepy Copyright Office in the Middle of a High-Stakes Clash Over A.I.

  Companies Turn to Earnouts to Find Common Ground on M&A Valuations

  KKR-Backed BrightSpring Prices Its $693 Million IPO Below Range

  Microsoft’s Rise to $3 Trillion Took Much More Than Windows

  Intel Poised for Biggest Plunge Since 2021 on Weak Forecast

  Starbucks, Coke Boycotts Over Gaza War Are Boosting Middle East Rivals

  Americans Keep Signing Up for New Phone Plans. Who’s Driving the Growth?

  How a Lucky Break Fueled Eli Lilly’s $600 Billion Weight-Loss Empire

  These Gyms Survived the Pandemic. They’re Still Sweating

  Will Fanatics Upend the World of Sports Collectibles?

  Nascar Targets Diverse Audiences to Expand Viewership, Despite Anti-DEI Backlash

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