Morning News: October 26, 2022
Posted by Eddy Elfenbein on October 26th, 2022 at 7:06 am

Xi’s Vow of World Dominance by 2049 Sends Chill Through Markets

Sunak Delays UK Economic Plan to Set Strategy

IMF Chief Wants Central Banks To Keep Raising Rates To Hit ‘Neutral’ Level

U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought.

Another Closely Watched Recession Alarm Is Ringing

Mnuchin Warns Market Watchers Who Misread Fed May Be Wrong Again

Companies Seek Guidance on New U.S. Minimum Tax as Launch Date Nears

Stock Picking Isn’t Dead. But for Most Investors It Might As Well Be

U.S. Mortgage Interest Rates Jump to 7.16%, Highest Since 2001

Bad News, Deal-Seekers. Even Cheap Flights Are Expensive Now.

Musk Tells Bankers He Plans to Close Twitter Deal on Friday

How Elon Musk Became a Geopolitical Chaos Agent

Google Shares Fall as YouTube and Search Ads Take Hit

Spotify Wants to Get Into Audiobooks but Says Apple Is in the Way

Deutsche Bank Logs Ninth Straight Quarter Of Profit With Big Earnings Beat

Bed Bath & Beyond, Trying to Turn Things Around, Names New C.E.O.

Coca-Cola Keeps Raising Prices, Driving Profits Higher

Russian Oligarchs Obscure Their Wealth Through Secretive Isle of Man Network

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CWS Market Review – October 25, 2022
Posted by Eddy Elfenbein on October 25th, 2022 at 6:21 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.”)

The Important Nugget Buried in the Fed Minutes

The stock market is finally showing some backbone. On Tuesday, the S&P 500 rallied 1.63% to close at its highest level in five weeks. The index finished the day less than 0.25% away from its 50-day moving average (the blue line in the chart below).

For traders, the 50-day moving average is an important psychological barrier. If we move above it, that could give more confidence to the bulls. The S&P 500 has traded below its 50-DMA nonstop for nearly six weeks.

I say this cautiously because we know how these bear market rallies like to fool us, but I have to confess that I’m more optimistic for the market’s latest move. Let me explain why.

For one, it’s been a far more measured climb. The S&P 500 hasn’t jerked forward by huge advances in a few days like we’ve seen in previous false starts. But more importantly, there may be concrete reasons why the Federal Reserve may alter its rate-hiking policy soon.

I’m referring to a small two-sentence blip buried in the minutes of the Fed’s last meeting. In fact, I overlooked it in my first reading.

First, some background. The stock market’s most recent closing low came on October 12. That’s when the S&P 500 finished the day at 3,577.03. The next day was a raucous one. The S&P 500 plunged as low as 3,491.58 which brought the stock market all the way back to its pre-Covid high from more than 30 months ago.

During the trading day, the Federal Reserve released the minutes from its September meeting. The overall tone of the minutes was quite hawkish. The Fed members clearly believe that the Fed needs to keep raising rates.

That’s what dominated the headlines. However, the minutes also contained this brief section:

Several participants noted that, particularly in the current highly uncertain global economic and financial environment, it would be important to calibrate the pace of further policy tightening with the aim of mitigating the risk of significant adverse effects on the economic outlook. Participants observed that, as the stance of monetary policy tightened further, it would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation.

I added the boldface. Why is this important? It means that some members inside the Fed recognize that there’s a limit to the Fed’s current policy. The yield curve is already inverted. Interest rates can only go so high. Perhaps we don’t know exactly what that level is, but the negative effects will soon become clear. To use the buzzword of this year, the Fed needs an offramp and some FOMC members are already discussing it.

I don’t think the Fed will alter course immediately, but it’s a real possibility within the next few months. We now have solid evidence that the Fed’s higher interest rates are causing harm to the economy.

I could be premature, but the stock market appears to have picked up the signal. After the minutes came out on October 13, the stock market staged a dramatic U-turn and closed higher by 2.6%. From low to close, the S&P 500 gained more than 5% that day.

The following day, October 14, was the day of the CPI report. Once again, the numbers were higher than expected, and the stock market dropped, but here’s what’s important: the low from the 12th held. The market didn’t make a new low. This tells me that the minutes were a turning point. Since then, the S&P 500 has rallied five times in seven days.

Let’s be clear that the Fed isn’t about to stop. The central bank will almost certainly raise short-term rates by 0.75% at its meeting next week. After that, the Fed meets again in mid-December. The futures market is evenly split on the odds of a 0.5% increase or another 0.75% increase.

After that, things may start to change. Except for one or two smaller rate increases, the Fed will probably hold tight for much of 2023. If the economic news is dire, then we may even see rate cuts before this time next year.

Let’s remember that the stock market peaked in January. The first Fed rate hike wasn’t until March. It’s natural for stocks to move before the news, even if the full details aren’t completely known. The initial move we’ve had over the last two weeks could be an omen for a friendlier Fed in 2023. This bear-market rally could finally be real.

Thursday’s Q3 GDP Report

While this week will be dominated by earnings news, on Thursday, the government will release its first estimate for Q3 GDP. This will be a noteworthy report because the first two quarters showed negative growth.

Two or more consecutive quarters of negative growth is often used as a shorthand for a recession. That’s not the technical definition used by most economists. Still, it’s an alarming thing to see two quarters in a row of falling real GDP. To be fair, the consumer side of the economy has seen some slow growth.

The consensus on Wall Street is that the U.S. economy will post growth of 2.3% for Q3 (that’s the annualized after-inflation number). I think there’s a good chance we’ll exceed that number, but that doesn’t mean the economy is in full health.

The weak spot is the housing market. Unfortunately, the housing market become the chief mechanism for Fed policy. I wish there were a better way to curb inflation without flattening the housing market. Mortgage demand is now at a 25-year low. Applications to refinance a home are down 86% from one year ago.

Update on Polaris

Before I get to this week’s stock, I wanted to pass along an update on Polaris (PII). I featured the stock for you in August.

Polaris is a cool company. They make snowmobiles and all sorts of off-road vehicles. I like Polaris because it’s a good example of a company with a wide “moat.” Not many firms can do what they do.

In April, Polaris bombed its Q1 report. The company earned $1.29 per share which was 49 cents below expectations. Sales were flat. This summer, Polaris rebounded with a good Q2 report. The company made $2.42 per share which beat the Street by 33 cents. Sales were up 8% to $2.063 billion.

This morning, Polaris reported another solid quarter. For Q3, the company made $3.25 per share. That’s up 65% over last year. Wall Street had been expecting $2.82 per share.

Polaris also increased its full-year guidance (of course, that’s only for one more quarter). The company now expects 2022 sales to rise by 15% to 16%. The previous guidance was 13% to 16%, and before that it was 12% to 15%.

Polaris also reiterated its full-year guidance of $10.10 to $10.30 per share. In the first three quarters of this year, Polaris made $6.98 per share so the guidance implies Q4 earnings of $3.12 to $3.32 per share.

That’s up 11% to 14% over last year. If those forecasts are accurate, that means Polaris is going for less than 10 times this year’s earnings. Not that long ago, Polaris would have gone for twice that valuation. One more thing: Polaris has increased its dividend every year for the last 27 years. The stock rallied 3.7% today, but it’s down significantly in the last few months.

Another stock I want to highlight is Middleby (MIDD). You may remember that we had Middleby on our Buy List in 2020 and 2021. It was our second-best performer last year with a gain of 52%. I decided against including it on this year’s Buy List, and I had pretty good timing. The shares are down more than 30% this year.

But Middleby is worth a look, especially at a discounted price. If you’re not familiar with Middleby, the company makes kitchen equipment for hotels and restaurants. Think big ovens and grills, and stuff with conveyer belts. The stock got demolished during the Covid panic in early 2020. Then it roared back and we did very well with Middleby.

So far this year, Middleby beat earnings for Q1 and Q2. For Q3, Wall Street expects $2.36 per share. For next year, Wall Street expects earnings of $10.29 per share. That means the stock is going for just over 13 times earnings. That’s not bad. The Q3 report will probably be out in early November.

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 to learn more about the stocks on our Buy List, please sign up for our premium service. It’s $20 per month, or $200 per an entire year.

Morning News: October 25, 2022
Posted by Eddy Elfenbein on October 25th, 2022 at 7:05 am

Global Economic Growth Is Weighed Down by Inflation, Rising Interest Rates

‘Frustrated and Angry,’ Global Funds Worry About Xi’s New China

Why Natural Gas Prices in Europe Are Suddenly Plunging

Why the Price of Gas Has Such Power Over Us

Hedge Funds Get Their First Prime Minister in UK’s Rishi Sunak

Fed Is Losing Billions, Wiping Out Profits That Funded Spending

The Only Crypto Story You Need

Morgan Stanley’s Wilson Ranked No. 1 Strategist in Institutional Investor Survey

Health-Insurance Inflation Is Poised to Drop Sharply

Mortgages Sold to Fannie, Freddie Should Use More Than FICO Scores, Regulator Says

Wall Street Bonuses Expected to Slide 22% This Year – NY State Comptroller

Big Tech Earnings Are Here. A Fed Slowdown Can’t Come Soon Enough

G.M. Reports Jump in Profit on Strong Sales

Swiss Bank UBS Posts 24% Profit Slide But Beats Analyst Expectations

UPS Reaffirms Its Outlook for 2022 As It Posts Mixed Quarterly Results

With Promise of Legalization, Psychedelic Companies Joust Over Future Profits

Adidas Ends Ye Partnership After String of Controversies

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Chinese Stocks Drop on Xi’s Power Grab
Posted by Eddy Elfenbein on October 24th, 2022 at 11:19 am

The stock market is up again today but given the level of recent volatility, who knows how long that will last? At one point today, the S&P 500 was up more than 1.17%. We’ve already given most of that back.

We’ve been in an unusual stretch where all the up days have been up by a lot. In the last 24 trading sessions, the S&P 500 has been up just seven times, but all of those times have been by more than 1%. Five of the seven were up by more than 2.3%.

Many Chinese stocks are getting walloped today. This comes on the news that Xi Jinping will be heading to a third term as president of China. The precedent has always been two terms. The Hang Seng index is having its worst day since 2008.

Shares of Tesla dipped below $200 earlier today. That’s the lowest they’ve been since June 2021. At its peak, Tesla was at $414.

The market is leaning strongly to the conservative stocks today. The S&P 500 Low Volatility Index is up 0.84% while the High beta Index is -0.40%.

Daniel Pinto, the president of JPMorgan Chase, said that a recession may be the price we have to pay in order to defeat inflation. He grew up in Argentina and remembers the severe inflation they had.

In Britain, Rishi Sunak will become the new prime minister. The pound rallied against the dollar. Last month, the pound got down to $1.07.

Morning News: October 24, 2022
Posted by Eddy Elfenbein on October 24th, 2022 at 7:05 am

China Released Seemingly Rosy Economic Data. Shares Fell Anyway.

Xi’s Power Grab Spurs Historic Market Rout

Japan’s Suspected FX Intervention Fails to Stem Yen Slide

Wall Street Is Heading to Saudi Arabia as US Oil Spat Simmers

Europe’s Economy Contracts as Tough Winter Looms

Discounters Thrive as Cost-of-Living Crisis Hits European Households

Higher Interest Rates Can Take a Long Time to Bring Down Inflation

Most in NABE Survey Say US Already in Recession or May Be Soon

There Is a Rosy Projection for the US Economy. Americans May Not Have Felt It

The Way Los Angeles Is Trying to Solve Homelessness Is ‘Absolutely Insane’

The Fantasy of Instant Delivery Is Imploding

Palace Intrigue at UBS Pits CEO Against a Rising Star

Rising Shipping Costs Prompt Businesses to Get Creative With Deliveries

Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers

Starbucks Showdown in Boston Points to New Phase of Union Campaign

Tesla Cuts Prices in China as Costs Fall, Competition Heats Up

Elon Musk’s Twitter Takeover Seen Swelling the Company’s Debt

“My Price Will Only Go Up”: Collectors Bet on Nostalgia as They Resell McDonald’s Adult Happy Meals Toys

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Morning News: October 21, 2022
Posted by Eddy Elfenbein on October 21st, 2022 at 7:03 am

As Inflation Stalks Europe, Leaders Shudder

After a Storm, Britain’s Economy Finds Itself Rudderless

Putin’s Conscriptions Supercharge Russia’s Brain Drain

Why Japan Stands Virtually Alone in Keeping Interest Rates Ultralow

Long-Term Deals Help Japan Secure Ample Gas Amid Global Shortfall

Energy Crisis Tests Resilience of Italian Businesses

Slower Economy, Higher Borrowing Costs to Add Upward Pressure on Federal Deficit

U.S. Home Sales Drop for Eighth Straight Month in September

Turkeys Will Be Scarcer and Pricier Than Ever This Thanksgiving

BofA Says Investor Capitulation Yet to Show Up in Equity Flows

Crypto’s $2 Trillion Wipeout Is Coming for the C-Suite

Google Hit with $162 Million Fine from Indian Regulators Over Anti-Competitive Practices

Twitter Tumbles After US Weighs Security Reviews for Musk Deals

Elon Musk Calls Tesla ‘Recession-Resilient’ as Wall Street Eyes Demand

Instacart Is Said to Pull Plans to Go Public This Year

Snap Reports Slowest-Ever Quarterly Growth but Adds New Users

Airlines Cash In as Flexible Work Changes Travel Patterns

Kroger-Albertsons Antitrust Review Likely to Focus on Local Store Overlap

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Morning News: October 20, 2022
Posted by Eddy Elfenbein on October 20th, 2022 at 7:00 am

Global Housing Market Pain Has Echoes of a Crash 30 Years Ago

China Summons Chip Firms for Emergency Talks After US Curbs

Why Another Xi Jinping Term Might Be in U.S.’s Interest

Truss and UK Market Turmoil: What You Need to Know

Truss Resigns as PM, Hunt Rules Out His Candidacy

After U.K. Market Blowout, American Officials Ask: Could It Happen Here?

Biden Expands Effort to Secure U.S. Energy Independence

Ahead of the Midterms, Energy Lobbyists Plan for a Republican House

Appeals Court Says Financial Watchdog Agency CFPB’s Structure is Unconstitutional

Businesses Expect Economy to Weaken, Fed’s Beige Book Says

Your Paycheck Next Year Will Be Affected by Inflation. Here’s How.

Drugmakers Look to Curb Medicare’s New Power to Negotiate Lower Drug Prices

Tesla Drops as Musk Says Demand ‘A Little Harder’ to Come By

Tesla’s Valuation Doesn’t Add Up Today, Never Mind $4.4 Trillion Tomorrow

Blackstone’s Earnings Fall 16% on Sharp Drop in Asset Sales

JPMorgan, Goldman Face Probe by 19 States Over ESG Investing

Small Gunmakers Find State Weapons Bans Offer a Lucrative Niche

Philip Morris Raises Offer for Swedish Match and Buys U.S. Rights for IQOS

Burned Out on Your Personal Brand

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Morning News: October 19, 2022
Posted by Eddy Elfenbein on October 19th, 2022 at 7:05 am

Hong Kong Offers Visas, Perks to Reverse Brain Drain After Losing 140,000 From Workforce

Bread Prices Skyrocket as Inflation Grips Europe

UK Inflation Returns to 40-Year High

Britain Scales Back Foreign Aid, Threatening Progress in Global Health

Biden to Sell More Oil From Strategic Reserve to Keep Gas Prices in Check

The Fed, Staring Down Two Big Choices, Charts an Aggressive Path

Three Hidden Words From Fed Insiders Point to Much Higher Rates

Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 7%

Weary of Snarls, Small Businesses Build Their Own Supply Chains

US Housing Market in ‘Free Fall’ as Builder Confidence Suffers ‘Disastrous’ Drop

Dubai’s Luxury Property Market Is Cashing in on the Global Slowdown

Billionaire Ambani Splurges $163 Million on Priciest Dubai Villa

Nestlé to Acquire Seattle’s Best Coffee Brand From Starbucks

Netflix Returns to Growth, Saying the Worst of Slowdown Is Over

The Great Netflix Debate: Do Its Movies Belong in Theaters?

John Mack, Who Led Morgan Stanley Into a Crisis, Regrets Little

Rarely-Humbled Goldman Sachs Concedes Missteps in Plan to Take on Megabanks in Retail Finance

Deutsche Bank HQ Raided by German Prosecutors in Tax Probe

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CWS Market Review – October 18, 2022
Posted by Eddy Elfenbein on October 18th, 2022 at 6:34 pm

The stock market is surging again. Yesterday, the S&P 500 gained 2.65%, and today the index was up another 1.14%.

I’m fine with the gains, but we’ve been burned before. As we know, the stock market loves to use big short-term gains to lure investors back. We’re not falling for it. We’re still in the market, but we’re cautious about it.

Here’s an interesting stat: Prior to today, the S&P 500 was up only five times in the last 20 sessions, but all of those up days were up big. The smallest of the five was a gain of 1.97%.

In other words, the stock market has been working in two modes. Stocks are either zooming higher or they’re down. There seems to be no middle ground. The last two days were in up mode.

Right now, Wall Street’s attention is on focused on earnings season. It’s still early, but we’ve already had several important earnings reports. Goldman Sachs (GS) crushed its earnings ($8.25 versus the estimated $7.69). Johnson & Johnson (JNJ) made $2.55 per share which was a seven-cent beat. Lockheed Martin (LMT) earned $6.71 per share which beat the Street by four cents. Netflix (NFLX) had good news (finally!). The stock is up 14% after hours.

The good news may have calmed the market for the time being. Instead of worrying only about inflation, interest rates and the Federal Reserve, investors are seeing clear evidence that many companies are still making a healthy profit.

The first Buy List stocks will report earnings later this week, and I’m expecting good results. I think there’s a good chance that Stepan (SCL) will announce its 55th dividend increase in a row. There aren’t many companies that can say that.

Our strategy continues to work very well in this market. Here’s a look at the AdvisorShares Focused Equity ETF (CWS) since mid-June:

I need to be clear that our ETF is based on the Buy List, but it’s not exactly the Buy List. Still, it mimics it very well. When investors get scared, they seek out quality and for the last several months, that’s us. Also, we just got our fifth star from Morningstar for our overall rating. You can learn more about the ETF at the AdvisorShares website.

Last Thursday, the stock market got spooked again by another lousy CPI report. Instead of showing that inflation is fading away, the data says it’s still plaguing the economy. For September, headline inflation was up by 0.4% which was 0.1% more than estimates. Core inflation was up by 0.6%. Wall Street had been expecting 0.4%.

This report has pretty much ended discussion on the next Fed meeting. The futures market now places a 95.2% chance that the Fed will hike by 0.75% at its November meeting. I’d say that’s about 4.7999% too low, but that’s me.

It’s not just the November meeting; futures traders are now placing a 66% chance of another 0.75% hike in December. If that’s right, that would mean the Fed will hike by 0.75% five times in a row. These rate hikes are going to do some damage.

Economists See a Recession Coming Next Year

Speaking of which, the Wall Street Journal recently surveyed economists and they placed the odds of a recession starting in the next 12 months at 63%. That’s up from 49% in July. They expect the economy to contract in the first two quarters of 2023.

In July, the economists were expecting the economy to grow in real terms at an annualized rate of 0.8% in Q1 of 2023. Now that’s been pared back to -0.2%. For Q2, the forecast has been pulled back from +1% to -0.1%.

Most economists expect the Fed to raise interest rates too far. That’s a serious concern that I share. The problem with the Fed’s interest rate policy strategy is that it takes a long time to see the results. Historically, that’s caused Fed members to see the lag time as evidence that they’re not pursuing their policy hard enough.

The Fed may also soon impact the labor market.

Economists believe that nonfarm payrolls will decline by 34,000 a month on average in the second quarter and by 38,000 in the third quarter. According to the last survey, they expected employers to add about 65,000 jobs a month in those two quarters.

If there’s a silver lining, it’s that economists see the recession being shorter than the historical average. I would not be surprised to see the Fed start cutting interest rates sometime in 2023. A more pliant Fed would also convince me that any rally is real and not some head-fake.

The healthcare sector has done very well this year in relative terms. That’s not much of a surprise since healthcare tends to be one of the better defensive sectors. Even in a recession, people don’t cut back much on their medical expenses. At least, not the way they do for cars or houses.

Before this year, healthcare had been lagging the market for six years. Beginning in late November, the tide started to turn. At the same time, this is when we saw so many of the high-flying stocks of the Covid era start to lose momentum. More than a few have crashed.

The healthcare sector briefly lagged again this summer during another bear-market rally. As that rally faded, healthcare again started to lead the market. This is a trend that may continue into next year.

Stock Focus: Mettler-Toledo International (MTD)

I’m a big of Mettler-Toledo International (MTD) but the stock doesn’t seem to get much attention, despite having a market cap of $26 billion and a remarkable performance history.

Mettler-Toledo makes scales and lab equipment. It’s a competitor of Thermo Fisher Scientific (TMO). The company is incorporated in the United States, but the headquarters are in Switzerland. The stock IPO’d 25 years ago at $14 per share, and it’s been a huge winner. MTD has never split or paid a dividend. The shares are currently trading at $1,200 (on the nose!). That works out to an annualized gain of nearly 20%.

Mettler-Toledo is having another strong year. For Q2, MTD reported earnings of $9.39 per share. That was a 16% increase over last year’s Q2. It topped Wall Street’s forecast by 63 cents per share. The company also increased full-year EPS guidance to a range between $38.85 and $39.05. That was an increase of 65 cents per share to the low end and 55 cents per share to the high end.

But what I like best about MTD is its “earnings line.” By that I mean that the company’s annual EPS line (the blue line below) is very consistent.

(The chart is from FastGraphs.)

This is an important point about stock valuations. Consider this hypothetical:

Imagine you have two companies that are equal in every way. Both are expected to earn $1 per share next year. However, there’s one important difference. Company A is expected to earn $1 per share, plus or minus two cents per share. Company B is expected to earn $1 per share, plus or minus 20 cents per share. Which stock will have the higher share price?

In almost all normal cases, company A will have a higher share price. This is because Wall Street values the stability of earnings. The premium of A over B will ebb and flow over time depending on the market’s appetite for risk. The premium probably won’t be very much, but it will be visible over the long term.

I use this thought exercise because Mettler-Toledo may have the steadiest earnings line I know of, and that’s why Wall Street gives it a high valuation. Going by today’s price and the company’s latest guidance, MTD is trading at more than 30 times earnings—and that’s in a bear market. The stock is down in 2022. Late last year, MTD was trading north of $1,700 per share.

I also like that Mettler-Toledo has bought back so many shares over the years. I’ve been critical of many companies that use share buybacks as a way of enriching executive bonuses, but MTD has reduced its share count.

For Q3, Mettler-Toledo expects earnings between $9.75 and $9.85 per share. The consensus on Wall Street is for earnings of $9.83 per share. I would be surprised if Q3 earnings came in at less than $10 per share.

In summary, I like Mettler-Toledo a lot. The sad part is that I understand why it’s so expensive.

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 to learn more about the stocks on our Buy List, please sign up for our premium service. It’s $20 per month, or $200 per an entire year.

Morning News: October 18, 2022
Posted by Eddy Elfenbein on October 18th, 2022 at 7:12 am

Xi Jinping’s Ideological Ambition Challenges China’s Economic Prospects

China Abruptly Delays GDP Release During Communist Party Conference

In the Netherlands, Balancing Energy Security Against Climate Concerns

Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project

Putin’s War Escalation Is Hastening Demographic Crash for Russia

Economists Now Expect a Recession, Job Losses by Next Year

Looming Leadership Void at I.R.S. Raises Concerns Over $80 Billion Overhaul

Treasury Dept. to Ask Insurers for Data on Climate Risks to Measure Coverage Affordability

Even as US Inflation Climbs, Wall Street Sees Steep Fall Coming

Retailers, Brands and Tech Platforms Bet Big on Live-Streamed Shopping in the U.S.

BofA Survey ‘Screams’ Capitulation Among Investors

How Switzerland’s Oldest Bank Became a Meme Stock

Goldman Sachs Unveils Revamp as Third-Quarter Profit Falls

Meta Ordered Again to Sell Giphy as UK Watchdog Blocks Deal

Netflix Looks to Put an End to Subscriber Losing Streak

All This Talk About “Quiet Quitting” Is Absurd

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