Morning News: August 25, 2022
Posted by Eddy Elfenbein on August 25th, 2022 at 7:03 am

Energy Crisis Squeezes Smaller Firms That Power Europe’s Economy

A Sick Economy Is Forcing Tehran’s Hand in Nuclear Deal Talks

US Shale Could Erase Debt by 2024, Freeing Up Cash for Gas Pivot

Pace of Climate Change Sends Economists Back to Drawing Board

At the Fed’s Big Conference, Investors Will Grasp for Hints About Rate Path

Jackson Hole Should Be a Mea Culpa for Central Bankers

Biden’s Student-Loan Relief Adds New Wrinkle to Inflation Debate

What You Need to Know About Biden’s Student Loan Forgiveness Plan

US Housing Market in ‘Much Worse Shape’ Than Fed Admits

The Rocky Road of Running an Ice Cream Truck This Summer

Tesla Split Will Struggle to Feed $280 Billion Rally

Amazon Is Shutting Down Its Telehealth Service, Amazon Care

Peloton’s Quarterly Loss Tops $1.2 Billion

The Slow Death of the Traditional Business Card

When Your Boss Is Crying, but You’re the One Being Laid Off

The Backlash Against Quiet Quitting Is Getting Loud

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Morning News: August 24, 2022
Posted by Eddy Elfenbein on August 24th, 2022 at 7:04 am

Britain’s Labor Shortage Is Helping Drive Its Inflation Problem

Derby’s Take: Economists See Powell Quashing Hopes for Rate Cuts Over Long Term

Fed’s Kashkari Says No Time To Back Off On Inflation Struggle

Offshore Tax Loophole Helps Rich Americans Cheat IRS, Senate Says

I.R.S. Undertakes a Security Review Amid Threats to the Agency and Its Employees

Larry Summers Defends Stance That Student Loan Debt Relief Is Inflationary

The Surprise in a Faltering Economy: Laid-Off Workers Quickly Find Jobs

A ‘Tsunami of Shutoffs’: 20 Million US Homes Are Behind on Energy Bills

Will Climate Tech Save Us?

Goldman Says Hedge Funds Back Betting Big on Megacap Tech Stocks

First-Time Buyers Show More Demand for Mortgages, Even as Interest Rates Rise

Twitter’s Former Security Chief Accuses It of ‘Misleading’ Public on Security Practices

Federal Trade Commission Drops Mark Zuckerberg From Antitrust Lawsuit

Bed Bath & Beyond Clinches Loan Deal

Indian Billionaire Makes Hostile Bid for High-Profile NDTV News Channel

We Need to Talk About How Good A.I. Is Getting

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CWS Market Review – August 23, 2022
Posted by Eddy Elfenbein on August 23rd, 2022 at 6:07 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 Great Summer Rally Stalls

The Great Summer Rally of 2022 has finally faced some pushback. On Friday, the S&P 500 fell by 1.29%. Under normal circumstances, that’s not much of a big drop, but considering this summer, it’s noticeable. That was the index’s largest drop since late June.

For more than two months, the bulls were partying, and no bears were in sight. The market increased in value by a cool $7 trillion. The S&P 500 was on pace for one of its best quarters in decades. At one point, the S&P 500 had its best start to a Q3 in 90 years!

Until this point, the market treated every minor dip as a chance to buy. Not this time. The selling pressure continued into Monday as the S&P 500 fell 2.14%. Again, that’s nothing huge, but it stands out in a market that had been so placid. The Nasdaq Composite fell by 2.55% on Monday. The market closed lower on Tuesday as well. In the last week, the S&P 500 has lost a little over 4%.

By the way, that can be a key sign of a change in the market, when a downside move is followed by an even larger downside move. The stock market tends to be very trend sensitive. In other words, whatever the market’s doing, the odds are that it will continue doing it. These trends often play out larger than you think possible.

That means the keys are the turning points. Unfortunately, you can never know the difference between some minor pushback and a true change in sentiment. The same holds true for now. I’ll note in passing that the market got the willies at nearly the precise point that it bumped up against its 200-day moving average (the bluish line in the chart above). I tend to be a skeptic on these technical indicators, but a lot of people think they’re very important, which in turn, makes them important.

What led the summer rally to stall? That’s hard to say, but I’d say it’s a round of the usual suspects. The top of which is the Federal Reserve. The market may be treating last week’s Fed minutes with some new-found respect.

In the minutes, the Fed made it clear that it intends to keep raising rates until inflation is soundly put back in its box, but there had been some doubters. It’s easy and cheap for the Fed to sound tough, but it’s quite another thing to deliver. We even saw in the futures market some expectations that the Fed might start cutting rates during the first half of next year.

The event looming over the market is Fed Chairman Jerome Powell’s speech at Jackson Hole scheduled for this Friday. At the moment, the market is in a tug of war over what will happen with interest rates next month. One moment, expectations are for a 0.50% hike. Then they’re for a 0.75% hike. Then they’re back to 0.50%. Right now, 0.75% has a slight lead. Powell’s speech may clear things up.

The National Association for Business Economists recently ran a survey of business economists. It found that 52% of respondents said they were “not very confident” in the Fed’s efforts to fight inflation.

I doubt the recent downtick had anything to do with earnings. We have nearly the final numbers for Q2 and it was a decent earnings season. Earnings are up a little over 9% compared with a year ago, which is basically in line with inflation. As of today, 76.1% of companies beat on earnings, 71.3% beat on sales and 59.5% beat on both.

Apple Goes to the Bond Market

There’s some interesting news this week from Apple (AAPL). In a filing with the SEC, the computer giant said it’s going to issue long-term bonds and use the proceeds to pay out dividends and buy back its own stock.

In plainer terms, Apple is borrowing money to invest in itself. That’s not a bad idea if you can borrow for less than what you’re investing in. Right now, Apple pays a tiny dividend yield of 0.55%.

However, I think this move by Apple raises some important questions. The first is, should a company be involved in financial engineering? Some investors, including myself, believe a company should be solely focused on making money. What to do with that money should be left to the owners—the shareholders. I see moves like this as management encroaching on an area that’s not their concern. Unfortunately the government’s shifting tax policy has played a role in determining what companies do with their profits.

This isn’t just a buyback; Apple is borrowing money to fund the buyback. That raises another issue, what if Apple is paying too much for itself? Cisco famously lost billions of dollars investing in its inflated stock. A cash dividend to shareholders gives them the option to buy more or to invest their funds elsewhere.

What’s also interesting about this offering is that the bonds have a maturity of 7 to 40 years. According to Bloomberg, the offering is for $5.5 billion, and the bonds yield 118 points over similarly-dated Treasuries. The initial discussions were for a premium of 150 basis points, meaning there was unexpected demand for the bonds.

In December, Moody’s (MCO), a Buy List favorite, raised its long-term rating on Apple to AAA. That’s a huge deal. That’s roughly Wall Street’s equivalent of being a “made man” in the mafia. No one can touch you. Microsoft (MSFT) and Johnson & Johnson (JNJ) are the only other current members of the AAA club. If Wall Street thinks you’re on the same level as a sovereign government, perhaps you should have a similar debt load? Eh, I’m not so sure.

Apple is sitting on nearly $180 billion in cash. Four years ago, Apple had a cash position of $285 billion. There was a time when Apple had enough cash to buy every single team in the NFL, NBA, NHL and MLB.

Apple could also be taking advantage of lower interest rates. There’s been a surprising recovery in the bond market. During July, the yield on the 10-year Treasury fell by 33 basis points. That was the largest decline in yields in over two years.

Perhaps Apple sees inflation continuing to be a problem. One of the major issues with inflation is that it benefits borrowers at the expense of lenders. If the Fed is going to continue hiking rates, this offering could be quite remunerative for Apple.

This move also sends a positive message from Apple to the market that it plans to buy its stock for many years to come. Also, if Apple does something, then it gives cover for other boards of directors to do the same thing.

Barron’s Features Broadridge Financial Solutions

In our premium service, we’ve been doing well lately with Broadridge Financial Solutions (BR). The shares are up 30% in a little over two months. This is an interesting stock that should be better known.

We recently got a nice bump in Broadridge after the company released a very good earnings report. I was especially pleased to see that Barron’s recently featured the stock: “Broadridge Notches Steady Growth in Uncertain Times.” I won’t give away the whole thing, but here’s a sample:

Broadridge has been a steady stock for rocky times. That is thanks to a model heavy on recurring-revenue businesses and exposure to long-term trends that should remain in place no matter the near-term path of the economy or interest rates. Broadridge stock’s recent rally could cap gains in the near term, but the company’s long-term positive trajectory remains intact.

The company has a near monopoly in the business of managing and distributing investor communications for practically every public company in the U.S., plus mutual funds, exchange-traded funds, and more. That includes proxies, regulatory disclosures, and other reports and filings required of all U.S. securities issuers. Those are non-discretionary communications that companies and funds need to distribute no matter what the world is doing. That segment tends to grow at the pace of overall stockholdings in the U.S., with Broadridge able to eke out higher profit margins thanks to a continuing shift from printed documents delivered by mail to digital investor communications.

Broadridge also has a smaller but faster-growing segment focused on back-office functions for asset managers, investment banks and broker-dealers. Those include trade processing and settlement, record-keeping, and a variety of other compliance or regulatory functions. That is a software-as-a-service business that has expanded through a combination of organic growth and Broadridge buying companies with adjacent or complementary software and services.

For the fiscal year that ended in June, Broadridge earned $6.46 per share. That’s up 14% from last year. The company said it sees further growth of 7% to 11% for the current fiscal year. That works out to an earnings range of $6.91 to $7.17 per share.

The company also hiked its dividend for the 16th year in a row. For nine of the last 10 years, BR has increased its dividend by 10% or more.

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 stocks like Broadridge, please sign up for our premium service. It’s $20 per month, or $200 per an entire year.

Morning News: August 23, 2022
Posted by Eddy Elfenbein on August 23rd, 2022 at 7:03 am

US Life Expectancy Dropped in 2020 by Most Since WWII, CDC Says

Oil Climbs as Tight Supply Moves Back Into Focus

Expansion of Clean Energy Loans Is ‘Sleeping Giant’ of Climate Bill

Supply-Chain Bottlenecks Shift to East and Gulf Coast Ports

Wall Street CEOs Warn Recession Is Likely — Even As Their Own Economists Waffle

Stocks Can Rally Out of Jackson Hole, Strategists Say

SoftBank’s Epic Losses Reveal Masayoshi Son’s Broken Business Model

Companies Face Challenges Determining Impact of New Minimum Tax

Credit Suisse Is Reassigning Bankers as Part of Focus on Wealth

Apple’s New iPhone 14 to Show India Closing Tech Gap With China

Phone Companies Want to Be Your Home-Internet Provider—and Vice Versa

Zoom Is Struggling to Convince Consumers to Pay, and the Stock Is Sliding

Quiet Quitting is the Latest Workplace Trend, but it Doesn’t Mean What You Think

Harvard’s Status as Wealthiest School Faces Oil-Rich Contender in the University of Texas

Musk’s Lawyers Seek Documents From Former Twitter Chief Dorsey

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Morning News: August 22, 2022
Posted by Eddy Elfenbein on August 22nd, 2022 at 7:04 am

Drought Hurts China’s Economy as Central Bank Cuts Rates

China Plans $29 Billion in Special Loans to Troubled Developers

Pandemic Bolsters China’s Position as the World’s Manufacturer

A Supplier of Rare Earth Metals Turns to Greenland in Bid to Cut Reliance on Russia

Europe’s Natural-Gas Crunch Sparks Global Battle for Tankers

Expansion of Clean Energy Loans Is ‘Sleeping Giant’ of Climate Bill

Wall Street Bears Take Revenge After a $7 Trillion Rally

The $80 Billion IRS Infusion Means More Audits—in 2026 or 2027

Credit Suisse Investment Bankers Are Bracing for Brutal Cutbacks

Big Banks Expected to Rack Up More Than $1 Billion in Fines for WhatsApp Use

Despite What You’re Told, Banks Do Not ‘Create Money’

You Can Get a $7,500 Tax Credit to Buy an Electric Car, but It’s Really Complicated

Big Five Airline? How a Combined JetBlue and Spirit Could Compete

Amazon Among Bidders for Signify Health

How Pharmacy Work Stopped Being So Great

Some Colleges Don’t Produce Big Earners. Are They Worth It?

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Morning News: August 19, 2022
Posted by Eddy Elfenbein on August 19th, 2022 at 7:02 am

It Now Costs $300,000 to Raise a Child

U.S. Home Sales Dropped in July for Sixth Straight Month

The Fed Sees Housing Trouble Ahead

Wall Street Bets the Fed Is Bluffing in High-Stakes Inflation Game

More Money for I.R.S. Spurs Conspiracy Theories of ‘Shadow Army’

Why Are C.E.O.s Suddenly Obsessed With ‘Elasticity?

Pimco Spends Billions Buying Assets Depressed by Recession Fears

For Bed Bath & Beyond, Investor’s Turnabout Adds to Problems

Starbucks Replacement Opens in Russia With Similar Look

FedEx Shipping Contractor Turmoil Intensifies as Peak Season Nears

Streaming Tops Cable-TV Viewing for the First Time

Kohl’s Cuts Guidance, Blaming Inflation for Softer Sales from Middle-Income Shoppers

China Regulator Launches New Probe Into Banks’ Property Loan Exposure

Chinese Canadian Billionaire Sentenced to 13 Years for Financial Crimes

Social Media Was a C.E.O.’s Bullhorn, and How He Lured Women

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Morning News: August 18, 2022
Posted by Eddy Elfenbein on August 18th, 2022 at 7:08 am

As China’s Economy Stumbles, Homeowners Boycott Mortgage Payments

China Attacks US Chip Handouts While Warning of Market Slowdown

US-Taiwan Trade Talks Kick Off in Long-Planned Counter to China

Tesla Asks Chinese Government to Help Secure Power to Suppliers

After 2,240% Run, Tesla Visionary Leaves UK Fund Bleeding Money

Germany Has Worked Hard to Shore Up Winter Gas Supplies — and It’s Ahead of Schedule

Fed Officials See Need for Continued Interest-Rate Increases, but Less Certainty Over Destination

Fed Still Needs to ‘Shock the Market,’ Original ‘Dr. Doom’ Economist Says

Browsers Are Back in the Antitrust Hot Seat

Bank of America CEO Blasts White House’s ‘Recession’ Semantics

It Was the Housing Crisis Epicenter. Now the Sun Belt Is an Inflation Vanguard.

They Lost Crypto in the Crash. They’re Trying to Get It Back.

Wait, When Did Everyone Start Using Apple Pay?

Bed Bath & Beyond Shares Fall After Investor Ryan Cohen Reveals Intent to Sell Entire Stake

FDA Approves Bluebird’s $2.8 Million Gene Therapy for Rare Blood Disease

Could Elon Musk Wreck Manchester United Like He’s Wrecked Twitter?

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Morning News: August 17, 2022
Posted by Eddy Elfenbein on August 17th, 2022 at 7:06 am

Inflation in Britain Jumps to 10.1 Percent, Pushed Higher by Food Prices

German Utility Reports Huge Loss as Russia Slashes Gas Flows

A $379 Billion Hole Emerges in Developing Nations’ War Chests

China’s Worst Heatwave in 60 Years is Forcing Factories to Close

Australia’s Santos Surprises with Backing for Alaska Oil Project

Biden Signs Bill Aimed at Lowering Drug Costs, Boosting Renewable Energy

Yellen Directs I.R.S. to Embark on $80 Billion Overhaul Plan

Can the Texas Power Grid Survive the Crypto Mining Boom?

Why the 1 Percent Buyback Tax Doesn’t Scare Investors

Makers of Heating, Cooling Systems Expect Climate Bill to Boost Sales

American Airlines Buys Supersonic Jets Twice as Fast as Regular Planes

Target Misses Lowest Profit Estimate, Still Predicts Rebound

AMC’s CEO Will Do Whatever It Takes to Keep His Company a Meme Forever

China’s Tencent Reports First Revenue Drop as Gaming Regulations and COVID-19 Bite

Tech Companies Are Relinquishing Some Control of Online Ads to Users

Gambling Operators Including FanDuel, DraftKings Tweak Marketing as NFL Season Arrives

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CWS Market Review – August 16, 2022
Posted by Eddy Elfenbein on August 16th, 2022 at 7:22 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 Great Summer Rally of 2022

Even if this latest bear-market rally proves to be another dud, you have to admire its resiliency. The market has rallied in the face of slowing economic growth, higher interest rates and persistent inflation. None of these seems to matter.

During the day on Tuesday, the S&P 500 poked its head above 4,325. That’s a place the index has not been since early May. The S&P 500 has now gained back more than half of what it lost during this year’s unpleasantness. There’s even a reasonable, albeit small, chance that the index will close the year in the black.

Sounds far-fetched? We’re only 11% away from a new all-time high. Bear in mind that we’ve gained more than 17% in less than two months. Check out the summer rally:

About a month ago, the S&P 500 broke above its 50-day moving average (the blue line). On Tuesday, the index came within a hair, just 0.02%, of breaking its 200-DMA (the green line).

The reason why it has a decent track record is that the moving average captures the market’s momentum, and the stock market tends to be a trend-sensitive data series. When it’s moving in one direction, the safe bet in the near-term is that it will keep moving in that direction.

Sometimes the market seems like it can do nothing right, and sometimes it can do no wrong. There’s a lot of fancy math to bear that out.

The Housing Recession Has Started

Speaking of not being able to do anything right, have you seen the housing market lately? There was an economic report that came out on Monday that didn’t, in my opinion, get the attention it deserved.

What happened is that a key index of homebuilder sentiment finally turned negative. The National Association of Home Builders/Wells Fargo Housing Market Index fell 6 points to 49. That was its eighth-straight monthly decline.

The reason why this is so important is that 50 is the tipping point. Any number above 50 is considered positive, while any number below it is considered negative. Now we’re negative. Except for a brief period around Covid, this index hasn’t been negative in eight years.

It’s hardly a secret what’s happening. Homebuilders are being squeezed by higher interest rates from the Federal Reserve and also by higher housing costs. All of this is falling on buyers. The index is composed of three parts. The most alarming is that buyer traffic dropped 5 points to hit 32.

While it’s a matter of debate as to whether or not the overall market is in a recession (I don’t think we are…yet), it’s quite clear that the housing sector is in a recession. In response, homebuilders are slashing prices.

The math is simple—home prices are too darned high. Thanks to the Fed, home prices soared during the pandemic. But now, again thanks to the Fed, mortgage rates are climbing. Since early 2021, the rate on a 30-year mortgage has doubled. The combined effect is to push millions of Americans out of the housing market.

The problem is made worse by the fact that there are far too many homes on the market. Home sellers have crowded inventories and few people looking to buy. One stat I like to watch is the supply of new homes relative to the number of homes sold. That’s at its highest level since 2010. Bloomberg notes that in June, “824,000 single-family homes were under construction in the US, more than at any time since October 2006.”

The thing about housing is that it impacts so many different areas. In many regards, the U.S. economy is centered around housing. There’s even a well-regarded academic paper by Dr. Edward E. Leamer titled “Housing IS the Business Cycle.” Note the emphasis on “is.” I think he’s exactly right.

(Side note: Leamer also has a paper called “Let’s Take the Con Out of Econometrics.” How can you not like that?)

Whenever a new home is sold, that spurs the buyers, often a young couple, to head down to Lowe’s or Home Depot to buy new things to fill out the home. Of course, this usually starts with a home mortgage which gives business to the financial sector. The sale of a new home is really the core act that has several spokes that radiate outward.

We can also see the impact on our Buy List. In recent weeks, stocks like Sherwin-Williams (SHW) and Trex (TREX) have felt the impact of a slowing housing market. On Tuesday, Home Depot (HD) reported Q2 earnings of $5.05 per share which was an 11-cent beat, but the company said it expects same-store sales growth of 3% this year. That should be slowing during the second half of the year. Home Depot said that during last quarter, customer transactions fell 3%, but the average purchase rose by 9% to $90.02. In other words, people are paying more for less stuff.

This gets to the key dilemma of the current economy. The broader economy is probably not in a recession at the moment, but its most important sector likely is.

If there is a silver lining to the recent economic news, it’s that earlier today, Walmart (WMT) released a decent earnings report. This is a relief since the company has been struggling lately. After the last earnings report three months ago, traders gave the shares a super-atomic wedgie. I often say that the Walmart earnings report is, in effect, a report on American consumer behavior.

For Q2, Walmart earned $1.77 per share which was a 14-cent beat, but the most important news is that Walmart reiterated its forecast for the second half of this year. The company expects same-store sales to rise by 3% for the back half of 2022. For earnings, that’s still ugly. Walmart said it expects EPS to decline by 9% to 11% for this year.

For Q2, same-store sales rose by 6.5%. That’s not bad. Digging into the numbers, Walmart is being helped by rising food sales, which has been aided by inflation. Here’s an interesting stat via CNBC: About three quarters of Walmart’s market share gains in food came from customers with annual household incomes of $100,000 or more. Rich folks like a good bargain.

Quarterly revenue was $152.86 billion. That works out to more than $1.1 million every minute. It also beat estimates by $2 billion. This report is good news for Walmart and should help to alleviate some concerns about the health of the American consumer. Still, the problem of inflation needs to addressed without delay.

Stock Focus: Polaris

Polaris (PII) is one of those oddball stocks that deserves more respect than it gets. It’s especially intriguing right now because the valuation appears to be quite favorable.

If you’re not familiar with Polaris, the company started off making snowmobiles. They still do today, but they also make all sorts of off-road vehicles, those crazy “slingshot” cars, plus snowmobiles, power boats, pontoon boats and lots of other stuff. They also do a nice business in selling apparel. (Off the record, it’s basically a toy store for adult men. That’s a very good business to be in.) If you want to see an example of wares Polaris has to offer, here’s Chad “Ochocinco” Johnson going off-roading in a Polaris RZR Pro R.

Polaris is based in Medina, MN and they’ve been in business since 1954. Polaris currently has more than 35 brands and it does business in more than 120 countries. Last year, the company did $8.1 billion in sales. Wall Street expects that to rise to $8.5 billion this year and to $8.73 billion in 2023. Global employee count is over 16,000.

Polaris is a good example of a company with a wide “moat.” Not many firms can do what they do. In fact, Polaris is one of the largest holdings in the VanEck Morningstar Wide Moat ETF (MOAT).

These days, Polaris is a complete company that makes parts and accessories. The company IPO’d in August 1987, right near the market top.

The stock has been a massive home run. Since the IPO, PII is up nearly 100-fold. Including dividends, it’s up more than 160-fold. Despite this massive return, the share price today is lower than where it was eight years ago.

Even though the share price has lagged, business continues to go well for Polaris. In 2019, the company made $6.32 per share. In 2020, that increased to $7.74 per share, and last year it rose to $9.13 per share.

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

For guidance, Polaris now expects sales for this year to rise by 13% to 16%. That’s up from the prior guidance of 12% to 15%. Polaris also sees full-year earnings ranging between $10.10 and $10.30 per share. That’s up 11% to 14% over last year. If those forecasts are accurate, that means Polaris is going for just 12 times earnings. Not that long ago, Polaris used to go for twice that valuation. One more thing: Polaris has increased its dividend every year for the last 27 years.

That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: August 16, 2022
Posted by Eddy Elfenbein on August 16th, 2022 at 7:09 am

To Escape the War, Ukraine’s Factories Are Moving West

Israel’s First International Bank Net Profit Drops 15% in Second Quarter

Israel’s Bank Leumi Q2 Profit Boosted by Financing Income Jump

India’s Digit Insurance Eyes $440 Million in IPO

Falling Oil Prices Defy Predictions. But What About the Next Chapter?

The Fed’s Past Crises Hold Secrets to Tackling Future Recessions

Wall Street Deal Making Faces Greater Scrutiny, Delays Under FTC’s Lina Khan

Andreessen Horowitz Thinks It’s Time for Adam Neumann to Build

A Frustrating Hassle Holding Electric Cars Back: Broken Chargers

SoftBank-Backed Ola to Launch First Electric Car in 2024

Walmart Strikes Streaming Deal with Paramount

Dan Loeb’s Third Point Calls for Disney to Spin Off ESPN, Refresh Board

Apple Lays Off Recruiters as Part of Its Slowdown in Hiring

Home Depot Posts Higher Sales as Transactions Continue to Drop

Why Is Airline Travel So Miserable? Blame Florida

Judge Refuses to Toss Financial Aid Lawsuit Against Top Colleges

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