CWS Market Review – July 5, 2022
Posted by Eddy Elfenbein on July 5th, 2022 at 7:41 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 Latest Bear-Market Rally Is Fizzling

The stock market staged an impressive comeback today. At one point, the S&P 500 was down by 2.18%, but by the closing bell, the index was in the black by 0.16%.

I’m pleased to see the gain, but I don’t exactly feel a sense of relief. We came very close to ending down for the fifth time in six days. There’s a strong sense that the latest bear-market rally has run its course.

As we know, bear markets love to tease us with these brief rallies. Once you think the coast is clear, then the bear returns to flatten stock prices. But it’s true that we avoided that today. At least, at the end.

But we did see a familiar theme: economic cyclical stocks fell the most, while defensive stocks fell the least. Here’s a look at how the S&P 500 sectors performed today. The cyclical sectors are in red:

Notice how the cyclicals are at or near the bottom. This is Wall Street’s way of saying that the odds of a recession have increased. While the hard data pointing toward a recession is thin right now, we’ll learn a lot more this Friday when the government releases its latest jobs report.

I assume Friday’s report will show that the jobs report is still doing well, but we’re in an odd position right now. The stock market just wrapped up its worst start to a year in over 52 years, yet the jobs market has a chance of reporting the lowest unemployment rate in 53 years.

In plainer English, the economic news is good, but everyone is miserable. I’m exaggerating, but not by much.

For now, my take is that people are wildly overstating the odds of a recession right now, but for 2023, a recession is a very real possibility.

For the record, the unemployment rate for February 2020, just before our world was upended thanks to Covid, was 3.47%, which was its lowest since May 1969. The unemployment rate for May 2022 was 3.62%, so we’re not that far from another multi-decade low.

By the way, I want to address a technical note. Before, we heard a lot about how people were fleeing the job market to retire early and how labor force participation had plunged. Now that story is changing. Once you adjust the labor force participation rate for prime working-age folks (25 to 55), then you’ll see that many folks are still in the labor force.

Tomorrow, we’ll get the report on job openings and quits. The amount of job openings has greatly outpaced the number of unemployed people. Also on Wednesday, will get to see the minutes of the last Fed meeting. That was when the FOMC decided to raise interest rates by 0.75%. That was the largest increase from the Fed in nearly 30 years. Traders are convinced that another 0.75 hike is coming in three weeks and I think they’re right.

While it may sound unusual that stocks are doing poorly when the jobs market has been strong, it’s actually quite common. Historically, the stock market has performed much better when unemployment is high compared to when it’s low. The important point for investors to understand is that the stock market tries to look forward six to nine months while most of the economic reports tell us what already happened a few months ago.

Bloomberg Says There’s a 38% Chance of a Recession

Trying to predict a recession is a tough game. Bloomberg has a model that tries to tell us the odds of a recession. Their model now says that the odds of a recession in the next 12 months have jumped to 38%.

Bloomberg’s model includes financial indicators like credit spreads, but it also noted that:

Americans’ views of future business conditions sharply deteriorated in June. Each month the University of Michigan releases a closely watched survey of consumer sentiment. The June report not only showed a collapse in consumer sentiment to a record low but also a big decline in a gauge of the expected change in business conditions in a year. At 76, that figure is now at one of its lowest readings in records back to 1978.

The Atlanta Fed has a model, GDPNow, which tries to predict the next GDP report. For the Q2, the model currently sees growth of -2.1%. If that’s right, it would be the second quarter in a row of falling GDP. For Q1, the U.S. economy contracted at -1.6% annualized rate.

You often hear that a recession is two or more quarters in a row of negative growth. That’s not technically correct. The official definition from the National Bureau of Economic Research (NBER), which is widely regarded as the official recession-dating committee, is more complex so it’s very likely that we aren’t in an official recession.

One of the best indicators of a recession is the 2/10 Spread. I write about this a lot. I’ve often said that the 2/10 has a better track record in predicting recessions than a lot of Nobel Prize winners do.

The spread between the 2- and 10-year Treasury yields briefly went negative in April, and it happened again today. Earlier today, the two-year yield got to 2.792% while the 10-year was at 2.789%. To give you an idea of how much things have changed, 15 months ago, the 2/10 Spread was nearly 160 basis points.

A lot of this is due to the Fed raising rates (causing a higher 2-year yield) and a slowing economy (causing a lower 10-year yield). I want to be clear that a negative 2/10 Spread isn’t like walking into a room and turning out the lights. Instead, it’s more like playing basketball with a hoop that gradually gets lower the longer your play. The dynamics of the game change. That’s why a negative 2/10 precedes a recession by six months, or even up to two years.

It’s not only in the credit markets that we’re seeing negative signs. Last week, the ISM Manufacturing Index came in at 53.0. That’s down from 56.1 in May. It was also its lowest reading in two years. Any number above 50 means the factory sector of the economy is expanding, and below 50 means it’s contracting. We’re still in the safe zone, for now, but the overall picture is deteriorating.

But I want to get back to the rotation we’re seeing in the stock market. Sectors like Energy and Materials have been lagging badly over the last few weeks. I suspect that this underperformance will continue. The price for oil recently plunged below $100 per barrel. Citigroup said that oil could fall as low as $65 this year.

The best areas of the market have been defensive areas like consumer staples, healthcare and high-yielding stocks. This has also been a big benefit for our Buy List. During Q2, our Buy List outperformed the S&P 500 by 4.3%.

Here’s an important chart but it needs a little explanation. This is the S&P 500 Materials index divided by the S&P 500 (red), and the S&P 500 Consumer Staples divided by the S&P 500 (blue). In other words, it’s the relative performance of materials and staples.

The two lines were moving together somewhat until early June. After that, they diverged sharply — staples leading and materials lagging. Whenever those two lines diverge like that, it means the market is focused on the state of the economy. Right now, the market sees slower growth, not now, but in the months ahead.

The Euro Hits a 20-Year Low

The other big news today is that the euro slid to a 20-year low against the dollar. As bad as the outlook has deteriorated in the United States, the outlook for the economy in Europe may be even worse. The U.S. dollar usually does well as investors seek a safe haven for their money.

The euro got down to $1.028 today. Since the start of this year, the Euro has lost 9% against the U.S. dollar. The euro and dollar were last at parity in late 2002. It may happen again soon. Inflation in Europe is currently running at 8.6%. The ECB is looking to raise interest rates later this month. The central bank hasn’t raised rates in 11 years.

The energy crisis there is bad. Natural gas prices in Europe are up 700%. The outlook might get even worse as workers in Norway are eyeing a strike. After Russia, Norway is the second-largest provider of natural gas to Europe.

It’s an ugly picture. The main pipeline that carries Russian gas to Germany is due to close next week for repairs that are scheduled to last 10 years. What if Russia doesn’t reopen it? I don’t know, but it could cripple Germany’s economy which, in turn, could weaken the economy of the rest of Europe.

It’s as if natural gas has replaced oil as the most important commodity in geopolitics. What oil was in the 1970s, natgas may be in the 2020s. In the U.S., natural gas prices have been edging downward. So much of the European economy is based off Russian gas. I don’t know how quickly they can change that. This is a sad story that looks to get worse.

Stock Focus: General Mills

I didn’t want to close on a down note so this is a good time to look at a nice boring stock. Despite all the scary headlines, shares of General Mills (GIS) hit a fresh all-time high today. The stock broke over $76 per share. Since 1990, the stock is up more than 10-fold.

Last week, the cereal company just bumped up its quarterly dividend by 6% to 54 cents per share. The current yield comes to 2.87%.

Best of all, there’s nothing complicated about GIS’ business. General Mills owns Betty Crocker, Yoplait, Pillsbury, Old El Paso, Häagen-Dazs, Cheerios, Lucky Charms, Trix, Cocoa Puffs, Count Chocula and many more.

Last week, General Mills posted earnings of $1.12 per share which was an 11-cent beat. The company made $4.94 per share for the last fiscal year. Wall Street expected $4 per share the current fiscal year. Despite the new all-time share price, the stock is going for 19 times earnings.

I love to see these boring companies do well. I can’t imagine Cheerios being replaced any time soon.

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

– Eddy

Morning News: July 5, 2022
Posted by Eddy Elfenbein on July 5th, 2022 at 7:08 am

Euro Hits Two-Decade Low as Gas Worries Fan Recession Fear

Germany Posts First Monthly Trade Deficit in 30 Years

The World Needs More Than Crumbs From the G7’s Table

Sanctions Threaten Russia’s Next Huge Oil Field

Natural Gas Soars 700%, Becoming Driving Force in the New Cold War

Nuclear Power Gets New Push in U.S., Winning Converts

Joe Biden’s Misguided Plan to Lower Gas Prices, And What He Should Do Instead

US Recession Chances Surge to 38%, Bloomberg Economics Model Says

If the U.S. Is in a Recession, It’s a Very Strange One

Veterans of Carter-Era Inflation Warn That Biden Has Few Tools to Tame Prices

Why Consumers’ Inflation Psychology Is Stoking Anxiety at the Fed

How Wall Street Escaped the Crypto Meltdown

Amazon, Microsoft, Google Strengthen Grip on Cloud

Airline SAS Files for U.S. Bankruptcy Protection as Strike Grounds Flights

Bosses Offer Midyear Raises to Retain Employees as Inflation Takes Toll

Lonely Last Days in the Suburban Office Park

Half of Wall Street Bankers May Be Working From Home

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Morning News: July 4, 2022
Posted by Eddy Elfenbein on July 4th, 2022 at 7:05 am

Turkey’s Annual Inflation Soars to Almost 79%, Hitting Highest Level in 24 Years

Turkey Halts Russian Ship, Investigates Ukrainian Claims of Stolen Wheat

Admiral Stavridis on a Plan to Get Ukrainian Wheat Out of a Warzone

Skyrocketing Global Fuel Prices Threaten Livelihoods and Social Stability

Biden Might Soon Ease Chinese Tariffs, in a Decision Fraught With Policy Tensions

Long, Moderate and Painful: What Next US Recession May Look Like

Falling Commodity Prices Raise Hopes That Inflation Has Peaked

Let’s Stop Blaming Workers for the Ongoing Shortage of Workers

Glut of Goods at Target, Walmart Is a Boon for Liquidators

Mounting Flight Delays. Stranded Fliers. Airlines Struggle With Surging July 4 Demand

Chip Boom Loses Steam on Slowing PC Sales, Crypto Rout

Tesla Vehicle Deliveries Tumble After China Factory Shutdown

3-D Printing Grows Beyond Its Novelty Roots

Credit Suisse Cuts Dozens in Asia Investment Bank Overhaul

China’s Fast-Fashion Giant Shein Faces Dozens of Lawsuits Alleging Design Theft

Michael R. Bloomberg: Even in Trying Times, July Fourth Is a Day for Optimism

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June ISM Manufacturing Falls to 53
Posted by Eddy Elfenbein on July 1st, 2022 at 2:01 pm

The S&P 500 wrapped up its worst half of a year since 1970. The market is down again today but not by much. This is another good day for the defensive sectors. Tech is down the most while high-dividend stocks are doing well.

This morning’s ISM Index came in at 53. That’s not that great. Wall Street had been expecting 54.9. The Census Bureau said that construction spending fell by 0.1% in May. The yield on the 10-year fell to its lowest level since May.

Shares of Nike (NKE) dropped below $100 to reach another 52-week low.

Morning News: July 1, 2022
Posted by Eddy Elfenbein on July 1st, 2022 at 7:05 am

Russia Seizes Control of Sakhalin Gas Project, Raises Stakes with West

Eurozone Inflation Hits Record in Boost for Big-Hike Calls

Income and Spending Lag Behind Inflation, a Sign of Economic Fragility

Cooling Consumer Spending Points to Further Economic Slowdown

Geithner Says Fed’s Rate Pivot Highlights Need for Treasury Market Fixes

After Stock Market’s Worst Start in 50 Years, Some See More Pain Ahead

Insurance Meltdown Leaves Homeowners Without Policies and at Risk

Auto Sales Expected to Slide, Prices to Soar

The Hamptons Covid-Era Buying Frenzy Is Officially Over

Netflix Says It’s Business as Usual. Is That Good Enough?

The iPhone’s Creators Reveal the Consequences They Never Expected

Back to the Future? Cargo Giant Cargill Turns to Sails to Cut Carbon

China Southern to Buy 96 Airbus A320neo Jets, Biggest Order Since COVID

More than 1,200 Delta Pilots Picket at 7 Major Airports to Call for Higher Pay

American Airlines Offers Pilots Nearly 17% Raises in New Contract Proposal

Kohl’s Abandons Talks to Sell Itself to Franchise Group

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Morning News: June 30, 2022
Posted by Eddy Elfenbein on June 30th, 2022 at 7:08 am

Saudi Arabia Walks Oil Policy Tightrope Between Biden and Putin

As OPEC Plus Nears a Milestone, Focus Shifts to Russia and the U.S.

Four Charts Reveal Seismic Shifts in Global Energy Within One Lifetime

Gas Prices Test American Appetite for New Cold War With Russia

Powell Says Fed Must Accept Higher Recession Risk to Combat Inflation

Grocery, Restaurant Executives See Inflation Altering Consumer Spending

America’s MBAs Are the Latest Skeptics of Capitalism

Home Listings Surge in Turnabout for Supply-Starved US Market

Highest Mortgage Rates Since 2008 Housing Crisis Cool Sales

A U.S. FCC Commissioner Urges Apple, Google to Boot TikTok from App Stores

Crypto Crash Widens a Divide: ‘Those With Money Will End Up Being Fine’

JPMorgan Says Crypto’s Deleveraging Cycle Won’t Last Much Longer

How to Botch the World’s Biggest Bitcoin Hack

Inside Didi’s $60 Billion Crash That Changed China Tech Forever

Flying Coach Can Be Uncomfortable, but Flat Beds Are Coming

Spirit Air Board Pushes Shareholders Meeting on Frontier Bid for Second Time

John Visentin, Xerox C.E.O., Dies at 59

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Market Update for June 29, 2022
Posted by Eddy Elfenbein on June 29th, 2022 at 12:49 pm

The stock market is down a bit this morning but nothing too serious. Bitcoin briefly dropped below $20,000.

The Q1 GDP report was revised downward to -1.6%. That’s for the first quarter which began nearly six months ago and ended three months ago. We’ll get the initial report on Q1 GDP towards the end of July.

Yesterday, Loretta Mester, the head of the Cleveland Fed, said she would support another 0.75% increase at the July meeting if the economic conditions warranted it. Traders are strongly leaning towards the idea of a 75-point hike.

A few items I saw:

Morgan Stanley lowered its price target on Upstart (UPST) from $88 to $19. In October, it was at $400 per share.

Bed Bath & Beyond (BBBY) is down 20% to about $5 per share. The company just reported terrible results. Sales plunged and the CEO was shown the door. Years ago, this used to be a favorite of mine. How things have changed!

From Bloomberg: Jupiter CEO Quits $68 Billion Firm to Sit at the Beach and ‘Do Nothing’

Morning News: June 29, 2022
Posted by Eddy Elfenbein on June 29th, 2022 at 4:08 am

G-7 Bid to Cap Russian Oil Price Faces Hurdle of Global Enforcement

West’s Challenges in Tackling Russia Exposed at G-7

ECB’s Chief Economist Sees Double-Sided Risk Of Spiraling Inflation And An Economic Slowdown

UK Economy Faces Double Threat of Inflation Surge, Recession Risk

Fed’s Williams Sees Another Large Rate Rise in July as Possible

Copper Crushed as Funds Turn Negative on Recession Fears

Can Regulators Catch Up to Crypto?

Bankman-Fried Warns: Some Crypto Exchanges Already “Secretly Insolvent”

As Prices Skyrocket, Coupons Are Harder to Find Than Ever

This Is What Happens When Tech Executives Start Believing Their Own Hype

Byju’s Said to Offer More Than $1 Billion for 2U to Expand in US

F.T.C. Accuses Walmart of Facilitating Consumer Fraud Through Its Money Transfer Business

Rural Counties Are Booming, But Can It Last?

Disney Board Renews Bob Chapek as C.E.O.

Pinterest CEO Is Stepping Down, Google Commerce Executive to Take Top Job

Creative Artists Agency Acquires ICM in Deal that Could Transform Hollywood Representation

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CWS Market Review – June 28, 2022
Posted by Eddy Elfenbein on June 28th, 2022 at 7:56 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 Stock Market Appears to Be Calming Down

The stock market may be chilling out from its convulsions of recent weeks. That’s a welcome change. I can’t say whether this new-found calmness will last. As we know, Wall Street can change its mind on a dime.

The S&P 500 fell by 2% today, but a lot of today’s damage was in the tech sector. Here’s an interesting stat that I think sums up the recent market. Three times in the last eight sessions, the S&P 500 closed up or down by less than 0.3%. Yet in the 18 sessions prior to that, every single daily change was more than 0.3%. On Wall Street, the storms can be brutal, but they often pass quickly.

I’ve also talked a lot about the divergence between risky, highly-volatile stocks and more conservative, stable stocks. During the big market drop, those two groups were diametric opposites, and it was risky stocks feeling the most pain. Lately, however, the distance between those two groups has calmed down as well.

The market reached its recent low on June 16 when the S&P 500 closed at 3,666. While the market has recovered a little since, it hasn’t been a strong jerk to risky stocks as it’s been in previous bear market rallies.

If the market is uncertain, that’s largely due to the economic outlook also being uncertain. Tomorrow, the government will update its report on Q1 GDP. The last report said that the U.S. economy contracted at an annualized rate of 1.5% during the first three months of the year. That report led many analysts to conclude that a recession is imminent. The Atlanta Fed’s GDPNow tool expects Q2 growth of just 0.3%.

I don’t think that’s right. There were some technical reasons for why the GDP report was so low, and I don’t expect that to continue into Q2. Still, I don’t want to brush off the possibility of a recession. My disagreement is about time. I think the odds of a recession are low for right now, but a recession is very possible next year or in 2024. Higher rates from the Fed will slow things down, but it will take some time.

Consumer Confidence Falls to an 18-Month Low

Today we got some troubling economic news. Consumer confidence fell to an 18-month low. (Personally, I’d like to see this reported as consumer humility rose to an 18-month high, but that’s me.) I can’t say I’m surprised. Consumers are facing higher prices and shortages.

The consumer confidence index for June dropped to 98.7 from May’s revised reading of 103.2, which was adjusted downward by more than 3 points.

Driving down the overall level was a steep decline in consumers’ expectations for the next six months. The expectations index fell from 73.7 to a reading of 66.4 — the lowest level in nearly a decade, according to the report.

This isn’t the only bit of info suggesting that consumers aren’t happy. Last week, the University of Michigan’s Consumer Survey fell to its lowest level since they started collecting data in 1952.

I’ve also noticed a change in trends underlying the market. As I mentioned earlier, the risky stock/stable stock dichotomy has cooled down. It may have been replaced by a new dichotomy which is the gap between cyclical stocks and non-cyclicals.

Let me explain. Over the last few days, economically cyclical stocks have badly lagged the market. Energy stocks in particular have done poorly although that’s after a very robust rally this year.

But we’ve seen similar behavior in other areas. Recently, the S&P 500 Materials Index lagged the S&P 500 every day for 12 straight days. The S&P 500 Industrials only lagged for six days in a row. Financials stocks have also been sluggish.

Here’s the S&P 500 Materials ETF divided by the S&P 500 ETF:

That isn’t merely underperforming. It’s underperforming an already bad market. So what’s been leading a downward market? The answer has been healthcare and consumer staples. These stocks haven’t been doing well in an absolute sense, but they’ve been outperforming a falling market.

This suggests to me that Wall Street is also forecasting if not a full recession, then at least a period of slow growth. I should caution you that Wall Street is usually thinks about six to nine months ahead, so there’s little reason to fear the economy is hitting the skids right now.

Actually, the upcoming earnings season should be another good one. Analysts recently raised their estimates for Q2. Wall Street now sees earnings growth of 5.41%. That’s up from the prior forecast of 5.25%. (Wall Street expects profits for energy stocks to triple!)

We won’t get the next jobs report until next Friday, July 8. However, the housing market is still doing well despite higher mortgage rates. Today’s Case-Shiller report said that home prices are up 20.4% in the last year. That’s down a bit from the 12-month period ending in March.

If there is a bright spot, it’s that we’re entering the best time of year for stocks. At least, historically speaking, July and August have been great months for stocks.

A few years ago, I took the entire history of the Dow Jones Industrial Average going back to 1896. I further sliced the data to find what the Dow’s average year looks like. Historically, the summertime has been for the bulls. The Dow has rallied from June 29 until September 6. Nearly half of the Dow’s annual gain has come during that brief period.

Of course, that’s an average over a very long time period, so it shouldn’t be mistaken for a prediction. But we can say that the summer has historically been a good time for stocks.

Nike Drops 7% After Earnings — Is it a Buy?

I’m a big fan of Nike (NKE) but the stock rarely goes for an attractive price. This may be one of those rare chances.

The stock has been doing poorly for the last several months. Nike peaked at $179.10 in November. Today, it reached a 52-week low of $102.75 per share. Whenever a good stock is in the dumps, I want to take a close look.

Despite the poor performance of the stock, Nike said yesterday that it beat earnings for fiscal Q4. The sneaker folks made 90 cents per share which exceeded estimates of 81 cents per share. Sales dropped slightly to $12.23 billion, but that also topped estimates by $170 million.

What happened after Nike announced the earnings beat? The shares dropped 7% today.

Nike is facing several problems. Their business got hit hard in China by the lockdowns there. Sales in North America fell by 5%. Nike is trying to alter its business by selling more directly to consumers while bypassing wholesalers. Last quarter, direct sales rose by 7% while wholesale sales fell by 7%.

One problem area is that Nike’s inventory rose by 23% last quarter. Some of that is due to the supply chain problems. The CFO said they’re not seeing “signs of a pullback” from consumers. Nike is also facing higher costs and longer shipping times, just like everybody else.

The stat that I’m watching is Nike’s gross margin. That fell last quarter to 45%. Wall Street had been expecting 46.6%. When you lose your gross margin, that tells you that you have a problem with pricing. Part of the gross margin erosion is a result of the weakness in China. I’d include problems with logistics and freight costs.

Nike said they expect fiscal Q1 sales to be flat to up slightly. They said they expect full-year revenue growth in the low double digits. That’s not that good.

One analyst described the report as “messy.” That sounds about right. Nike also has the problem that other companies had in that their products were popular during Covid, but now there’s less of a need to buy Nikes again. Still, Nike’s business in doing well in Latin America, Europe and the Middle East.

I was most impressed that Nike announced an $18 billion share buyback program over four years. That’s a clear vote of confidence from management. Nike has a market value of roughly $162 billion. It may also suggest that Nike is near the end of its large-scale reinvestment program of the last several years.

Going into the earnings report, Wall Street had expectations that were simply too high. There have been several price target cuts in the last 24 hours. Nike closed today at $102.78 per share. Wall Street expects earnings for the current fiscal year of $4.28 per share. That’s followed by $5.06 and $5.96 for the fiscal year ending in May 2025. Bear in mind that Nike has often traded for more than 30 times trailing earnings.

I’m calling Nike a cautious buy right now. There are certainly some problems with its business, but they’re fixable. Nike has one of the strongest brand names in the world. Six months from now, Nike might be a candidate for our Buy List.

Bear markets are unpleasant, but if you’re patient, at least they can give you some bargains.

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

– Eddy

P.S. Two quick items.

I recently had a fun chat with Michael Gayed. You can listen to it here.

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Morning News: June 28, 2022
Posted by Eddy Elfenbein on June 28th, 2022 at 7:08 am

Cyber Pirates Prowling Ship Controls Threaten Another Big Shock

G7 Agrees to Explore Cap on Russian Oil Price

Widow-Maker Trade Sweeps Tokyo’s Financial Markets Once Again

Lagarde Plays Down Recession Risks, Says ECB is Ready to ‘Move Faster’ on Rates If Needed

Central Banks Should Raise Rates Sharply or Risk High-Inflation Era, BIS Warns

Larry Summers Nailed Inflation. But Is He Right on What Comes Next?

‘Uncomfortably High’: What Economists Say About the Chance of Recession

Less Takeout, More Produce Swapping: How Inflation Is Altering People’s Behavior

Goldman Sachs and Wells Fargo Boost Shareholder Payouts

Facing a Surge in Demand, Retailers Limit Emergency Contraceptive Purchases and Deliveries

Elon Musk Has Twitter’s Data, but Getting Answers on Spam Accounts May Be Tougher

Netflix Disrupted Entertainment With Binge Viewing. Now Can It Avoid Disruption Itself?

Nike Earnings Top Wall Street’s Expectations, Despite Inflation in the U.S. and Covid Lockdowns in China

Can You Blame Poor Countries Like Mine for Turning to China?

Credit Suisse is Fined for Helping a Bulgarian Drug Ring Launder Money

EY Pays $100 Million SEC Fine Over CPA Ethics Exam Cheaters

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