Morning News: November 9, 2023
Posted by Eddy Elfenbein on November 9th, 2023 at 7:04 am

‘No One Is Safe From Climate Change’ After Hottest 12 Months Ever Recorded

Why Are Oil Prices Falling While War Rages in the Middle East?

Rage Against Copper Producer Roils Markets, Panama Government

The $2 Million Coal Mine That Might Hold a $37 Billion Treasure

The Electric-Car Era Needs a Lot of Really Big Trees

Heat Pump Installations Slow, Impeding Biden’s Climate Goals

China’s Consumer Deflation Returns as Recovery Remains Fragile

‘Dark Matter’ Bond Metric Mesmerizes Wall Street and Washington

Austan Goolsbee Says Fed Will Need to Monitor Risks of Overshooting on Rates

Citadel’s Ken Griffin Says High Inflation Will Last for Decades

Apple Risks $14 Billion Tax Bill in Setback at Top EU Court

A Man, a Van, a Plan: Twitch CEO Seeks to Charm Angry Streamers

US Veterans Got a Mortgage Break. Now They’re Losing Their Homes

SoftBank Posts $6.2 Billion Loss After WeWork Bankruptcy

WeWork’s Bankruptcy Tests Claims of a Co-Working Revolution

How Work From Home Has Reshaped What Americans Buy

New Ozempic Rival Is About to Make Your Weight Loss Drugs Cheaper

Disney Is in Trouble. Bob Iger Has 5 Big Problems to Solve

Disney Wears Its New Look Well

Hollywood Studios, Actors Tentatively Agree to New Contract

Getting Hollywood Back Up and Running Won’t Be Easy

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Morning News: November 8, 2023
Posted by Eddy Elfenbein on November 8th, 2023 at 7:04 am

Russian Banks Could Make Record Profits in 2023

Russia to Keep Grain Export Quota High After Another Bumper Crop

How Nestle Factories Keep Running in a Country Torn by Putin’s War

War, Inflation and Hints of Optimism Dominate New Economy Forum

Fed Governor Lisa Cook Says Worsening Geopolitical Tensions Pose Market Risk

Why the Fed Shouldn’t Get Credit for the Fall in Inflation

Private Equity Showers Junior Staff With Rewards to Retain Talent

EV Market’s Surge Toward $57 Trillion Sparks Global Flashpoints

A New Law Supercharged Electric Car Manufacturing, but Not Sales

Rivian Plans to Make More EV Trucks, SUVs in 2023

California Ranks First in Climate-Friendly Transportation Investments

Biogen Lowers 2023 Earnings Guidance on Costs of Reata Purchase

Gilead Sciences Results Beat Estimates

Robinhood Misses Q3 Revenue Estimates on Muted Trading Activity

Meta to Require Political Advertisers to Disclose Use of A.I.

In Regulating A.I., We May Be Doing Too Much. And Too Little

Seeking to Land Punches on Amazon, the FTC Is Punching Itself

WeWork Is Bankrupt—And SoftBank’s Losses Are $14 Billion and Counting

Mark Zuckerberg Taps the Strengths of WhatsApp

Rockstar Plans to Announce Much Anticipated ‘Grand Theft Auto VI’

A ‘Zelda’ Movie Could Mint Money for Nintendo

The City That Learned to Be Proud That It SUX

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CWS Market Review – November 7, 2023
Posted by Eddy Elfenbein on November 7th, 2023 at 10:25 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.”)

Seven Up Days in a Row

The stock market is suddenly hot again. The S&P 500 rose for its seventh day in a row today. This is the longest winning streak in two years. Over those seven days, the index has gained 6.3%. The S&P 500 is now above its 50- and 200-day moving averages.

Six-day rallies are pretty common but getting to a seventh up day has historically been a challenge for the market.

I urge investors to remain skeptical of sharp upticks in a bear market. The stock market loves to fool investors by convincing us that things are safe. Then, once we take the bait, we get slammed by another downdraft.

Interestingly, economically cyclical stocks have been lagging during this mini bull run. In particular, materials, energy and industrial stocks have not joined in the fun. That usually happens when the economy is weak or perceived to be losing strength.

Here’s an interesting chart. This shows the S&P 500 (black) compared with the S&P 500 Industrials (blue) and S&P 500 Materials (green).

Notice how the two cyclical sectors have lagged the S&P 500, and it’s gotten worse in recent days. These rotations typically end once the Fed starts lowering rates. That may not be too far away.

Clorox Soars on Earnings Beat

Last week, I highlighted Clorox (CLX) for you. I told you that it was about to report earnings after the close on Wednesday.

In the earnings report, the company said it made 49 cents per share for its fiscal Q1. That was a massive earnings beat.

Wall Street had been expecting Clorox to report a loss of 22 cents per share. The company was hit with a nasty cyberattack which scared investors. Its business was hit hard but it will survive.

On Thursday, the stock soared as much as 11% during the trading day before closing with a gain of 6.6%. Clorox has continued to rally since then. On Friday, Monday and today, Clorox gained another 7.7% combined. Add it all up and that’s a 14.9% gain in just four trading days.

Clorox slashed its full-year earnings guidance to a range of $4.30 to $4.80 per share. The old range was $5.60 to $5.90 per share. That stings, but Clorox will move on and remain profitable.

I wish I could take credit for having predicted the big gain for Clorox, but that’s not accurate. Instead, I told you to steer clear of Clorox and to wait and see if the company has addressed its problems. Again, the key is to determine how fixable a company’s problems are. With Clorox, the problems seem to be fixable.

So I won’t take credit for the big gain, but I will stand by the strategy of waiting for good stocks to falter. It’s not hard, but it requires patience and discipline. Clorox is about as blue as a blue chip can get. It’s raised its dividend for 21 straight years.

An analyst at Citigroup said, “Clorox’s reduced FY24 guidance looks conservative, and that it expects Clorox to fully recover from the cyberattack by the end of FY25, adding that a 30% selloff since August makes the stock compelling.” I agree.

WeBroke

Of course, just because a stock is down doesn’t mean it’s cheap. It only means that it’s less expensive than it was before. That brings me to the sad story of WeWork (WE), the office space-sharing company. WeWork filed for bankruptcy today. That wasn’t unexpected.

The WeWork story is almost comically inept. Apple TV made a miniseries about it with Anne Hathaway and Jared Leto.

Few companies have gone from superstars to bust in such a short time. At one point, WeWork was worth $47 billion. The company tried to go public, but the offering was canceled.

It filed “sloppy” filing documents. In its S-1 document, WeWork wrote, “We are a community company committed to maximum global impact. Our mission is to elevate the world’s consciousness.”

I’m not kidding you. It really says that.

WeWork eventually went public in 2021. The company’s CEO, Adam Neumann, received a lot of attention for his unorthodox management style. Two years ago, WeWork was going for $400 per share. Before trading in WeWork was halted, it got down to 85 cents.

WeWork was a celebrated tech startup, but in reality, it was a real estate company that got tangled up in too many expensive lease agreements. The company rented office space, then retrofitted it and subleased it to startups and freelancers. At one point, WeWork was the largest tenant in Manhattan.

As long as interest rates were low, the idea worked. Once rates started to rise, then things changed. Soon, the company hemorrhaged money. A few months ago, it announced a 1-for-40 reverse stock split. The stock is down 98% in this year alone. So much for the world’s consciousness.

Not a Great Jobs Report

Last Friday, we got the October jobs report from the Labor Department. According to the government, the U.S. economy created 150,000 net new jobs last month. That was below expectations for 170,000 new jobs, and the gain was nearly half the gain we had in September.

The unemployment rate increased to 3.9%. That’s its highest level since January 2022. Here’s a look at the unemployment rate. Note that historically, when the unemployment rate goes up by a little, there’s a good chance that it will go up by a lot.

The broader U-6 unemployment rate increased to 7.2%. The labor force participation rate declined slightly to 62.7%.

Right now, the most important stat is wages, and that’s not looking very good. Last month, average hourly earnings rose by 0.2%. That was 0.1% less than expected. Over the last year, average hourly earnings are up 4.1%. Unfortunately, inflation has taken a large bite of that.

From a sector standpoint, health care led with 58,000 new jobs. Other leading gainers included government (51,000), construction (23,000) and social assistance (19,000). Leisure and hospitality, which has been a top job gainer, added 19,000 as well.

Manufacturing posted a loss of 35,000, all but 2,000 of which came because of the auto strikes. Transportation and warehousing saw a decline of 12,000 while information-related industries lost 9,000.

The important takeaway from this report is that it will take some heat off the Federal Reserve. The futures market currently thinks there’s less than a 10% chance that the Fed will hike next month. How things have changed! One month ago, the odds were at 36%. Futures traders now think the odds are in favor of the Fed cutting rates in less than six months. If that’s right, we could be in store for a sector rotation soon.

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: November 7, 2023
Posted by Eddy Elfenbein on November 7th, 2023 at 7:02 am

China’s Exports Tumble Again in Fresh Sign of Economic Trouble

China’s Banks and Property Sector Threaten a Growing Economy

UK Government to Focus on Curbing Inflation, Not Boosting Spending – King’s Speech

UK Antitrust Regulator to Take on Big Tech with New Legal Power

Australia Thought It Was Done Raising Interest Rates. It Wasn’t.

Fed’s Neel Kashkari Not Convinced Rate Hikes Are Over

Wall Street Bosses See Financial Dangers Everywhere

How Goldman Sachs Is Navigating A More Turbulent World

Private Equity Courts a Growing Class of Mini-Millionaires

UBS Group Swings to Net Loss as Credit Suisse Costs Weigh

WeWork Goes Bankrupt, Signs Pact With Creditors to Cut Debt

SoftBank Makes Another Bet on WeWork, Hoping Landlords Will Too

Uber Posts Revenue That Misses Estimates on Accounting Change

More Laid-Off Workers Got Severance During the Pandemic, But That’s Over Now

Lavish Tax Credits and Trade Protections Lure Solar Firms to U.S.

Saudi Aramco Profit Falls on Lower Oil Prices, Volumes

The Fuel of the Future May Rely on Developing Oilier Soybeans

EV Makers Turn to Discounts to Combat Waning Demand

Russians Lose Taste for Suddenly Pricey Dubai Property

In Uruguay, a Tax Haven With Lots of Beaches and Little Crime

X CEO Linda Yaccarino Leans on TV Roots to Bring Back Jittery Advertisers

Elon Musk’s Brain Implant Startup Is About to Start Cutting

Hungry (but Not for Human Contact), Americans Head for the Drive-Through

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Morning News: November 6, 2023
Posted by Eddy Elfenbein on November 6th, 2023 at 7:04 am

How Russia Games Oil Sanctions for Big Profits

More Semiconductors, Less Housing: China’s New Economic Plan

China’s First Deficit in Foreign Investment Signals West’s ‘De-Risking’ Pressure

Treasury Secretary Yellen to Hold Economic Talks With Chinese Counterpart

South Korea Stocks Surge More Than 5% for Best Session Since March 2020 After Short-Selling Ban

Voters Aren’t Believing in Bidenomics

Biden Awards $16.4 Billion for Northeast Corridor Rail Upgrades

SEC Rule to Speed Trades Puts $1 Trillion of ETFs at Risk

Hedge Funds Catapulted Treasury Shorts to Record at Wrong Time

BlackRock’s Boivin Says High Rates Still a Threat to Stock Rally

Brookfield Raises $26 Billion on Oaktree, Infra Fund Strength

Warring Billionaires, a Rogue Employee, a Divorce: One Hedge Fund’s Tale of Woe

Why Banks Are Suddenly Closing Down Customer Accounts

EY Lays Out U.S. Governance Overhauls After Failed Split

CapVest to Buy Industrial Chemicals Firm Recochem From H.I.G.

Tech Start-Ups Try to Sell a Cautious Pentagon on A.I.

Big Pharma Wants to Use AI to Increase Diversity in Clinical Trials

AI Pioneer Kai-Fu Lee Builds $1 Billion Startup in Eight Months

German Giants Pour Over $500 Million Into AI Startup Aleph Alpha

Legislators Aim to Help Celebrities and Consumers Fight Deepfake Scam Ads

Another Google Antitrust Battle Reaches Court in Epic Games Case

Google Play Trial to Test Alphabet’s App Marketplace Power

Job Action Against Tesla Puts Sweden’s Unions in Spotlight

The Workers Who Make Your Clothes Want Higher Pay. Who Should Pony Up?

The New Headache for Bosses: Employees Aren’t Quitting

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Morning News: November 3, 2023
Posted by Eddy Elfenbein on November 3rd, 2023 at 7:02 am

Panama Canal Traffic Is Being Throttled by Climate Change Impact

Maersk Slumps After Forecasting Weak Global Trade Until 2026

China Foreign Investment Gauge Turns Negative For First Time

In the Long Run, Investing Is All About the Economy*

US Money Market Funds Draw Biggest Weekly Inflow in Seven Months

Ruin: Money, Ego & Deception at FTX

Sam Bankman-Fried Convicted of Fraud in Stunning FTX Crash

Cathie Wood Says Bitcoin Is ‘Digital Gold’ as Deflation Hedge

Buffett’s Berkshire Poised for Boost as Rates Burnish Cash Pile

Macquarie’s First-Half Profit Falls, to Launch Up to A $2 Billion Buyback

US October Jobs Report to Mark End of Blowout Payroll Gains

UAW’s Fain Sees ‘Ugly’ Labor Strife Ahead at Ford Battery Plants

How ‘Salts’ Get Into Labor Movements

Apple’s Disappointing Outlook Spotlights Growing China Woes

Walgreens Is Cancelling Corporate Bonuses as Big Pharmacies Face Increasing Difficulties

Junk Food’s $30 Billion Opening Is India’s Next Health Crisis

Restaurant Brands Revenue Disappoints Wall Street as Burger King Same-Store Sales Miss Estimates

Shoppers Keep Splurging on Little Luxuries Like Starbucks, Fried Chicken

Americans Are Walking 36% Less Since Covid

Fall Auctions Woo Rich Bargain Hunters With $2.5 Billion in Art

N.F.L., on Lookout for Growth, Finds Open Arms in Germany

Why the Jet Stream Is Helping Some International Flights Arrive Early

A Giant Leap for the Leap Second. Is Humankind Ready?

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Morning News: November 2, 2023
Posted by Eddy Elfenbein on November 2nd, 2023 at 7:04 am

These Five Countries Are Key Economic ‘Connectors’ in a Fragmenting World

Powell Hints Fed Is Done With Hikes in Pivot Cheered by Markets

How Higher Rates for Longer Can Be Good News for the Economy

Finance Chiefs Take Measured Approach to Using Real-Time Payments

Private Equity Makes Loan Payments With More Debt to Keep Cash

Jamie Dimon Warns Texas to Stop Pushing Anti-Business Bond Laws

Billionaire Targeted by Hindenburg Emerges Richer and Unbowed

The US Housing Market Has Become an Impossible Mess

China Is Winning in Solar Power, but Its Coal Use Is Raising Alarms

Adani’s Coal-Power Arm Posts 847% Jump in Profit on High Demand

Shell Launches $3.5 Billion Buyback After Earnings Rose on Higher Energy Prices

Why You Might Get Cheap Gas for Christmas

Foxconn Makes Your iPhone. Now It Wants to Make Your Electric Car

Palantir Surges After AI Demand Powers Record Quarterly Profit

Moderna Reports $3.6 Billion Loss on Covid Supply Writedowns

Novo Nordisk’s Earnings Surge on Frenzy for Obesity Drugs

The UAW Beat Detroit. Tesla Will Be a Different Beast

No Nation in the World Is Buying More Planes Than India. Here’s Why

Shipping Startup Flexport Is in Crisis Mode Heading Into the Holiday Season

Shein Turns to Western Executives to Become Even More Global

Bankrupt and Loving It: Welcome to the Lucrative World of Undead Brands

Six Flags, Cedar Fair to Merge in $8 Billion Theme Park Deal

Disney Says It Will Take Full Control of Hulu

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Morning News: November 1, 2023
Posted by Eddy Elfenbein on November 1st, 2023 at 7:04 am

Drought Saps the Panama Canal, Disrupting Global Trade

A World Desperate for Sugar Sees It Pile Up in Brazilian Ports

Oil-Merger Mania Threatens Crude’s Liquidity as Hedgers Vanish

Jobs, Rib-Eyes and Worries: How Exxon’s Giant Oil Discovery Is Transforming Guyana

BP Becomes Unique Among Oil Majors With an Analyst Sell Rating

The Economy Is Great. Why Are Americans in Such a Rotten Mood?

Fed’s ‘Hawkish Pause’ to Keep Option to Hike

Republican US Senator Presses Fed Officials on Bond-Buying Policies

World’s Safest Market Becomes a Magnet for Big Investors

Druckenmiller Says He Has ‘Massive’ Bullish Bets on 2-Year Notes

Private Equity’s Slump Propels a Firm That’s Ready to Offer Cash

How Does the World’s Largest Hedge Fund Really Make Its Money?

Warnings on Weak Demand Are Piling Up This Earnings Season

Black Men’s Historic Labor Gains Unravel as Fed Fights Inflation

They Propelled China’s Rise. Now They Have Nothing to Fall Back On

WeWork Shares Sink After Report It Plans to File for Bankruptcy

Chipotle’s Labor Costs Are Rising. Customers Will See It in Pricing

Real Estate Industry Takes Fresh Hit With Verdict on Commissions

Harris to Announce Steps to Curb Risks of A.I.

He Left Boeing. Now He’s the Jet Maker’s Most Important Person

Orsted Books $4 Billion Impairments, Walks Away From Two US Offshore Projects

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CWS Market Review – October 31, 2023
Posted by Eddy Elfenbein on October 31st, 2023 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.”)

Expect the Fed to Pause Again

The Federal Reserve is meeting today and tomorrow. The central bank’s policy statement will be released tomorrow afternoon at 2 pm.

I’ll ruin the suspense for you. The Fed won’t make any changes to interest rates. The FOMC will keep its target for Fed funds rates at 5.25% to 5.50%. The good news is that inflation has faded from its highest levels. The bad news is that the battle isn’t over. Not yet, at least.

For tomorrow, traders currently think there’s a 0% chance that the Fed will hike rates and a 2.9% chance that it will lower rates. In my opinion, they’re right on the odds for a rate hike, and roughly 2.89999% too high on the odds for a rate cut.

Here’s a look at the Fed funds rate:

This chart shows you how dramatic the Fed’s policy has been.

The real news from this meeting will be any signal from the Fed about where rates are headed and when. This is where things get interesting because the Fed has said that it expects to raise rates once more time before the end of the year. After this week’s meeting, there’s only one more meeting scheduled for 2023, and that’s on December 13.

Still, traders are betting against a December hike as well. According to the futures prices, traders think there’s a 29% chance that the Fed will hike rates in December. That’s unusual that the market is so doubtful of what the Fed has said publicly. As a general rule, whenever there’s a disagreement between government officials and the market, I go with what the market has to say. After all, market participants suffer if they’re wrong.

The U.S. economy is still in a positive mood, but there are ominous clouds in the distance. Let’s start with some good news. Last week, the government said that the economy grew in real, annualized terms of 4.9% for Q3.

That’s quite good and it topped Wall Street’s forecast for growth of 4.7%. That’s the highest growth rate since Q4 of 2021. During Q2 of this year, the economy grew by 2.1%. The Q3 report will be updated again in November and then again in December.

Consumer Spending Is Powering the Economy

What’s driving the buoyent economy? That’s simple. It’s been the consumer. Despite higher interest rates, folks are still heading to the malls and buying stuff. The economy was also helped by higher inventories, exports and government spending.

Personal consumption expenditures, which is a fancy name for consumer spending, rose by 5% in Q3. That’s up from 0.8% in Q2. Consumer spending was roughly evenly divided between goods and services.

These good numbers aren’t a surprise to anyone who’s been following the bond market. In less than six months, the yield on the 10-year Treasury has jumped by 150 basis points. That’s a very large move for such a short period of time.

It’s not just GDP. We also had good news in last Thursday’s report on durable goods. For September, orders for durable goods rose by 4.7%. Wall Street had been expecting an increase of just 2%. In August, durable goods orders were up by just 0.1%. For now, there’s no recession in sight, but that may change soon.

Now let’s look at some of the bad news. One area of concern has been the stock market. On Friday, the S&P 500 fell for the eighth time in nine sessions. The index closed at its lowest level since May 24.

This is another area where higher interest rates are taking their toll. Higher rates may not be scaring off consumers just yet, but they do have an impact on the financial markets. There are plenty of investors who are fine with sitting out this market and taking a 5.44% risk-free profit for the next twelve months. It’s not how I feel, but I certainly understand the temptation.

The important fact for investors to understand is that higher interest rates are like Kryptonite for stocks. Even the perception of higher rates can scare off stock investors.

Measuring from its recent peak on July 31, the stock market lost slightly more than 10%. Share prices rebounded a bit yesterday and today. Still, October was the third down month in a row for the S&P 500.

For now, the interest-rate outlook is unfavorable, but that could change very soon. It’s very possible that the Fed may start cutting rates sometime in 2024. That could help spark a nice rally for stocks.

Put it this way. The NBA season just got started. It’s possible that the Fed may start cutting rates before the playoffs are over in June of next year.

The next big test for the market comes on Friday when the government releases the October jobs report. The labor market has been remarkably resilient. It’s as if people have been waiting in desperation for cracks to show in hiring. They haven’t appeared.

Last week’s report on initial claims was quite good. The Labor Department said that jobless claims rose by 10,000 to reach 210,000 for the week ending on October 21.

For this Friday, the consensus on Wall Street is for a gain of 170,000 net new jobs. A big miss could have a dramatic impact on the stock market.

The Long Run at Clorox

Consumer staples stocks have not performed well this year. That’s a reflection of the market shying away from conservative, stable stocks, and its willingness to take on more risk.

One of my favorite consumer staples stocks is Clorox (CLX). The stock has been an outstanding performer for several decades. That’s why I take notice when the shares have been weak. Yesterday, Clorox made a new 52-week low.

People often assume that Clorox is owned by someone else. Nope. It’s owned by Clorox. The company also owns Pine-Sol and Liquid-Plumr.

The stock got a nice bump early on during the pandemic, for obvious reasons, but it’s been sluggish ever since.

As it turns out, Clorox is due to report its fiscal-Q1 earnings tomorrow. The company’s fiscal year ends in June.

Clorox is going through a rough stretch which includes a recent cyberattack. For Q1, Clorox is expecting to report between a loss of 40 cents per share and flat earnings. Wall Street expects Clorox to report a loss of 22 cents per share.

One of the easiest strategies on Wall Street is to wait for a good company to drive off the road into a ditch. It happens to everybody. The difference is that the high-quality companies can right themselves.

For now, I’m steering clear of Clorox, but I’m keeping a close eye on it. If the problems are fixable, this could be a potential turnaround play. Bear in mind what a solid company this has been. Clorox has increased its dividend every year for the last 21 years in a row.

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: October 31, 2023
Posted by Eddy Elfenbein on October 31st, 2023 at 7:03 am

Eurozone Economy Shrinks, While Price Pressures Ease

Shrinking UK Stock Market Is In a ‘Doom Loop,’ Peel Hunt Says

U.S. Looks to Allay European Fears of a Subsidy War

China’s Factory Activity Shrinks, Fueling Calls for More Support

Yield Curve Control Joins the Living Dead

BOJ Is Handing Back the Japanese Bond Market to Investors

Credit Strength Is Baffling Fed Watchers Ahead of Rate Decision

Workers Keep Getting Big Raises. That’s a Problem for the Fed.

The Fed Can Wait

Fed’s Reverse Repo Facility Drawdown Looms Large in Balance Sheet Debate

Banker Bonuses for ECM Shops Looking Abysmal With Light Issuance

Biden’s ‘Junk Fee’ Crackdown Comes for Retirement Advice

Glen Point Fraud Verdict Signals White-Knuckle Trades Are Fading

Carmakers Weather $2.9 Billion UAW Strike Chaos With Cost Cuts

America’s Offshore Wind Ambitions Are Coming With Bigger Price Tags

Why Exxon and Chevron’s Deals Leave Investors Cold

BP Profit Rose on Higher Refining Margins, Strong Oil Trading

WeWork Reaches Seven-Day Forbearance Agreement With Bondholders

Jeep Maker Stellantis Says It Lost $3 Billion of Revenue Due to UAW Strike

Vodafone to Sell Spanish Unit to Zegona Communications for Around $5.3 Billion

Ravaged Florida Town Becomes a Magnet for Risk-Taking Homebuyers

Californian Vineyard Founded by Lebanese Migrants Sells for Up to $1 Billion

Bankman-Fried’s Risky Defense Strategy Faces Another Big Test

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