Morning News: March 11, 2024
Posted by Eddy Elfenbein on March 11th, 2024 at 7:09 am

Oil Prices Steady as Middle East War Counters China Demand Concerns

The Houthis Are Schooling Us in Asymmetric Warfare

Japan’s Economy Expanded in Fourth Quarter on Capital Spending Boost

Australia to Abolish Nearly 500 So-Called Nuisance Tariffs

Bank of England Forecasts in the Dock as Bernanke Verdict Looms

US Will ‘Do Whatever It Takes’ to Curb China Tech, Raimondo Says

The Federal Reserve’s Challenge Is Economists, Not Too Much Growth

Emergency Fed Bank Effort Ends Lending, as Eyes Turn to Discount Window

Traders Are on Alert for a Hotter-Than-Expected Inflation Print

One of the Most Infamous Trades on Wall Street Is Roaring Back

GoldenTree Raises $1.35 Billion in First Private Credit Fund

Rich Banker’s Lawyer Accused of Being Too Polite to Vet His Cash

A Year Later, Lessons From Silicon Valley Bank’s Epic Collapse

Apple to Open New Store in Shanghai Amid Falling iPhone Sales

Reddit Launches Long-Awaited IPO With $748 Million Target

EQT to Buy Mountain Valley Pipeline Owner for $5.5 Billion

Academics Question ESG Studies That Helped Fuel Investing Boom

Behind the Alaska Blowout: a Manufacturing Habit Boeing Can’t Break

Why Is My Electric Vehicle Dead? Check the 12-Volt Battery

Choice Hotels Scraps Roughly $7 Billion Bid For Wyndham After Rebuff

He’s Not Just Looking to Make a Quick Billion

Restaurants Are Raising Prices in California as Pay Rises. One Chain Isn’t

When Canceling Your Reservation Costs as Much as Dinner

Saudi Arabia Is Splurging on Sports. Is It Working?

Elon Musk Has a Giant Charity. Its Money Stays Close to Home

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Morning News: March 8, 2024
Posted by Eddy Elfenbein on March 8th, 2024 at 7:02 am

EU, US to Open Sea Corridor for Gaza in Days as Peace Talks Fail

African Drought and Europe’s Farming Troubles

China Readies $27 Billion Chip Fund to Counter Growing US Curbs

Global Equity Funds Draw Inflows of $6.5 Billion on Rate-Cut Hopes

Biden Portrays Next Phase of Economic Agenda as Middle-Class Lifeline

Credit Market Euphoria Is Like Rate Hikes Never Happened

US Small Businesses Struggle for Credit, One Year After Regional Turmoil

Bond Market Looks to Jobs Data to Validate Rate-Cut Expectations

Cathie Wood, Flying Taxis, and ARK’s Rematch With a Grizzly Bear

The New Job Hot-Spots: Phoenix, Orlando and Albuquerque

Debt Swaps Explored by Global Fund Targeting Health Investments

F.D.A. Delays Action on Closely Watched Alzheimer’s Drug

Rite Aid Advisers Rake in Millions Through Bankruptcy. Opioid Victims Brace For Nothing

A.L.S. Drug Relyvrio Fails Clinical Trial and May Be Withdrawn From the Market

Novo Nordisk Market Cap Surpasses Tesla on New Obesity Pill Trial Data

Unless You’re Nvidia, the AI Chip Business Is Complicated

Nvidia Looks Primed for a Stock Split After $1 Trillion Rally

Open AI’s GPT Is a Recruiter’s Dream Tool. Tests Show There’s Racial Bias

Boeing to Tie More of Employees’ Incentive Pay to Safety

China’s Vehicle Sales Dropped in February Amid Price War, Long Holiday

Tesla Loses Power After Years of Waving Away Germans’ Concerns

Rivian Follows Tesla’s Lead, but Is It Too Late?

Rivian Will Delay Construction of a $5 Billion Factory in Georgia

BP Claws Back a Further $2.3 Million From Ex-CEO Looney

Rupert Murdoch’s New Russian Fiancée Ties Him to a Sprawling Web of Money — With Some Surprising Connections

HelloFresh Shares Slump After Company Drops Midterm Targets

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Morning News: March 7, 2024
Posted by Eddy Elfenbein on March 7th, 2024 at 7:05 am

Nickel Prices May Soon Recover From Indonesia-Induced Slump

Looking Beyond Diamonds and Money

How China Came to Dominate the World in Solar Energy

China’s Export Bounce Draws Notes of Caution From Economists

China Scrutinizes Bond Buying at Smaller Banks as Market Soars

BOJ Bets Swing Toward March Rate Hike

Bank of Canada Keeps Policy Rate at 5%, ‘Too Early’ to Weigh Cuts

I.M.F. Agrees to Much Larger Rescue Package for Egypt

OECD Government Borrowing Expected to Rise to Record $15.8 Trillion This Year

Fed Chair Powell Still Expects to Cut Rates This Year, but Not Yet

Wall Street Wins After Powell Signals Changes to Contentious Bank Rules

Billionaire, Corporate Tax Hikes Will Be Focus of Biden Speech

How Trump’s Ex-Treasury Chief Landed 2024’s Highest-Profile US Bank Deal

NYCB Total Deposits Drop 7% to $77.2 Billion, Shares Fall

How Microsoft’s Bing Helps Maintain Beijing’s Great Firewall

How Apple Sank About $1 Billion a Year Into a Car It Never Built

Elon Musk Is Right About OpenAI But for the Wrong Reasons

EVs Can’t Fix a Global Epidemic of ‘Car Harm,’ Study Finds

GE Aerospace Sets Tone With Post-Breakup Profit Goal, Dividend

Airbus Is Soaring at Boeing’s Expense

Merck KGaA Expects Organic Sales, Earnings Growth This Year

Big American Tech Profits From Chinese Ad Spending Spree

Walmart, TikTok and Shein Lure Amazon Merchants at Vegas Event

Abercrombie & Fitch Is Reaping the Rewards of Taking Adult Women Seriously

The Youths Have Spoken: Wallets Are Uncool. Go Digital

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Morning News: March 6, 2024
Posted by Eddy Elfenbein on March 6th, 2024 at 7:04 am

Startups Beckon for Women Seeking Equality in Japan

South Korea Inflation Reaccelerates, Backing BOK’s Hawkish Stance

What’s the ‘Korea Discount’ and Why Is It a Problem?

A Window Into Chinese Government Has Now Slammed Shut

Morgan Stanley Cuts 9% of China Fund Unit Staff Amid Market Rout

Australia’s Economy Continues to Slow as Rates, Costs Crush Confidence

Germany’s Trade Surplus Widened in January

US Regulators Expected to Significantly Reduce Basel Capital Burden

Gold Steady After Surging to Record on Rate-Cut Bets, Haven Bids

Crypto’s $800 Billion Rally Widens Beyond Record-Setting Bitcoin

What’s Behind Record Highs for Gold and Bitcoin?

Bitcoin’s Wild Price Booms and Busts Are Going to Continue Forever

Yes, Even Cookie Monster Is Upset About ‘Shrinkflation’

There’s a New Financial Crisis Brewing in Uninsurable US Homes

Nvidia Is the Latest Shiny Object to Spur Stocks to New Heights

Reddit’s IPO Success Hinges on Infamously Unruly User Base

Why Elon Musk Has It In for Sam Altman

OpenAI Fires Back at Musk Allegations With Trove of Emails

Cyberattack Paralyzes the Largest U.S. Health Care Payment System

‘Exit Scam’ – Hackers That Hit UnitedHealth Pull Disappearing Act

Moderna Looks to Pare R&D Spending Even as It Pivots From Covid Vaccines

Flexible Hours Come to the Factory: A Look Inside Land O’Lakes’ Plant

Newsom Donor to Boost Pay at His Panera Franchises After Bill Controversy

Oscar Mayer Debuts Vegan Hot Dog With Help From Bezos-Backed Startup

$1,780 to Spend the Night in a ‘Cocoon’? Hotels Are Betting on Sleep Tourism

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CWS Market Review – March 5, 2024
Posted by Eddy Elfenbein on March 5th, 2024 at 6:40 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.”)

Beware the Reversals of March

In recent years, March has been the time for dramatic market turnarounds. Sometimes, March has welcomed major high points while other times, it’s been lows; but whatever the direction, this has been the time of year for them.

Why March? Beats me. Perhaps the coming of spring gives new hope to those who’ve been on the wrong end of the market for so long.

I’ll give you a few examples. Probably the biggest was the Great Tech Bubble which peaked in March 2000. The Nasdaq Composite closed at 5,048 on March 10, 2000.

This was the top of a blistering rally. In the previous 18 months, the index had soared 250%. The good times didn’t last. One year later, the Nasdaq was down 60%. Within two-and-a-half years, the Nasdaq was off by more than 75%. Anyone heard from Pets-dot-com lately?

The bear market low of 2002-03 is up for some debate. That’s because the market low officially came in October 2002. However, the stock market put on a nice 19% rally over the next four weeks…before it collapsed again.

Some analysts will claim that a rally of that size qualifies as a new bull market. Frankly, I’m agnostic on these points, but the S&P 500 reached another major low on March 11, 2003, right at the start of the Iraq War. The market low came exactly three years and one day after the Tech Bubble popped.

The Financial Crisis of 2007-08 is an interesting case because it took some time before the size of the damage was fully realized. The stock market peaked in October 2007 before it gradually eroded, and that erosion soon turned into an avalanche.

The closing low for the S&P 500 came on March 10, 2009 at 676.53. In terms of pure valuation, that may stand out as a multi-decade low. Adjusted for inflation, the Dow Jones Industrial Average was where it was 43 years before. Everyone, it seemed, hated Wall Street. If you recall, this was the time Jim Cramer went on Jon Stewart’s show. Like the others, this was also a great time to buy.

Then there’s the Covid bear market. That was an extremely dramatic market and again, March was the turning point. I’ve never seen a market so panicked. In March 2020, the S&P 500 had two of its six worst days in history, and it had two of its ten best days in history. In 13 trading days, the S&P 500 lost close to 30%. The S&P 500 finally reached its closing low of 2,237.40 on March 23, 2020.

Of course, that was also a great time to buy (thanks to extraordinary efforts from the Federal Reserve). In less than 17 months, the S&P 500 doubled, and it’s up another 14% from there.

It’s interesting to see how the market emerges from whatever chaos we face. On Wall Street, we refer to market drops as being “corrections” but from a long-term perspective, those drops are really the errors.

There’s an old saying on Wall Street that “bull markets go up the staircase while bear markets jump out the window.” That’s very true and you can really see the impact by looking at the long term.

Permit me a brief thought experiment. Think of investing as a roulette wheel with very unusual rules. You spin the wheel once a year, and you face two possible payoffs. You have either an 85% chance of making 15% on your investment next year, or you have a 15% chance of losing 20%.

I made up those numbers, but it’s close to what investors actually see. The long-term payoff is close to 10% but the key is that you have to keep playing through those 20% drawdown years. In fact, the odds are high that in an investing lifetime, you’ll almost certainly see two bad years within a five-year span.

The other part of this thought experiment is that bull markets can seem, to a rational observer, unusually hot. After all, the market is performing at a 50% faster rate than its long-term average, and that can happen for several years. This causes too many investors to jump ship too soon, and that’s a big mistake.

One of my favorite quotes from Peter Lynch is, “Far more money has been lost by investors’ preparing for corrections, or trying to anticipate corrections, than has been lost in the corrections themselves.”

Target to Start Membership Program

Shares of Target (TGT) got a nice 12% boost today after the retailer said it’s going to start a paid membership program next month. Of course, this is exactly what other retailers like Amazon and Walmart do. I’m curious what took Target so long. Amazon Prime is a smash hit, and Walmart said that Walmart+ has been doing very well.

The new service will be called Target Circle 360. The service “will include unlimited free same-day delivery for orders over $35 in as little as one hour with no delivery fees and free two-day shipping, along with other perks.”

The initial price will be $49 per year, but it will bump up to $99 per year after the initial promotion ends on May 18.

I’ve been following Target recently and the retailer appears to be at a turning point. There are still a lot of problems at Target, but for the first time in a long time, the company may be a worthwhile investment.

The shares had not been performing very well versus the overall market until late last year.

Then in November, Target released an encouraging, but not great, earnings report. I don’t want to overstate the case because Target still has problems. For Q3, same-store sales fell by 4.9%. Retail is a tough game, and it’s especially hard if your sales are falling. Retail is all about managing your inventory efficiently and getting the lowest price to your customer.

Still, the company said in November that it had improved its efficiency and was managing its inventory better. For its fiscal Q3, Target made $2.10 per share which was well ahead of the consensus for $1.48 per share. After the November report came out, the stock jumped 17% in one day.

Today, Target reported its fiscal-Q4 earnings, which covers the important holiday shopping season. Once again, Target didn’t have great news to report but it was a lot better than was feared. Same-store sales fell 4.4%. That was the third drop in a row. For the first time since 2016, Target’s annual sales fell.

For earnings, Target made $2.98 per share for its Q4. That was much better than Wall Street’s consensus for $2.42 per share. Target’s own range for earnings was $1.90 to $2.60 per share. Quarterly revenue hit $31.92 billion which was $90 million better than consensus.

For Q1, the current quarter, Target sees same-store sales falling by 3% to 5%, and earnings ranging between $1.70 and $2.10 per share. For the full-year, Target expects same-store sales to be flat to -2%, and full-year earnings coming in between $8.60 and $9.60 per share. That’s not great, but it could have been much worse.

Turnaround plays are tough. I generally avoid them. The issue is that investors need to figure out which is a fixable problem and which is not, because once a company loses its competitive edge, it’s very difficult to get it back. I’m pleased to see the progress at Target but the company still has to do more.

JetBlue and Spirit Call Off Merger Plans

JetBlue (JBLU) and Spirit Airlines (SAVE) finally ditched their plans for a $3.8 billion merger. The Biden administration fought to stop the deal, claiming it would harm consumers. In January, a federal judge sided with the administration and blocked the deal.

The two airlines had been looking to appeal the decision but have now agreed to part ways. JetBlue now owes Spirit a breakup fee of $69 million and $400 million to Spirit’s shareholders. I’ll be honest—Jet Blue shareholders dodged a big bullet with this one.

Despite the payment, Spirit is in very rough shape. They weren’t pursuing this deal because they wanted to but because they had to. In the chart above, notice how badly shares of SAVE got punished after the judge’s decision in January.

Spirit is a mess. The airline has a massive debt load, and they haven’t turned a quarterly profit since Covid. The airline is projected to lose money this year and next year as well. Perhaps someone else will buy them. Frontier (ULCC) had been kicking the tires, but they were eventually outbid by JetBlue.

I bet Frontier or someone else could get a good deal, but taking on Spirit won’t be easy. The DOJ will almost certainly challenge any deal.

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: March 5, 2024
Posted by Eddy Elfenbein on March 5th, 2024 at 7:03 am

China Sets GDP Goal That Needs Policy Support ‘From All Fronts’

China’s Weak Energy Target Exposes Growth Dilemma

Singapore Has Taylor Swift to Itself This Week, and the Neighbors Are Complaining

Britain Isn’t Such a Basket Case Anymore, at Least to Investors

Bitcoin’s Market Value Touches Record as Token’s Price Nears All-Time High

Brighter Economic Mood Isn’t Translating Into Support for Biden

US Banks Far More Exposed than Europeans to Property Crunch, Says Morgan Stanley

Bank Runs Spooked Regulators. Now a Clampdown Is Coming

NYCB Ballooned Despite Real Estate Warnings in Years Before Fall

Biden to Launch Joint FTC-DOJ Task Force to Crack Down on ‘Unfair and Illegal Pricing’

Biden to Finalize Rule to Cap Credit Card Late Fees at $8

JPMorgan Joins France’s Payments Network CB to Skirt Visa, Mastercard

Immigration Rage Drowns Out the US Labor Market’s Need for Workers

Business Is Booming for DEI Lawyers as Corporate America Asks ‘What’s Legal?’

Seoul Semiconductor Files Patent Lawsuit Against Amazon With European Court

Apple on Collision Course With EU as New Digital Markets Act Kicks In

Apple’s iPhone Woes in China Deepen With a 24% Sales Plunge

AMD Hits US Roadblock in Selling AI Chip Tailored for China

Nio Loses Another $2.9 Billion as China’s EV Battle Intensifies

Former Twitter Executives Sue Elon Musk for More Than $128 Million in Severance

JetBlue and Spirit Call Off Their $3.8 Billion Merger

Simply Paused or Permanently Sunk? The Kroger-Albertsons Merger Has Hit a Major Snag

Macy’s ‘Is Melting Away’: Activist Investor Brings $6.6 Billion Bid to Buyout Battle

Target Sales Fall for First Time Since 2016

Book Startup Pitches Authors a Novel Deal: $0 Up Front, Bigger Profits

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Morning News: March 4, 2024
Posted by Eddy Elfenbein on March 4th, 2024 at 7:05 am

Russia’s Backdoor for Battlefield Goods From China: Central Asia

OPEC+ Will Soon Confront a Tougher Oil-Market Test

US Funding Bill Blocks China from Buying Oil from Strategic Petroleum Reserve

Red Sea Conflict Threatens Key Internet Cables

Beijing Is Expected to Unveil GDP Target Around 5% — A Goal Now Harder to Achieve

Rich Countries Are Becoming Addicted to Cheap Labor

Higher Interest Rates Drag Swiss National Bank to $3.6 Billion Loss

Looming Event Risk Can’t Stop Nikkei Topping 40,000

Judge’s Ruling Sets Back Law Meant to Fight Money Laundering

America Blew Almost $2 Trillion. Make It Stop

Does Interest Rate Pain Explain the Consumer Sentiment Gap?

Wall Street’s DEI Retreat Has Officially Begun

Private Equity’s Green Star Started It All With a Database

JPMorgan’s AI-Aided Cashflow Model Can Cut Manual Work by 90%

Humanoid Robots at Amazon Provide Glimpse of an Automated Workplace

Forced to Change: Tech Giants Bow to Global Onslaught of Rules

Apple Hit With €1.8 Billion EU Fine Over App Store Rules

Nvidia Leaps Aramco to Be World’s Third Most-Valuable Company

Companies Are Juggling More Software Vendors Than Ever. It Isn’t Easy

Railroad Workers Were Ready to Strike. Now They’re Fighting to Save Their CEO

It’s Me, Hi, I’m the Problem. I’m 33

The ZIP Code Shift: Why Many Americans No Longer Live Where They Work

Ohio Fines CVS $1.5 Million Over Safety and Staffing Issues

Vista Outdoor Rejects $2.9 Billion Takeover Offer From MNC Capital

From Rock to Rap, Artists Are Doubling Down on Videogames to Reach New Listeners

Why Prices of the World’s Most Expensive Handbags Keep Rising

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Morning News: March 1, 2024
Posted by Eddy Elfenbein on March 1st, 2024 at 7:02 am

Finally, Some Good News at the W.T.O.

The Monaco Royals Whose Deals Have Brought Peril to the Palace Doors

India’s Blowout GDP Based on Data Distortion That Masks Slowdown

China’s Wobbly Start to the New Year

Xi’s One-Man Rule Over China’s Economy Is Spurring Unrest

Ukraine Drafts Crucial Farm Workers in Desperate Rush to Bolster Military

Yellen Says Russia Assets No Substitute on Ukraine Aid

Eurozone Inflation, at 2.6%, Continues to Ease

Thomas Jordan: The Technocrat Central Banker Who Made the Big Decisions

Congress Approves Interim Funds to Avert US Government Shutdown

US Money Market Funds See Big Inflows Ahead of Inflation Data

A Fed Held Hostage by Data Is Asking for Trouble

The U.S. Economy Is Surpassing Expectations. Immigration Is One Reason

NYCB Flags Weaknesses in Loan Oversight and Names New CEO

Bankers Sick of the NYC Commute Are Fueling a Boom in a Mini Greenwich

Big Tech’s Boom Has Strategists Scrambling to Keep Up With Rally

Court Weighs Whose Freedom of Speech Is at Risk in Content Moderation Fight

Elon Musk Sues OpenAI, Altman for Breaching Firm’s Founding Mission

Tesla Stands to Earn Billions of Dollars a Year by Opening U.S. Charging Stations to Drivers of Ford and Other EVs

Shrinkflation 101: The Economics of Smaller Groceries

Developers Got Backing for Affordable Housing. Then the Neighborhood Found Out

Global CO2 Emissions Hit Record High in 2023, IEA Says

Disney Heirs Line Up Against Activist Investors

Kuehne + Nagel Shares Tumble After Earnings Fall Short of Expectations

Daimler Truck Expects 2024 Adjusted Earnings in Line With Previous Year; Raises Dividend

Pearson’s Pretax Profit Rises; Extends Share Buyback Plan by GBP200 Million

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Morning News: February, 29, 2024
Posted by Eddy Elfenbein on February 29th, 2024 at 7:07 am

Ukraine Sees Risk of Russia Breaking Through Defenses by Summer

AI Is Already Changing How the US Wages War

China Bans High-Frequency Trader as Quant Crackdown Expands

Market Herding Is Everywhere, Not Just the US

Canada’s TD Bank Posts Lower Profit on Higher Loan Loss Provisions

Fed Officials Emphasize Data to Guide Pace of Interest-Rate Cuts

Bitcoin ETFs Shake Up Crypto Market After Storming Wall Street

Greg Coffey in Talks to Buy EMSO, Create $13 Billion Hedge Fund Firm

Audit Deficiencies by Accounting Giants Grew in Latest Inspections, U.S. Regulator Says

The Right Questions Can Make You Money

Auto Insurance Spike Hampers the Inflation Fight

FAA Gives Boeing 90 Days to Come Up With Quality-Control Plan

Air Travel Is Extra Hard for Wheelchair Users. Here’s How the Government Wants to Fix It

Oil Producers May Not Share Analysts’ Views of a Tighter Market

Frackers Are Now Drilling for Clean Power

Biden Calls Chinese Electric Vehicles a Security Threat

Robotics Startups Hope the AI Era Means Their Time Has Come

How the World’s Priciest Property Market Stumbled

The American Southwest Is Finally Starting to Embrace Vertical Living

Chemours Shares Slide Premarket as Execs on Leave Amid Probe

Tech Layoffs Keep Coming. Why Is Head Count Barely Budging?

Billionaire Claure Forges New Empire After WeWork Collapse

Chocolate Makers Try a New Recipe: Less Chocolate

Beiersdorf Guides for Sales Growth Ahead

Birkenstock Posts Strong Earnings With Sandal Demand Growing

Paramount’s Big Game Is Still a Sideshow

Disney’s $8.5 Billion Reliance Merger Is a Streaming Wars Win in Sports-Obsessed India

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Morning News: February 28, 2024
Posted by Eddy Elfenbein on February 28th, 2024 at 7:02 am

Another Chinese Property Giant Faces a Creditor Who Wants It Dismantled

Hong Kong Takes Drastic Action to Avert Property Slump

China Tells Quants to Phase Out Strategy Blamed for Turmoil

Eurozone Confidence Keeps Struggling to Recover, Survey Shows

The Fed Contrarian Who Saw the Soft Landing Coming

Lorie Logan Makes Waves on Wall Street From Her Perch at the Dallas Fed

The Big Bond Steepener Is Flopping as the Fed Delays Rate Cuts

Flawed Valuations Threaten $1.7 Trillion Private Credit Boom

Sam Bankman-Fried Makes His Last Stand

How Much Wealth You Need to Join the Richest 1% Around the World

A Tech Billionaire Is Quietly Buying Up Land In Hawaii. No One Knows Why

Gen Alpha Are Ready to Spend – and They Want to Be Treated Like Adults

US Home-Buying Demand Nears Worst Since 1995 With Rates Above 7%

This Is Where New Migrants Are Going When They Reach the US

How the Media Industry Keeps Losing the Future

Baidu Posts Record Revenue Amid Search for New Growth Engines

China’s Electric Vehicles Are Going to Hit Detroit Like a Wrecking Ball

Apple’s Scrapped Car Project Means AI and Headset Bets Are More Urgent

Elon Musk Hypes Tesla Roadster Again After Half Decade of Delay

New F1 Team Names Bring Money, Marketing and Lots of Syllables

How a Vermont Ski Area Roared Back From a Financial Scandal

Surge Pricing for Burgers and Shakes? Wendy’s Will Give It a Whirl

Going ‘California Sober’ May Be Bad for Your Heart

Companies Were Big on CBD. Not Anymore

Hollywood Is Banking on Dune: Part Two to Revive the Blockbuster Experience

Levi’s Wants You to Rethink Your Denim Shopping

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