Morning News: September 6, 2023
Posted by Eddy Elfenbein on September 6th, 2023 at 7:06 am

Speeding Up Green Transition Would Make It Cheaper Too – ECB

Saudi Cuts Send World Diesel Prices Soaring

$100 Oil? What a Price Spike Could Mean for Markets and Geopolitics

Thieves Target ‘Liquid Gold’ as Olive Oil Prices Soar

Pork Industry Grapples With Whiplash of Shifting Regulations

India’s Moment Has Arrived, and Modi Wants a New Global Order

Bank of Canada Poised to Hold Rates at 5% But Threaten More Hikes

Fed Set to Double Its Economic Growth Forecast After Strong US Data

KKR’s McVey Boosts Economic Outlook, Recommends Investors Buy Real Assets

Rising Rents Are Hitting American Suburbs Hardest

China Bans iPhone Use for Government Officials at Work

In Its First Monopoly Trial of Modern Internet Era, U.S. Sets Sights on Google

Google Turns to a Steady Old Hand to Fight Antitrust Charges

Roku Cutting 10% of Staff to Rein In Rising Expenses

Elon Musk Borrowed $1 Billion From SpaceX in Same Month of Twitter Acquisition

Disney’s Wildest Ride: Iger, Chapek and the Making of an Epic Succession Mess

Disney Lures Sports Fans to Hulu+ With ESPN Pulled From Charter

ESPN Bets Big on Pat McAfee, an F-Bomb-Throwing YouTube Star

Warner Bros. Cuts Profit Outlook as Hollywood Strikes Drag On

Powered by A.I., Company Aims to Make Selling Easier for Retailers

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CWS Market Review – September 5, 2023
Posted by Eddy Elfenbein on September 5th, 2023 at 8:09 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.”)

This Is the Tough Time of Year for Stocks

I hope you had a relaxing weekend. Traditionally, Labor Day Weekend marks a big change for stock returns.

A few years ago, I took the entire 127-year history of the Dow Jones Industrial Average and broke down how the index performs for each day of the year. That’s about 35,000 daily figures.

This is what the average year has looked like for the Dow. The index starts at 100 on January 1.

What I found is that historically, the Dow has reached a peak on September 6, shortly after Labor Day, and it’s fallen an average of 2.21% by October 29.

A drop of 2.21% may not sound like much, but it’s an unusually large drop when combining 127 years’ worth of data. That’s more than one-quarter of the Dow’s average annual gain.

Historically, the summer has been a very good time for stocks. From June 27 to September 6, the Dow has gained an average of 3.76%. That means that nearly half of the Dow’s annual gain has come over just 71 calendar days.

I want to stress that I don’t put a great deal of faith in these type of calendar effects. I would never make an investing decision based on one, but I do find them interesting. It seems very reasonable that summer has traditionally been good for stocks and that once the first hint of autumn comes, traders walk back some of those easy gains. This year, Wall Street had a good run from mid-March until late July, but investors may be growing more cautious. Speaking of growing caution, let’s look at last week’s job report.

The Economy Created 187,000 Jobs Last Month

On Friday, the government reported that the U.S. economy created 187,000 net new jobs last month. While that’s higher than Wall Street’s consensus for 170,000 jobs, it did mark the third month in a row of sub-200,000 jobs. On top of that, the jobs numbers for June and July were revised lower. June was lowered by 30,000 and July was lowered by 80,000.

Before reading too much into this, I should caution you that the jobs numbers for August can be tricky. It’s a difficult month to track new jobs. As a result, the revisions to the August numbers can be unusually high. For example, two years ago, the August jobs number was eventually doubled from the initial report. With econ data, it’s more important to look at the overall trends.

For August, the unemployment rate rose to 3.8% which is the highest in 18 months. I also like to look at the “U-6” rate which is a broader measure of joblessness. For August, the U-6 rate rose by 0.4% to 7.1%. It’s now at its highest level since May 2022.

One good sign is that the labor force participation rate rose to 62.8%. That’s the highest in more than three years. In plain English, it means that more people are out there looking for jobs. Once you stop looking, the government stops counting you as unemployed.

Perhaps the most important figure is wages. For August, average hourly earnings increased by 0.2%. That was below expectations of 0.3%. Over the last year, average hourly earnings are up by 4.3%. Wall Street had been expecting 4.4%. Hours worked rose slightly to 34.4. This is important because higher earnings generally means more revenue for business.

Here are some details:

“The U.S. labor market continues to come back to earth but from a very high peak,” said Nick Bunker, head of economic research at the Indeed Hiring Lab. “The labor market was sprinting last year and now it’s getting closer to a marathon pace. A slowdown is welcome; it’s the only way to go the distance.”

Healthcare showed the biggest gain by sector, adding 71,000. Other leaders were leisure and hospitality (40,000), social assistance (26,000), and construction (22,000).

Transportation and warehousing lost 34,000, likely due to the Yellow trucking bankruptcy, and information declined by 15,000.

There could be some cracks showing in the labor market. Last week’s job openings report showed a decline of nearly nine million job openings in July. There are still 1.5 jobs for every unemployed person.

Last week, the Q2 GDP report was revised a bit lower to 2.1%. The day after the GDP report, we also got the personal income and spending data. For July, personal income increased by 0.2%. That was 0.1% below expectations. Personal spending increased by 0.8%. That beat expectations by 0.1%.

The PCE Price Index, which is the Fed’s preferred measure of inflation, rose by 0.2% in July. Over the last 12 months, the PCE has increased by 3.3%. The core PCE is up by 4.2%.

The Federal Reserve meets again in two weeks. I expect the Fed to pause again at this coming meeting, but the following meeting, in early November, is a different story. There’s a chance that the Fed will raise rates again, but it’s far from certain. In fact, it’s not out of bounds for the Fed to be finished with its rate hikes for this cycle. Goldman Sachs thinks so.

Traders currently place the odds of a pause in November at 59%. One week ago, the odds were at 65%.

I’m not ready to say that the Fed is done with its hikes just yet, but we’ll soon get more data. The next important date is Wednesday, September 13 when the next inflation report is due out. If we’re not at the end of the Fed’s rate cycle, then we’re getting very close. That’s good news for investors.

Looking at the Sahm Rule

The economist Claudia Sahm is known as the inventor of the “Sahm Rule” which tells us if we’re in a recession or not.

The rule is simple but the reasoning behind it is very clever. The idea is that if the unemployment rate rises by a little, then it’s likely to rise by a lot.

This is a smart insight because it recognizes that economic cycles tend to reinforce each other. For example, a recession may lead to corporate layoffs. Those layoffs lead to decreased consumer spending. In turn, that leads to lower profits, and so on. In other words, a recession leads to a recession and a recovery builds on a recovery.

This is also why it’s been very hard for the Fed to engineer soft landings.

Best of all, the Sahm Rule is easy to calculate. It says we’re in a recession when the rolling three-month average for unemployment is 0.5% or more higher than the rolling three-month low over the last 12 months.

The rolling three-month average for unemployment reached 3.5% four months in a row (January through April). This means that the Sahm Rule would be triggered if the unemployment rate averages 4.0% for over a three-month period. This is why I took notice when last week’s report said that unemployment increased from 3.5% to 3.8%.

The math is easy. If we have an unemployment rate of 4.2% in September and October, then the Sahm Rule says we’re in a recession. Currently, the Sahm Rule is at 0.13%. Goldman Sachs just lowered its odds of a recession sometime in the next 12 months to 15%. This is the third time in three months that Goldman has lowered its recession odds.

To be clear, I agree that a recession right now is very unlikely. Also, this economy has proven to be far more resilient than a lot of experts thought.

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: September 5, 2023
Posted by Eddy Elfenbein on September 5th, 2023 at 7:07 am

Gulf Royal’s $1.5 Trillion Empire Draws Bankers and Billionaires

China’s Country Garden Narrowly Avoids Default

Argentina, in Dollar Love Affair, Agonizes Over Divorcing the Peso

European Asset Managers Reject Plans for Tighter Liquidity Rules

US Banks Hold $3.3 Trillion Cash Amid Banking Crisis, Slowdown Worries

Rising Demand for Fed Bank Lending Program Not a Sign of Stress

Goldman Cuts US Recession Chances to 15% on Improved Inflation

How Slowing Inflation Can Hit Corporate Profits

Crypto Market-Making Profit Margins Sink 30%

A $700 Million Bonanza for the Winners of Crypto’s Collapse: Lawyers

SoftBank’s Arm Seeks to Raise Up to $4.87 Billion in Anticipated IPO

What Huawei’s Comeback Says About US-China Tech War

Mercedes CEO Changes Tune on China as ‘Economic Wonder’ Stalls

In EV Transition, German Carmakers Lag Behind Tesla and China

Housing Market Inventory Is So Scarce That Builders Will Be in the Driver’s Seat for Years to Come, Says KB Home’s CEO

Why the U.S. Labor Movement Is So Popular But Union Membership Is Dwindling

Return-to-Office Is a $1.3 Trillion Problem Few Have Figured Out

OpenAI CEO Sam Altman First Person to Get Indonesian Golden Visa

Messi Drives Jump in Apple TV+ and MLS Subscriptions

Tyson Foods Couldn’t Produce Enough Chicken. Now It Has Too Much

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Morning News: September 4, 2023
Posted by Eddy Elfenbein on September 4th, 2023 at 7:08 am

Money and Politics Put World’s Biggest Climate Deal at Risk

Russia Says It Will Not Let Foreign Banks Exit the Market Easily — Unless They Unfreeze Russian Assets

Xi’s Unexplained G-20 Snub Erodes Image as Global Statesman

Huawei Teardown Shows Chip Breakthrough in Blow to US Sanctions

China’s Biggest Homebuilder Reels as Economy Slows

Faced With Evolving Threats, U.S. Navy Struggles to Change

US Stock Investors’ Complacency is Worrying, JPMorgan Strategists Warn

The Discredited Phillips Curve Cannot Be Discredited Enough

Inside a Sales Army Turning a Tax Break Into a Modern-Day Gold Rush

Arm IPO Expectations Tempered by Reality as Roadshow Kicks Off

Diamond Prices Are in Free Fall in One Key Corner of the Market

India Steps Up Coal Use to Stop Outages Triggered by Unusually Dry Weather

Warren Buffett’s Green Cash Washes Over Coal Country

J&J’s $40 Billion Split-Off Sets Stage for Pharma, Medical Tech Expansion

The Ground-Floor Window Into What’s Ailing Downtowns

Where in the World Are People Back in the Office?

A Summer of Strikes

Labor Could Be Detroit’s Next Big Disruption

Electric Cars Power China’s Economic Hopes as Internet Titans Take a Back Seat

Mercedes Bets on Range Boost in Swipe at Tesla’s EV Lead

Apple Is Set to Embrace an iPhone Charger Change It Didn’t Want

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Morning News: September 1, 2023
Posted by Eddy Elfenbein on September 1st, 2023 at 7:02 am

New Rising Stars Are Powering Gulf’s $50 Billion Spending Spree

India Is Losing a Green-Energy Subsidy Race

World’s Biggest Interest Rate Cuts Are Chile’s Prize for Taming Inflation

China Ramps Up Campaign to Boost Fragile Economy, Currency

The US, Allies See Opportunity and Risk in China’s Slowing Economy

Fed Officials Will Parse Jobs Numbers to Assess Economy’s Momentum

Summer Spending Surge Shows Consumers Driving Economic Growth

Rates Are Up. We’re Just Starting to Feel the Heat

US Stocks Still Face Hard Landing Risks, Bank of America Says

NFTs, Once Hyped as the Next Big Thing, Now Face ‘Worst Moment’

Wall Street Moguls Win Important Backer in Their Fight Over Hedge Fund Sale

Jon Corzine’s Critics Want Him Banned From Futures Trading

Wall Street Gets Tough on Return-to-Office Laggards

US Hiring to Slow Again Amid Writers Strike, Yellow Bankruptcy

5 Things CFOs Should Know About Generative AI

Billionaires’ Secretive Plan to Build a New City Is Backfiring

Tesla Refreshes Model 3 and Slashes Prices of Top-End Cars

Walgreens Chief Executive Roz Brewer Steps Down

New Boozy Drinks Blur Lines Between Kid and Adult Beverages

People Are More Generous Than You May Think

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Morning News: August 31, 2023
Posted by Eddy Elfenbein on August 31st, 2023 at 7:04 am

Inflation Rate in Eurozone Holds Steady

China’s Factory Activity Sparks Hope Slump Is Bottoming Out

China’s Slowing Economy Spells Trouble for Dry-Bulk Shipping

The U.S. and China Are Talking Again. Where It Will Lead Is Unclear

U.S. Businesses Need Predictability From China, Commerce Chief Says

The US Is Losing the Corn-Exporting Crown

Shell Quietly Abandons Its $100 Million-a-Year Plan to Offset Carbon Emissions

Fed’s Bostic Urges Caution to Avoid Inflicting Unnecessary Pain

UBS Flags Cost Cuts After $29 Billion Credit Suisse Windfall

Microsoft to Unbundle Teams Software in Europe

Musk Says X Will Offer Video and Audio Calls in Move Toward Super-App

The Tropical Island With the Hot Domain Name

Salesforce Needs to Play Its AI Chips Wisely

EV Boom Remakes Rural Towns in the American South

Companies Are Using Fewer Temp Workers, but That Doesn’t Portend a Downturn

Make Less Than $55,000 a Year? You Could Get Overtime Pay Under Biden Plan

Mark Thompson Helped Steady 2 News Outlets. Can He Do the Same at CNN?

Constellation Brands Has Sobered Up. Its Stock Has Room to Party

The Fight to Control Big Gay Ice Cream, Which Made the Rainbow Its Brand

For Women With Money Issues, an A.D.H.D. Diagnosis Can Be Revelatory

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Morning News: August 30, 2023
Posted by Eddy Elfenbein on August 30th, 2023 at 7:05 am

Gabon Military Stages Coup, the Latest to Hit a Former French Colony in Africa

Parisians Are Pledging Allegiance to the ‘Republic of Super Neighbors.’ They Must Bring Cheese.

China Moves to Shore Up Finances of Troubled Bank

China’s Biggest Homebuilder Raises Capital in Scramble to Pay Debts

EU Lawmakers Struggle to Compromise on Post-Brexit Derivatives Clearing

Crypto’s Top Enemy Gensler Put on Defensive by Grayscale Ruling

Funds Punished for Owning Too Few Nvidia Shares After Stunning 230% Rally

Tiger Cubs’ Wrong-Way Bets Cut Flow of Fresh Cash to a Trickle

Voice Deepfakes Are Coming for Your Bank Balance

Oil Rises on US Stockpile Draw and Hurricane Jitters

Lithium Players Race for Breakthrough to Meet Electric Car Demand

Toyota-Supplier Denso Is Ready for the EV Era

Where Peak-Season Shipping Is Headed, In Charts

Train Wi-Fi Can Be Terrible. Operators Are Looking High and Low for Solutions

Salesforce Boss Marc Benioff Warns He May Pull Headline Conference from San Francisco Over Rampant Homelessness and Drug Use—but He’s Donating $1 Million to Try to Help

A California Land Mystery Is Solved. Now the Political Fight Begins

Where Tech Investors Are Buying Up Land, Locals Are Worried

The Hostile Takeover of Blue Cities by Red States

How a Tiny Mexican Border City Built a Budget Dental Empire

Lego Sales Increase While Other Toy Makers Struggle

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CWS Market Review – August 29, 2023
Posted by Eddy Elfenbein on August 29th, 2023 at 6:53 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.”)

Jay Powell Gives Stocks a Boost

“August, die she must.” So sang Simon and Garfunkel. Indeed, the month of August is nearly over, and it’s been a slightly negative one for Wall Street. Through Tuesday, the S&P 500 is down 2% for the month. Of course, that’s not a very big drop in any historical context, but it could be our first monthly loss since February.

Interestingly, when the mini-selloff started at the beginning of the month, growth stocks took much of the heat. That’s standard for a downward market, but then things changed, and it was value suffering the most.

The S&P 500 even closed below its 50-day moving average for nine days in a row. The streak finally ended today thanks to a nice three-day rally on Wall Street. In fact, the S&P 500 just posted its best three-day run since March.

On Tuesday, the S&P 500 had its best day since June 2. If you want to split hairs, Tuesday’s gain was a millimeter behind the gain from June 2 (1.453% to 1.451%).

What’s the cause for the late-August optimism? That’s no secret. It was largely due to the Fed Chairman Jerome Powell’s tempered outlook at Jackson Hole this past weekend.

On the weekend before Labor Day, the Federal Reserve holds its annual powwow in Jackson Hole, WY. On Friday, Jerome Powell gave a speech in which he stressed the need to be vigilant against inflation. That’s pretty much boilerplate for any big Fed conference although he did say that more rate hikes may be coming.

Powell didn’t give a lot of details, but he did say that the Fed has made considerable progress in fighting inflation. Last summer, the 12-month inflation rate peaked at more than 9%. It’s down by about two-thirds since then. Bear in mind that prices are still rising, just at a slower rate.

Powell said, “We are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

While that sounds tough, it’s noticeably different from last year’s Jackson Hole conference. That’s when Powell made headlines by saying that “some pain” will be needed to confront inflation. That line seriously rattled the markets. In fact, stocks didn’t turn positive until October.

This year, markets are far more pleased. I think many observers were concerned that Powell would deploy more “some pain”-type of rhetoric. That didn’t happen and stocks and bonds are rallying. Over the last week, the yield on the 10-year Treasury has fallen by 0.2%.

We don’t have the August inflation numbers yet, but the core inflation rates for both June and July were 0.2%. That’s pretty good. Powell agreed that those numbers are good, but he added that it’s “only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal.”

The Fed is winning the war against inflation, but it’s important to stress that the battle isn’t over just yet.

Another good development is that the Fed has reduced its gigantic balance sheet. The Fed has allowed nearly $1 trillion worth of bonds to roll off since the middle of last year.

The Fed meets again in three weeks. This will be another meeting where the Fed will update its economic forecasts. For now, the futures markets largely expect another pause from the Fed. That means the central bank will vote to keep its target range for the Fed funds rate at 5.25% to 5.50%. Interest rates haven’t been this high in 22 years.

After next month’s meeting, things get a little cloudy. The Fed won’t meet again until early November. Right now, it looks to be a tossup on the odds for another rate hike. Futures traders are about evenly divided between a 0.25% rate hike and another rate pause. Obviously, the data between now and then will help tip the balance.

We can’t say for certain, but this could be end of the Fed’s rate-hiking cycle. Even if there’s another hike or two coming, the long series of hikes is mostly likely past us. Traders currently think there’s a decent shot of a Fed rate cut by May. I’m skeptical but I understand that investors are concerned about future economic growth.

Higher interest rates have an important influence on investors as they force investors to become more conservative with their portfolios. Cheap money can initially reward foolish ideas. Those rewards often don’t stay for long.

Better’s SPAC Goes SPLAT

Speaking of silly behavior, Better.com (BETR) has seen better days. The online mortgage lender went public this week, but not by the traditional route.

Instead, Better.com’s parent company, Better Home & Finance, merged with Aurora Acquisition Corp. (AURC)

Never heard of them? Well, you’re not alone. Aurora is a Special Purpose Acquisition Company, better known as a SPAC.

SPACs are basically shell companies that are already listed on the exchanges. Instead of going public through an IPO, a SPAC will buy an unlisted company thereby making it publicly traded. That way, it skips a lot of bureaucratic steps.

If you think SPACs are sketchy, I agree. The day before the Better deal, shares of Aurora were trading at $17.44. After the deal, the stock fell to $1.15. Now it’s at 85 cents per share. The SPAC is now a speck.

SPACs were all the rage a few years ago. It’s amazing how low interest rates can make smart people do a lot of silly things. In Q1 of 2021, 278 SPACs hit the market. In Q2 of this year, only four went public. In Q1 of 2021, 98 SPAC deals were announced, but only 100 in the first half of this year.

Bloomberg notes that there have been 11 SPAC deals this month. Nine of them are in the red. The median loss is 41%. Roughly 40% of the 400 SPACs now trade below $2 per share. Most SPACS started at $10 per share so we’re talking about an 80% loss.

Better is fighting two headwinds at the same time. It’s a terrible market for SPACs and it’s a lousy market for mortgages. Better is already considered somewhat shady. This is the company that made the news two years ago when it fired 900 employees over Zoom. These aren’t exactly PR geniuses we’re dealing with.

If that’s not enough, the SEC delayed Better’s SPAC deal until it concluded an investigation to see if it had violated securities law. The SEC ultimately decided against any enforcement action.

Better is only the latest in a series of SPACs than have gone splat. Shares of WeWork (WE) and Virgin Galactic (SPCE) have both been crushed. Virgin Orbit and Pear Therapeutics both filed for bankruptcy. WeWork may not be far behind.

It really is all driven by interest rates. When rates are high, the future is expensive, but when rates are low, the future is cheap — and sometimes it gets too cheap.

That’s all for now. The stock market will be closed on Monday for Labor Day. 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: August 29, 2023
Posted by Eddy Elfenbein on August 29th, 2023 at 7:05 am

China’s Economic Outlook: Pep Talks Up Top, Gloom on the Ground

China Banks to Cut Rates on Mortgages, Deposits

Manufacturers Leaving China Find a Home With Indian Startups

Germany Is Losing Its Mojo. Finding It Again Won’t Be Easy

Quietly Absorbing One More Fed Hike

The S&P Just Avoided an Unwanted Statistic. This Is the Next Text

FDIC Set to Unveil Plan for Stricter Regional Bank Rules

Citadel Vets 69,000 Intern Applicants to Find Next Math Geniuses

World’s Hottest Stock Evokes Memories of a $400 Billion Crash

Goldman Is Selling a Wealth-Advisory Unit to $240 Billion Money Manager

C.E.O.s Side with New York in the Migrant Crisis

Move Over, San Francisco: The Suburbs of Silicon Valley Are Calling

Mortgage Rates at 7% Are Making Everything Worse for US Homebuyers

More US Firms Offer Student Loan Help to Debt-Burdened Grads

NIO Earnings Miss Estimates. But There Is Some Good News for Tesla and BYD

Amazon CEO Andy Jassy Warns Remote Workers: ‘It’s Probably Not Going to Work Out for You’

3M Board Approves $6 Billion Earplug Settlement

U.S. Fines American Airlines for Dozens of Long Tarmac Delays

Subway Foot Traffic Crumbles More than 20% as Sandwich Maker OKs $9.6 Billion Sale

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Morning News: August 28, 2023
Posted by Eddy Elfenbein on August 28th, 2023 at 7:11 am

Euro Zone Lending Growth Slows Further as Rate Hikes Bite

Lagarde Policy Silence Keeps ECB Interest-Rate Debate Raging

Why Central Bankers Are Unsure Whether They’ve Raised Rates Enough

China’s 5.5% Stock Rally Fizzles in Blow to Market Rescue Effort

Evergrande Loses $2 Billion In Value As Trade Resumes; Extends Creditor Voting

China’s Worsening Economic Slowdown Is Rippling Across the Globe

Biden’s Commerce Secretary Raimondo Says Trade Can Stabilize US-China Ties

Apple’s iPhone Supply Chain Splinters Under US-China Tensions

US-Sino Tensions Help Spawn China Card Game Craze

Fed’s Inflation Fight, China’s Slowdown Hammer Emerging Markets

Economists, and Their Comical Search For a Higher ‘Inflation Target’

Traders Have S&P 500 Comebacks Fading at Historic Pace

The ‘Fidelity Mafia’ Behind Big Crypto

Western Banks Help Fund Blacklisted Oligarch’s Charity

Consumers Are Spending Like It’s 2019

Auto Union Boss Wants 46% Raise, 32-Hour Work Week in ‘War’ Against Detroit Carmakers

3M Agrees to Pay More Than $5.5 Billion Over Combat Earplugs

Owens Corning Appears Insulated From High Rates

Hawaiian Electric Stock Surges. It’s Fighting Back Against Maui Wildfire Allegations

Broken Satellite Risks Big Claim in Shrinking Insurance Market

A.I. Brings the Robot Wingman to Aerial Combat

Please Support This Ice Maker: Big Manufacturers Try Crowdfunding to Market-Test Products

The Kingdom of Golf Carts

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