Morning News: June 14, 2023
Posted by Eddy Elfenbein on June 14th, 2023 at 7:04 am

China Opens a New Era of ‘Proactive Easing’ as the Economic Recovery Turns Sour

Investors Are Putting Big Money Into Japan Again. Here’s Why

Affordable Housing Woes Paint a ‘Bleak Picture’

Food Prices Rise Even as Inflation Eases, Straining Consumers’ Budgets

There’s a Widening Spending Gap Between Retirees and Younger Adults

The Great Inflation Scare Reaches Its Final Phase

Ken Griffin Ramps Up Credit Bets, Anticipating US Recession

Odey Swan Fund Assets Collapsed 37% in Two Days Before Closing

BlackRock and Brookfield Are Betting Big on Tiny Solar Farms in Chile

Generative A.I. Can Add $4.4 Trillion in Value to Global Economy, Study Says

Nvidia Joins $1 Trillion Club, Fueled by AI’s Rise

Europeans Take a Major Step Toward Regulating A.I.

Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says

Google Risks Break Up as EU Attacks Abuse of Ad Tech Power

Spotify Takes a Sharp Turn With Its $1 Billion Podcast Division

Toyota Shares Hit 16-month High as Shareholders Endorse Board, New EV Strategy

The ‘Taxi Prince’ Is Taking on Uber—and Winning

Shell Launches New Strategy Courting Investors, Not Activists

Bud Light Loses Title as Top-Selling U.S. Beer

Instant Brands, Maker of Instant Pot and Pyrex, Files for Bankruptcy

Starbucks Union Says Stores Had to Take Down Pride Décor. Company Disagrees

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CWS Market Review – June 13, 2023
Posted by Eddy Elfenbein on June 13th, 2023 at 7:35 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.”)

Inflation Falls to a Two-Year Low

We had some very good inflation news today. For the 12 months ending in May, consumer inflation increased by just 4%. That’s the lowest rate in more than two years.

Last month, consumer prices rose by just 0.1%. That was in line with expectations. Excluding food and energy, prices rose by 0.4%. That also matched expectations. Over the last 12 months, core inflation increased by 5.3%.

A 3.6% slide in energy prices helped keep the CPI gain in check for the month. Food prices rose just 0.2%.

However, a 0.6% increase in shelter prices was the biggest contributor to the increase for the all-items, or headline, CPI reading. Housing-related costs make up about one-third of the index’s weighting.

Elsewhere, used vehicle prices increased 4.4%, the same as in April, while transportation services were up 0.8%.

Egg prices fell 13.8% in May for their largest drop in 72 years.

The headline inflation rate peaked last June at 9.1%. It’s been cut in half since then. I think it’s too early to say that inflation has been defeated. If we were to exclude the last two years, then the current rate of inflation is still near the highest of the past 30 years. Still, this is good news, and it means we’re moving in the right direction.

What does this mean for us as investors? A few things.

First, it’s good news because historically stocks don’t perform well under high inflation. In fact, one of the few things that’s worse for stocks than inflation is deflation. What the market truly loves is stable prices.

For businesses, inflation has an unusual impact on the bottom line. Bear in mind that not all earnings are the same. Inflation exacts a heavy toll on asset-heavy businesses. Inflation has an impact similar to putting a magnet near a compass. Everything gets a little screwy. For example, companies with high assets relative to their profits tend to report ersatz earnings.

At first, inflation gives the illusion of prosperity. Businesses create their products in fewer and more expensive dollars and then sell them for cheaper dollars and more numerous dollars. As an accounting item, the business may appear more profitable, but no wealth has been created.

Inflation also favors the debtor in favor of the creditor. Again, any benefit is short-lived. In fact, once lenders see the impact of inflation, the ultimate outcome is to price the marginal borrower out of the credit markets.

Inflation also causes interest rates to rise. That’s bad for stocks for two reasons. One is that it raises the cost of debt. That makes it harder to finance expansion or mergers and acquisitions.

The other reason is that equity valuations are discounted at a higher rate. That translates to lower earnings multiples. If a one-year Treasury yields 0.17%, as it did three years ago, then buying stocks is a no-brainer. Nowadays the one-year Treasury yields 5.17%. Socking your money away for a small return isn’t for me, but I understand why a lot of folks would be tempted. It’s about as low risk as you can get.

It’s no surprise that the stock market rallied nicely today after this morning’s inflation report.

Expect the Fed to Pause Tomorrow

The Federal Reserve began its two-day meeting today. The policy statement will be released tomorrow at 2 p.m. ET. It seems very likely that the Fed won’t make any changes to interest rates. This will be the first time in 10 meetings that the Fed has decided to forego a rate hike. The current target range for the Federal funds rate is 5% to 5.25%.

In the futures pits, traders currently place a 96% chance that the Fed will leave interest rates alone tomorrow. That’s up from 79% before the inflation report.

Traders also think there’s a decent chance that the Fed will hike next month, but they also see that rate hike being taken back before the end of the year. The consensus is that we’re at or very near the peak in the interest rate cycle. I don’t have enough confidence to make a specific prediction about interest rates at the moment, but I think it’s safe to assume that interest rates will likely start to trend lower later this year.

The stock market liked today’s inflation news. The S&P 500 closed higher for the fourth day in a row. This was also the tenth rally in the last 13 trading sessions.

The S&P 500 reached its bear market low eight months and one day ago. Since then, the index has gained more than 22%. Even after an impressive rally, the stock market is still about 9% below its all-time high from early 2022 (not including inflation). In retrospect, it seems clear that inflation hurt stocks last year. The S&P 500 lost one-quarter of its value in ten months. Once it became clear that inflation was fading, the stock market turned about.

Some Updates to Recently Featured Stocks

I want to briefly update you on some stocks we’ve talked about recently. Six weeks ago, I told you that Hingham Institution for Savings (HIFS) was my favorite regional bank. This was during some of the mayhem that plagued the sector earlier this year. A great stock-picking strategy is to find a sound name in an industry that’s getting hammered. Since then, shares of HIFS are up 22%.

I’ve mentioned United States Lime and Minerals (USLM) several times, and the stock seems to go higher every week. The shares are up more than 30% since I highlighted it for you in January. The stock hit another new 52-week high today. The Q2 earnings report should be out in late July.

In February, I told you about UFP Technologies (UFPT). The company makes custom packaging for the medical industry. The stock is up 57% since then.

I haven’t had all home runs. In January, I said nice things about Dollar General (DG). It’s important to look at our duds as well. This stock has been a trainwreck since then. I even came close to adding it to our Buy List to replace Ross Stores (ROST).

To be fair, at the time, I noted some of the issues DG was having. I said I wouldn’t consider adding it until the problems are past them. They’re not. The stock is down 30% in the last four months. I hope to see a rebound here, but I want to see solid evidence first.

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: June 13, 2023
Posted by Eddy Elfenbein on June 13th, 2023 at 7:05 am

Putin’s Economic Forum Puts Russia’s Isolation on Display

China Shifts to Stimulus Mode With Xi’s Options Dwindling

Saudi Arabia and China Flaunt Growing Ties at Investment Forum

This El Niño Threatens New Levels of Global Economic Destruction

$500 Million Climate Fund; Fortescue Touts Africa

From Mine to Battery: Indonesian Nickel Drives the World’s EV Market

Robotaxis Are the Wildcard in Push to Decarbonize Transport

U.S. to Allow South Korean, Taiwan Chip Makers to Keep Operations in China

Inflation Has Likely Been Cut in Half but Is Still Too High

Fed Rate Pause Set to Get Support From Moderating Inflation Data

Fed-Rate Projections Could Rise to Underscore Inflation Anxieties

JPMorgan’s Foil to the Bonds-Are-Back Crowd Is Sticking to Cash

What’s Killing Productivity? Some Think It’s the Banks

Revenge Spending Helped Push Prices Higher. The Trend Is Turning

The Profit Squeeze Is On

Breakup of Google Ad-Tech Business Now on Table in Europe, Too

Elon Musk’s New CEO Linda Yaccarino Issues First Rallying Cry to Employees: ‘Let’s Dig Our Heels in (4 Inches or Flat!) and Build Twitter 2.0 Together’

Thousands of Reddit Communities Go Dark to Protest Company’s Controversial New Policy

United Air CEO Sees Pilot Deal Adding Over $8 Billion in Costs

When Did All the Fun Stuff Go Upscale?

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Morning News: June 12, 2023
Posted by Eddy Elfenbein on June 12th, 2023 at 7:06 am

Fueled by Long Credit Binge, China’s Economy Faces Drag From Debt Purge

Egypt Says India Is Providing Credit Line in Boost to Economy

Saudi Arabia’s Golf Deal Puts Biden and PGA in Same Awkward Position

Britain’s Post-Brexit Policy Drift Alarms World’s Executives

The U.S. Dollar Conquered the World. Is It at Risk of Losing Its Top Spot?

As the Fed Meets, It Shares an Inflation Problem With the World

Jerome Powell’s Big Problem Just Got Even More Complicated

Fed Backs Away From Wages Focus, Bolstering Case for Rate Pause

UBS Completes Credit Suisse Takeover to Create Bank Titan

Toyota Boss Faces Pushback Over EV Strategy in Shareholder Vote

Tesla’s Shrewdest Product Is Proving to Be Its Charging Network

Can Twitter’s Odd Couple Make It Work? Elon Musk and His New CEO Are About to Find Out

Silicon Valley Confronts the Idea That the ‘Singularity’ Is Here

Nasdaq to Acquire Financial-Software Firm Adenza for $10.5 Billion

WeWork Faces More Turmoil After Its Chief Executive Departs

This Summer, Lifeguards Have Better Job Prospects Than Office Interns

The Hottest Thing in Real Estate Is a Loan From Two Years Ago

Illumina CEO Francis deSouza Resigns Amid Regulatory Hurdles, Icahn Proxy Fight

What I Learned About ‘Woke’ Capital and Milton Friedman at the University of Chicago

What Happened In 1971? It’s a Question Everyone Should Ask

Sam Bankman-Fried’s Risky Japan Trade Seeded a Crypto Empire

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Morning News: June 9, 2023
Posted by Eddy Elfenbein on June 9th, 2023 at 7:03 am

China, Its Economy Flagging, Prods Consumers to Save Less and Spend More

China’s Inflation Problem? It Has None

It’s Time to Buy Japan

Erdogan Names First Republic’s Ex-Exec as Central Bank Head

UBS, Swiss Government Seal $10 Billion Loss Guarantee Deal

Credit Suisse Puts Up China Brokerage Venture for Sale

Bidenomics and Its Contradictions

Fed Seen Ending Its 15-Month Hiking Campaign in Economist Survey

Wall Street Economists Are Increasingly Less Worried About a 2023 Recession

Binance Halts Trading in Dollars on Its U.S. Exchange

A New Crypto Banking System Arises Under the Shadow of a Regulatory Crackdown

Middle-Income Buyers Face the Most Severe Housing Shortage

What All the Single Ladies (and Men) Say About the Economy

More Startups Throw in the Towel, Unable to Raise Money for Their Ideas

America Is Going Through an Oil Boom – and This Time It’s Different

GM Will Join Tesla’s EV Charging Network in Step Closer to US Industry Standard

Humans Are Biased. Generative AI Is Even Worse

Meta Reveals Twitter Competitor It Plans to Launch as Stand-Alone App

How Hasbro Plans to Revive Its Toy Business

Energy Drinks Are Surging. So Are Their Caffeine Levels

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Morning News: June 8, 2023
Posted by Eddy Elfenbein on June 8th, 2023 at 7:05 am

Goldman Sachs Expected the Turkish Lira to Plunge Over 3 Months. It Happened in Just 3 Days

Inflation Drags Eurozone Economy Into Recession

One of Europe’s Poorest Nations Weighs Tax Revamp to Exit Crisis

Russia, Oman Sign Agreement to Avoid Double Taxation

Bank of Canada Lifts Rates to 22-Year High, Ending Four-Month Pause

Treasury’s $1 Trillion Debt Deluge Threatens Market Calm

Bonds Everywhere Suffer as Rate-Hike Fears Swamp Traders

A $1 Trillion Borrowing Binge Looms After Debt Limit Standoff

Binance Money Trail Reveals $70 Billion Flowing Through Silvergate, Signature

Vessel Buildup Grows at West Coast Ports as Maritime Supply Chain Begins to Break, Echoing Covid Chaos

Soaring EV Sales Could Still Leave World Short on Emissions Goal

America’s Long, Tortured Journey to Build EV Batteries

U.S. Struggles to Turn Steel Imports ‘Green’ With Tariffs

New A.I. Chatbot Tutors Could Upend Student Learning

GameStop Shares Fall as It Terminates CEO and Ryan Cohen Becomes Executive Chairman

Google Ramps Up Return-to-Office Push by Using In-Person Attendance as Part of Employee Performance Reviews

Does CNN’s Turmoil Mean There’s No Room on Cable for Independent News?

Billionaires’ Row Was Built for the World’s Wealthiest. Has It Lived Up to Its Name?

The Great Billionaire Takeover of European Soccer

All About the Deep-Pocketed Saudi Wealth Fund That Rocked Golf

How the PGA Tour and LIV Golf Fought Each Other Into a Merger

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

Russia and Saudi Arabia’s Oil Partnership Shows Strain

Surprise LIV Golf-PGA Marriage Risks Drawing Antitrust Scrutiny

PGA Tour Deal With LIV Golf Puts Sponsors on the Spot

Turkish Lira Plunges to Record Low as State Banks Pull Support

China’s EV Juggernaut Is a Warning for the West

U.K. to U.S.: We’re Your Top Military Ally, Now Help Our Economy

World Economy Set for Weak Recovery, OECD Warns

World Bank Brightens View of Global Growth This Year, Downgrades 2024

Wall Street’s Once-Hot Trades of 2023 Are Unraveling in Markets

Venture Capital Giant Sequoia Spins Off China and India Units

Cathie Wood Boosts Coinbase Stake as SEC Crypto Crackdown Widens

Crypto Firms Start Looking Abroad as U.S. Cracks Down

This Is What the Government Strangling Crypto Looks Like

Supreme Court Rulings Make White-Collar Fraud Charges in the US Harder

Dell Family Office to Diversify Portfolio as Big Payday Looms

They Fled San Francisco. The A.I. Boom Pulled Them Back

Sam Altman Thinks AI Will Be the Most Tremendous ‘Leap Forward in Quality of Life for People’ We’ve Had

The High Cost of Bad Credit

Tesla’s Model 3 cheaper than Toyota’s Camry in California with tax benefits

‘Public Nuisance’: New York Sues Hyundai and Kia, Alleging Their Cars Are Easy to Steal

The Global Brands Coming to a Shopping Mall Near You

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CWS Market Review – June 6, 2023
Posted by Eddy Elfenbein on June 6th, 2023 at 11:38 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 Economy Added 339,000 Jobs in May

On second thought, maybe the economy isn’t about to go into a recession. At least, not according to the jobs market.

On Friday, the government said that the U.S. economy created 339,000 net new jobs last month. That was well above Wall Street’s forecast of 190,000. This was the 29th month in a row of job creation. The numbers for March and April were revised higher as well.

As a general rule of thumb, the U.S. economy can’t slide into a recession when it’s creating more than 200,000 new jobs each month. This data seems to contradict many of the warnings that the economy is close to sliding into a recession. I’ll caution against reading too much into one jobs report. As we know, the monthly data gets revised, so the final numbers could say something very different. Still, it’s very good news.

The unemployment rate increased to 3.7% but that was due to a big decline in self-employment. Nonfarm payrolls and the unemployment rate are based on different surveys, so there are occasional discrepancies. The jobless rate is still near a multi-decade low. The labor force participation rate for prime-working-age adults is tied for a 20-year high.

Wages, however, are still a weak spot. For May, average hourly earnings increased by 0.3%. That matched Wall Street’s estimate. Over the last year, wages are up by 4.3%. This means that the entire increase in wages has been eaten up by inflation. The U-6 rate, which is a broader measure of unemployment, increased to 6.7%.

Professional and business services led job creation for the month with a net 64,000 new hires. Government helped boost the numbers with an addition of 56,000 jobs, while health care contributed 52,000.

Other notable gainers included leisure and hospitality (48,000), construction (25,000), and transportation and warehousing (24,000).

This data comes at the same time we’ve seen weak and disappointing earnings results from many retailers such Dollar General and Macy’s. This isn’t necessarily a contradiction. It may simply mean that consumers are being more cautious with their spending even though the labor market remains robust.

The impressive jobs report didn’t have much of an impact on the futures market. Traders still think the Federal Reserve will hold off on any rate hike at its next meeting. According to the latest numbers, traders place the odds of a Fed pause at 78%. That sounds about right. The Fed meets next Tuesday and Wednesday.

The Fed has so far raised interest rates 10 times at its last ten meetings. This would be its first break, but the central bank has been signaling that a change may be coming. The current target range for the Fed funds rate is 5% to 5.25%.

For the 12 months ending in April, inflation increased by 4.93%. This means that the “real” Fed funds rate, meaning after-inflation rate, is finally positive, albeit slightly. Prior to this, it had been negative since 2019.

It’s too early to say that inflation has been defeated, but we have made significant progress. The CPI report for May will be out next Tuesday. The Fed will make its interest rate decision public the next day.

It seems like the recession has been so widely expected for so long that it’s starting to frustrate people that it’s not here yet. Despite the good jobs news, I’m afraid to say that the safe assumption is that the economy will start to slow down later this year. Wall Street’s nervousness can also be seen if we take a closer view of the stock market.

The Cyclical Downturn

I want to focus on an important recent development in the stock market, but first I want to explain a good way of analyzing the overall stock market.

Pardon me while I go into professor mode for a bit. If you follow the markets long enough, you’ll notice how many stocks can be easily categorized by their behavior. For example, stocks can be either growth stocks or value stocks. Not every stock sits on that spectrum, but enough do that it’s a good way of viewing the market.

Another category is cyclical stocks versus defensive stocks. Again, not every stock easily fits in either of those buckets but enough do that it warrants our attention.

It’s the cyclical-defensive divide that I want to talk about this week, because cyclical stocks have been lagging the stock market for several weeks. This is very important for investors.

By cyclical stock, I mean companies whose businesses are closely tied to the economic cycle. This would be areas like housing, automotive, construction, mining and chemicals. Defensive stocks are areas like healthcare, utilities or consumer staples. When the economy gets weak, people will put off vacations or new cars, but they keep buying laundry detergent.

I like to look at the divide between cyclical stocks and defensive stocks because it’s a good way to gauge what the market is thinking. Also, these cycles tend to play out for a few years.

Lately, Wall Street has been exceptionally focused on the cyclical-defensive struggle. Each day, it seems that either sector seems to be strongly leading or strongly lagging the market. It’s as if each day’s market is a heated debate on the direction of the economy. While cyclical stocks have been lagging, they got a huge boost on Friday after the jobs report. The same thing happened today but to a lesser extent.

When we say cyclical stocks, we largely mean four major sectors: Energy, Materials, Finance and Industrials. One of my frustrations is that there’s no general cyclical index that I know of. (Oddly enough, the Russell 2000 Index of small-cap stocks isn’t a bad cyclical index. Smaller stocks tend to skew towards domestic manufacturing stocks.)

For this issue, we’re going to build our own cyclical index. It’s not perfect, but it’s good enough for our purposes. I’m going to use the four cyclical ETFs and we’ll weight them this way: 5 shares of XLF, 1.25 shares of XLI, 0.8 shares of XLE and 0.5 shares of XLB. That makes our index close to the price of the S&P 500 ETF.

Here’s our cyclical index (black line) versus the S&P 500 (red line).

Here’s why this is important: Cyclical stocks got badly bruised during the Covid bear market. After that, they slowly outperformed the rest of the market during much of 2021 and 2022. Cyclicals started to lag again at the early part of this year, but things didn’t start turning really bad for cyclicals until March. Since then, they’ve been getting left behind.

Notice in the chart above how the black isn’t doing much while the red line is climbing higher. That’s the shift away from cyclicals and it’s due to the market’s fear of a recession.

The relative performance of cyclicals tends to be correlated with the long-term bonds. When cyclicals lag, long-terms tend to fall, and that’s been happening since March.

Cyclical stocks also tend to outperform the stock market as the market itself is doing well. That gives cyclicals a double-whammy effect during a bull market and a negative double-whammy in a falling market. The Covid Crash three years ago was a nightmare for cyclicals.

It’s not that defensive stocks are in any way superior to cyclicals. It really about understanding where we are in the market. For now, Wall Street has been taking on a defensive posture.

As recession fears have grown, the market has adjusted. Once the cycle turns, and it surely will, then we can expect cyclicals to strongly lead the market. I think there’s a good chance that could happen before the end of this year.

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: June 6, 2023
Posted by Eddy Elfenbein on June 6th, 2023 at 7:03 am

Saudi Arabia Needs More than Higher Oil Prices to Fund Its Grand Plans

Giorgia Meloni Seeks to Cement Power by Remaking Corporate Italy

Australia’s Central Bank Hikes Rates by 25 Basis Points, Defies Expectations

China’s State Banks Told to Lower Cap on Dollar Deposit Rates

SEC’s Lawsuit Against Binance Strikes at Heart of Ailing Crypto Sector

SEC’s Regulatory Net Now Covers $115 Billion of Crypto After Lawsuit Against Binance

UBS Expects Agreement on Credit Suisse Loss Guarantee by June 7

Big Banks Could Face 20% Boost to Capital Requirements

Is the Bear Market Over? It Depends

Bond Bulls Bet Fed Is Right in Anticipating Low Rates to Return

Citi Quants Say the AI-Driven Tech Rally Has Legs

Startup Instabase Notches $2 Billion Valuation, Incorporates New AI

West Coast Port Labor Issues Persist from Los Angeles to Seattle, with Supply Chain Frustration Mounting

Interest-Only Loans Helped Commercial Property Boom. Now They’re Coming Due

What Happens When Cities Run Out of Money

Apple’s $3,499 Vision Pro Headset Will Test Marketing Might

Sequoia Splits Into Three Entities, Makes China Standalone Firm

Microsoft to Pay $20 Million to Settle US Charges for Violating Child Privacy

Bud Light Sales Keep Slipping. But It Remains America’s Top-Selling Beer

Companies’ New Cause: Dodging the Culture Wars

Screen Actors Guild Authorizes Union to Call a Strike if Needed as Tension Rises in Hollywood

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Morning News: June 5, 2023
Posted by Eddy Elfenbein on June 5th, 2023 at 7:06 am

Saudi Arabia’s ‘Whatever It Takes’ Strategy Boosts Oil Prices

Why the U.S. Remains Far From Recession

Biden Debt-Bill Signing Set to Unleash Tsunami of US Debt Sales

IMF Chief Says There’s No Significant Slowdown in Lending and the Fed May Need to Do More

Fed Skip-a-Hike Strategy Is Sensible, Risky and Confusing

Countdown to Mega Merger – How Credit Suisse Wobbled and UBS Rushed to Rescue

Morgan Stanley Expects a Shock 16% US Profit Drop to Kill Rally

Private Credit is Poised for a Multi-Trillion-Dollar Boom, But It Could Get Ugly Soon

Hedge Funds Drop European Stocks for US and Japan

A Wall Street Titan Scores One of the Best Real Estate Trades Ever

A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead

Big Banks Could Face 20% Rise in Capital Requirements

The Slow-Motion Trainwreck Everyone Sees Coming

Apple Set for Record High Ahead of Mixed-Reality Headset Launch

Twitter’s U.S. Ad Sales Plunge 59% as Woes Continue

Elon Musk Is All About the Nonstop Grind. And He Can’t Stop Talking About It.

West Coast States Rode the Tech Boom. Now They Face High Unemployment, Falling Wages.

The Big Number: 49%

Retailers Are Shrinking Logistics Operations in a Changing Consumer Market

IATA’s Walsh Sees Good Year for Airlines Despite Challenges

American Airlines’ Radical Plan to Reinvent Business Travel

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