Archive for November, 2022

• Morning News: November 30, 2022
  Eddy Elfenbein, November 30th, 2022 at 7:05 am

  ‘Breach of the Big Silence.’ Protests Stretch China’s Censorship to Its Limits

  China’s Zhengzhou, Home to World’s Largest iPhone Factory, Ends Covid Lockdown

  Global Debt Costs Are Soaring. Here’s Where It Will Hurt Most

  Where Cowboys Fly and Cattle Set Sail: An Epic Food Journey

  Eurozone Inflation Eased in November, but Further Rate Rises Likely

  ECB Says Bitcoin Is Artificially Propped Up, Shouldn’t Be Legitimised

  Biden Administration Pressed by Allied Nations to Revise EV Subsidy Program

  Congressional Leaders Commit to Quickly Pass Legislation to Avert Rail Strike

  David Lipton, a Longtime Economic Diplomat, Will Step Down From Treasury

  U.S. Government to Backstop Mortgages Above $1 Million in High-Cost Areas

  The Not-So-Obvious Costs of “Buy Now, Pay Later” Plans

  Airbnb Aims to Attract Big Landlords With a Cut of Its Rental Sales

  Kroger, Albertsons CEOs Defend Grocery Tie-Up, Say Deal Won’t Hurt Competition

  FTX’s LedgerX, a Solvent Corner of SBF’s Fallen Empire, Will Put Millions in Bankruptcy Pot

  Elon Musk Is Finding Out That Free Speech Isn’t Rocket Science

  Bob Chapek Didn’t Believe in Disney Magic

  NYC Becomes One Billionaire Family’s Haven From China Property Crash

  Krispy Kreme Donut Chain Rebranded ‘Krunchy Dream’ in Russia

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• CWS Market Review – November 29, 2022
  Eddy Elfenbein, November 29th, 2022 at 10:27 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  The stock market pulled back on Monday and the selling continued into Tuesday. This comes after a string of good days before Thanksgiving. The immediate cause is most likely the uncertainty brewing in China.

  We don’t have a precise picture of what’s happening in China due to the government’s strict control of the media, but it appears that there are large-scale protests against the country’s draconian Zero Covid policy.

  

  Why is this a concern for financial markets? For one, it could again disrupt global supply chains. There are also many American companies that do a large share of their business with China. Apple is a good example. Shares of Apple fell 2.6% on Monday. That was its biggest drop in two weeks. Apple is down close to 20% this year.

  Apple has a major manufacturing site in Zhengzhou. That plant could have a production shortfall this year of six million iPhone Pro units. The facility is run by Foxconn.

  The plant has been a focal point of protests against the government’s heavy-handed Covid protocols. Last month, several thousand employees left the plant due to food shortages. The employees were replaced and soon the new employees began protesting the pay and quarantine practices. Once a protest like this gets started, you never know where it will go.

  Foxconn is trying to get workers back on the job. The company said it will offer a bonus of 500 yuan to returning workers. That’s about $70. Also, workers can get another 3,000 yuan if they stay for 30 days, plus another bonus of 6,000 yuan in January.

  This has been building for some time. The protests in China come after several months of economic pain. The unemployment rate for young people in China is close to 20%. President Xi Jinping has placed himself in a difficult spot. If Covid cases explode in China, that could hurt the economy. Yet if he continues with these policies, that could risk a major political upheaval.

  In Shanghai, they had a lockdown that lasted eight weeks. That helped put the economy on the path towards its worst year for economic growth in decades.

  Previously, the government said it was going to roll back some restrictions. Investors immediately celebrated and Chinese stocks soared. But soon, Covid cases started to rise, and the government reimposed the restrictions.

  I’m certainly not an expert on China and the innerworkings of the CCP, but I do know that what starts out as a Covid protest can easily evolve into something more.

  There was a terrible building fire in Urumqi that killed 10 people. Many of the protesters are blaming the restrictions for the death toll. Students at a university turned on their cell phone flashlights as a tribute to the victims of the fire. I won’t venture a guess as to what will happen in China, but the recent events seem to be something quite different. This could be a turning point for China, and for the world.

  Preview of Friday’s Jobs Report

  The jobs report is due out later this week. Wall Street expects to see a gain of just 200,000 nonfarm payrolls. That’s a fairly conservative expectation. The economy created 261,000 net new jobs for the month of October, and that was the smallest increase since December 2000. Last month, the unemployment rate was 3.7%. Wall Street expects that number to stay the same for November.

  Despite multiple rate increases, we haven’t seen much damage to the labor market. Initial jobless claims have creeped up a little over the past few weeks but it’s nothing to be alarmed about. Not that long ago, initial jobless claims were the lowest we had seen in more than 50 years.

  The weak spot continues to be wages. Wage growth has largely not kept pace with inflation.

  

  Tomorrow, ADP, the payroll company, will release its payroll report. I used to follow this report closely but honestly, it wasn’t a very good report. While ADP’s report came out before the government’s report, it proved to not be a very good omen for what the Feds would say. Recently, ADP revamped their report, so we’ll see if it proves to be a better indicator for the jobs market.

  Jerome Powell is scheduled to give a speech tomorrow and you can be sure that investors will closely parse every word and comma for a hint of a change in policy. The Fed meets again in two weeks, and there appears to be emerging conventional wisdom that the Fed will hike rates by only 0.5%. This comes after four consecutive meetings when the central bank increased interest rates by 0.75%.

  I suspect that we’ll get a few more rate increases before the Fed pauses. In fact, the Fed could hold rates steady for much of next year. That would be good for the overall market.

  As I mentioned before, the stock market had been doing quite well before this small break. Measuring from the market’s low on October 13 to the high on November 25, the S&P 500 gained 15.5%.

  I should also point out that this has historically been one of the best times of the year for the stock market.

  I number-crunched all 126 years of daily closings for the Dow Jones Industrial Average. That’s more than 45,000 data points.

  

  From December 13 until January 8, the Dow has gained an average of nearly 3%. That may not sound like a lot but in terms of long averages, it’s pretty impressive. That means that more than 37% of the Dow’s total gain has come in less than one month of the year.

  I don’t place a great deal of analysis on these long-term calendar effects, but I do think it’s interesting that investors have tended to be more optimistic during the holiday season.

  Stock Focus: McCormick & Co.

  One of the things Christopher Columbus was looking for was spices. Perhaps it shows us how important is the role that spices play in our lives. It’s also why McCormick & Company (MKC) is one of my favorite companies. It’s the largest producer of spices in the world. McCormick is a major food company that has delivered outstanding results for decades.

  The company was started by Willoughby McCormick in the late 19th century. He initially sold his products door to door. A few years later, he got into the spices business.

  Today, McCormick is based in Hunt Valley, Maryland and it has more than 14,000 employees around the world. The company owns several well-known brand names such as Old Bay seasoning and French’s mustard.

  

  I also like the stability of the business. This is an underestimated character of good stocks. I like to have a good idea what the business will look like next month and next year. With some companies, that’s nearly impossible, but with McCormick, it’s quite easy. Since 1994, the shares have gained more than 20-fold.

  This is an interesting time for McCormick because their business results have been below expectations. The company missed Wall Street estimates for the last two quarters. In October, McCormick reported Q3 earnings of 69 cents per share. Wall Street had been expecting 76 cents per share. The company said it continues to be impacted by supply-chain issues.

  The company expects earnings this year to range between $2.63 and $2.68 per share. That implies Q4 earnings between 83 and 88 cents per share. At the current share price, that means the stock is going for more than 30 times earnings. As much as I like McCormick, the current price is too high. If the company offers bold guidance for next year, it may be worth a look.

  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 to learn more about the stocks on our Buy List, please sign up for our premium service. It’s $20 per month, or $200 per an entire year.

• Morning News: November 29, 2022
  Eddy Elfenbein, November 29th, 2022 at 7:05 am

  Chinese Unrest Over Lockdown Upends Global Economic Outlook

  Global Yield Curve Inverts in Signal a Recession Is Brewing

  India’s Free-Market Oasis Aims to Take On Singapore and Dubai

  Globalized Supply Chain Brings More-Turbulent Food Prices

  Iron Ore Shrugs Off China COVID Woes, Focuses on Stimulus

  EIB Launches Second Euro Digital Bond

  Ukraine War’s Economic Ripples Sow Discord Between Washington, Allies

  Ukraine Is Biden’s Defining Issue, and His Biggest Economic Challenge

  Fed’s Williams Says Inflation Fight Could Last Into 2024

  Banks Stuck With $42 Billion Debt Seize Chance to Offload It

  Banks Plan to Start Reimbursing Some Victims of Zelle Scams

  Musk Threatens War With Apple, Jeopardizing Vital Relationship

  BlockFi Bankruptcy Hijacks More Customer Cash

  ‘No Cooperation’: How Sam Bankman-Fried Tried to Cling to FTX

  U.S. Crypto Exchange Kraken Settles With Treasury Dept.

  Chinese Startups Try to Make It Big in the U.S.—but Without the Backlash

  Disney CEO Robert Iger at Town Hall Vows to Focus on Creativity, Streaming Profitability

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• Stocks Pullback on Uncertainty in China
  Eddy Elfenbein, November 28th, 2022 at 12:16 pm

  The stock market is down today. I think traders are a little nervous about the uncertain news coming out of China. As I write this, the S&P 500 is off by about 0.8%. There doesn’t seem to be a major theme to today’s trading. High Beta is down more than Low Vol, and Value is down less than Growth. Consumer Staples and Consumer Discretionaries are barely positive while the other sectors are down.

  There’s not much in the way of economic news although two Fed members will be speaking later today. This Friday will be Jobs Day. On Wednesday, we’ll get the ADP report along with an update to the GDP report.

  We have one Buy List earnings report coming next week when SAIC is due to report. Its fiscal Q3 ended on October 31. Wall Street expects earnings of $1.74 per share. The company has topped earnings for the last nine quarters in a row. The stock is up over 30% for us this year.

  This is also the time of year when a lot of companies like to raise their dividends. In the next few weeks, I expect to hear from companies like Zoetis, Carrier Global, Stryker and Abbott Labs.

• Morning News: November 28, 2022
  Eddy Elfenbein, November 28th, 2022 at 7:07 am

  China’s Covid Contagion

  More Venezuelan Oil Unlikely to Reach Markets Soon Despite New Chevron License

  Giant Wind Farms Arise Off Scotland, Easing the Pain of Oil’s Decline

  Puerto Rico’s Power Failures Worsen After Private Takeover

  Exxon Mobil Has a Potash Problem in the Permian Basin

  Globalized Supply Chain Brings More-Turbulent Food Prices

  Powell to Set Stage for Slowing Fed Rate Hikes Amid Hawkish Tone

  There’s a Job-Market Riddle at the Heart of the Coming Recession

  Business Travel’s Rebound Is Being Hit by a Slowing Economy

  Have the Anticapitalists Reached Harvard Business School?

  Why Retailers Are Trying Extra Hard to Woo Holiday Shoppers

  Hedge Fund That Beat 99% of Peers Places Contrarian Bet on Meta

  FTX Tensions Intensify as Bahamas Blasts Company’s New Chief Ray

  Apple to Lose 6 Million iPhone Pros From Tumult at China Plant

  Yahoo Takes Minority Stake in Ad Network Taboola

  The Lowly Boxcar Can Make Your City a Better Place to Live

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• Morning News: November 25, 2022
  Eddy Elfenbein, November 25th, 2022 at 7:04 am

  ‘Heated’ and ‘Really Ugly’: Europe Fails to Thrash Out Details on Gas Price Cap as Talks Turn Sour

  Vietnam’s VinFast Ships First Electric Vehicles to U.S. Customers

  Backers of Farmworker Visa Overhaul Make Year-End Push for Immigrant Labor Deal

  Billions of Dollars Are at Stake in a Puzzling Holiday Shopping Season

  Black Friday Starts With a Toy Glut. Can Shoppers Save Christmas?

  If the Price Ended in 99, You Probably Overpaid

  High Inflation to Tamp Down Gift Giving

  This Holiday Season, the Poor Buckle Under Inflation as the Rich Spend

  How to Manage Credit Card Debt When Holiday Shopping

  Tech Giant Aims to Cut Ties With Russia

  Apple’s Reliance on China Grows Perilous With Chaos in iPhone City

  Mega-Companies Are Messing Up America’s Job Market. Again.

  Musk Says Twitter Will Relaunch Verified Service Next Week

  Crypto Firm FTX Landed in the Bahamas With a Bang, and Now the Bahamas Is Picking Up the Pieces

  Binance’s Crypto Rescue Plan Fails to Quell All the Fears of Post-FTX Contagion

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• Morning News: November 24, 2022
  Eddy Elfenbein, November 24th, 2022 at 8:00 am

  China Recovery Hopes Crushed by Record Covid Outbreak as Lockdowns Spread

  Bill Ackman Is Betting Against the Hong Kong Dollar

  Credit Suisse Clients Flee to UBS in Asia as Rich Weigh Options

  EU Split on Russian Oil Price Cap Level, Talks to Resume Thursday

  U.S. Poised to Grant Chevron License to Pump Oil in Venezuela

  BOE’s Top Economist Rejects Calls to Cut Interest Paid on Reserves

  Binance’s Zhao Flags Possible $1 Billion for Distressed Assets

  She Was a Little-Known Crypto Trader. Then FTX Collapsed.

  Crypto Firm FTX’s Ownership of a U.S. Bank Raises Questions

  Biden Officials to Target Nonbanks for Tougher Oversight

  Twitter Exodus Hits Teams Tasked With Regulatory Issues

  The Worst Midnight Email From the Boss, Ever

  There’s No Fixing Meta’s Metaverse, Scrap It, Start Over

  Financial Talking Points for an Awkward Holiday Season

  Black Friday Seen Kicking Off a Bumpy Holiday Shopping Season for Retailers

  Black Friday Spending Traps: Credit-Card Offers, Tricky Trips and So-So Discounts

  Two Films Hit Theaters, but Netflix Remains Committed to Streaming

  Why the N.F.L.’s Big Streaming Deal Is Going Into Overtime

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• Morning News: November 23, 2022
  Eddy Elfenbein, November 23rd, 2022 at 7:07 am

  Global Economy Slows, but Seems Set to Avoid Recession

  Western Allies Aim to Agree on Russian Oil Price Cap Wednesday

  A $300 Billion Bond Market Holds the Key to Solving the Climate Crisis

  ECB Must Narrow Interest-Rate Gap With Fed, OECD Says

  Spanish Banks Set to Sign Up to Mortgage Relief Package

  US Mortgage Rates Plunge for a Second Week, Hit Two-Month Low

  Billions of Dollars at Stake in a Puzzling Holiday Shopping Season

  FTX Flipped One Trading Firm’s Risk Obsession. Disaster Followed

  Inside Sam Bankman-Fried’s Quest to Win Friends and Influence People

  Tesla’s Stock Slump Has Gone Too Far, Morgan Stanley Says

  After Swift Return, Iger Faces Disney’s Long-Term Challenges

  Videogame Companies Brace for Lackluster Holiday Season

  Big Shareholder Signals Opposition to News-Fox Combination

  Dubuque? We Don’t Fly There Anymore. Airlines Say Goodbye to Regional Airports.

  Printer of King Charles III Banknotes Plunges on Profit Warning

  Sam Bankman-Fried Ran FTX Like ‘Personal Fiefdom’ As Firm Spent $300 Million on Luxury Real Estate

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• CWS Market Review – November 22, 2022
  Eddy Elfenbein, November 22nd, 2022 at 7:08 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.”)

  Bob Iger Returns to Disney

  The big story on Wall Street, at least not involving the letters FT or X, is that Bob Chapek has been fired as the top mouse at Disney (DIS). The company said that Bob Iger would be returning. So they’re changing Bobs. This is especially interesting news to us because Disney had been a Buy List stock.

  We ditched Disney at the end of last year and that appeared to be a shrewd move on our part. The stock was down about 40% for the year until last week. After the news of Iger returning, shares of Disney rose as much as 9.99% in Monday’s trading.

  Pro-tip: If the news of you leaving your job causes the value of the company to increase instantly by $16 billion, perhaps it wasn’t meant to be.

  Disney was a tough purchase for us because we got many of the big things right. We thought that Disney’s streaming service would be a hit, and in the initial months, it proved to be much better than expected.

  We added Disney at the end of 2018 at $109.65 per share. The earnings reports were quite good. By April, shares of Disney got to $142 and by November, the stock was over $153. I felt vindicated. I was suddenly a genius!

  Then came Covid and the game completely changed. Within a few days, shares of Disney plunged to $80. Sadly, I was no longer a genius. Our entire profit had been wiped out in a few weeks. The whole world got locked down and that included Disney World.

  I remember that in an interview, I described Disney as a company that seemed to be tailor-made to be harmed by Covid. It’s actually rather remarkable. Disney’s business is movies, sports and theme parks. If that’s not enough, they also have a cruise line. Everything Covid wrecked is where Disney stood. This is also when Bob Chapek took over.

  But then it appeared that Covid would be a big help for Disney. Everyone cooped up in their homes could just stream their way to Disney’s catalog. On top of that, the government and the Fed were throwing tons of money Wall Street’s way, so of course Disney would benefit.

  Shares of Disney soared. Less than a year after hitting $80, Disney got to $200! Once again, I was a genius.

  

  Oddly, Chapek seems to have improved in recent months. Over the summer, the company had a solid earnings report. Profits were up and Disney was becoming a major rival to Netflix. The board even extended his contract. Everything seemed great at the Mouse House.

  That is, until Disney’s last earnings report which was a disaster. The theme park business was ugly. The streaming business was ugly. ESPN was ugly. Everything everywhere all at once turned ugly.

  The streaming service lost $1.5 billion. In one day, Disney’s stock fell 13%. That was its worst day since 9/11. It seemed like Wall Street got blindsided.

  Despite the losses, Chapek was very optimistic for the business. So much so that it damaged his credibility. (Lesson: people dislike spin more than the actual bad news being spun.) This was especially tough on Disney because the theme park business has gotten much better. Also, activist hedge funds have been putting pressure on the company.

  I didn’t realize it at the time, but the earnings report appears to have been the catalyst that set the board in motion. Now Iger has been hired to be Disney’s CEO through the end of 2024. Bear in mind that Chapek was Iger’s handpicked choice to follow him.

  Chapek made several missteps and his relationship with Iger turned cold. Disney also found itself in the middle of several high-profile political arguments. I wonder how much of this was an Iger-led coup. His prints may be near the dagger.

  Chapek’s major business decision was to put Disney’s streaming business front and center. The business also includes Hulu and ESPN+. Chapek named his protégé, Kareem Daniel, head of a Disney’s Media and Entertainment Division. Iger didn’t waste any time firing Mr. Daniel on Monday.

  In this case, we were ahead of the game. We decided to get rid of Disney at the end of last year when the stock was at $154.89. While that was down from Disney’s high, it turned out to be a very good exit price. The stock was recently as low as $86 per share.

  Now I’m not sure if I was a genius or not. In three years, we made 45% in our Disney investment. We got in at a bad time and then waited too long to get out. Still, we got out.

  Overall, I’m not sure if changing the person at the top is enough to help Disney. The problems are deep and the entertainment landscape is changing quickly. That’s a common myth, that a change in leadership can revive a company. Sometimes it can, but the problems are often very complex.

  The broader lesson on Disney is that we did our homework, and we were vindicated. Still, the story changed, and we were smart enough to cut ties. It wasn’t a massive win or a massive failure. We made money and we moved on. On Wall Street, that’s good enough.

  In the near-term, Iger’s re-installation at the top will be a morale boost; but for now, I’m going watch Disney’s stock as a spectator.

  Stock Focus: IDEX Corp.

  This week, I want to focus on IDEX Corp. (IEX) which is another one of those boring mid-cap industrial stocks that seem to get little attention. The corporate name is derived from “innovation, diversity and excellence.” IDEX is based near Chicago, and it currently has a market cap of about $18 billion.

  IDEX is not to be confused with Ideanomics which has IDEX as its ticker, or IDEXX Laboratories.

  IDEX is a highly decentralized organization. The company owns 45 largely unconnected businesses. It might be more convenient to list what businesses they’re not in. IDEX makes things like fluidic systems and optics systems and also fire and rescue equipment. Not so sexy, is it?

  Still, IDEX’s performance is worthy of respect. Since 1990, the stock is up 120-fold. IDEX now has 8,000 employees and manufacturing operations in more than 20 countries. The company is divided into three main units: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety / Diversified Products.

  

  The company is having a very good year. Last month, IDEX reported Q3 earnings of $2.14 per share. That beat the Street by 14 cents per share, and it was up 20% over last year. The CEO said, “In the third quarter, we achieved record sales, double digit organic growth across all three of our segments and solid operating margin performance driving record EPS and strong free cash flow generation.”

  The company also raised its guidance. IDEX said it expects to make between $1.92 and $1.97 for Q4. That implies full-year earnings of $8.04 to $8.09. If that’s right, it would be an increase of 17% to 18% over last year.

  As a conservative estimate, I’d say IDEX can make $8.50 per share next year and $9 per share in 2024. That would give the stock a forward P/E of around 26. That’s high but not unreasonably. Unfortunately, the shares have gained 33% over the last five months. Alas, we can’t invest in a rearview mirror.

  CWS Earns Its Fifth Star

  We had very good news this week. Morningstar awarded CWS, our exchange-traded fund, its fifth star. This is a big deal.

  We got it for our three-year and five-year performance, plus our three-year risk-adjusted performance. The ETF is based on our Buy List.

  Here’s the press release from AdvisorShares:

  BETHESDA, Md., Nov. 22, 2022 /PRNewswire/ — AdvisorShares announced that the AdvisorShares Focused Equity ETF (Ticker: CWS) has received a Five-Star Morningstar Rating™. CWS earned five stars for its overall (out of 535 funds), five stars for its three-year (out of 535 funds) and five stars for its five-year (out of 494 funds) risk-adjusted returns in Morningstar’s Mid-Cap Growth category, as of October 31, 2022.

  The AdvisorShares Focused Equity ETF bases its investment strategy on Eddy Elfenbein’s popular Crossing Wall Street “Buy List.” Elfenbein’s Buy List has published annually since 2006 and carries a wide following. The ETF applies a buy-and-hold strategy: it invests in the stocks of well-run companies that have a history of marketplace dominance, rising sales and earnings, reasonable value, and a record of rising dividends.

  Elfenbein believes that a disciplined buy-and-hold strategy is ideal for riding out market storms. CWS strives to buy the highest-quality stocks at the lowest possible prices. By focusing on value, CWS aims to reduce its risk to broad-based market drops. A commitment to value also aids long-term capital appreciation.

  CWS also has an innovative fulcrum fee structure where the management fee is directly tied to the ETF’s performance.

  Past performance is not indicative of future results. For standardized and month-end performance and more information about CWS, please visit advisorshares.com/etfs/cws.

  AdvisorShares regularly hosts live webinars featuring portfolio managers and strategists, including Mr. Elfenbein and other leading industry experts. You may learn more and register at the AdvisorShares Event Center for upcoming event sessions and educational insights.

  Here’s our recent performance. We’re the black line. The S&P 500 ETF is the blue line.

  

  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 to learn more about the stocks on our Buy List, please sign up for our premium service. It’s $20 per month, or $200 per an entire year.

• Morning News: November 22, 2022
  Eddy Elfenbein, November 22nd, 2022 at 7:05 am

  Ukraine War Continues to Slow Global Growth, New Report Says

  Europe’s Wind Industry Is Stumbling When It’s Needed Most

  OPEC+ Eyes Output Increase Ahead of Restrictions on Russian Oil

  World’s Most-Crucial Fuel Heads for Shortage Touching Everything

  How Bad Will Housing Get? The Chill Gripping a Once-Hot Market Offers a Test

  Investor Home Purchases Drop 30% as Rising Rates, High Prices Cool Housing Market

  Inflation Won’t Win Thanksgiving: Here’s NPR’s Plan to Help You Save on a Meal

  Key Freight Rail Union Rejects Deal, Increasing Strike Risk

  ECB Must Narrow Interest-Rate Gap With Fed, OECD Says

  US Is Focused on Regulating Private Equity Like Never Before

  Credit Suisse’s Future Hinges on Overcoming a Fraught Past

  FTX Crypto Customers Worry They Will Never See Their Money Again

  Crypto Lender Sued for Blocking 2021 Withdrawals by Wealthy Investors

  A Huge Merger’s Collapse Breaks a Pattern of Consolidation in Publishing

  What Elon Musk Is Doing to Twitter Is What He Did at Tesla and SpaceX

  Elon Musk’s 2022 Wealth Loss Exceeds $100 Billion for First Time

  Walt Disney CFO, Others Brought Concerns to Board Over Bob Chapek

  How One of the Country’s Most Storied C.E.O.s Destroyed His Legacy

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