Archive for September, 2023

• Morning News: September 19, 2023
  Eddy Elfenbein, September 19th, 2023 at 7:10 am

  Crisis and Bailout: The Tortuous Cycle Stalking Nations in Debt

  Global Economy Poised to Slow as Rate Hikes Bite, OECD Says

  ECB Done Hiking Rates But Cut Not Expected Until at Least July

  Once A Global Ideal, Germany’s Economy Struggles With An Energy Shock That’s Exposing Longtime Flaws

  Housing Investors Are Getting Flushed Out as Canada’s Rates Rise

  Janet Yellen Is Running Out of Time to Make a Difference on Climate

  Companies Stall Climate Action Despite Earlier Promises

  Corporations Are Picking Sides in the New Era of Economic Upheaval

  U.S. National Debt Tops $33 Trillion for First Time

  Fed Creeps Toward Next Phase in Its Fight Against Inflation

  The Most Popular Options Trade Turns a $1 Investment Into a $1,000 Stock Bet

  UBS CEO: “Momentum Is Pretty Positive”

  UAW Strike Collides With Biden’s Manufacturing Agenda

  Strike Is a High-Stakes Gamble for Autoworkers and the Labor Movement

  UAW Warns It Will Expand Strikes If No Serious Progress Is Made by Friday

  Instacart’s IPO Puts Spotlight on Its Evolution Into Ad Seller

  Google Adds ChatGPT Rival Bard to Gmail, YouTube, Docs and More

  Elon Musk Floats Charging Users for X

  Hollywood Strikes Send a Chill Through Britain’s Film Industry

  How a Squiggly Line on a Map Got ‘Barbie’ Banned in Vietnam

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• Morning News: September 18, 2023
  Eddy Elfenbein, September 18th, 2023 at 7:04 am

  Chinese Economists Disagree With Xi Jinping. But Xi Is Right

  China’s Cash-Squeezed Country Garden Faces Another Dollar Coupon Deadline

  Xi’s Security Obsession Turns Ordinary Citizens Into Spy Hunters

  This China Trade War Isn’t About Semiconductors

  How Long Can The World’s Borrowers Hold on As Higher Rates Bite?

  Americans Can Barely Afford Homes — and That’s a Problem for Biden

  How Auto Executives Misread the UAW Ahead of Historic Strike

  Unions Keep Up Their Hardball Tactics

  Why a Soft Landing Could Prove Elusive

  Hedge Funds Just Turned Bullish on Dollar Before Key Fed Meeting

  Trillion-Dollar Industry Powering Chicago Is at Risk of Leaving

  Banks Kick Start $2.9 Billion Bond Sale for Worldpay Buyout

  Instacart’s Long-Awaited IPO to Test CEO’s Pivot, Market Rebound

  A Key Question in Google’s Trial: How Formidable Is Its Data Advantage?

  Disney India Sale Talks Draw Firms Including Reliance

  Tesla Factory Wanted in Turkey. Country’s President Calls on Musk

  Tesla, Saudi Arabia in Early Talks for EV Factory

  Clorox Says Cyberattack Is Hurting Product Availability, Will Weigh on Quarter

  Some Businesses Make ‘Woke Free’ a Selling Point

  Want to Write a Best-Selling Cookbook? Get on TikTok.

  How Prime-Time TV Will Look Different This Fall

  The Real-Life Inspiration Behind Bonfire of the Vanities

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• Morning News: September 15, 2023
  Eddy Elfenbein, September 15th, 2023 at 7:04 am

  China’s Property Market Crisis Is Trouble for the Whole World

  China Economy Shows More Signs of Stability on Policy Boost

  Russia Struggles to Contain Resurgent Inflation

  Russian Central Bank Hikes Rates to 13%, Issues Hawkish Guidance

  Ireland’s Latest Fiscal Headache: What to Do With 10 Billion Euros

  IRS Shuts Door on New Pandemic Tax Credit Claims Until at Least 2024

  Dow Industrials Paying Price for Leaving Out Amazon and Alphabet

  Cathie Wood, Boaz Weinstein Among Winners From Bitcoin Fund Bet

  Biggest Hedge Funds Have Doubled Footprint in US Stocks Since 2014, Goldman Sachs Says

  Billionaire Ray Dalio Pushes for Return to Hedge Fund in Succession Clash

  SoftBank Left Millions on the Table to Engineer a Win for Masayoshi Son

  Instacart Set to Raise IPO Price Target After Successful Arm Debut

  Texas Moved to Protect Its Fragile Grid. Then Prices Skyrocketed

  United Auto Workers Go On Strike After Contract Talks Break Down

  The High Stakes Behind the U.A.W.’s Strike

  The Car Shortage Is Finally Easing. The UAW Strike Could Change That

  How Lehman’s Collapse 15 Years Ago Changed the U.S. Mortgage Industry

  Flawed US Home-Loan System Neglects the Buyers Who Need It Most

  Apple Counts on Wireless Carriers to Avoid an iPhone Slump

  Every CEO Talks Like Elon Musk Now

  Disney Says It Hasn’t Made a Decision About ABC After Report of Sale Talks

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• Morning News: Sepember 14, 2023
  Eddy Elfenbein, September 14th, 2023 at 7:05 am

  Russian Elite Bring Back $50 Billion of Assets as Havens Dwindle

  Copper Rises as China Cuts Reserve Requirements to Boost Economy

  EU Opens Door to Revamping Its Landmark ESG Investing Rules

  Inside Exxon’s Strategy to Downplay Climate Change

  Oil Rally Gathers Pace as US Benchmark WTI Hits $90 a Barrel

  Fuel Prices Are Soaring. Who Is Feeling the Pinch?

  U.S. Inflation Accelerated in August as Gasoline Prices Jumped

  Betting Inflation Will Keep Falling Is Still a Risky Business

  Meet the Man Making Big Banks Tremble

  The Bond Market Has Never Sounded Recession Alarms for This Long

  The Stock Market Hopes for a Hit From the Year’s Biggest Initial Public Offering

  Ray Dalio Says He Doesn’t Want to Hold Bonds, Cash ‘Is Good’

  Deutsche Bank to Hold Crypto for Institutional Clients

  SoftBank’s Arm Set to Debut on Nasdaq After Biggest IPO Since 2021

  UAW Prepares to Strike at Detroit Three Automakers, Rejects New Offers

  Biden Probably Can’t Stop a Strike Against Big 3 Carmakers

  Cable TV Is on Life Support, but a New Bundle Is Coming Alive

  Instacart Was All About Grocery Delivery. No Longer

  Bernard Arnault Built a Luxury Empire on ‘Desirability.’ Who Will Inherit It?

  How Sam Bankman-Fried’s Elite Parents Enabled His Crypto Empire

  A Hidden Reason Cities Fall Apart

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• Morning News: September 13, 2023
  Eddy Elfenbein, September 13th, 2023 at 7:05 am

  Modi Wants to Make India a Chip-Making Superpower. Can He?

  European Countries Differ Over Windfall Taxes on Banks

  Bankers’ 40% Pay Cuts Show the China Dream Fading in Its Richest Cities

  EU Escalates China Tensions With Probe to Ward Off Cheap EVs

  As OPEC’s Energy Influence Wanes, China’s Minerals Clout Rises

  Oil Trader Gunvor Re-Enters Metals in Bet on Energy Transition

  Big Oil’s Climate Fix Is Running Out of Time to Prove Itself

  BP CEO’s Sudden Fall Puts Oil Major’s Strategy Back in Play

  Biden’s Climate Law Is Reshaping Private Investment in the United States

  Soft Core Inflation to Bolster Case Against More Fed Tightening

  Corporate Defaults Jump, Highest August Monthly Tally Since 2009

  A Who’s Who of Silicon Valley Will Convene With Lawmakers on A.I.

  Arm Is Set for US IPO Pricing in Test to AI Hype, China Risk

  iPhone 15 and 15 Pro First Look: Why a Tiny USB-C Port Is a Huge Deal

  Apple’s iPhone Price Bump Is Part of Subtle Revenue-Boosting Strategy

  Goodbye, California. Driverless Trucks Are Headed to Texas

  Watch Boutiques Blossom in the Digital Age

  Birkenstock Files for IPO in Further Boost to US Market

  From $1 Billion to Almost Worthless: FaZe Clan Runs Out of Hype

  McDonald’s to Eliminate Self-Serve Soda Machines at U.S. Locations

  America’s Largest Newspaper Chain Is Hiring a Taylor Swift Reporter

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• CWS Market Review – September 12, 2023
  Eddy Elfenbein, September 12th, 2023 at 8:52 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.”)

  My Appearance on Bloomberg ETF IQ

  Yesterday, I was invited on Bloomberg’s ETF show, ETF IQ, to discuss our ETF, the AdvisorShares Focused Equity ETF (CWS). I want to thank Eric Balchunas and the team at Bloomberg for having me on. It was a lot of fun.

  Here’s the video. My segment starts at 15 minutes in:

  Here’s the transcript:

  Sonali Basak: We’re going to drill down into the equities market with Edward Elfenbein of AdvisorShares, up next. This is ETF IQ on Bloomberg.

  Matt Miller: This is Bloomberg ETF IQ. I’m Matt Miller alongside Sonali Basak today.

  Sonali Basak: And with us is Eric Balchunas from Bloomberg Intelligence. He’s back with today’s Drill Down where we focus on just one ETF. Eric?

  Eric Balchunas: Sonali, today we look at CWS. It stands for Crossing Wall Street, which is a stock-picking blog that was converted. It still exists but now there’s an ETF based on it. As you can see, it’s actively managed. It’s a very concentrated portfolio of 25 stocks which tends to look at quality and value. It uses fundamentals so it tilts a little more toward mid-cap or smaller large-caps. It has $73 million in assets which is pretty good for an active fund. It has an expense ratio of 0.75%, but that’s a fulcrum fee. If they outperform, they take a little bonus. If they underperform, you get a little bit less of a fee.

  Let’s look at the holdings here. You can see that this isn’t your typical active fund that’s loaded with Amazon and Apple. You can see just by looking at these stocks that you’re going to know some of these names, but as you can see, these are going to be a little less.

  So, this has an average market cap that’s much less than the S&P and a slightly lower price/earnings ratio. Let’s look at the performance of this versus the S&P which is the benchmark. I threw in mid-caps because, again, this thing does tilt down a little bit.

  You can see that it’s up 123% since its inception. It’s slightly underperforming the S&P but it’s blowing away mid-caps. It’s going to outperform when the Super Seven or these mega-caps take a break.

  So, if you see that coming, this ETF is probably is in a good position to have some outperformance which, again, should draw more looks.

  Sonali Basak: Thank you, Eric. And joining us to talk about this ETF is Edward Elfenbein. He’s the portfolio manager at AdvisorShares Investments. What are you looking at when you’re thinking about the direction of this market and what can outperform in the world that you’re in?

  Edward Elfenbein: Right now, it looks like the Fed is going to pause next week. Maybe – it’s about 50/50 – we’ll get a rate hike coming in November. But I think right now, there’s been a concern that if we’re going to cut rates right now, the Federal Reserve is going to bring us right back to the playbook of 2020/2021.

  Back then we saw Zoom and Moderna. Now that’s being replaced by the Super Seven and the Artificial Intelligence-kind of stocks. That’s just going to replace that. We’re going right back to that. I think the market is assuming too much. I’m looking at a lot of these high-quality, low-beta names that I think look very good right now.

  Matt Miller: So, I guess I could say that Trex Co. is your favorite, but what do I take as your favorite considering all the names that we just saw there?

  Edward Elfenbein: I’ll tell you one that you might like, and that’s Miller Industries. This is a wonderful company, and it’s not followed by a single Wall Street analyst. I love this – it’s a tow truck company based in Chattanooga, Tennessee.

  Matt Miller: Nice!

  Edward Elfenbein: It’s a wonderful little company and they just had a blowout earnings report. I can’t say if it beat expectations or not because no one follows it.

  Matt Miller: So, there were no expectations?

  Edward Elfenbein: There were no expectations.

  Matt Miller: That we know of…

  Eric Balchunas: I was looking through your holdings historically just to see what you’re buying and selling, and I did see the move to Industrials. One stock you sold out of – I mean this is like a perfect trade – you had Disney for many years. You crushed it. You sold it exactly two years ago. Since then, it’s down 56%. What alarmed you? What got you to get out of that company at that time?

  Edward Elfenbein: I’ve got to tell you – that was a really difficult one because it was a company that I had a strong conviction in. But I really didn’t like the culture that I saw forming at Disney. I don’t like when companies treat their customers, particularly their core customers, like an ATM. And I got that feeling that this is how Disney was behaving with very high prices across the board. Of course, there was a leadership change, so that made me make the decision to pull the plug on Disney.

  Matt Miller: That’s the furthest thing from an orphan stock that there is.

  Edward Elfenbein: That is true.

  Matt Miller: Miller Industries and Disney are like two ends of the spectrum. Everybody on the Street follows Disney and no one follows Miller. Does that matter to you?

  Edward Elfenbein: Not at all. I go wherever there is a bargain.

  Sonali Basak: Now, if you’re taking a look and you think that there’s either a soft landing or a harder recession, what would you trade out of today that you’re still in if you think that things are going to get worse than the market currently thinks they are?

  Edward Elfenbein: The obvious choice is a lot of these Super Seven stocks. They really have run so far. Even if you don’t have to exit your position, it’s a good time to take profits on those. That’s the number one concern I would have.

  Eric Balchunas: Just a little bit about positioning this fund in a portfolio, we do a lot of work on how actives should move forward. You’re concentrated, which I think is a viable lane because you can complement cheap beta rather than competing with it.

  How do you position this to advisors? Are they looking for performance, mainly, or does that active share – which is 96% in your case – does that matter to them because it can be used as a satellite position?

  Edward Elfenbein: I think they really do like the concept of it, the idea that we don’t do any trading. No trades are made during the entire year. We focus on just the high-quality names and we stick with them. We have a 20% turnover each year. Five new ones of the 25 stocks come in, and five go out.

  Matt Miller: You have this fulcrum fee that Eric was talking about. I’d never heard of it before now, and I don’t think it’s widely used in the industry. How has that worked out for you and for your investors?

  Edward Elfenbein: I think it’s been great, personally, because I’ve been getting a nice bonus. So that’s good. We believe we were the first ones in the ETF space to use that. It does exist in the open-end community. I don’t know of any others that have used it, but I think it’s a great way to say to investors, “we are aligning with your interests; we have skin in the game.” I think it’s a way that Wall Street will be moving toward those sorts of qualities.

  Sonali Basak: Double down on that, because on one hand, the ETFs have brought down the fee structure for the investing universe to begin with, but with all of these new actively-managed ETFs, that is getting a little more expensive. Do you think that this fulcrum idea might take more steam with those higher fees that we are starting to see?

  Edward Elfenbein: I certainly hope so, because one of the problems is that a lot of these smaller ETF shops, I’m afraid, are getting pushed out. We turn seven years old next week. I don’t know if our kind of fund could launch in this type of atmosphere. Maybe we got in at the right time. But I think that things like the fulcrum fee and the tax-efficiency are going to gain steam and become larger as the years go on.

  Matt Miller: All right. Fascinating story. Really glad to get you in here. Eddy, thanks so much for joining us. Eddy Elfenbein of AdvisorShares – his ETF turns seven.

  That’s CWS, as he said. If you just can’t get enough of ETFs, a reminder that you can listen to Eric with Joel Webber, our editor of BusinessWeek, on Trillions. That’s their bi-weekly podcast that covers the industry and fascinating stories like CWS and Eddy as well.

  Also, I recommend following Eddy on Twitter because he says some stuff that just sticks with you for a while. I think about you in bed a lot because you once tweeted that it’s too hot when both legs are under the covers and it’s too cold when both legs are out of the covers and that you need one under and one over in order to be ok. To me, that makes a lot of sense.

  Eric Balchunas: That’s insightful!

  Matt Miller: That does it for Bloomberg ETF IQ. I’m Matt Miller along with Eric Balchunas and Sonali Basak. This is Bloomberg.

  The Golden Rule of Financial Markets

  Also this week, I wanted to discuss the Golden Rule of Financial Markets which states that as interest rates go up, investors become more conservative. The corollary to the Golden Rule is that as interest rates fall, investors become open to shouldering more risk.

  The Golden Rule makes perfect sense. When interest rates are at 0%, who cares what a P/E Ratio is? That certainly didn’t matter three years ago when the Fed snapped into action to fight the economic effects of the Covid lockdowns. But as interest rates creep higher, suddenly valuations are important.

  We saw the Golden Rule in effect in 2021 and 2022 as the Fed started hiking and the market reversed course from the risk-happy Covid rally.

  During the Covid rally, it seems that everyone just bought stocks and they didn’t care much what ones they were. I recall shares of ZOOM doing well even though that wasn’t the ticker of the video call service which is ZM.

  Lately, however, investors have shied away from conservative stocks, and I think that’s a big mistake. My hunch is that investors think that if the economy hits a rough spot, the Federal Reserve will jump in, quickly lower rates to the floor and we’ll go back to the 2020 playbook. Traders currently think the Fed will start cutting rates by June of next year. Hmmm…I’m not too sure about that.

  To gauge the market’s sentiment for risk, I like to track how Low Volatility stocks (meaning the conservative stocks) perform relative to High Beta stocks (riskier stocks). This is a simple, quick way of telling you the market’s mood. Since the start of this year, High Beta (black) has performed considerably better than Low Vol (blue).

  

  If someone told me to guess the market return for a stock like Hershey (HSY), a perfect example of a defensive conservative stock, when the S&P 500 is up in the low teens and the Fed has been hiking rates, I would probably guess HSY would be something like to 10% to 15%. Instead, Hershey is down 10% this year.

  No one wants steady and conservative. Instead, the market appears to be obsessed with the Super Seven stocks: Apple, Amazon, Alphabet, Meta, Tesla, Microsoft and Nvidia. What Zoom and Moderna were three years ago, artificial intelligence is today.

  Tomorrow’s CPI Report Could Tip the Balance

  Tomorrow we’re going to get the inflation report for August. Wall Street expects headline inflation of 0.6% and core inflation of 0.2%. If that’s right, it will bring the 12-month headline rate to 3.6% and the 12-month core rate to 4.3%.

  The reason why there’s a big gap between the headline rate and the core rate is due to gasoline prices. Last month, gasoline prices probably rose by 6% to 8%.

  Even though gasoline gets a lot of attention, the major focus at the Fed is on core services inflation. In fact, this is what the Fed has said is most important. We’re also running into simple base effects. That simply means that the 12-month may appear high because inflation was cooling off one year ago.

  The Fed prefers to look at personal consumption expenditure prices (or PCE). The one advantage of the CPI report is that it’s earlier and tomorrow’s report will be ahead of next week’s Fed meeting.

  It’s widely expected that the Fed will pause on any rate hikes next week, but the outlook for the November meeting is still up in the air. If tomorrow’s inflation report comes in high, that could tip the balance to a November hike. I don’t think the market will like that.

  At next week’s meeting, the Fed will update its (usually very wrong) economic forecasts. Most Fed members still see another rate hike this year. I suspect that one more hike will still be predicted.

  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 12, 2023
  Eddy Elfenbein, September 12th, 2023 at 7:05 am

  Country Garden Rebounds as Yuan Bond-Extension Votes Tallied

  A Rush to Build Defenses in Europe, but Little Consensus on How

  Morgan Stanley Says Italy Bond Rally Is Over

  The Biggest US Trading Partner Is No Longer China, It’s Mexico

  Central Banks Set for Higher for Longer to Fight Inflation

  How the Bank of Japan’s Shift Could Play Out in U.S. Markets

  Hedge Fund Boss Calls Hydrogen Bets ‘Complete Waste of Time’

  Alibaba CEO Warns of Being ‘Displaced’ If the Chinese Tech Giant Doesn’t Keep Up In AI

  Why Google Is On Trial

  Elon Musk’s Lessons From Hell: Five Commandments for Business

  Arm CEO Pitches IPO Investors on Shift to High-Margin Chips

  UPS Chief Says Year One of Pricey New Labor Deal Will Hurt Most

  For Auto Workers, It Isn’t Just About Pay

  Smurfit Kappa to Buy WestRock in $11 Billion Packaging Deal

  Private Equity Is No Longer a Reliable Last Resort for Troubled Hospitals

  Pandemic Population Boom in Rural Hotspots Sparks Resentment

  Twinkies and Jam to Mix as Smucker Buys Hostess for $5.6 Billion

  Pet Owners Resort to Cheaper Food as Inflation Weighs on Wallets

  A Mall Owner’s About-Face: Bet on America’s High-End Malls

  TikTok Popularizes Products. Can It Sell Them, Too?

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• Morning News: September 11, 2023
  Eddy Elfenbein, September 11th, 2023 at 7:02 am

  Fear of Being Made Obsolete Grips College-Educated US Workers

  Unions Flex Power When Workers Are in Short Supply

  Stop or Go? Five Questions for the ECB

  Yen Rises With Yields After BOJ’s Ueda Fuels Hike Speculation

  An Important Shift in Fed Officials’ Rate Stance Is Under Way

  The Mighty American Consumer Is About to Hit a Wall, Investors Say

  Instacart Sets Price at $26-$28 a Share as IPO Market Heats Up

  Xi’s Tight Control Hampers Stronger Response to China’s Slowdown

  Chinese Warnings on iPhones Tap Deep Strain of Security Concerns

  As Smartphone Industry Sputters, the iPhone Expands Its Dominance

  Apple Renews Qualcomm Deal in Sign Its Own Modem Chip Isn’t Ready

  Google’s Ties With Apple Under Spotlight in Antitrust Trial

  Microsoft, Google and Antitrust: Similar Legal Theories in a Different Era

  Tesla and China Risk Leaving Volkswagen on a Road to Nowhere

  China May Ban Clothes That Hurt People’s Feelings. People Are Outraged

  Alibaba’s Former Chairman Daniel Zhang Steps Down From Last Executive Role at Company

  Private Jets and Pop-Up Workspaces: Boeing Eases Return to Office for Top Brass

  Walmart Goes All In on Africa

  J.M Smucker Nears Deal to Buy Hostess

  Popeyes Overhauls Its Kitchens to Win the Chicken Sandwich Wars

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• Morning News: September 8, 2023
  Eddy Elfenbein, September 8th, 2023 at 7:02 am

  Economic Data Lead Markets and Governments Astray

  G-20 Sees Risks to Long-Term Growth From ‘Cascading Crises’

  US Probes Made-in-China Chip as Alarm Over Huawei Grows

  Apple Becomes the Biggest U.S.-China Pawn Yet

  As War Grinds On, HSBC Halts Russia Payments

  Yellen Confident on Ukraine-Aid Support, Upbeat on World Growth

  Fed’s Williams Says Policy in Good Place, Must Be Data Dependent

  Potential US Government Shutdown Could Dent Investor Confidence

  JPMorgan Is Exploring Blockchain-Based Deposit Token for Payments, Settlements

  ‘Dumb Money’ Lampoons Wall Street Titans With a Knowing Eye

  Hundreds Halt Work at Energy Plants in Australia

  The Fall in Home Prices May Already Be Over

  It’s Not Your Imagination—Shopping in Person Is Getting Worse

  US Retail Workers Are Fed Up and Quitting at Record Rates

  A Workers’ Refrain: #ActYourWage

  Google’s Former CEO Is Leveraging His $27 Billion Fortune to Shape AI Policy

  Venture Investors Bet AI Can Improve Supply-Chain Management

  Coca-Cola’s CMO on Sidestepping the Culture Wars, Navigating AI and Boosting Events Over Ads

  Mattel’s Windfall From ‘Barbie’

  Why Disney Could Cave First in Its Cable Standoff With Charter

  Here’s Something Past Its Expiration Date: The Expiration Date Itself

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• Morning News: September 7, 2023
  Eddy Elfenbein, September 7th, 2023 at 7:05 am

  Feeble German Economy Faces Fresh Contraction as Factories Falter

  China Exports Fall for Fourth Month as Once-Reliable Growth Engine Sputters

  China Property Crisis Exposes Corporate Governance Failure to the World

  China Seeks to Broaden iPhone Ban to State Firms, Agencies

  Apple’s ‘Symbiotic’ Relationship in China Faces New Questions

  Huawei Is Letting Its Controversial New Phone Speak for Itself

  China Is Flooding the World With Cars

  US, EU Plan New Chinese Steel Tariffs in Bid to End Trump-Era Trade Conflict

  New Corporate Minimum Tax Ushers In Confusion and a Lobbying Blitz

  US SEC Approves New Fee Rules on Market Data Surveillance System

  Here’s Why You Shouldn’t Be Surprised Auto Workers Are Asking for a 46% Pay Raise

  Whose Rail Line Is It Anyway? Freight Carriers Could Be Forced to Share Tracks With Competitors

  SoftBank Backs Autonomous Trucking Firm Started by Ex-Ford Self-Driving Executives

  America’s Wind-Farm Revolution Is Broken

  Texas Teeters on Edge of Blackouts as Demand Squeezes Grid

  Disney’s $218 Billion Rout Not Enough For Dip Buyers

  Philanthropies Pledge $500 Million to Address Crisis in Local News

  FanDuel, DraftKings Blitz for New Customers as NFL Season Starts

  Smurfit Kappa in Talks with WestRock to Create Paper and Packaging Giant

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