Archive for April, 2024

• CWS Market Review – April 30, 2024
  Eddy Elfenbein, April 30th, 2024 at 5:48 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.”)

  T.S. Eliot famously wrote that “April is the cruelest month.” Well, this April wasn’t a very kind one for investors. (By the way, Eliot was a Lloyd’s Bank employee.)

  The S&P 500 fell 1.6% today and it was down 4.2% for the month. This snapped the market’s five-month winning streak. The Dow had its worst month since September 2022. In retrospect, we had a charmed market from November through March. It was bound to come to an end.

  As it turned out, the S&P 500 reached its closing peak on the final trading day for March, which was the day before Good Friday (Maundy Thursday, to be more precise).

  

  The bulls have clearly been on the defensive this month, and I don’t think the coast is clear just yet. The S&P 500 is still below its 50-day moving average (the blue line). It may soon come up against its 200-day moving average (in green). These aren’t good omens.

  Interestingly, defensive sectors like Consumer Staples and Healthcare have started leading the market recently. That comes after an extended period of lagging the market. Defensive sectors typically shine when investors get nervous, and that’s clearly what’s happening. In fact, I wouldn’t be surprised to see defensive sectors start to the lead the market for several months. One of my favorite investing quotes comes from Michael Gayed: “There are no gurus, only cycles.”

  It’s true. Consider a boring consumer stock like JM Smucker (SJM). It’s been running against the Magnificent 7 cycle for a long time. The jelly stock is currently going for 11 times next year’s earnings, and the dividend yields 3.7%. Smucker has increased its dividend for the last 26 years in a row. I get it. Smucker isn’t that exciting, but at some point, a company that owns Twinkies and Meow Mix has a certain future.

  We’re in the middle of Q1 earnings season. The overall results are improving but this hasn’t been a terribly strong season for Wall Street. Q1 earnings growth is currently tracking at 3.4%. That’s kinda blah.

  Shares of Starbucks (SBUX) got dinged after its earnings report fell short of expectations. It’s rare to see SBUX miss.

  The only bright spot of this earnings season is that many companies are exceeding their very low expectations. Of the companies that have reported earnings so far, 78.8% have beaten their earnings estimates while 59.6% have beaten on revenue. Slightly more than half (52.7%) have beaten on revenue and earnings.

  Financials stocks are providing a big help. Earnings growth for financials is currently running at 7.94%, but that’s up from 3.22% one month ago. Technology is another big winner. Earnings growth for that sector is running at 21.79%.

  For Q1, the S&P 500 is expected to earn $54.50 per share. That’s the index-adjusted figure. For all of 2024, the index is expected to earn $240.74 per share. That’s up 9.78% over last year. That translates to a forward P/E Ratio of 21. That’s elevated but not extreme.

  The Fed Will Continue to Hold Rates Steady

  In addition to all the earnings reports, the Federal Reserve started its two-day meeting today. I’ll spoil the drama for you: the Fed won’t be making any changes to interest rates this meeting. According to the futures market, traders are placing a 99.5% chance that the Fed will leave interest rates alone. That seems low.

  It will be interesting to hear what Fed Chairman Jerome Powell has to say about the economy and the path for inflation. I suspect that the Fed wants to cut rates, but the recent data isn’t cooperating. Powell said that the economic numbers have “clearly not given us greater confidence” that inflation is falling back to the Fed’s 2% range.

  

  The conventional wisdom has shifted markedly this year. Not that long ago, it was widely assumed that the Fed would be cutting rates by now. Not only is the Fed not cutting, but it looks like the Fed won’t cut rates until September, and that could be the only rate cut this year. Tomorrow’s policy statement will be released at 2 p.m. ET.

  It seems that it was relatively easy to get inflation to fall from 9% to 3% but getting it from 3% to 2% is proving to be quite difficult. In fact, I wouldn’t be surprised if the next move from the Fed is a rate hike.

  We’re in an unusual period where the Fed has done nothing to interest rates, but that nothing has reflected a big change in the Fed’s outlook. The Fed has changed from expecting to cut rates soon to a wait-and-see stance.

  Indeed, on Friday, we got more evidence that inflation continues to be stubborn. The Commerce Department released its PCE price data for March. This is important because it’s the Fed’s preferred measure of inflation, but the downside is that the data appears much later than the CPI reports.

  For March, the PCE price index increased by 0.3%. The core PCE increased by 0.3% as well. Over the last year, the headline PCE price index has increased by 2.7% which was 0.1% above expectations. The core PCE price index increased by 2.8% over last year, and that also was 0.1% above expectations.

  The PCE report also showed that personal spending increased by 0.8% in March. Wall Street had been expecting an increase of 0.7%. Personal income increased by 0.5% which matched expectations. The savings rate dropped to 3.2%. That’s down 2% over the last year.

  The other major economic report we got recently was last Thursday’s GDP report. That was our first look at Q1 GDP, and it wasn’t very good. For the first three months of this year, the U.S. economy grew at a 1.6% real annualized rate. That was below consensus for 2.4%.

  

  In other words, inflation is running higher than expected and economic growth is lower than expected. It looks as if we’ve entered a period of stagflation.

  Within the GDP report, I like to look at the level of consumer spending because that’s the key driver of the economy. For Q1, consumer spending increased by 2.5%. That’s down from the 3.3% rate for Q4. Wall Street had been expecting an increase of 3%. One hopeful sign is that residential investment jumped 13.9% for Q1. That was its largest gain in more than three years.

  The next big test for the market comes this Friday with the April jobs report. The consensus on Wall Street is that the U.S. economy added 240,000 net new jobs last month. That’s down from 303,000 jobs added in March (although that number will be revised on Friday). The unemployment rate is expected to remain at 3.8%.

  I’ll be paying close attention to the numbers for wages. Those numbers have been getting better, but inflation continues to take a sizeable bite out of so many wage increases. For Friday, Wall Street expects to see a gain in average hourly earnings of 0.3%. For the past 12 months, the expectation is that earnings increased by 4.0%.

  Is the regional banking crisis still on? That’s a good question. My tentative answer is “probably not,” but we got a jolt on Friday when the Federales seized Philly-based Republic First Bank (FRBK). This was the first bank failure this year. Republic First is not to be confused with First Republic which went kablooey last year.

  Two years ago, the bank was going for about $5 per share. Today it closed at one penny.

  

  It’s important to stress that Republic First Bank was a relative small fry. They had $4 billion of deposits and $6 billion in assets.

  It’s actually kind of cool how the FDIC seizes on a busted bank. They’ll shut the bank on a Friday, do a full accounting, then move to sell the bank as soon as possible. They’ll often offer a neighboring bank a sizable discount to take on all the deposits.

  The winner this time was Fulton Bank (FULT) of Lancaster, PA. By Saturday, the FDIC got Republic First’s 32 branches to open under the Fulton name. On Monday, shares of Fulton gained 7.5%. This is nowhere close to Silicon Valley Bank or First Republic which had assets of more than $200 billion.

  The problem with a banking crisis is that you don’t know what you don’t know. You’ll think Bank A is well protected only to learn that it was heavily exposed to a particular sector of the economy that’s cratering. A bank can be perfectly fine but once investors start demanding their deposits, it can quickly become not so fine.

  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: April 30, 2024
  Eddy Elfenbein, April 30th, 2024 at 7:04 am

  Asia’s Major Export Engines Show Signs of Strength

  China’s Leaders Hint at New Plan to Fix Biggest Drag on Economy

  Taiwan’s Economic Growth Beats Expectations in Strong Start to Year

  BOJ Accounts Suggest Japan Intervened Monday to Support Yen

  Europe’s Economic Laggards Have Become Its Leaders

  Fed to Signal It Has Stomach to Keep Rates High for Longer

  High Fed Rates Are Not Crushing Growth. Wealthier People Help Explain Why

  The Fed’s Quantitative Easing Program Cost Too Much

  Trump’s Plans for the Fed Make No Sense, Even for Him

  HSBC CEO Quinn Unexpectedly Steps Down After Almost 5 Years

  Binance and CZ’s Fortunes Are Set to Grow, Jail or no Jail

  Google CEO Sundar Pichai Nears Billionaire Status Powered by AI Boom

  PayPal Forecasts Decline in 2024 Profit Amid ‘Transition Year’

  How Congress Is Trying to Fix Air Travel

  U.S. to Require Automatic Emergency Braking on New Vehicles in 5 Years

  European Carmakers Miss Forecasts in Sluggish Start to the Year

  Hydrogen Offers Germany a Chance to Take a Lead in Green Energy

  China Climate Chief to Visit US With Aim to Bolster Key Ties

  America’s Troubled Offshore Wind Push May Yet Take Off

  UnitedHealth Stock Sales Prompt Lawmakers to Call for SEC Probe

  Walmart Closes Health Centers, Telehealth Unit Over Rising Costs

  Walmart Takes On Trader Joe’s and Whole Foods With New Premium Brand

  Coca-Cola Raises Outlook as Organic Revenue Beats Estimates

  McDonald’s Pushes Value as Consumers Grow Skittish on Spending

  Paramount Faces a Mountain of Questions

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• Morning News: April 29, 2024
  Eddy Elfenbein, April 29th, 2024 at 7:06 am

  Getir Quits US, Europe Markets After Pressure to Cut Losses

  Wall Street Goes Long Lira in Optimism on Turkey Policy Reversal

  How the US Is Trying to Counter China’s Trade ‘Coercion’

  Yen Rebounds Strongly After First Slide Past 160 Since 1990

  What 60,000 Headlines Say About the Fed’s Next Move

  Even If the Fed Cuts, the Days of Ultralow Rates Are Over

  Auditors Balk at Regulator’s Push to Expand Their Role

  Fulton Financial Buys Failed Republic First Bank, Announces Stock Offering

  Here’s How Immigration Will Boost the US Economy, From Strong Hiring to More Housing

  Biden Strategy to Tame Gas Prices Is in Peril as Iran Sanctions Pressure Mounts

  Shell Earns $1 Billion a Year from US Crude Trading, Court Filing Shows

  In the Heart of a Global Methane Hotspot, Signs of Progress

  BHP Mega Bid and $10,000 Copper Expose Mining’s Biggest Problem

  Say Goodbye to Potatoes Being as Cheap as Chips

  Rising Food Prices Send More Shoppers to Aldi

  Friends From the Old Neighborhood Turn Rivals in Big Tech’s A.I. Race

  A.I. Start-Ups Face a Rough Financial Reality Check

  Apple’s iPad Hit by EU’s Digital Dominance Crackdown

  France Moves to Rescue Atos as Former IT Crown Jewel Struggles to Stay Afloat

  Musk Leaves China With Tesla Driving Software Hurdles Cleared

  Who Gains from Elon Musk’s Visit to China?

  How to Book a Rocket Ride: Advice From a Space Travel Agent

  Executive Flights on Corporate Jets Worth Millions More Than Reported

  Auto-Safety Regulator Notified of Two Ford Driver-Assistance System Incidents

  A Billion-Dollar Hack Puts UnitedHealth’s Empire Under the Microscope

  How Supplement Stores Are Trying to Tap Into the Ozempic Boom

  Redstones, Ellison Seek to Appease Angry Paramount Investors

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• Morning News: April 26, 2024
  Eddy Elfenbein, April 26th, 2024 at 7:04 am

  Nigeria Plans a $10 Billion Diaspora Fund to Attract Dollar Inflows

  Xi Warns Blinken Against ‘Vicious Competition’ Between US, China

  Bank of Japan Holds Rates Steady, Expects Inflation to Stay Around 2%

  Yen Swings With Traders on High Alert for Intervention

  U.K. Consumers Get Spring in Step as Confidence Mounts

  Global Equity Funds Face Fourth Week of Outflows Amid Dampened Fed Rate Cut Hopes

  Investors Brace for 5% Treasury Yields as US Inflation Worries Mount

  With Inflation This High, Nobody Knows What a Dollar Is Worth

  Only Half of Global Rate Hikes Set to Be Taken Back by End-2025

  Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It

  What Is a ‘Decent Wage’? France’s Michelin Raises a Debate

  ‘Net Neutrality’ Faces a Stiff Judicial Test

  Why Are Shares of Intel Stock Crashing After Earnings?

  A Chinese Firm Is America’s Favorite Drone Maker. Except in Washington

  Rosenbush’s Take: Rubrik IPO Reflects Increasingly Difficult Path Startups Face to Going Public

  Thoma Bravo to Buy U.K. AI Cybersecurity Company Darktrace for $5.3 Billion

  Air Conditioning and AI Are Demanding More of the World’s Power—Renewables Can’t Keep Up

  Apollo Global to Buy U.S. Silica in $1.85 Billion Deal

  Anglo Rejects BHP Takeover Bid as Significantly Undervalued

  Rising Copper Demand Spurs Search for Alternative Climate Solutions

  Bonjour, New York? French Oil CEO Sees a Climate Path Out of Paris

  Exxon, Chevron Fall After Disappointing First-Quarter Showings

  Railroad CEO Isn’t Ruthless Enough for Investors After Toxic Crash

  China to Pay Consumers Up to Nearly $1,400 to Replace Old Cars

  Regulators Probing Tesla Recall Tied to Autopilot

  Used-Car Sales Have Moved Online—Here’s Why Both Customers and Dealers Are Happy

  Americans Went All-In on Self-Storage. That Demand Is Suddenly Cooling

  The Long, Slow Death of Urban Nightlife

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• Morning News: April 25, 2024
  Eddy Elfenbein, April 25th, 2024 at 7:05 am

  How North Korea’s Man in the West Ran Afoul of US Authorities

  South Korea’s Economy Posts Stronger-Than-Expected Growth

  Blinken Raises US Concerns on Unfair Trade Practices in China

  Ukraine Cuts Interest Rate Again After Securing Vital US Aid

  How to Get a Meeting With the UAE’s $1.5 Trillion Man

  BHP Makes $39 Billion Anglo Approach to Create Mining Giant

  BHP Bid for Anglo American Set to Unleash Wave of Mining M&A

  COP29 Climate Summit Countdown Starts With Finance at Forefront

  German Consumer Confidence Reaches Two-Year High

  America’s Economy Is No. 1. That Means Trouble

  Lutnick Lands Wall Street Giants for His Futures Fight With CME

  Goldman Sachs, BofA Shareholders Reject Proposals for CEO-Chair Split

  Workers Are Celebrating a Ban on Noncompetes. Employers Are Ready to Fight

  US White-Collar Job Growth Stalls, Even in Pandemic Boomtowns

  Housing Will Get More Expensive Because of the Fed

  ‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower

  Caught Between the US and China, a Powerful AI Upstart Chooses Sides

  Zuckerberg Asks for Patience as Meta’s AI Push Spooks Investors

  Microsoft, Alphabet Face a ‘Show Me’ Moment After Meta Misfire

  Oracle’s Jump to Nashville Surprises Austin

  LG Electronics Posts Profit Turnaround on Steady Revenue Growth

  Room & Board Sets Up Employee Stock Ownership Plan, Giving Workers A Stake

  American Airlines Sees Better-Than-Expected Profit This Quarter

  Southwest Air Slows Growth as Boeing Trims Jet Deliveries

  What Marketers Should Know About Ibotta, the Digital Promotions Company That Just Went Public

  McKinsey Is Under Criminal Investigation for Its Opioid Work

  With New Salt and Sugar Limits, School Cafeterias Are ‘Cringing’

  What Do Weight Loss Drugs Mean for a Diet Industry Built on Eating Less and Exercising More?

  Spanish Beauty Billionaires Seek IPO to Ward Off Succession Drama

  How a Pirate-Clad Pastor Helped Ignite Trump Media’s Market Frenzy

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• Morning News: April 24, 2024
  Eddy Elfenbein, April 24th, 2024 at 7:07 am

  Climate Change Poses a Child Labor ‘Threat Multiplier’

  Xi’s Armada Is Winning the Battle for Energy in the South China Sea

  One of Europe’s Fastest-Growing Energy Companies Wants a Slice of the U.S. Offshore Wind Market

  Gulf States Learn the Power and Limits of Petrodollar Persuasion

  Chevron-Exxon Faceoff Hinges on Growth Ambitions

  China Inc.’s Backers Are Brushing Off Trump Tariff Threats

  China Central Bank Remarks Suggest Bond-Trading Liquidity Boost Not Imminent

  Indonesia Central Bank Delivers Surprise Rate Hike as Rupiah Tumbles

  High Borrowing Costs Have Some Democrats Urging Biden to Pressure the Fed

  Russia Pushes Its Largest Private Bank to Redomicile at Home

  UBS Flags ‘Serious’ Concern About New Swiss Capital Requirements

  Jamie Dimon Has a Rival in Tech: Silicon Valley Bank

  US Seeks 36 Months’ Jail for Binance Founder Zhao

  US 30-Year Mortgage Rate Rises to Five-Month High of 7.24%

  Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes

  TikTok Ban Looms With Biden Poised to Start 270-Day Countdown

  Who Stands to Gain from a TikTok Ban

  Meta’s A.I. Assistant Is Fun to Use, but It Can’t Be Trusted

  Microsoft, Amazon AI Deals Get Deeper UK Antitrust Scrutiny

  New Ban on Noncompetes Could Have Big Impact on Health Care

  Pharma Startup Uses AI to Test Old Drugs to Treat Rare Diseases

  Oracle is Moving Its World Headquarters to Nashville to Be Closer to Health-Care Industry

  Airlines Must Now Pay Automatic Refunds for Canceled Flights

  Wanted: An Executive to Repair Boeing

  Boeing’s $3.9 Billion Cash Burn Adds Urgency to Revival Plan

  China’s EV Price War Is Just Getting Started

  Tesla Speeds Cheaper EV Plans, Calming Fears Over Strategy

  Unilever India Misses Profit Estimate on Sluggish Demand

  Prada Posts Higher Revenue Despite Luxury Slowdown

  Kering’s Shares Fall on Lower Profitability Outlook

  Studio Behind Dune Eyes Growth, Even Without a Paramount Merger

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• CWS Market Review – April 23, 2024
  Eddy Elfenbein, April 23rd, 2024 at 8:21 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.”)

  On Monday, the S&P 500 snapped a six-day losing streak. That was the market’s longest losing streak since Covid wrecked the markets four years ago. The S&P 500 closed today at its highest level in 11 days.

  

  Ryan Detrick points out that the S&P 500 had a maximum drawdown of 5.5% this year, and historically, that’s small. Since 1980, the average maximum drawdown in a year is 14.2%. In other words, in a perfectly average year, you can expect the stock market, at some point, to be more than 14% off its high.

  Tech stocks were particularly strong today, as were many industrials. The Russell 2000 Index of small caps also had a good day. That index tends to skew to domestic manufacturers. The Russell 2000 has led the broader market for the last four days in a row.

  The stock market had a decent rebound yesterday and today. In fact, this was the largest two-day gain in two months, but I don’t think we’re in the clear just yet. The Federal Reserve continues to be stubborn about lowering interest rates. We may have to wait until September to get our first rate cut. After that, there may not be another rate cut until 2025. It’s hard to say for now because the outlook is very unclear.

  Q1 Earnings Are Looking Weak

  What is clear is that this earnings season is, so far, on the weak side. Q1 earnings growth is currently tracking at 0.43%. That’s down from 3.32% one month ago. Of those that have reported so far, 77.1% of companies have beaten their earnings estimates while 60% have beaten on revenues. Slightly more than half (52.9%) have beaten on both.

  For the quarter, Wall Street expects the S&P 500 to earn $52.94 per share. That’s the index-adjusted number. For the entire year, analysts expect the S&P 500 to earn $239.66 per share. That would be an increase of 9.19% over last year. That translates to a forward price/earnings ratio of 21. That’s a bit rich, but it could probably be justified if Q2 and Q3 earnings prove to be good.

  Earnings season is when the good stocks are rewarded and when the bad ones get punished. Globe Life (GL), a former Buy List stock, soared 11% after it reported reassuring earnings. The stock was clobbered after it was hit by short sellers. Shorting is a tough game. A successful short can make a lot in a short amount of time, but if you’re wrong, you can get squeezed out of your position.

  Shares of General Motors (GM) rallied after the company beat earnings ($2.62 vs. $2.15) and guided higher. Tesla (TSLA) reported after today’s closing bell and the numbers weren’t so good. For Q1, Tesla earned 45 cents per share which was six cents less than estimates. Tesla had quarterly revenues of $21.3 billion which was $850 million below estimates. Shares of Tesla climbed 7% in the after-hours market but I suspect that was only a reaction to its poor performance in recent days.

  Tesla isn’t alone. JetBlue (JBLU) dropped more than 19% after it lowered its revenue forecast. The airline has been slashing costs recently. Earlier this year, a judge blocked JetBlue’s $3.8 billion attempt to merge with Spirit Airlines.

  Pepsi (PEP) which is a conservative stock, did not please traders. The company beat earnings ($1.61 vs. $1.52) and beat on revenues, but its Quaker Foods division performed poorly. The soda company lost 3% today.

  Fiserv Rallies on Earnings Beat

  On our Buy List, I was pleased to see Fiserv (FI) report very good results. Fiserv has been a member of our Buy List since the very beginning, 19 years ago.

  I’ll have more details in our premium issue, but I wanted share some of the highlights of Fiserv’s quarter. For Q1, organic revenue rose 20% and earnings increased 19% to $1.88 per share. That was nine cents higher than Wall Street’s forecast. During the quarter, Fiserv bought back 10.2 million shares for $1.5 billion.

  

  The company also raised its earnings guidance for this year from a range of $8.55 to $8.70 per share, to $8.60 to $8.75 per share. Fiserv continues to expect organic revenue growth of 15% to 17% this year.

  “Fiserv remains committed to our virtuous cycle of investment, revenue growth, operating leverage, capital return and re-investment for further growth, reinforced with a focus on clients, operational excellence, and a strong balance sheet,” said Bisignano. “This proven model, along with our strong first quarter results, led us to raise our 2024 adjusted earnings per share outlook for the full year.”

  Shares of Fiserv rallied 4.4% during today’s trading. At one point, FI was up over 7% today. Over the last six months, Fiserv is a 42% winner for us.

  Here’s Fiserv’s CEO on CNBC earlier today:

  Mueller Industries Has Become a Big Winner

  Three years ago, I profiled Mueller Industries (MLI). The company is a leading manufacturer of copper, brass, aluminum and plastic products. This is a classic small-cap cyclical stock. Once you realize the scope of their business, you understand that the use of Mueller’s products is seemingly endless. Mueller makes everything from copper tubing and fittings to brass and copper alloy bars and refrigeration valves.

  You can find Mueller most anywhere. Some of the companies that rely on Mueller are in sectors like plumbing, heating, air conditioning, refrigeration, appliance, medical, automotive, military and defense, marine and recreational. Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, and China.

  

  Best of all, Mueller is completely ignored by Wall Street. I used to say that no Wall Street analyst follows Mueller, but that’s no longer correct. It’s picked up one analyst. Tesla, in contrast, is followed by 36 analysts.

  I wrote “Keep an eye on Mueller. This could be a big winner in the months ahead.” I should have listened to myself! Since then, shares of MLI are up 140%.

  This morning, Mueller reported Q1 earnings of $1.38 per share, and the stock gained over 7% in today’s trading. Not bad for a brass company that no one follows.

  While this week will be dominated by earnings news, I’ll be looking out for Thursday’s report on Q1 GDP. This could be the third strong report in a row. Right now, Wall Street expects Q1 GDP growth of 2.2% (that’s annualized and adjusted for inflation. The Atlanta Fed’s GDPNow model expects growth of 2.9% which would be quite good.

  The day after the GDP, the government will release the PCE price data which is what the Federal Reserve prefers to follow for inflation. For March, Wall Street expects that both headline and core PCE increased by 0.2%. If the number comes in soft, that could revive hopes of the Fed cutting rates sooner rather than after Labor Day.

  That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

  P.S. I was recently on Jim O’Shaughnessy’s “Infinite Loops” podcast. Jim is one of my favorite people, and I had a lot of fun. You can listen to the full episode here.

• Morning News: April 23, 2024
  Eddy Elfenbein, April 23rd, 2024 at 7:04 am

  Donors Stay Largely Silent Amid New Wave of Campus Protests

  Oil Is Shedding Its Mideast Fear Premium Too Fast

  Panama’s Rainy Season Signals Relief at Canal Bottleneck

  Baltimore Says Owner of Ship that Hit Key Bridge Was Negligent

  Bolivia’s Boom Has Turned to Bust, Fueling an Unlikely Presidential Comeback Bid

  Russia Threatens to Intensify Strikes on Ukraine Over US Aid

  BOJ’s Ueda Reiterates Possibility of Rate Hike if Inflation Rises as Expected

  BOE Chief Economist Pill Says Key Rate Cut Is Some Way Off

  Eurozone Growth Gap With U.S. Points to Central-Bank Divergence

  ECB Will Consider Fed’s Progress When Deciding on Rate Cuts, De Guindos Says

  Love That Strong Dollar. It May Not Last

  A Hedge Fund Billionaire’s Cash Helped Fund a ‘Predatory’ Lender

  In Silicon Valley, You Can Be Worth Billions and It’s Not Enough

  ‘Pay Later’ Lenders Have an Issue With Credit Bureaus

  Inside Palantir’s AI Sales Secret Weapon: Software Boot Camp

  Apple’s China iPhone Sales Dive 19% in Worst Quarter Since 2020

  Tesla Stock in ‘No Man’s Land’ After 43% Rout Ahead of Earnings

  GM Raises Profit Outlook for 2024 After Strong First-Quarter Earnings

  Volkswagen Holds Keys to Porsche’s Race Against Ferrari

  Jetblue Shares Tumble 10% After Airline Lowers 2024 Revenue Outlook

  Trump Set for Another $1.3 Billion in Shares He Can’t Sell Yet

  Spotify Swings to Profit Amid Boost in Paid Subscribers

  Starbucks Leads Business Opposition to Pro-Worker Labor Board

  Chinese Bubble Tea Maker Slides in Hong Kong’s Largest Listing This Year

  F.T.C. Sues to Block $8.5 Billion Fashion Merger

  Billionaire Pinaults Fight to Pull Gucci Off the Discount Rack

  JD Sports Steps Up U.S. Push With $1.1 Billion Deal for Retailer Hibbett

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• Morning News: April 22, 2024
  Eddy Elfenbein, April 22nd, 2024 at 7:03 am

  China’s Benchmark Lending Rates Kept Unchanged

  US Dollar’s Extended Reign Delivers Stark Wake-Up Call for Markets

  ‘Overdue’ Pullback in US Stocks to Test Dip-Buyers’ Resolve

  Why the Stock Market Is Having ‘Digestion Problems’ This Earnings Season

  US Bond Bulls Lean Into Latest Selloff Despite Inflation Scare

  Path for 10-Year U.S. Treasury Yield to 5% Is Possible but Tricky

  US Consumers on Lower Incomes Face Loan Stress While Banks Pull Back

  Ray Dalio’s Famous Trade Is Sputtering and Investors Are Bailing

  Souring China Dreams Force Western Financial Firms to Cut Costs

  How JPMorgan’s Cash Call Beat Bank of America

  Offshore Drilling Grows as US Shale Gets Left Behind

  US Commerce Chief Goes Prime Time Defending Industrial Policy

  Raimondo Says Huawei’s Chip Breakthrough Is Years Behind US Tech

  TikTok Braces for US Divest-or-Ban Law — And a Legal Fight

  With 4 Words, Google’s CEO Sundar Pichai Responded to Firing 28 Protesters. It’s a Lesson Every Leader Should Learn

  Tesla, Li Auto Cut Prices as China’s EV Price War Heats Up

  Elon Musk’s Robotaxi Dreams Plunge Tesla Into Chaos

  How Can Elon Musk Reassure Tesla Investors?

  Nissan Motor Shares Drop After Annual Profit Estimate Lowered on Slower Sales

  VW Works Closely With Unions in Germany, but UAW May Be Less Cuddly

  Walmart’s Tiny Tag Revolution Is Promising a Productivity Boost

  Apple iPhone Trade-Ins Aren’t the Green Solution Consumers Expect

  Verizon Reports Profit Beat and Rise in Wireless Subscribers

  Bird Flu Is Infecting More Mammals. What Does That Mean for Us?

  Is Online Shopping Bad for the Planet?

  The Chinese Site That Rewired Online Shopping

  Levi Strauss Is Stretching Beyond Wholesale in Search for New Customers

  China’s Bubble Tea Boom Creates a Half-Dozen Billionaires

  How a Massive Hack of Psychotherapy Records Revealed a Nation’s Secrets

  Tomb Raider Owner Embracer Plans Three-Way Split

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• Morning News: April 19, 2024
  Eddy Elfenbein, April 19th, 2024 at 7:02 am

  Japan Inflation Records Two Years Above BOJ’s Target as Meeting Looms

  Oil Tests Central Bankers’ Nerves With Mideast on ‘Knife Edge’

  Another Shock From the Middle East for Markets

  Are Rates High Enough? Fed Resets Clock on Interest-Rate Cuts

  Global Equity Funds See Surge in Outflows as Rate Cut Hopes Fade

  PwC Looks to Shrink New U.S. Consulting Partner Class by More Than 50%

  What to Do When Your 401(k) Leaves Something to Be Desired

  Crypto Fans Count Down to Bitcoin’s ‘Halving’

  Crypto Fund Cautions That Record Quarter Is ‘Not a New Normal’

  How a Crypto Compliance Officer Ended Up in a Nigerian Prison

  Housing Market Slumps as Mortgage Rates Top 7%

  New York’s Rich Get Creative to Flee State Taxes. Auditors Are On to Them

  Cracking Down on Sim Card Scams Is No Easy Task

  Apple Says It Was Ordered to Pull WhatsApp From China App Store

  Love, Hate or Fear It, TikTok Has Changed America

  Google Worker Says the Company Is ‘Silencing Our Voices’ After Mass Firings

  Nissan Motor Cuts Annual Profit Estimate on Lower Vehicle Sales

  Tesla to Recall 3,878 Cybertrucks Due to Accelerator Pedal Problem

  P&G Raises Profit Outlook as Higher Prices Bolster Bottom Line

  America’s Cigarette Market Is Up for Grabs

  Walmart-Backed Ibotta Rises 17% After $577 Million IPO

  Retailers Get ‘Phygital’

  Redstone’s Deal Dilemma: Give Paramount Investors a Vote or Not?

  Netflix Adds 9.33 Million Customers, Says Gains Will Slow

  Netflix Dealt With the Freeloaders. Its Next Act Will Be Tougher

  ‘Going Against the Mouse’: Disneyland Performers Advance Unionization Efforts

  Brazil’s Afrotourism Push Is Better Late Than Never

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