Morning News: July 24, 2024
Posted by Eddy Elfenbein on July 24th, 2024 at 7:04 am

India’s Government Plans to Steadily Lower Debt Ratio to 50%

The 23-Hour Shopping Frenzy: Argentines Stampede Over Border

French Stalemate, Listless German Industry Weigh on Eurozone Economy

Ex-Banker Behind $1.7 Trillion Japan Rally Says It’s Just Starting

Singapore Has World’s Most Powerful Passport After Unseating Europeans

Beefed-Up Olympics Security Thins Out Tourists, Squeezing Merchants

The Best Job Training Program In America

The Hottest Job Market in a Generation Is Over

Why Paper Checks Refuse to Die

I Changed My Mind. The Fed Needs to Cut Rates Now.

Mutiny in the Bond Market as Billionaires Pick a Debt Fight

Blackstone Mortgage REIT Cuts Dividend as Distress Increases

BNP Paribas Posts Earnings Beat, Backs Guidance

Spanish Bank Santander Raises 2024 Guidance After Earnings Beat

He Was an Online Drug Lord. Now He’s a Crypto Entrepreneur.

Evercore Posts Record Revenue on Dealmaking Rebound

CrowdStrike Blames Defect in Content Update for Epic IT Crash

Microsoft’s AI Assistants Will Revolutionize the Office — One Day

Alphabet’s Earnings, Revenue Surpass Forecasts. Capital Spending Surprises the Street.

What Marketers Should Know About Google’s ‘Surprising, but Not Shocking’ Cookies About-Face

GE Vernova Raises Guidance Amid Global Push for Electrification

Tesla’s Auto Woes Crash Elon Musk’s AI Dreams

Tesla Profit Slumps as Musk Tethers Fortunes to Robotaxis

Porsche AG Profits Bruised by Tough Chinese Market, High Supplier Costs

AT&T Mobile-Phone Subscribers Notch Surprising Gain

Your Cup of Coffee Is Already Expensive. It’s About to Get Even Worse

LVMH Shows the Luxury Sector Is in Pain

The Dior Bag Uproar That Shook South Korean Politics

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CWS Market Review – July 23, 2024
Posted by Eddy Elfenbein on July 23rd, 2024 at 6:17 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.”)

Q2 Earnings Season Is Looking Good

The stock market fell again today. The S&P 500 has now had four losing sessions in the last five days. Last week was the second-worst week for the S&P 500 this year. To be honest, we really haven’t had many bad weeks for several months.

Today’s market was a replay of a familiar theme. The broader market, including tech stocks, was down while the small-caps were up. For the day, the Nasdaq closed down a little bit, just 0.06%, and the Russell 2000 was up 1.18%.

We’re getting into the thick of Q2 earnings season. It’s still early. Overall, about 20% of the S&P 500 has reported so far but it’s looking good. On our Buy List, we’ve already had an earnings beat from Abbott Labs. Moody’s had a very nice beat and raised guidance. Polaris, however, missed and lowered guidance.

So far, the S&P 500’s earnings are on track to grow by 9.40% for Q2. That’s a decent number. It’s up from expectations of 8.63% one month ago. As we know, Wall Street likes to put a lid on expectations so they can later claim that they’re exceeding them. As has been said before, Wall Street is a game of expecting expectations.

Of the companies that have reported so far, 87.1% have beaten on earnings and 60.0% have beaten on sales. Of that, 55.7% have beaten on both earnings and sales. These numbers will probably trend lower as more earnings reports come out.

The big winners are financials. We saw some strong results from many large banks. Last month, Wall Street was expecting earnings growth of 4.55% from financials. Now the growth rate is trending at 13.89%. Energy is the big loser. In June, analysts were expecting growth of 12.62%. Now earnings growth for energy is tracking at -1.49%. It’s hard to make money in energy when oil fell from around $87 per barrel in April to $72 by June.

These are the early numbers. We still have the Magnificent Seven to report. In fact, Tesla and Google are due to report on Tuesday after the close. Wall Street expects collective growth from the Mag 7 of 30%.

Wall Street expects Google to report quarterly revenues of $84.21 billion. That’s up from $74.6 billion last year. For earnings, analysts are looking for adjusted earnings of $1.85 per share.

For Tesla, Wall Street is looking for earnings of 62 cents per share. That’s down from 91 cents for last year’s Q2. The stock is going for nearly 100 times this year’s earnings.

Barclays Raises Its S&P 500 Target to 5,600

Bloomberg points out that since 1928, the S&P 500 has gained an average of 5.2% during the third quarter of election years.

I usually don’t pay too much attention to price targets from Wall Street firms, but I noticed that Barclays today raised its 2024 price target on the S&P 500 from 5,300 to 5,600. Citigroup and Goldman Sachs had previously raised their price targets. Barclays had already raised its price target earlier this year.

I think these increases are noteworthy as they show confidence that the market’s strong performance during the first half of this year wasn’t an outlier. If the Fed soon starts lowering interest rates, that will help elevate valuation levels. Barclays also raised its earnings forecast for this year from $235 per share to $241 per share. If that’s right, then the market is going for 24 times earnings. That ain’t cheap.

Shares of UPS fell after it reported a disappointing earnings report. The company also cut its revenue guidance from $94.5 billion to $93 billion. The stock may be heading for its worst day ever.

Coca-Cola had a good earnings report. The soda company earned 84 cents per share which was a three-cent beat. Revenue came in at $12.36 billion compared with estimates of $11.76 billion. Coke now expects organic revenue growth of 9% to 10% this year. That’s up from the previous range of 8% to 9%.

We’re also witnessing lower home sales but at higher prices. On Tuesday, the National Association of Realtors said that existing home sales fell to 3.89 million for June (that’s seasonally adjusted and annualized). Sales are down 5.4% from last year. This was the 34th month in a row of declining year-over-year sales.

Even though sales were down last month, prices are still going up. The median sales price for June reached $426,900. That’s up 4.1% from last year and a new all-time high.

Lower sales and higher prices aren’t the contradiction they may seem. Perhaps higher rates have crowded out all buyers except those who aren’t so price sensitive (e.g. rich folks).

Wiz Walks Away From $23 Billion

Have you ever turned down $23 billion? I can’t say I have, but that’s what Israeli cybersecurity startup Wiz did.

Google had been talking with Wiz about a possible acquisition. The number that was apparently on the table was $23 billion. This would have been Google’s largest deal ever. Wiz said, no thanks.

The company said it’s now going to focus on an initial public offering. CEO Assaf Rappaport said, “Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice.”

The details about this deal have been hush-hush. Neither company admitted they were in talks with each other. Earlier this year, Wiz raised $1 billion from venture capital. That deal valued Wiz at $12 billion.

I have to confess to having some sympathy with Wiz in this matter. I completely understand why a company would prefer to keep its independence rather than being a shiny cog in a very large machine. Also, getting a deal together can take a long time, plus there are tons of regulatory issues.

There’s enormous growth potential in this market. Two years ago, Wiz said it generated $100 million in annual revenue. The company says that’s now up to $350 million.

Google has been working hard in recent years to boost its cybersecurity presence. I think we’ll see more deals in the future.

Outside of earnings, there are some economic reports coming later this week. On Thursday, the government will release its first estimate for Q2 GDP growth. The economy grew at a real annualized rate of 1.4% for Q1. Economists expect growth of 1.9% for Q2. I suspect that might be too high, but we’ll see. Wall Street expects something close to the mid-2% level. The Atlanta Fed’s GDPNow model expects GDP growth of 2.7%.

On Friday, we’ll get a look at the PCE price data for June. The expectations are that core and headline PCE will have increased by 0.1%. The Federal Reserve meets again next week, and it’s nearly universally believed that the Fed will leave rates alone one more time.

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

– Eddy

Morning News: July 23, 2024
Posted by Eddy Elfenbein on July 23rd, 2024 at 7:07 am

Spiders, Floods Join List of Things Disrupting Global Trade

U.S. Importers Are Rushing Goods in Early Ahead of Shipping Disruptions

Why Is the US Deficit So Big? Depends on Who You Ask

Can Kamala Harris Sell ‘Bidenomics’?

A Harris Presidency Would Carry Baton on Financial Industry Crackdown

Private Equity Gets Creative to Buy Time for More Gains. Clients Say Pay Me Now

Private Equity Is Illiquid by Design. Why Worry About It?

Jamie Dimon’s Handpicked Wall Street Duo Hunts More Market Share

Swiss Bank Julius Baer Taps Goldman Sachs Executive as CEO

Buffett’s Berkshire Hathaway Trims BYD Stake to Below 5%

Founder of South Korea’s Kakao Arrested for Suspected Stock Manipulation

CrowdStrike Outage Is Another Sharp Warning for Banks

Preparing for the Next Worldwide Tech Outage

Wiz Rejects Google’s $23 Billion Offer, Seeks IPO Instead

A.I. Can Write Poetry, but It Struggles With Math

Tesla Stages $386 Billion Comeback as Musk Elevates AI Over EVs

SoftBank’s Chief Pitches a New Path for Self-Driving Cars

Toyota Motor to Buy Back Shares Worth More Than $5 Billion From Japan Banks, Insurers

G.M. Will Restart Cruise Taxi Service

Shell Aims to Sell Scottish Wind Sites in Green Energy Reversal

Lockheed Boosts Forecast on Strong Fighter Jet, Radar Sales

China’s Richest Man Risks Losing Crown After $13 Billion Wipeout

Coca-Cola Tops Earnings Estimates, Hikes Full-Year Outlook as Global Demand Rises

Jake Paul’s W Brand Raises $11 Million to Compete With Axe, Old Spice

Philip Morris Lifts Annual Profit View on Zyn Pouch Strength

Warner Bros. Discovery Matches Rival Bid to Keep N.B.A. Broadcast Rights

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Morning News: July 22, 2024
Posted by Eddy Elfenbein on July 22nd, 2024 at 7:06 am

China Surprises With Rate Cut After Xi’s Big Meeting Disappoints

China’s ‘High-Quality’ Growth Drive Keeps Stimulus Restrained

Aging Is a Far Bigger Market Issue Than Just Biden

Soros Backs Harris as Other Wall Street Democrats Want a Contest

Biden Is Out, but His Economic Record Still Burdens His Replacement

A Harris Economy Could Prove More Progressive Than ‘Bidenomics’

Donald Trump Can Survive Many Policy Errors, But Not a Weak Dollar

Kamala Harris Seen as Tougher Oil Opponent Than Biden

Shipping Gets Even Dirtier as Houthi Attacks Fuel Longer Voyages

Dalio’s Exit Terms at Bridgewater Said to Delay Abu Dhabi Plans

The $12,000 Harvard Class Celebrities Are Fighting to Get Into

As New Tech Threatens Jobs, Silicon Valley Promotes No-Strings Cash Aid

The US and China Are in an All-Out Race for AI Domination

China Drops Sanctions on US Communications Firm in Rare Reversal

Verizon Revenue Misses Estimates on Lower Equipment Upgrades

Big Truck Energy

Corvette Bucked a Sports Cars Decline. Can It Thrive in an E.V. Era?

EVs Are Cheaper Than Ever. Can Car Buyers Be Won Over?

Jeeps Could Crash the Party at GM and Ford

Terex to Buy Dover’s Garbage-Truck Business in $2 Billion Deal

Unsafe Ozempic Knockoffs Are Flooding the Market

Il Makiage Owner Oddity Tech Prepares to Launch Medical-Grade Skincare Brand

‘Barbie’ Was Supposed to Change Hollywood. Many See ‘No Effect.’

How Walt Disney World Is Trying to Make Amends With Unhappy Guests

For Fashion, Sports Stars Are the New Superstars

Abercrombie Won by Leaving Teens Behind. Sibling Brand Hollister Is Taking the Opposite Approach

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Morning News: July 19, 2024
Posted by Eddy Elfenbein on July 19th, 2024 at 7:03 am

Cubans Are Still Being Recruited by Russia to Fight in Ukraine

South Africa to Lay Out Carbon Market Regulation Proposals

Rio Tinto’s Lithium Patience Finally Pays Off in Serbia

EV Charging Industry Reaches Crossroads as Competition Heats Up

Get Ready to Pay More for Less-Reliable Electricity

Unprecedented IT Outage Cripples Businesses Around the Globe

What Caused Such a Widespread Tech Meltdown?

What Is CrowdStrike?

China Stock Traders Move on From Plenum With Few Reasons to Buy

Japan’s Above-Target Inflation Fuels Some Rate Hike Hopes, But Caution Persists

IMF Says Zambia’s Dedollarization Plan May Be Counterproductive

What Presidential Election? So Far, the Stock Market Doesn’t Care

What Trump Doesn’t Get About McKinley and Tariffs

Fed Prepares for September Cut as Powell Shifts Focus to Jobs

GoldenTree Sees $10 Billion Opportunity as Banks Unload Risk

Amex Says It’s Going on Marketing Spree as Billings Growth Slows

Nvidia’s Other Billionaire: Director Mark Stevens Joins Huang in 10-Figure Club

The Data That Powers A.I. Is Disappearing Fast

The Push to Develop Generative A.I. Without All the Lawsuits

Five Questions With Apollo Global Co-Founder Josh Harris

There Is a Time for Corporate Despots—but It Isn’t Forever

Eurozone Businesses Expect Wage Growth to Slow, ECB Survey Finds

Why UK Is Finally Changing Its Ancient ‘Leasehold’ Laws

The Zombie Mall King Doesn’t Want to Be a Bottom-Feeder Forever

What’s Chocolate Without Cocoa Butter? ‘Chocolatey’ and Cheap

In the World of Luxury Cars, Hybrids Are the Sexiest New Thing

Netflix’s Next Act Will Be Slower to Catch On

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Morning News: July 18, 2024
Posted by Eddy Elfenbein on July 18th, 2024 at 7:05 am

China’s Leaders Offer High Hopes but Few Details for Road to Recovery

China’s Big Policy Meeting to Disappoint Metal Bulls

Hong Kongers Fleeing to UK Leave $3.8 Billion Trapped Behind

Rachel Reeves Warns ‘Difficult Decisions Ahead’ to Fix UK Economy

ECB Keeps Rates Steady, Pausing Divergence With Fed

Where Do Economists Think We’re Headed? These Are Their Predictions

Why the Fed Should Cut Rates Now—Not Wait Until September

Biden Forgives $1.2 Billion in Student Loans in Latest Relief

Trump May Find a Weak Dollar Isn’t Easy to Come By

US Companies Boost Imports in Rush to Avoid Tariffs

What Musk Could Gain From Trump

Brookfield Lines Up a 36-Year-Old Rising Star as Next Billionaire CEO

More CFOs Are Getting the CEO’s Job

A Guggenheim Executive’s Big Plan to Build Millions of New Homes

Blackstone Profit Misses Estimates as Real Estate Exits Slow

How to Become a Player in the Global Mineral Trade

TSMC Hikes Revenue Outlook to Reflect Heated AI Demand

Google Set to Lead $250 Million Round by Mobile Startup Glance

Nokia Cuts Sales Guidance as Market Uncertainty Continues

Tech Giants Up Ante by Withholding Products from EU

Novartis Raises Profit Guidance as Key Drugs Boost Sales

US Public EV Chargers Set to Surpass Gas Stations in Eight Years

Volvo Car’s Shares Rise on Earnings Growth, But Warns of Sales Hit From EU Duty on Chinese EVs

Revenge Travel Runs Out of Force, Hurting Airlines’ Profit Goals

W.N.B.A. Players, Bargaining Power Soaring, Seek Expert Advice on Labor Deal

Bud Light Slips to No. 3 After Boycott Reshaped Beer Industry

The Fight Over Masks in Stores Is Back—This Time With a Twist

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Morning News: July 17, 2024
Posted by Eddy Elfenbein on July 17th, 2024 at 7:05 am

UK to Own Clean Energy Assets Through State-Backed GB Energy

Hurricane Beryl Serves as Ominous Warning for Gulf Coast LNG

BHP’s Iron Ore, Copper Production Rises

Wall Street Wants In on America’s Battery Storage Boom

U.K. Inflation Steady as Economists Puzzle Over ‘Taylor Swift Effects’

Dollar Falls to Weakest Since May as Yen Rally Shakes Up Markets

US Floats Tougher Trade Curbs in Chip Crackdown on China

I.M.F. Sees Signs of Cooling in U.S. Economy

New York Fed President John Williams Discusses the Interest-Rate Outlook

Trump, in Interview, Puts ‘Lovely’ Europe on Notice for Tariffs

Trump on Taxes, Tariffs and Jerome Powell

Trump’s Proposed Tax Cuts and Increased Tariffs Could Hurt Poorer Households

Trumponomics 2.0 Will Awaken Bond Vigilantes

How a Network of Tech Billionaires Helped J.D. Vance Leap Into Power

How J.D. Vance Seeks to Reorient the Republicans’ Approach to Business

Citizen’s Financials Profit Beats Estimates on Strong Capital Markets

U.S. Bancorp’s Adjusted Profit Falls as Deposit Costs Hurt Interest Income

HSBC Names Elhedery CEO, Picking Insider for Top Job

What Americans Invest In Now

‘AI Laggards’ Find Favor as Magnificent Seven Stocks Lose Luster

‘Finfluencers’ Have Davos Set Rethinking Future of Wealth Advice

Prediction: Nvidia Will Climb in the Second Half Thanks to This 1 Game-Changing Move

Musk Says He Will Move X and SpaceX Headquarters Out of California

Daimler Truck Writes Down China Joint Venture, Puts Guidance Under Review

Kroger-Albertsons Deal Is Haunted by ‘Spectacular’ Past Failure

Ray-Ban Maker EssilorLuxottica to Buy Supreme Brand From VF for $1.5 Billion

IAC Steps Up M&A Plans Amid Recent Exploration of Paramount Bid

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CWS Market Review – July 16, 2024
Posted by Eddy Elfenbein on July 16th, 2024 at 6:12 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.”)

Leadership Has Changed on Wall Street

On Thursday, the stock market closed higher for the 13th time in the last 15 sessions. The S&P 500 hit another new all-time high – (take it away, Rita!). This is our 37th new high this year, and we’re only at the All-Star break.

What’s most striking about this rally is that the market’s leadership has abruptly changed.

Technology stocks, especially large-cap tech, had been leading the charge while many value stocks, typically smaller industrial stocks, had been lagging behind. The gap between growth and value had gotten unreasonably large.

That all changed with last week’s inflation report. What happened is that the benign inflation news has apparently given the go-ahead to the Federal Reserve to start cutting interest rates in September. The Fed has been clear that it wasn’t going to cut rates until it saw more evidence that inflation is well-contained. That’s exactly what it got.

The important fact for investors is that lower rates change the risk profile of the stock market. Value stocks usually benefit as rates head downward.

The current stock market has become an either/or market. The two competing camps are best represented by the Russell 2000 Index of small-cap stocks on one hand, and the Nasdaq Composite on the other.

Each day, the stock market seems to greatly favor one of these indexes, and it hates the other. It’s like a giant, multi-trillion dollar game of tug-of-war. Before last week’s inflation report, the Nasdaq was on fire and the Russell 2000 couldn’t do anything right.

Since the inflation, everything has flipped. Check out this chart of the Russell 2000. It went nowhere for weeks, then suddenly, it lurched forward.

Here’s a chart that shows you how this has become an either/or market.

I made a scatterplot of the daily excess gain of the Nasdaq and the Russell 2000. By excess gain, I mean how much better or worse the index did compared with the S&P 500. The horizontal axis shows the excess gain of the Russell, and the vertical is the excess gain of the Nasdaq.

You can see how the dots make up a downward sloping line. In simpler terms, when one index leads the market, the other lags and vice versa. One side of Wall Street is yelling “Go Nasdaq!” and the other is yelling “Go Russell!” It’s as if there’s no middle ground. The Russell was up another 3.5% today while the Nasdaq was up only 0.2%.

The Nasdaq did well on days when we thought rates were going to stay high, but the Russell did well on days when we thought rates would fall. Since Thursday, we’ve strongly moved from the first camp to the second camp.

Notice the dot at the lower right? That was last Thursday, the day of the inflation report. The Nasdaq fell 2% that day and the Russell was up by more than 3.5%. That’s one of the largest spreads between the two in decades.

Will small-caps continue to lead the market? I’m inclined to think they will, but perhaps not as dramatically as the last four days.

It looks like the Fed may only be getting started with its rate cuts. The latest futures prices indicate a 93% chance of a rate cut in September. There’s a good chance that we may see two more rate cuts this year, plus a few more next year. It’s possible that interest rates may be 1% lower by this time next year.

Yesterday, Jerome Powell said, “We didn’t gain any additional confidence in the first quarter but the three readings in the second quarter, including the one from last week, do add somewhat to confidence.” The fact is that the labor market has cooled off a bit and the inflation news has improved.

The recent change in leadership has been good for our Buy List. From May to July, the Buy List had been lagging the market, but now things are looking better. That reminds me of a quote from Michael Gayed: “There are no gurus, only cycles.”

One of our Buy List stocks that’s perked up is the Federal Agricultural Mortgage Corporation (AGM), better known as Farmer Mac. Lower rates are clearly good for its business. In the last month, the stock has gained more than 24% despite no real news being released.

AGM hasn’t said yet when it will report earnings for this quarter, but going by past years, it will probably report around August 6. Wall Street currently expects Q2 earnings of $4.11 per share. Even after the recent rally for AGM, the stock is going for less than 12 times next year’s earnings.

Good Retail Sales Report for June

The stock market was helped this morning by a surprisingly strong retail sales report. Last month, retail sales, except for autos, rose by 0.4%. That’s the most in three months. Wall Street had been expecting an increase of 0.1%.

If we include autos, then retail sales were unchanged, but that includes a 2% drop of auto dealers. Wall Street was expecting a drop of 0.3%. The retail sales number for May was revised up to 0.1%.

These numbers suggest that consumers were in good health as they headed towards the close of Q2. Thursday’s numbers are good to see because the consumer hasn’t appeared terribly healthy this year. While wages have gone up, so has inflation. Also, higher interest rates from the Fed have made it more difficult to finance new buying.

Of the 13 categories tracked by the Commerce Department, only three registered declines. Those included sales of gasoline, reflecting lower prices in the month. Sales at sporting goods stores also edged lower.

If we exclude auto dealers and sales at filling stations, then retail sales rose by 0.8%. That’s the most since early 2023. Bloomberg notes that “sales at health and personal care stores rose by the most since October, while sales at building material and garden equipment stores increased by the most since February.”

Shoppers were active last month. Sales for online retailers rose by close to 2%, and home building stores saw an increase of 1.4%.

The reason why it’s good to exclude auto sales for June is that many car dealers were impacted by a cyberattack. AutoNation said it will take a big hit to its earnings report.

The housing starts report is out tomorrow. We’re going to have lots more earnings reports coming up soon. The next big economic report will come next Thursday when the government releases its first estimate of Q2 GDP growth. I’m expecting a number that’s low but positive.

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

– Eddy

Morning News: July 16, 2024
Posted by Eddy Elfenbein on July 16th, 2024 at 7:04 am

The World Is Pushing Clean Energy. Oil Companies Are Thriving

Oil Bulls Face Make-or-Break Moment on Price Rally

TotalEnergies Expects Output at High End of Guidance, Warns on Weak Refining Margins

Rio Tinto Gets Simandou Approvals

Nobel Laureate Stiglitz Explores Ways to Boost Supply Chain Resilience

Xi Jinping’s Great Economic Rewiring Is Cushioning China’s Slowdown

US Tariffs at 60% Would Halve China’s Growth Rate, UBS Says

Powell Says US Data Offer Confidence That Inflation Is on Path to 2%

The True Bull Market May Finally ‘Wake Up’ as Investors Eye Rate Cuts

Biden Calls for National Rent Control on Corporate Landlords

The Housing Market Will Tell the Fed How Much to Cut Rates

Timing ‘Trump Trades’ With an Eye on GOP Platform

Buffett’s Berkshire Hathaway Sets, Closes at Record High

BofA Says Net Interest Income to Climb After Quarterly Haul Misses Estimates

Blue Owl to Buy Atalaya in Deeper Expansion Into Private Credit

Insurers Tied to Apollo, KKR Buy Mortgages Outright in New Twist

Goldman Joins Rivals in Setting Up New Mideast-Focused Fund

Morgan Stanley Traders, Bankers Beat Estimates as Wealth Lags

Hedge Fund Segantii Has Returned More Than 90% of Client Money

Storage Firm Lineage Is Said to Seek Up to $3.85 Billion in IPO

General Motors Backs Away from Its One Million EV Sales Target

Tesla Is On a Hiring Spree After Musk-Ordered Mass Firings

UnitedHealth Profit Beats Expectations as Cost Woes Persist

Dollar General Will Pay $12 Million in Fines Over Workplace Safety Violations

Cartier Owner Richemont Hit by Sluggish Demand in China

Hugo Boss Joins Burberry in Warning on Luxury Spending, Cuts Full-Year Sales Outlook

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Morning News: July 15, 2024
Posted by Eddy Elfenbein on July 15th, 2024 at 7:03 am

By Burning Down Buildings, Insurers Want to Change How They’re Built

The World’s Power Grids Are Failing as the Planet Warms

ICE Says Europe’s Diesel Contract Thrives After Russian Exclusion

China to Boost Funding to Reduce Emissions at Coal Power Plants

Cleveland-Cliffs in $2.5 Billion Deal to Buy Canadian Steelmaker Stelco

Germany’s Factories Founder While Competition From China Revs Up

China’s Economic Growth Comes in Worse Than Expected, Adding Pressure on Xi

Global Markets Ramp Up the ‘Trump Trade’ After Rally Attack

How Trumponomics Could Undermine the U.S. Economy

As Policy Types Cheer the Demise of ‘Inflation,’ Inflation Arrives

Why Small Caps Have the ‘Most Compelling Investment Case’ Right Now

How Regulators Are Using Banks to Illuminate Shadow Banks

North Korean Hackers Sent Stolen Crypto to Wallet Used by Asian Payment Firm

Goldman Sachs Profit Surges as Traders Top Analysts’ Estimates

BlackRock Hits $10.6 Trillion Asset Record, Cites ETF Boost

How Microsoft’s Satya Nadella Became Tech’s Steely Eyed A.I. Gambler

Alphabet in Talks to Buy Wiz in $23 Billion Cyber Deal

Apple’s India Sales Surge 33% to Record in Shift From China

Apple, Samsung Phone Shipments Rose in Second Quarter

Atos Signs $1.83 Billion Finance Deal With Banks, Bondholders

AT&T, Verizon Tangle Over 5G Service for Emergency Responders

Hacker Says AT&T Paid About $400,000 to Erase Sensitive Data

Amazon Sold a Used Diaper. It Tanked a Mom-and-Pop Business

Promised Cures, Tainted Cells: How Cord Blood Banks Mislead Parents

Burberry Replaces CEO and Rethinks High-End Luxury Strategy

Swatch Group Posts Sales Decline on Weak Demand in China

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