Another week, another Elon tantrum. This time, Mr. Musk and his legal team have dispatched a “crisp, six-paragraph letter” to Twitter, accusing it of “actively resisting and thwarting” Musk’s rights while “completing a $44...more
Jobs Report Friday. Here’s what we’re watching for in the numbers, including speculation about some easing in the historically tight labor marke...more
Meta COO Sheryl Sandberg is stepping down after 14 years of steering the ship at Zuck’s side. Sandberg will stay on the Board of Meta, the parent company of Facebook, Instagram, and WhatsApp. Javier Olivan will take over...more
Back at it. Hope all had a great Memorial Day break. Despite our first week of gains on the Street in a good long while, pessimism is the name of the game for most in the U.S. economy at the moment. Front and center: the...more
Target and Walmart may have taken it on the chin last quarter, but solid results from other retailers—from Macy’s to the Dollars (Tree and General)—“defied Wall Street’s expectations” and helped boost stocks on Thursday. The...more
5/27/2022
/ Acquisitions ,
Activision ,
Elon Musk ,
Ernst & Young ,
Federal Trade Commission (FTC) ,
Financial Markets ,
Microsoft ,
Retailers ,
Target ,
Twitter ,
Wal-Mart
The Fed’s May meeting minutes dropped on Wednesday, and they confirmed the central bank’s intent to “move ‘expeditiously’ to bring down the most rapid pace of inflation in 40 years, with most participants expecting as many as...more
Glencore, a giant in the commodities and mining scenes, will pay $1.1 billion “to settle charges that two of its units bribed officials in several countries and manipulated oil prices,” a deal that follows “months of...more
5/26/2022
/ Bribery ,
Electric Vehicles ,
Federal Trade Commission (FTC) ,
Financial Markets ,
Joint Venture ,
Nasdaq ,
Oil & Gas ,
Price Manipulation ,
Russia ,
Ukraine ,
Wendy's
Broadcom is in the throes of negotiations that would see it pay nearly $60 billion for VMWare Inc. in “what would be one of the biggest takeover deals of the year.” News of the potential deal by Broadcom, “a semiconductor...more
Chinese central bankers unexpectedly cut a benchmark interest rate today, an “unexpected policy shift” in an era of rate hikes that “economists said would likely help the country’s moribund housing market but bring only...more
Falling retail profits and lowered forecasts for the year to come helped drive a mega midweek selloff on Wall Street, as “stocks had their worst day yet in a series of already ugly drops after shrinking profits by major...more
An American subsidiary of German insurance firm Allianz has pleaded guilty to securities fraud “for failing to stop [a] scheme” that led to “the implosion of a group of hedge funds two years ago that stuck public pensions,...more
Abbott Laboratories, the maker of Similac baby formula and the company at the heart of America’s current formula shortage, has reportedly “reached an agreement with U.S. health officials to restart production at its largest...more
Twitter CEO Parag Agrawal took dramatic action this week, firing two top execs, freezing “most new hiring,” and announcing plans to slash spending “as the social media company tries to change its business trajectory while...more
Inflation slowed from a month earlier but still topped 8% in the U.S., according to latest CPI figures, an “uncomfortably rapid pace.” Though overall inflation was down, core inflation—“which excludes costs for groceries and...more
Peloton’s quarterly earnings report showed that the company’s early-pandemic boom times are now firmly behind it, as the connected fitness bike maker delivered losses of $757 million for the first three months of 2022—“far...more
5/11/2022
/ Apple ,
Biden Administration ,
Cryptocurrency ,
Financial Institutions ,
Financial Markets ,
Imports ,
Pfizer ,
Price Inflation ,
Private Equity ,
Stock Markets ,
Tariffs
Despite Friday’s confirmation of another month of robust job growth, Wall Street couldn’t shake a “relentless decline” that’s going on 6 weeks now and was fueled on Monday “by new data from China that added to concerns about...more
Jobs Report Friday. Let’s see if the numbers give us some reason for cheer after markets whipsawed into the red—hard—a day before. [But best to temper hopes for any market recovery, no matter what jobs are, as early signs...more
The Federal Reserve made good on Wednesday of months of rate-hike foreshadowing, announcing a half-percentage-point increase in interest rates and detailing a plan to shrink the central bank’s “massive bond holdings.” In...more
U.S. job openings remained strong, “with 11.5 million positions listed as available in March, underscoring the continuing strength of the labor market.” The number of workers voluntarily leaving jobs “also reached a high” in...more
In a major reversal of recent trends, workers at an Amazon warehouse not far from the first to unionize just last month rejected a similar effort to organize by a 2-1 margin. The result “was a setback for the upstart Amazon...more
On Wednesday, federal authorities arrested Archegos Capital Management’s Bill Hwang and the company’s former CFO Patrick Halligan over an alleged “stock manipulation scheme they called staggering in size and brazen in its...more
New GDP figures in yesterday showed slight, inflation-adjusted contraction of the U.S. economy (just .4%), but the decline “masked evidence of a recovery that economists said remained fundamentally strong.” Especially...more
A slumping tech sector pulled markets lower on Tuesday, “adding to a losing streak that has April shaping up to be Wall Street’s worst month in two years.” For the S&P 500, that translates into a nearly 8% decline for the...more
Elon Musk and Twitter brass struck a deal on Monday in which Musk will spend $44 billion to “take over the influential social network frequented by world leaders, celebrities and cultural trendsetters” and take it private....more
Easily supplanting Netflix’s dismal Q1 as the biggest streaming story of the week, CNN announced on Thursday that it was shuttering its CNN+ streaming service just weeks after its debut—a “remarkable turnabout for one of the...more