What I Am Reading

January 7 (Monday) Markets Market Swings Push Analysts to Revise 2019 Wall Street Forecasts (W) It’s Been a Rough 20 Years for Stocks. The Next 20 Should Be a Lot Better (BR) These Low P/E Stocks Have Better Days Ahead (BR) Central banks Despite Jobs Report, Fed Likely Won’t Feel More Urgency to Raise Rates (W) US Payroll Gains Send a Positive Signal (W) US politics Millions face delayed tax refunds, cuts to food stamps as White House scrambles to deal with shutdown’s consequences (WP) Trump Renews Threat to Declare Emergency Over Border Wall (B) U.S. shutdown: White House signals compromise (R) Each side accusing the other of giving no ground on US government shutdown (C) Geopolitics & trade Trade Tensions Hit China’s Economy (W) Trump: Weakness in China economy gives Beijing incentive for trade deal (R) Seven Key Issues to Determine Success of U.S.-China Trade Talks (B) Trump to Examine Steel Barriers, Repeats National Emergency Threat (W) Southeast Asia wary of China’s Belt and Road project, skeptical of U.S.: survey (R) US withdrawal from Syria won’t happen without a deal to protect the Kurds, White House says (C) Industries & companies FAANGs: There’s a bright spot in Apple’s bleak warning about its outlook, even if investors aren’t convinced: EPS (C) FAANGs: Why There’s Still Plenty of Value in Apple’s Core (BR) FAANGs: The Phone That’s Failing Apple: iPhone XR (W) Offbeat Ocasio-Cortez wants higher taxes on very rich Americans. Here’s how much money that could raise. (WP)

January 5 (Saturday) Markets Dow surges more than 700 points after Powell comments, blowout jobs report (C) Stocks Gain as Powell Signals Patience on Rates (W) Powell to markets: Fed is flexible and aware of risks (R) Fed chief Powell gave the markets the message they wanted (C) Central banks Powell’s Tune Changed as Markets Melted Down (B) Powell says Fed ‘will be patient’ with monetary policy as it watches how economy performs (C) U.S. economic growth likely to slow in 2019: Fed’s Barkin (R) China Easing Expected as $625 Billion ‘Liquidity Hole’ Opens Up (B) US U.S. Adds 312,000 Jobs in December (W) Upbeat employment report underscores U.S. economic strength (R) Top Trump Economic Adviser Kudlow Says ‘No Recession in Sight’ (B) The surge in online-shopping returns has boosted the warehouse sector (C) Leveraged Loan Investors Worry Good Times Will Soon Haunt Them (B) China The China Story That Is Far Bigger Than Apple (W) Apple’s stark warning may be ominous news for China (WP) China Moves to Ramp Up Lending to Small Businesses (W) US politics Trump threatened to keep the government closed for ‘months or even years’ in meeting with top Democrats (C) Federal shutdown means tax refund delays and no IRS customer service (C) House Passes Spending Package in Bid to End Shutdown (W) Trump is considering using emergency powers to build a border wall (C) Geopolitics & trade China’s economic woes put U.S. in strong position in trade talks: Trump (R) White House advisor Kudlow says Apple technology may have been ‘picked off’ by China (C) Turkey Seeks Major U.S. Military Support to Adopt Fight in Syria (W) Industries & companies FAANGs: Apple Beware: Samsung’s Great Fall in China Was Swift (W) Retail: Lowe’s looks to hire 65,000 new employees in tightest labor market in decades (C) Technology AT&T 5G goes live this week with ridiculously overpowered hotspot Don’t buy a 5G smartphone—at least, not for a while Cybersecurity Marriott Says Hackers Swiped Millions of Passport Numbers (W) Massive Leak Strikes Germany’s Political Class (W) Offbeat As housing costs remain high, parents buy homes to give their kids a leg up (MW) The $9 Billion Upcharge: How Insurers Kept Cash From Medicare (W) Ocasio-Cortez suggests individual tax rates as high as 70% (MW)

January 4 (Friday) Markets Dow tumbles more than 600 points on Apple plunge, rising fears of an economic slowdown (C) Market Earnings Angst Goes Beyond Apple (B) What the stock market forgot about Trump: The fiscal boost was temporary, but the chaos was permanent (MW) Trump Took Credit for Stock Market Records. Does He Deserve Blame for the Plunge? (B) What the market turmoil means for 2019 (B) The woman who predicted the 2018 stock-market volatility blowup now warns of ‘bubbliciouness’ in loans (MW) Central banks Forget Fed Hikes, Traders Are Now Fully Pricing a Cut by April 2020 (B) Fed’s Kaplan Says It’s Time to Hold Off on Interest-Rate Rises (W) Jerome Powell Pledged Allegiance to Data and Some of It Looks Grim (B) US U.S. Factory Activity Decelerates Sharply Amid Global Slowdown (W) Mortgage applications plummet nearly 10% to end 2018, despite lower rates (C) Wall Street’s Big Landlords Are So Hungry for Houses They’re Building Them (W) Car Sales Keep Pace in 2018, Defying Predictions of a Downturn (W) Don’t Be Fooled: The U.S. Auto Sales Party Is Coming to an End (B) China Chinese Consumers Curb Spending, Likely Deepening Slowdown (W) Chinese Consumers’ Confidence Sags, Casting a Pall Over the Global Economy (N) China Lands Probe on the ‘Dark Side’ of the Moon (W) US politics On Day 1 in power, House Democrats challenge Trump on shutdown (R) Shutdown Talks Are Still Hung Up on Border Wall (W) Democrats Take a Big Step Toward Protecting the Markets from Trump (B) Geopolitics & trade China warnings signal Trump’s trade war finally hitting home (R) Apple’s woes show US and China are taking hits in trade war — and that could push them to make deal (C) Industries & companies Airlines: Delta Cuts Revenue Forecast, Sparking Airline Selloff (W) FAANGs: Apple just lost a Facebook: Market value decline since peak exceeds value of nearly any US company (C) FAANGs: Apple Priced Itself Out of Shrinking Chinese Smartphone Market (B) FAANGs: Facebook Begins New Year in Fixer-Upper Mode (W) FAANGs: Cyber researcher pulls public talk on hacking Apple’s Face ID (R) FAANGs: New Netflix CFO to Tackle Cash Flow Conundrum (W) Corporate finance Bristol-Myers Squibb’s $74 billion acquisition of Celgene would combine two troubled companies (C)

January 3 (Thursday) YRI Dow bounces back after 400-point slide (WP) Daily Markets Overview Markets I Trump says there was a stock market ‘glitch’ in December, but it will rise when trade deals fixed (C) Battered Bull Market Limps Into the New Year (W) Here are the new ‘Dogs of the Dow,’ a simple investing strategy that beat the market last year (C) Investors are officially panicking, Citigroup says (C) Markets II There’s Little on the Bond-Market Horizon to Trigger Higher Yields (B) OPEC Output Falls Most in Almost 2 Years as Saudi Cuts Begin (B) Central banks Investors Bet the Fed Will Pause on Rate Increases in 2019 (W) US It looks like this year could be a buyer’s market for real estate as higher rates weigh on prices (C) China China Is Getting Bubbles, Not Growth, for New Year’s (W) Censoring China’s Internet, for Stability and Profit (N) US politics Trump Holds Firm on Wall Before Meeting Congressional Leaders (B) Shutdown Shapes Up as Day-One Test for New Congress (W) Nikki Haley ditches her Twitter account — and nearly 1.7 million followers — and the real question is why (MW) Ocasio-Cortez Breaks With Pelosi in Key Early Vote for Democrats (B) Equifax Is Back in Washington’s Crosshairs (W) Geopolitics, trade & cybersecurity Tariff Exclusions for Certain Steel Imports Sow Confusion (W) Popular Weather App From China Collects Too Much User Data, Security Experts Say (W) Taiwan Leader Rejects Unification Under Heightened Pressure From China’s Xi (W) Industries & companies Autos: Tesla Shares Sink on Model 3 Delivery Miss, Price Cut (W) Financials: U.S. banks ‘well-positioned’ for adverse market conditions: OCC spokesman (R) Financials: Insurers Resist Paying More for Their Own Insurance (W) Media: Roku, Taking Cues From Amazon, Adds Premium Subscriptions (W) Pharma: Drugmakers Raise Prices on Hundreds of Medicines (W) Offbeat New for 2019: Laws on Guns, Harassment, Cannabis-Spiked Drinks (W)

January 2 (Wednesday) YRI Video Podcast Daily Markets Overview Markets Why 2019 could be very good for stocks, after the worst year in a decade (C) US stocks post worst year in a decade as the S&P 500 falls more than 6% in 2018 (C) Corporate Profit Crunch Looms as Stocks Slide (W) Central banks The Fed Is Fighting for Control of Its Key Interest Rate (B) Japan Want a free country house in Japan? They’re giving them away (C) Emerging China Slowdown Continues With Factory Gauge at Lowest Level Since 2016 (B) Brazil’s new President Bolsonaro vows to ‘strengthen democracy’ (R) US politics Sen. Elizabeth Warren launches 2020 presidential exploratory committee (C) A potential Trump impeachment is a ‘huge risk’ for 2019, expert says (C) Trump Calls Meeting With Lawmakers, Suggests He’s Open to a Deal (B) House Democrats announce plan to end government shutdown without funding border wall (C) Geopolitics & trade China’s Xi issues a message for Trump: We’ve got to cooperate (C) North Korea’s Kim says a ‘new path’ is inevitable if the US demands unilateral action (C) Industries & companies Energy: Chesapeake Energy Bet on Oil. Then Crude Prices Plunged. (W) Financials: Rewards Credit Cards Gained a Fanatic Following—Now Banks Are Pulling Back (W) Media: In the Race for Content, Hollywood Is Buying Up Hit Podcasts (N) Retail: Walmart isn’t the only retailer already winning in 2019 (C) Tech: Big Tech May Look Troubled, but It’s Just Getting Started (N) Technology 5G Is Coming This Year. Here’s What You Need to Know. (N) These Startups Want to Shake Up Home Buying, Shopping, Lidar and Agriculture

December 31 (Monday) Markets Here’s why stock-market bulls are banking on January to steady the ship (MW) If This Isn’t a Bear Market, Then What Is It? (BR) Monster rallies are often synonymous with bear markets, investor Peter Boockvar warns (C) Mutual Fund Managers Try a New Role: Activist Investor (W) Trade and Yuan Cloud Outlook for Chinese Markets (W) Central banks Powell’s unscripted method sets up rocky 2019 (R) US Retraining Programs Fall Short for Some Workers (W) Goldman Sachs cuts forecast for first half of 2019, says weaker growth needed to ‘land the plane’ (C) Here’s why gas prices are falling, and why drivers shouldn’t get too used to them (C) China Empty Homes and Protests: China’s Property Market Strains the World (N) US politics A Trump-Powell Meeting: Chance of Rapprochement Fraught With Risks (W) Republican Senator Graham says Trump receptive to shutdown deal idea (R) Graham more upbeat on Syria troop withdrawal after Trump meeting (R) Geopolitics & trade Trump says ‘big progress’ on possible China trade deal (R) U.S. Presses China on Details as Trade Talks Continue (W) Putin says Russia is ready for ‘wide ranging’ dialogue with US in the new year (C) Pacific trade pact takes off with tariffs cut in six nations (R) 2018’s Biggest Loser Was the Liberal International Order (W) Industries & companies Autos: Auto Sellers Try Out Amazon-Style Ordering (W) Energy: Shale Drillers Cut Budgets as Oil Prices Drop (W) FAANGs: Amazon Plans to Add Whole Foods Stores (W) FAANGs: Amazon, to Win in Booming Rural India, Reinvents Itself (W) FAANGs: Netflix: Nearly one-third of subscribers watched ‘Bird Box’ in first week (MW) Health Care: Hospitals Win Drug-Subsidy Case (W) Media: How Bob Iger Seeks to Work More Magic at Disney (BR) Media: Market for Streaming Starts to Look a Little Like Cable (BR) Retail: Here’s a map of all 80 stores that Sears and Kmart are shuttering in March (C) Tech: Why technology companies are predicting Amazon’s New York headquarters will boost the sector (C) Corporate finance IPO-Hungry Investors Look to Have Their Moment in 2019 (W) The Unicorns Are Coming to Market (BR) Technology Now is the time to figure out the ethical rights of robots in the workplace (C) China probe reportedly readying to land on the dark side of the moon (C) Cyberattack Disrupts Printing of Major Newspapers (N) Offbeat In the New Year’s Eve Spotlight: Snoop Dogg, Ninja and a Free Press (N) To Compete With Alabama, Clemson Became Alabama (W)

December 29 (Saurday) Markets Stocks wrap up 2 weeks of ‘disturbing’ moves (C) Humans, Machines and Markets: Stocks Going Crazy Is Nothing New (B) One Theory for the Giant Stock Rebound Is a $60 Billion Pension Frenzy (B) Battered Global Investors Find an Unlikely Safe Space: Chinese Bonds (W) Central banks PBOC Signals Monetary Policy May Not Ease as Much as Some Hope (B) US Pending home sales fall unexpectedly in November (C) U.S. Economy Fuels Boom in Consumer Debt (W) The ‘Giant Sucking Sound’ Is High-Skilled Workers Leaving U.S. (RCM) US politics Trump Threatens to Close Border Over Funding Impasse (W) Michael Cohen says ‘Mueller knows everything,’ denies new report about alleged Prague meeting (C) Angelina Jolie doesn’t rule out move into politics (C) Geopolitics & trade Is China buying U.S. soy? Washington shutdown keeps traders guessing (R) Trade wars cost U.S., China billions of dollars each in 2018 (R) Industries & companies Autos: Tesla Adds Ellison, Musk’s ‘Close Friend,’ to Board (W) FAANGs: Facebook CEO Zuckerberg Says Problems Will Take Years to Fix (B) Financials: Wells Fargo to Pay States $575 Million to Settle Customer Harm Claims (W) Retail: Toy Sellers Fall Short Without Toys ‘R’ Us in Critical Season (W) Corporate finance Shutdown Casts Chill Over IPO Market (W) Sears wins reprieve from liquidation as Chairman Lampert makes last-minute bid on bankrupt company (C) Dell Returns to Public Stock Markets (W) Offbeat North Korea Built an Alternative Financial System Using a Shadowy Network of Traders (W) Chinese Gene-Editing Trial Loses Track of Patients, Alarming Technology’s Inventors (W)

December 28 (Friday) Markets I Biggest Stock Reversal Since 2010 Rings of Bear Market Bounce (B) JP Morgan sees a ‘window of opportunity’ for stocks in the first months of 2019 (C) The market is pricing in ‘widespread disaster’ that’s hard to see (C) Omega, Jabre Capital Among Hedge Fund Casualties in Dismal 2018 (B) Cramer says the Fed is ‘recklessly’ confusing the market — ‘it’s a good time to be quiet’ (C) Central banks Don’t laugh: The Fed will be cutting rates ‘in coming months,’ David Rosenberg says (C) Opinion: 3 reasons why the Fed wants to keep raising interest rates (MW) US Inverted Curves Not Only Signal Recession. They Might Cause One (B) U.S. Consumer Confidence Fades in December (W) China December Early Indicators Show China Slowed for a Seventh Month (B) US politics Mike Bloomberg prepared to spend at least $100 million on a 2020 campaign if he decides to run (C) Shutdown likely to extend into next year as Trump and Congress fail to break border wall stalemate (C) Democratic megadonor meets with Pelosi, Schumer to propose 2020 economic policy agenda (C) House Democrats Weigh Risks of Medicare-for-All Push in 2019 (W) Geopolitics & trade White House considering new executive order to bar Huawei, ZTE purchases (C) Industries & companies FAANGs: Apple Has Lost $9 Billion on Its Own Stock (W) Financials: European Banks Hope 2019 Won’t Be Another Year to Forget (W) Retail: McDonald’s Bets on Breakfast—Again (W) Corporate finance Trump’s Tax Cut One Year Later: What Happened? (N) Sears may be down to its last 24 hours. Iconic retailer likely liquidates if no bid by tomorrow. (C) Offbeat A Single Cell Hints at a Solution to the Biggest Problem in Computer Science Queen Elizabeth goes viral for urging ‘generosity and self-sacrifice’ in front of an ornate gold piano (C)

December 27 (Thursday) YRI Video: Market bull Ed Yardeni predicts a 2019 to remember (C) Daily Markets Overview Markets I Dow soars more than 1,050 points, its biggest point gain in history, recovering from days of losses (WP) FAANG kicks its losing streak in post-Christmas rally (C) Behind the Market Swoon: The Herdlike Behavior of Computerized Trading (W) Stocks rebound after a brutal sell-off: Four experts weigh in on what’s next (C) Pretty much everybody on Wall Street thinks the market will rally in 2019 (C) Markets II Dollar strengthens as U.S. stocks rebound off lows (R) Oil surges 10% after the settle, rebounding with stocks from Christmas Eve sell-off (C) Asian Debt Defaults Are Expected to Rise (B) ETFs, Mutual Funds See Sudden Drop in Money Flowing In (W) Fund Investors Pull $56 Billion in Biggest Exit Since 2008 (B) A Hedge Fund Makes Billions Off Americans’ Underwater Mortgages (W) Central banks Trump’s Self-Inflicted Economic Damage Could Cause Fed to Pause (B) Trump Has Likely Done Lasting Damage to the Fed (B) Former Wells Fargo CEO argues markets would be down more if Fed didn’t hike this month (C) US Home-Price Growth Kept Pace in October (W) Workers in 2018 quit their jobs at the highest rate since 2001—and probably will next year, too (C) Holiday Retail Sales Are Strongest in Years (W) Emerging India tightens e-commerce rules, likely to hit Amazon, Flipkart (R) US politics Trump says he will wait however long it takes to get border wall money as shutdown drags on (C) Government shutdown threatens access to key economic data (NN) Trump advisor says Fed Chair Jerome Powell’s and Treasury Secretary Steven Mnuchin’s jobs are safe (C) Don’t Be Shocked: Trump Is Being Trump (W) Geopolitics & trade Trump surprises US troops in Iraq, talks shutdown and defends Syria military withdrawal (C) U.S. trade delegation to travel to China week of January 7 for talks -Bloomberg (R) Trump Didn’t Kill the Global Trade System. He Split It in Two. (W) If forced to take sides, most countries would pick the US over China, says author (C) How China Built a Steel Behemoth and Convulsed World Trade (W) Industries & companies Media: ‘Black Panther,’ ‘Avengers’ Top Record 2018 Box Office (W) Retail: Retail is having its best holiday season in 6 years (C) Retail: Retail Stocks Jump Most in 9 Years on Strong Spending Signs (B) Retail: Department Store of the Future Gets a Radical Makeover (W) Corporate finance China’s JD.com Plans $1 Billion Share Buyback (W) Offbeat Selling Real Estate in Russia? Are You Crazy? (NYT)

December 26 (Wednesday) YRI YRI Video Podcast Daily Markets Overview Markets I Stocks Pushed to the Brink of a Bear Market on Christmas Eve (B) Stocks may try to bounce but are heading for worst December ever (C) What Stock Sectors Rose in 2018? After Monday, None of Them (B) Market panic enters late stages, sharp rebound coming soon, strategist Jim Paulsen says (C) Don’t let volatility in the market be a lump of coal in your stocking (U) In Stormy Markets, Berkshire Hathaway Stock Can Be a Haven (BR) Markets II Why Mnuchin’s reassurance about US banks left markets confused (NN) Treasury Department’s odd attempt to reassure investors may have just backfired (MW) Trump Blasts Fed as Mnuchin Bids to Reassure Investors (W) Blame the Federal Reserve for the tanking stock market (NYP) How Disastrous If The Fed Could – And Did – Falsify The Yield Curve’s Crucial Message (F) Central banks Rate futures market says Fed is all but done with hikes (R) Four New Voters to Join Fed’s Key Panel Amid Rate-Increase Uncertainty (W) BOJ divided over side effects of easy policy: October minutes (R) US Chance of Recession Rises to the Highest Level of the Trump Presidency (C) One Year Later, Benefits From Corporate Tax Cut Seem Muted (W) Why December’s ugly stock market is very bad news for California’s finances (C) Europe The Miseducation of Emmanuel Macron (B) China China Vows More Support for Private Sector Buffeted by Slowdown (B) Idle Hands in China Workshops as Foreign Car Makers Struggle With Zombie Factories (W) It Doesn’t Matter if Ecuador Can Afford This Dam. China Still Gets Paid. (NYT) US politics Trump digs in heels on government shutdown: ‘It’s not going to reopen until we have a wall’ (C) Trump has unsettled Wall Street and Washington, and it will likely get worse (C) Geopolitics & trade Turkey Amasses Troops, Tanks on Syria Border as It Plans to Take Over ISIS Fight (W) How Huawei Took Over the World (W) Offbeat Massive Connecticut Estate Sells for 50% off (W)