Dr. Ed's Blog

February 24 (Monday)

YRI Express
Morning Briefing PDF I Audio Excerpts
Daily Markets Overview
(also see new Chart of the Day below)

Virus
Concern over coronavirus spread as cases jump in South Korea, Italy and Iran R
Coronavirus fears spoiled a solid earnings season and will further dominate markets ahead C
Coronavirus Could Cut $1.1 Trillion From the Global Economy This Year, According to One Estimate BR
G20 finance heads eye impact of coronavirus outbreak on growth, see modest pickup R
The Virus Is Interrupting Supply Chains From Watches to Lobsters B
Peter Navarro Says Coronavirus Shows U.S. Offshored Too Much B

Markets
There’s a Hint of Euphoria in the Air. Time to Prepare for the Next Correction. BR
Here’s how to tell a bear market is coming, according to BofA C
Buffett says it’s ‘almost certain’ stocks will beat bonds over long term if rates, taxes stay low C
The Bond Rally in Emerging Markets May Not Be All That It Seems B

Central banks
Kuroda says BOJ will be ‘fully prepared’ to act on virus risk R

US
Inflation Isn’t Missing From the U.S. Economy. You Just Need To Know Where to Look for It. BR

China
Millions of Chinese Firms Face Collapse If Banks Don’t Act Fast B

US politics
Bernie Sanders Says as President He Would Meet With Dictators B
Trump accuses Schiff of leaking intelligence about Russia to hurt Sanders R
Buttigieg campaign calls on Nevada Democrats to address alleged irregularities in caucuses C

Industries & companies
Financials: Wall Street Is Taking Over Main Street. Morgan Stanley’s Deal for E*Trade Heats Up the Race. BR
Industrials: Caterpillar Stock Looks Cheap. It’s Time to Build a Stake. BR
Media: Here’s how NFL TV rights are expected to shake out for the rest of the decade, according to sources C
Wireless: There’s a 5G Showdown Brewing. Intelsat Stock Could Be a Casualty. BR

Corporate finance
TurboTax maker Intuit near deal to buy Credit Karma for $7 billion, WSJ reports C

Offbeat
Trump braces for a beef-free menu in India NN
Baby Yoda busting out at Toy Fair New York NN

February 22 (Saturday)

YRI Express
Morning Briefing PDF I Audio Excerpts
Daily Markets Overview

Markets
Dow drops more than 200 points, posts losing week as coronavirus fears resurface C

Central banks
In next downturn, Fed may opt for quick, strong action R
Clarida Says Fed Doesn’t Slavishly Follow Market Expectations B

US
Coronavirus Hits U.S. Business Activity W
Not Just Nike and Apple; Small U.S. Firms Disrupted by China Virus W

Europe
Under Siege From Left and Right, Any Merkel Successor Faces Tough Balancing Act W

US politics
US officials reportedly told Bernie Sanders that Russia is trying to help his presidential campaignC
Sanders blasts Russia for reportedly trying to boost his presidential campaign R
Goldman’s Blankfein Says He Might Vote for Trump Over Sanders B
Michael Bloomberg Says He Will Release Women From NDAs If They Ask B
‘Not good enough’ Warren says of Bloomberg’s non-disclosure agreement pledge R
Nevada Democrats are trying to avoid repeating the Iowa caucus debacle — here’s how R
Trump Weighing Four Candidates for Director of National Intelligence W

Industries & companies
FAANG: Google Resists Demands From States in Ad Probe W
Financials: Wells Fargo to pay $3 billion in settling criminal and civil investigations into its fraudulent sales practices C
Manufacturing: DuPont ramps up safety suit production as coronavirus causes shortages in China C
Media: Fox, Comcast Pursue Takeovers of Ad-Supported Video Services W
Pharma: FDA Clears New Type of Cholesterol Drug W

Virus
U.S. prepares for possible coronavirus outbreakR
Wuhan woman with no symptoms infects five relatives with coronavirus: study R
How One Singapore Sales Conference Spread Coronavirus Around the World W

Offbeat
JPMorgan Warns of Climate as a Threat to ‘Human Life as We Know It’ B
SEC Investigates Altria’s Investment in Juul W

February 21 (Friday)

YRI Express
Morning Briefing PDF I Audio Excerpts
Daily Markets Overview

Markets
Dow falls more than 100 points after suffering a sudden midday sell-off that confused traders C
Wall St. eases, led by tech decline on mounting fears coronavirus could spread R
Traders Flock to Tech Options as Stocks Soar W

Central banks
Fed’s Clarida says U.S. economy is strong, still too soon to judge virus risk R

US
U.S. labor market remains strong; manufacturing likely stabilizing R

China
China State Custody of Once High-Flying Anbang Ends This Weekend B

US politics
Sanders’s Rise Sparks Comparisons to 2016 GOP Race W
Elizabeth Warren reverses her position on super PAC support as she seeks comeback C
Bloomberg Takes Defensive Posture W
Stone sentenced to 3-1/3 years, Trump signals no immediate pardon for adviser R
Trump Stews Over McCabe But Is Wary of Driving Barr to Resign B

Geopolitics & trade
The U.S.’s Next Trade War? As China Clash Cools, Conflict With India Looms. W
Outbreak will not change China’s commitments to buy U.S. goods: senior U.S. official R
Summit standoff as EU leaders grapple with Brexit-sized hole in budget R

Industries & companies
Autos: Tesla gets court approval to clear forest for German Gigafactory R

Corporate finance
Sprint and T-Mobile agree to give Deutsche Telekom higher stake in combined company C
Morgan Stanley to Buy E*Trade in Bid for Small Investors W
Warren Buffett Found His ‘Elephant’ With Giant Stake in Apple W

Cybersecurity
Cyberattack on NRC Health sparks privacy concerns about private patient records stored by US hospitals C

Offbeat
Opioid distributors propose $1 billion legal fee fund R

February 20 (Thursday)

Markets
Stocks Gain as China Pledges to Support Businesses W
S&P 500, Nasdaq hit record closing highs, lifted by China stimulus hopes R
Markets may face ‘pretty serious reckoning’ as coronavirus slows growth, Yale’s Stephen Roach says C
Goldman says market underestimating coronavirus risk: ‘Correction is looking much more probable’ C
JP Morgan’s trading guru says the bubble in defensive and tech stocks ‘will likely collapse’ C
Gold Just Hit a Seven-Year High on Virus FearsB

Central banks
Fed policymakers cautiously optimistic on U.S. economy despite new risks, minutes show R
Fed’s Kashkari Expects Rates to Remain SteadyW
Bank of America warns negative U.S. rates could hurt operations R

US
U.S. housing starts fall, building permits near 13-year high R

Europe
Big Tech to Face More Requirements in Europe on Data Sharing, AI W

China
Investors Fume as China Develops New Playbook for State-Backed Bonds W
China Expels Three Wall Street Journal Reporters W

US politics
Bloomberg’s transaction tax sets stage for clash with Wall Street clients R
Bloomberg Bankrolls a Social-Media Army to Push Message W
Several Joe Biden fundraisers jump ship from his struggling campaign to back Mike Bloomberg C
Mike Bloomberg has a rocky history with unions – here’s how it could affect the Democratic primary campaign C
Warren Gets Help From Super PAC W
Trump offered to pardon Assange, lawyer says R

Industries & companies
Industrials: GE, Hurt by Boeing, Pitches for New Deal With Airbus W
Media: Cord-Cutting Accelerates, Raising Pressure on Cable Providers W

Corporate finance
Energy Companies Face Looming Debt BurdenW

Virus
China Struggles to Give Care to Patients Without Coronavirus W
South Korea Infections Surge; New Hubei Cases Drop: Virus Update B

Offbeat
California to make state buildings available to house homeless R

YRI Express
Morning Briefing PDF I Audio Excerpts
Daily Markets Overview

February 19 (Wednesday)

Stocks
U.S. Stocks Fall After Apple’s Sales Warning W
China Plays Are Left Behind as U.S. Stocks Charge to New Highs W
Nasdaq rises, heads for record close as Apple shares cut losses C

Currencies & Credit
Euro Extends Decline on Weak German Data W
Risk Premiums on Asia Dollar Bonds Keep Dropping Despite Virus B

Central banks
Fed Doesn’t Want Another Repo Crisis, But Treasury Isn’t Helping B

US
Outside of the big 5 tech companies, earnings growth is zero C

China
Coronavirus Exposes Businesses’ Dependency on China W
China Turns to Apps to Control Movements During Outbreak W
Amid Coronavirus, the World Closes Its Doors to China: ‘I Feel So Isolated’ W

US politics
Post-Impeachment Senate Landscape Takes Shape W
Presidential hopeful Bloomberg proposes new taxes, protections to rein in Wall Street R
Bloomberg Qualifies for Nevada Debate W
Thousands of Oracle employees protest Larry Ellison’s Trump campaign fundraiser C
Trump adviser Roger Stone loses bid to delay sentencing hearing R

Geopolitics & trade
U.S. Weighs New Move to Limit China’s Access to Chip Technology W
Trump Says He Supports Selling U.S. Jet Engines to China W
The Real Chinese Trade Spat Is About Engines, Not Soybeans W

Industries & companies
Autos: High Car Prices Are Locking Out Younger Shoppers W
FAANG: Apple Drops After Warning But Analysts See Short-Term Hit B
Financials: HSBC Plans to Cut 35,000 Jobs, $100 Billion of Assets W
Retail: Walmart Posts Mixed Holiday Sales W
Retail: Bed Bath & Beyond Boss Tries to Declutter Its Stores W
Retail: Macy’s Cut to Junk by S&P Over Doubts That Turnaround Will Work B
Utilities: PG&E Reports $3.6 Billion Quarterly Loss as Wildfire Costs Mount W

Corporate finance
A huge driver of stock prices [stock buybacks] got off to its worst start in 7 years, but that could change C
Dell Nears Deal to Sell RSA Security Business to Private-Equity Firm STG W
Franklin Resources to Buy Legg Mason for $4.5 Billion W
Italy’s Intesa Bids for Rival, Paving Way for Rare European Banking Deal W
Food-Delivery Firms Put Mergers, IPOs on the Menu W

Virus
China sees fall in coronavirus deaths, WHO urges caution R
Coronavirus live updates: Sanofi working on vaccine with US health agency, Jaguar faces parts shortage C
Gilead’s Coronavirus Drug Trial Slowed by Lack of Eligible Recruits W
Japan targets HIV drug trials on coronavirus R
If Apple is hurting due to the coronavirus, its suppliers and rivals likely are too R

Offbeat
Trump grants clemency to ex-Gov. Rod Blagojevich, Bernard Kerik and Eddie DeBartolo Jr. C

YRI Express
Morning Briefing PDF I Audio Excerpts
Daily Markets Overview

February 18 (Tuesday)

Markets
U.S. stock futures retreat, Asia dips after Apple warns on virus impact R
Chinese support measures buoy world stocks R
Growth Investors Face Test of Their Mettle W
JPMorgan Says Record Highs in European Stocks Can Last and Widen B

Central banks
China’s Central Bank Cuts Rate on One-Year Medium-Term Lending Facility W

Europe
Euro bears lurk as worries about economic outlook grow R
Britain won’t heed EU rules to win free trade: PM aide R

Japan
Japan’s Economy Shrinks 6% as Sales-Tax Rise Cools Consumption W
Japan’s Third Sales-Tax Blunder Must Be Its Final Mistake W
Japan finance minister watching coronavirus impact, to ensure fiscal policy steps R
Japan Inc wary about wage hikes as ‘Abenomics’ sputters: Reuters poll R

China
Rare Release of Xi’s Speech on Virus Puzzles Top China Watchers B
Coronavirus could be knockout blow for Hong Kong’s once-thriving tourism, retail sectors R

US politics
Bolton Warns of Possible ‘Censorship’ of His White House Memoir B

Geopolitics & trade
U.S. Weighs New Move to Limit China’s Access to Chip Technology W
U.S. mulls cutting Huawei off from global chip suppliers, with TSMC in crosshairs R

Industries & companies
FAANG: Apple warns on revenue guidance due to production delays, weak demand in China because of coronavirus C
Retail: As Walmart grows in e-commerce, investors look for a plan to stem the losses C

Corporate finance
Bombardier agrees to sell rail unit to Alstom in $8.2 billion deal C
Pier 1 files for Ch. 11 bankruptcy as talks with potential buyers continue C
Dairy Farmers of America agrees to buy Dean Foods, America’s biggest milk producer, for $425 million C

Technology
Elon Musk Has Changed Investors’ Views on the Electric Car

Offbeat
Amazon’s Jeff Bezos pledges $10 billion to launch Earth Fund for combating climate change C

YRI
Daily Markets Overview

February 17 (Monday)

Markets
Markets Hover Near Records Despite Growing Coronavirus Outbreak W
The Bond Market Might Finally Be Nearing Its Limit W
There’s a Wall of Cash Eager to Buy Treasuries on Any Price Dip B
Emerging Markets Trust China’s Virus Steps to Keep Rally Going B

Central banks
Virus Overshadows All as Traders Brace for 2020 Fed Rate Cuts B

US
The Housing Market Ended 2019 Red-Hot. But Shrinking Supply and Rising Prices Could Cool Off the Rally. BR
How High Should Government Debt Go? Economists Can’t Agree W

Europe
Europe can win global battle for industrial data, says EU industry chief R

China
Xi says China must keep economic, social order while battling coronavirus R
Coronavirus Outbreak Won’t Destroy China’s 2020 Economic Outlook BR

US politics
Trump administration eyes 10% middle-class tax cut proposal R
Rise of Sanders, Trump Shows Decline in Party Power W
Sanders says presidential rival Bloomberg will not excite voters R
Bloomberg unveils plans for Americans’ Social Security, retirement savings C
Klobuchar’s Rise Brings New Scrutiny to Record as Prosecutor B
More than 1,000 Justice Department alumni call for Barr’s resignation after intervention in Stone sentencing C

Geopolitics & trade
U.S. Says It Has Thwarted $6 Billion Russia-Germany Gas Pipeline B
Rouhani says Iran will never yield to U.S. pressure for talks R
Pelosi says working with China’s Huawei is like ‘choosing autocracy over democracy’ C

Industries & companies
Autos: Dealerships Give Car Buyers Some Advice: Just Stop Paying Your Loan W
FAANG: How Netflix Wins Despite Underperforming at the Oscars BR
FAANG: Mark Zuckerberg shifted Facebook’s focus to groups after the 2016 election, and it’s changed how people use the site C
Retail: Bed Bath’s Hidden Assets Could Be Worth Almost $1 Billion BR
Tech: Superfast 5G Rollout Hits Slow Patch, Suppliers Say W
Tech: The Flip Phone Is Back and It’s Not a Total Flop W

Corporate finance
SoftBank’s Boss Bet $22 Billion on Sprint. It Was a Slog. W

Technology
Sucking Carbon Out of the Air Is Winning Fans Among Oil Giants W

Virus
Americans disembark from virus-hit cruise R
South Korea Tracks Virus Patients’ Travels—and Publishes Them Online W

Offbeat
Why the narratives we embrace about our finances matter
Inside Berkshire Hathaway’s Future Without Warren Buffett BR

YRI
Daily Markets Overview

February 15 (Saturday)

Markets
Stocks edge up with positive chipmaker forecast, oil gains for the week R
U.S. Stocks End Week at Record After Strong Earnings, Fed Signal B
Nearly 20% of S&P 500 companies have already warned investors about virus impact C
Short-Sellers Give Oil a Break Following Coronavirus Concerns B

Central banks
Mester says Fed working with private sector to develop faster payment system R
Fed’s Mester Says Economic Outlook Intact Though Virus a Risk B

Virus
IMF Chief Says Virus May Warrant Coordinated Economic Action B
China Sees Another Jump in Coronavirus Infections W
Coronavirus live updates: China tries to get back to work; Beijing sets a 14-day quarantine rule for arrivals C
Hubei Adds 2,420 Cases; Wuhan Tightens Quarantine: Virus Update B
Beijing quarantines returning residents as China struggles to pick up economy R
CDC is preparing for a coronavirus outbreak in US NN

US
U.S. consumer spending slowing; industrial production weak R
U.S. Consumer Spending Picks Up, While Manufacturing Declines W
White House considering tax incentive for more Americans to buy stocks, sources say C
Trump administration eyes 10% middle-class tax cut proposal R

US politics
Becoming bolder, Trump defends right to interfere in criminal cases R
Attorney General Barr taps outside prosecutor to review case against ex-Trump adviser Michael Flynn R
Roger Stone Seeks New Trial Less Than a Week Before Sentencing B

Geopolitics & trade
U.S., Taliban reach violence reduction pact that could lead to U.S. withdrawal R
Pelosi warns US allies: ‘Don’t go near Huawei’ C
Pentagon Shifts Stance on Sales to Huawei W
Injured by China’s trade practices? Call 202-395-3900, USTR says R
China Trade War Walloped More Than Half of U.S. States in 2019 B

Industries & companies
Autos: Renault Swings to Loss, Hit by Nissan Woes, Falling China Sales W
FAANG: Google to restructure Cloud business, with some roles eliminated C
FAANG: Amazon Axes Delivery Partners in U.S.; Hundreds of Jobs Cut B
Consumer: Kraft Bonds Tumble After Downgrades to Junk Rating W
Pharma: States Spurn Drug Industry’s Opioid-Settlement Offer W
Retail: Mattel’s Holiday Sales Slump Despite Boost From ‘Toy Story 4’ W

Corporate finance
Talks to sell Victoria’s Secret to Sycamore Partners to spill into next week C
Warren Buffett’s Berkshire Hathaway just revealed positions in Kroger, a biotech and these others C

Technology
To Store Wind and Sun, Energy Startups Look to Gravity W

Offbeat
Avenatti Found Guilty in Extortion Case W
Yuval Noah Harari’s History of Everyone, Ever

YRI
Daily Markets Overview

February 14 (Friday)

Markets
Wall Street slips as coronavirus fears mount R
Some U.S.-listed China firms see shorting spike, others see short-covering jump R
U.S. Stocks Fade After Fed Announces Repo Cuts: Markets Wrap B

Central banks
Trump Fed nominee Shelton hits bipartisan skepticism in Senate hearing R

Virus
U.S. Raises China Criticism; Details on New Cases: Virus Update B
Sharp Rise in Coronavirus Cases Raises Questions About Outbreak’s Peak W
Alibaba Takes a Hit From Coronavirus W

China
Xi Installs Close Ally to Tighten Control Over Hong Kong W

US
Rents lift U.S. core inflation; weekly jobless claims rise slightly R
Drop in Energy Prices Slowed U.S. Inflation in January W

US politics
Trump administration taking $3.8 billion more from military for Mexico border wall R
GOP-Controlled Senate Passes Resolution to Limit Trump’s Use of Military Force Against Iran W
Attorney General William Barr says Trump’s tweets ‘make it impossible for me to do my job’ C
Barr tells Trump to stop tweeting about Stone case; juror calls it ‘appalling’ R
On the trail: Democratic White House hopefuls take aim at Bloomberg R
Influential Nevada culinary union will not endorse a 2020 Democrat ahead of caucuses C

Geopolitics & trade
U.S. business group sees China keeping purchase commitments despite coronavirus R
India offers to import U.S. dairy, chicken legs to seal elusive trade deal with Trump R
U.S. Charges Chinese Tech Giant Huawei With Racketeering W
Trump Says ‘Good Chance’ Of Deal With Taliban W

Industries & companies
FAANG: Judge temporarily blocks Microsoft Pentagon cloud contract after Amazon suit C
FAANG: Why Are Amazon and Google in Washington’s Firing Line? One Answer Is Ken Glueck. W
FAANG: Pinterest shares fall after Facebook releases new copycat app C
Media:  Roku beats Q4 expectations, shares rise C
Retail: Stores and Shoppers Agree: Self-Checkout Is Hard W
Tech: Nvidia forecasts revenue above estimates despite $100 million coronavirus hit R

Corporate finance
China’s Startups on the Ropes After Virus Freezes Funding B
Tesla Raising More Than $2 Billion, Discloses New SEC Inquiry W
Rite Aid’s Odds of Finding Suitor May Improve With Sprint Ruling B

YRI
Daily Markets Overview

February 13 (Thursday)

Markets
U.S. Stock Index Futures Drop on Outbreak Count Revision B
Dow Closes at Record as Virus Worries Abate W
Oil Chiefs Warned Trump Team of Unrealistic Goals in China Deal B
Coronavirus Spurs Demand for Niche Raw Materials W

Central banks
Fed Chair Powell: ‘no reason’ rising wages, job gains can’t continue R

Virus I
IMF Sees China Rebounding From Virus, Though Uncertainty Is High B
The World Health Organization Draws Flak for Coronavirus Response W
Coronavirus live updates: China’s Hubei reports 14,840 new cases, 242 additional deaths C

Virus II
Top CDC official says US should prepare for coronavirus ‘to take a foothold’ C
Coronavirus-Drug Development Becomes a Top Focus at Gilead W
Hyundai bet big on China. Now coronavirus is twisting its supply chain R
Living Inside U.S. Coronavirus Quarantine W

US
US deficit surges 25% in fiscal 2020 and is $1.1 trillion over the past year C
Despite $1 trillion deficits, Trump tax cuts will still ‘pay for themselves’: Mnuchin R

US politics
Democrats turn focus to Nevada and South Carolina after Sanders’ narrow win in New Hampshire R
How Joe Biden lost his front-runner status NN
Iowa Democratic Party Chairman Resigns After Caucus Debacle B
DOJ walkout puts frayed relationships with William Barr in spotlight NN

Industries & companies
FAANG: AWS chief says it’s ‘folklore’ that Amazon will destroy competition in any new market it enters C
FAANG: Stood Up: Facebook Keeps Europe Waiting Over Dating Feature W
Pharma: Bayer Strives to End Lawsuits Over Roundup—While Still Selling It W
Tech: Cisco shares drop after earnings report as revenue continues to decline C

Offbeat
Growing Bricks and More Ways to Shrink Concrete’s Carbon Footprint W
There’s a Great Future in Plastics—Except in China W

YRI
Daily Markets Overview