Dr. Ed's Blog

December 21 (Saturday)

Markets
S&P 500 posts biggest weekly percent gain since September amid data, trade optimism R
Trump and Xi sparked a year-end rally that should continue into new year C
The best year financial markets have ever had? R
The World Is Days Away From Booking the Best Asset Returns in a Decade B

US
U.S. consumers put economy on moderate growth path in third quarter R
U.S. consumer spending rises; inflation tame R

Europe
U.K. Parliament Backs Boris Johnson’s Brexit Deal, Clearing Major Hurdle W

Japan
Japan Tries to Thwart Collapse of Iran Nuclear Deal W

US politics
Pelosi says she’s inviting Trump to deliver the address ‘In the spirit of respecting our Constitution’ NN
Trump Accepts Pelosi’s State of Union Invite Despite Impeachment B
After Trump’s Impeachment, Pelosi Ends Year With Strong Hold on Party W
Impeachment Battle Lines Drawn for 2020 Campaign W
After fiery debate, Democratic U.S. presidential hopefuls return to campaign trail R
Sign-ups for 2020 Obamacare insurance on HealthCare.gov fall to 8.3 million: CMS R

Geopolitics & trade
In phone call with Trump, China’s Xi says U.S. interfering in internal affairs R
Ross Says Tariffs Working Despite U.S. Steel Plant Layoffs B

Industries & companies
Aerospace: Boeing’s failed Starliner mission strains ‘reliability’ pitch R
Autos: Tesla Shorts in ‘Winter of Despair’ With Stock at Record B
Biotech: Behind the Biotech Stock Rally: New Deals and Easing Political Worries W
FAANGs: Data on Hundreds of Millions of U.S. Facebook Users Exposed B
FAANGs: France Fines Google for Mistreating Search Advertisers W
Retail: Ulta Tops Amazon as Decade’s Best Performing Large Retail Stock B

Corporate finance
SEC reportedly investigating Slack and other unicorns’ market debuts on the NYSE C
IAC to Buy Care.com in $500 Million Cash Deal W
Aramco, Alibaba rescue sluggish 2019 global ECM market R

Technology
Exclusive: U.S. talks with GM over deploying self-driving cars without steering wheels R

Offbeat
A Genetic Test Led Seven Women in One Family to Have Major Surgery. Then the Odds Changed. W

YRI
Daily Markets Overview

December 20 (Friday)

Markets
S&P 500, Dow, Nasdaq Notch New Records W
Art Cashin’s predictions for 2020, including more wins for stocks C
Heard of bitcoin’s ‘halving’? It’s set to shake crypto markets in 2020 R

Central banks
Fed’s Bullard Sees No Reason Now to Change Rates in 2020
Bank of England Keeps Powder Dry as Brexit Moves Into Next Stage B
Riksbank Hike Ends Subzero Experiment in Global Test Case B

US
Declining Labor Share and U.S. Industries | St. Louis Fed FRB-SL
U.S. weekly jobless claims fall; mid-Atlantic factory activity almost stalls R
Economic Expectations of U.S. Consumers Climb to a One-Year High B
Online returns this holiday season to hit record $41.6 billion C
US home sales tumbled 1.7% in November C
U.S. Companies’ Repatriated Cash Hits $1 Trillion Under Tax Law B

Europe
Cautious UK shoppers send retail sales growth to 19-month low R
Exclusive: The Brits who won’t Brexit R
After Winning Over Blue-Collar Voters, Boris Johnson Lays Out Pledges to Keep Them W

Emerging
Emerging-Market Junk Bonds Sell at Record Pace W
India Temporarily Pulls Plug on Mobile Services in Delhi to Curb Protests W

US politics
Trump has been impeached by the House. Here’s what happens next C
After House Impeaches Trump, Timing of Next Steps Is Unclear W
Pelosi threatens to delay Trump impeachment trial to press McConnell C
Nancy Pelosi won’t commit to sending articles of impeachment to Senate NN
Giuliani Keeps the Hustle Going, Even as Trump Is Impeached B
Split-screen America: Alternate realities on display as House votes to impeach Trump R
Biden holds lead over Warren, Sanders, Buttigieg in 2020 race: NBC-WSJ poll C
Senate Bill Includes Significant Changes to Retirement System W

Geopolitics & trade
China announces new tariff exemptions for US chemical and oil products C
China says in touch with U.S. on signing of Phase 1 trade deal R
Germany closely monitoring Chinese shareholdings in Daimler R
EU Makes Deeper Economic Ties With China a Priority W
EU extends economic sanctions against Russia for six months R

Industries & companies
Consumer: Conagra Tops Sales Expectations W
Energy: Energy stocks (XLE) show signs of life, but don’t buy yet: Trader C
FAANGs: Apple Held Early Talks With Pac-12 Conference, MGM Over TV Service W
FAANGs: Facebook to Advertise in the Super Bowl for the First Time W
Industrials: GM issues two recalls for more than 900,000 new vehicles R
Pharma: Novartis to Offer World’s Most Expensive Drug for Free Via Lottery W
Restaurants: Chipotle is testing a new restaurant design to maximize digital growth C
Tech: EU Legal Opinion on Facebook Case Spells Trouble For Data Transfers W
Tech: Uber Hit With Fresh German Ban W

Corporate finance
Broadcom Looks to Sell Unit That Could Fetch $10 Billion W
Goldman Sachs Is in Talks for Asia Unit to Admit Guilt in 1MDB B
TiVo, Xperi to Combine in All-Stock Deal W

YRI
Daily Markets Overview

December 19 (Thursday)

Markets I
U.S. Stocks Finish Little Changed W
A Decade of U.S. Market Exceptionalism Will Be Difficult to Repeat W
Options Traders Eye Insurance Even as Stocks Soar W

Markets II
A $10 trillion debt burden coming due one day could hit the stock market and Amazon, UBS proposes C
U.S. SEC proposes allowing more investors access to private companies R
Hong Kong Dollar Surges After Rough Patch W

Central banks
Fed’s Evans says U.S. economy doing well but inflation too low R
Muller Says ECB Review Should Start With Inflation Deep Dive B

US
The Demographic Threat to America’s Jobs Boom W

Europe
Anti-Brexit Campaign Faces Up to Brexit, Amid Recriminations W

China
A Tale of Two Former Colonies: Headstrong Hong Kong and Mild-Mannered Macau W
Chinese Academics Protest Demand for Absolute Loyalty to Beijing W
Young Carefree Buyers in China’s Small Towns Are Powering Growth B

US politics
House begins final debate over Trump impeachment vote C
Pelosi calls Trump threat to democracy ahead of impeachment vote R
Trump ‘Has Broken’ His Oath, Nadler Says B
Trump’s economic approval hits highest level in a year as Americans remain split on impeachment C
Why Congress Just Can’t Kill ‘Zombie’ Tax Breaks W

Geopolitics & trade
Uncertainty remains on Wall Street about China-US phase one agreement: ‘More trade truce than deal’ C
Trump’s China Buying Spree Unlikely to Cover Trade War’s Costs B
Automakers to pay $3 billion in new U.S. tariffs under USMCA: budget estimate R
Trump proposes rule for importing drugs from Canada; industry says it won’t cut costs R
U.S. files appeal into WTO system it has broken R

Industries & companies
Aerospace: After Boeing Halts Max Production, Suppliers Wait for Fallout W
Aerospace: Boeing hit with another lawsuit over troubled 737 Max NN
Autos: Tesla is on a tear and reaches a 52-week high C
Autos: Daimler to Pay Up To $20 Million For Mercedes Recall Lapses B
FAANGs: Imitating Amazon: E-Commerce Battle Bolstered by Companies Mimicking the Market Leader W
Media: ‘Rise of Skywalker’ Unlikely to Top Recent Star Wars Releases W
Shipping: FedEx Stung by the Shift to E-Commerce W
Shipping: FedEx CFO: Our profit drop was ‘horrific’ NN
Shipping: FedEx says it will ‘start lapping’ Amazon in 2021 C
Wireless: The Smartphone Changed. Then It Changed Us. W

Corporate finance
New York Life to Buy Cigna’s Life and Disability Insurance Unit for $6.3 Billion W
Broadcom Looks to Sell Unit That Could Fetch $10 Billion W
Despite IPO flameouts, 2019 sets record for U.S. unicorn births R
Broadcaster, Private-Equity Firm Express Interest in Buying Univision W
Intel Deepens AI Push With $2 Billion Purchase of Habana Labs W

Offbeat
YouTube burnout is real. Creators are struggling to cope NN

YRI
Daily Markets Overview

December 18 (Wednesday)

Markets
Stocks Hang On to Extend Winning Streak (W)
Good Year for Corporate Bonds Gets Better as Threats Fade (W)
Pound Sees Biggest Drop in a Year Amid Brexit Trade Worries (W)
Natural-Gas Shorts at Highest Level Since Financial Crisis (W)

Central banks
‘Decade of the central bank’ ends with the Fed and its global cohorts in need of some new tricks (C)
Fed Risks Creating an Environment For Another Financial Crisis, Ex-Officials Say (B)

US
U.S. Factory Production Rebounds in November (W)
Why You Shouldn’t Believe Those G.D.P. Numbers (N)

Europe
Johnson Pledges Full U.K. Exit From EU by End of 2020 (W)

US politics
House passes $1.4 trillion spending plan to prevent shutdown, sending it to Senate (C)
Trump slams impeachment as an ‘illegal, partisan attempted coup’ in angry 6-page letter to Pelosi (C)
‘Trump totally unchained’: Second term could mean more trade wars, Powell exit, new tax cuts (C)
Lawmakers Reach Late and Narrow Tax-Break Deal (W)
FISA Court Rebukes FBI Over Trump Aide Surveillance (W)

Geopolitics & trade
House committee approves USMCA trade deal, setting up vote on Thursday (C)
U.S.-Mexico-Canada Agreement does not deliver on what the moment demands

Industries & companies
FAANGs: Amazon sellers are the latest casualty from the company’s spat with FedEx (C)
FAANGs: You Might Be Buying Trash on Amazon—Literally (W)
Financials: Regulators Find Shortcomings in Resolution Plans at Six Large U.S. Banks (W)
Industrials: GE’s 737 MAX Problem Just Got Bigger (W)
Retail: Bed Bath & Beyond’s new CEO just blew up his executive circle — in the midst of the holiday season (C)
Shipping: FedEx shares slip after second-quarter earnings miss (C)

Corporate finance
Carlyle, Others Buy Stake in AmEx Corporate-Travel Business (W)
WeWork Clinches $1.75 Billion in Financing With Goldman’s Backing (B)

Offbeat
It Isn’t Just Uber: California Prepares for New Gig Worker Rules…and Confusion (W)
Cramer: Many billionaires might have actually supported Elizabeth Warren, but she blew it (C)

YRI
Daily Markets Overview

December 17 (Tuesday)

Markets
As stocks surge, they are sending a bullish signal about further gains (C)
European Stocks Hit All-Time Record (W)

Energy
Investors Doubt OPEC Cuts Can Boost Oil Prices (W)
Oil Holds Near $60 as U.S.-China Trade Deal Lifts Demand Outlook (B)

Central banks
New York Fed Adds $86.4 Billion in Day of Key Money-Market Pressures (W)

Global
Global Economy Regains Its Footing (W)

US
U.S. consumers show greater demand for credit, rejection rates drop: NY Fed survey (R)
These 91 companies paid no federal taxes in 2018 (C)

China
Upbeat Chinese Economic Data Buoy Commodities (W)

US politics
GOP Senators Seek Quick Acquittal for Trump. The President Wants More. (W)
Senate advances massive defense policy bill (R)
More On-the-Fence Democrats Back Impeachment of Trump (W)
U.S. spending deal would raise tobacco age, deny some Trump border wall money (R)

Geopolitics & trade
Kudlow: U.S.-China deal ‘absolutely’ done, U.S. exports to China will double (R)
China’s Xi Jinping Voices Support for Hong Kong Leader’s Handling of Protests (W)
Mexico, U.S. seek to dispel tension over labor tweak to trade deal (R)
U.S. issues final order on duties on certain steel products from Vietnam (R)

Industries & companies
Aerospace: Boeing will suspend 737 Max production in January (C)
Autos: Tesla put up tents to hide its ‘solar test house’ in California (C)
FAANGs: Netflix Says 90% of Subscriber Growth Comes From Overseas (W)
FAANGs: Amazon blocks sellers from using FedEx ground-delivery shipping (C)
Retail: Facing a ‘Food Desert,’ Oklahoma City Wants Dollar Stores to Sell Fresh Food (W)
Wireless: T-Mobile-Sprint Trial: A Debate About Phone Bills (W)

Technology
Intel Deepens AI Push With $2 Billion Purchase of Habana Labs (W)

YRI
Daily Markets Overview

December 16 (Monday)

Markets I
We Have a Trade Deal and Brexit Clarity. That’s Good News for Stocks. (BR)
Investors Exit Havens as Worries Ease, Lifting Stocks (W)
The Bull Market Almost No One Saw Coming (B)
Popular ‘Dogs of the Dow’ investing strategy fails in 2019 (C)

Markets II
Stocks Are Headed Higher in 2020, Strategists Say. Here’s Which Sectors Will Benefit the Most. (BR)
Wall Street predicts a high-single-digit gain next year, but history shows that is likely wrong (C)

Currencies & commodities
US isn’t weaponizing the dollar; sanctions are the alternative to war, Mnuchin says (C)
Shale Slowdown Takes Economic Toll (W)

US
Disparity in Corporate Profits Hints at Something Amiss (W)
Is Inflation Hot or Not? It Depends on the Gauge. (BR)
Economists Got the Decade All Wrong. They’re Trying to Figure Out Why. (W)

Europe
Victory for Boris Johnson’s all-new Tories (E)
Painful Brexit Is a Lesson to EU Members: Don’t Try This at Home (W)

China
PBOC Tells Property Speculators That ‘Homes Are For Living In’ (B)

US politics
Lighthizer Scores a Trifecta of Wins for Trump’s Trade Agenda (B)
Trump’s Impeachment Rebuke Bookended by Policy Victories (W)
Impeachment Backlash: 31 Democrats at Risk After Trump Vote (B)
Supreme Court to Decide Cases on Access to Trump’s Financial Records (W)

Geopolitics & trade
‘Historic’ phase one deal with China will be very good for global growth, Treasury Secretary Steven Mnuchin says (C)
China Threatens Retaliation Should Germany Ban Huawei 5G (B)
Why North Korea Might Wait Things Out With U.S. (W)

Industries & companies
FinTech: Venmo Glitch Opens Window on War Between Banks, Fintech Firms (W)
Media: Disney’s Big Draw Is Its Parks, Not Baby Yoda. (BR)
Retail: Investors Fight Over Future of Saks Fifth Avenue  (W)
Technology: Tech Regulation Is Finally Here and It Could Get Messy (BR)
Technology: Why You Can’t Have a Decent Conversation With Your Voice Assistant Yet (W)

Corporate finance
Aramco Stock Briefly Hit a $2 Trillion Valuation. It’s Worth $1.36 Trillion at Today’s Oil Prices, Analysts Say. (BR)

Offbeat
Your complete guide to investing with a conscience, a $30 trillion market just getting started (C)
Space investing became real this year as Morgan Stanley hosts packed NYC investor summit (C)
How the 1% Scrubs Its Image Online (W)
Volcanoes and Other Adventures in Tourism Are Seductive—but They Can Be Deadly (W)

YRI
Daily Markets Overview

December 14 (Saturday)

Markets
Market Clouds Have Lifted. That Doesn’t Ensure a New Stock Market Boom. (W)
The Three-Year Crisis Cycle and a Case for a Reborn Bull Market (B)
Opinion: Brace yourself for mediocre stock market returns in the next decade (MW)
Here’s what the new trade deal means for the markets (C)
Path is clear for a year-end rally with key hurdles like the trade war removed (C)
The Markets Have Spoken: Phase One Trade Deal Between the U.S. and China Is ‘No Victory’

Central banks
Fed’s Clarida Dismisses Weak Retail Sales, Says Outlook Solid (B)
Fed’s Williams Says Central Bank Should Be Flexible as Data Evolves (W)
Fed Adds $56.45 Billion in Liquidity to Navigate the Weekend (W)

Europe
After Decisive Election, U.K. Business Seeks Brexit Clarity (W)
Johnson Sees Win as Mandate for Swift Brexit (W)
Corbyn is Finished But His Radicalism Changed U.K. Politics (B)

China
Bond Defaults Reach Once-Safe Corners of Chinese Finance (W)

US politics
House Panel Approves Trump Impeachment Articles (W)
Trump’s Impeachment Rebuke Bookended by Policy Victories (W)
Supreme Court will hear three cases over Trump’s financial records (C)
All the 2020 Democrats in next week’s debate threaten to skip event, refuse to cross picket line (C)

Geopolitics & trade
U.S., China Agree to Limited Trade Deal (C)
U.S.-China Deal Eases, But Doesn’t End, Business Uncertainty (W)
Goldman is disappointed in trade deal: Tariff rollback ‘smaller than expected’ (C)

Industries & companies
FAANGs: The Decade of Netflix
FAANGs: FTC Weighs Move Against Facebook Over How Its Apps Interact (W)
Retail: Holiday Retail Sales Had a Lackluster November Start (W)
Tech: Adobe’s stock jumps to record close as investors cheer cloud transition (C)

Corporate finance
Saudi Aramco Is the World’s First $2 Trillion Company. But Is It Overvalued?

YRI
Daily Markets Overview

December 13 (Friday)

Markets
S&P 500 jumps to record as US and China get set to finalize ‘phase one’ trade deal (C)
Sterling surges as Boris Johnson’s Conservative Party is projected to win UK election (C)
U.S. 10-Year Yield Makes Sharpest Climb Since 2016 (W)

Central banks
ECB Keeps Rates Steady as Lagarde Makes Debut (W)
Fed’s Lesson: Keep Your Errors Manageable (W)
‘Boneheads’ no more? Fed’s rate cuts appear to defuse Trump’s Twitter rage (R)
New York Fed Again Upsizes Liquidity Plans for Turn of the Year (W)

US
U.S. producer prices tepid; jobless claims at more than two-year high (R)
Americans’ Credit Card Debt Poised to Reach 10-Year High (B)

Europe
British PM Johnson heads for big Brexit election win (R)

China
China Signals More Efforts to Ensure Economic Growth (W)
Chinese Chip Makers Get Biggest State Boost, Report Finds (W)

US politics
U.S. House committee nears vote on impeachment articles against Trump (R)
U.S. Congress negotiators, White House set tentative deal on fiscal 2020 funding (R)
Warren Wealth Tax Would Raise Nearly 30% Less Than Projected, Study Finds (W)

Geopolitics & trade
US reaches a phase one trade deal with China in principle pending Trump’s approval (C)
A U.S. ‘deal in principle’ with China on trade may be more limited than October pledge (R)

Industries & companies
Aerospace: Boeing’s MAX Fixes Not Likely to Get FAA Approval Until February (W)
FAANGs: FTC Weighs Move Against Facebook Over How Its Apps Interact (W)
Media: Your Internet Provider Likely Juiced Its Official Speed Scores (W)
Retail: Costco Sales Continue to Rise (W)
Tech: Lyft announces car rental service; Hertz and Avis shares plunge (C)

Corporate finance
Global Banks Earn Low Fees on Saudi Aramco IPO (W)

Offbeat
Books of 2019

YRI
Daily Markets Overview

December 12 (Thursday)

Markets
U.S. Stocks Gain After Fed Decision W
China’s Unfazed Yuan Traders Bet Tariffs Won’t Be Hiked B

Central banks
Fed Decision: Interest rates left unchanged, indicates no changes through 2020 C
Fed Chair Powell says he would want to see persistent rise in inflation before hiking rates again C
Parsing the Fed: How the December Statement Changed From October W
Fed Open to Going Beyond T-Bill Buying, But Not at This Stage B

US
Gasoline, rents lift U.S. consumer inflation in November R

Europe
Whoever Wins in Britain’s Election, Big Government Spending Is Back W

US politics
Justice Watchdog Testifies About Disagreement With Attorney General Over Report on FBI’s Russia Probe W
Democrats’ January Plans Scrambled by Likely Impeachment Trial W
Biden Proposes Immigration Overhaul in Shadow of Obama Era B

Geopolitics & trade
Signs Point to China Tariff Delay, but Decision Rests With Trump N
Jamie Dimon Says He Expects U.S.-China Phase-One Trade Deal B

Industries & companies
Aerospace: FAA Review Saw High Risk of Boeing 737 MAX Crashes W
Aerospace: FAA probes Boeing 737 MAX production, ex-manager warns of ‘a factory in chaos’ R
FAANGs: Facebook Rebuffs Barr, Moves Ahead on Messaging Encryption W
Financials: JPMorgan Takes Aim at Rivals in Wealth Business Revamp W
Retail: Home Depot Ties Opioid Crisis to Recent Surge in Store Theft B
Utilities: Northern California Power Outages Could Soar If Aging Lines Aren’t Replaced, PG&E Study Finds W

Corporate finance
Aramco Soars in Debut to Hit Market Value of $1.88 Trillion B
The Wall Street Bankers Who Burst Aramco’s $2 Trillion Bubble B
Chevron is writing down as much as $11 billion worth of assets, and it could cost the entire market C

Technology
Twitter CEO Jack Dorsey has an idealistic vision for the future of social media, and is funding a small team to chase it C

Offbeat
OK Millennials… And Gen X, Too
The Securities and Exchange Commission wants bad guys to know: ‘We’re watching’ C

YRI
Daily Markets Overview

December 11 (Wednesday)

Markets
Stocks Pare Losses on U.S.-Mexico-Canada Trade Pact W
Trade, Growth Uncertainties Weigh on Outlook for Materials Stocks W
China’s Yuan Punches Below Its Weight W
A Massive Loan Trade Highlights Rifts in Junk-Debt Markets W

Central banks
How Fed Chairman Forged Rate-Cut Consensus W
The Twittersphere may be shaping the Federal Reserve’s thinking more than we know C
Underpriced Repo Risks May Push Fed Toward QE4, Pozsar Says B

Europe
Worried, Scared and Paralyzed: Lives Caught in Brexit Limbo N

China
China’s Consumer Inflation Skyrockets, Boosted by Pricey Pork W

US politics
House Democrats announce articles of impeachment against Trump: Abuse of power, obstruction of Congress C
Democrats Plan to Impeach Trump for Abuse of Power, Obstruction B
Attorney General William Barr says FBI may have acted in ‘bad faith’ in Trump-Russia probe C
Attorney General Barr Calls FBI’s Trump Probe ‘Travesty’ W

Geopolitics & trade
U.S. and Chinese Negotiators Planning for Delay of Tariffs W
Larry Kudlow says December tariffs are ‘still on the table’ C
House Democrats and the White House have a deal to move forward with USMCA trade agreement C

Industries & companies
Aerospace: Boeing reports 30 new orders for the troubled 737 Max in November C
Biotech: Investors fear Pelosi’s drug price plan will kill small biotech firms C
FAANGs: Facebook Tells Barr It Won’t Open Up Encrypted Messages N
Tech: Big Tech’s Critics, Flush With Cash, Try to Build a Movement N

Corporate finance
Saudi Aramco Sounds Out Investors on Asia IPO W
New York Life in Talks to Buy Cigna’s Nonhealth Benefits Unit W
McAfee Considers Making Bid for Rival NortonLifeLock W

Offbeat
Exxon Found Not Guilty of Fraud in Climate-Change Accounting Case W
Inspector General Report Renews Scrutiny of FBI Surveillance Practices W
Oracle will move its annual OpenWorld conference to Las Vegas because San Francisco is too expensive C

YRI
Daily Markets Overview