Dr. Ed's Blog

May 03 (Friday)

YRI
Opinion: Americans’ living standards are at an all-time high. Here’s proof (MW)
Daily Markets Overview

Markets
U.S. Stocks Decline as Oil Prices Fall Sharply (W)
After Oil, U.S. Weighs Sanctions on Iran’s Other Dollar Sources (W)

Central banks
Fed Is Shifting the Goal Posts, and Investors Should Care (W)
Federal Reserve fends off efforts to be politicized by President Trump… for now (C)
Tweak to U.S. payment to banks may bolster Fed’s credibility (R)
Head of world’s largest hedge fund says adoption of unorthodox monetary policy is ‘inevitable’ (MW)
My Brush With Personal Destruction (W)
Stephen Moore withdraws from Fed consideration, Trump says (C)
Trump’s 0-for-4 Streak on Fed Choices Raises Concern on Vetting (B)

US
Millennials are pouring into these smaller cities and buying homes (C)
Why Wages Are Finally Rising, 10 Years After the Recession (N)
Where the Good Jobs Are (N)

Europe
Euro-Area Factory Slump Eases in April as Italy Exceeds Estimate (B)

US politics
Biden Faces Early Heat From the Left (W)
Cory Booker’s 2020 Presidential Campaign Is Short of Donor Threshold (W)
Pelosi Says Barr Lied to Congress (W)
CBO Sees National Debt Continuing to Grow (W)
Washington’s Biggest Lobbyist, the U.S. Chamber of Commerce, Gets Shut Out (W)

Geopolitics & trade
Foxconn Chairman Meets With Trump as Wisconsin Plant Plans Fall Behind (W)
U.S. Boosts Natural-Gas Exports to EU, Aiming to Dent Russian Sales (W)

Industries & companies
Autos: Tesla rolls out employee loan benefit as factory workers cope with unpredictable hours (C)
FAANGs: Potential Facebook Settlement With FTC Likely to Include WhatsApp (W)
FAANG: Facebook Building Cryptocurrency-Based Payments System (W)
FAANGs: Facebook Bans Louis Farrakhan, Alex Jones, Others as ‘Dangerous’ (W)
Retail: Walmart to Try Thinning Store Manager Ranks (W)

Corporate finance
Sinclair to buy Disney’s sports networks in $10 billion deal: WSJ (R)
Tesla Looks to Sell $2.3 Billion in Stock, Bonds to Raise Cash (W)
Verizon Looks to Unload Tumblr Blogging Site (W)

May 02 (Thursday)

Markets
Dow drops more than 150 points after Fed’s Powell dashes rate-cut hopes (C)
Stocks Waver as Fed Leaves Rates Unchanged (W)
Investors Braced For An Earnings Recession. It Doesn’t Look Like It’s Happening (Fortune)

Central banks
Fed Leaves Rates Unchanged, Notes Subdued Inflation (W)
Powell Says Policy Appropriate With No Bias to Hike or Cut (B)
Here’s the one word from Jerome Powell that has people raising their eyebrows (C)
Powell’s press conference draws rave reviews for simplicity of the Fed’s message (MW)

US
U.S. factory activity at two-and-half-year low, points to slowing economy (R)
U.S. Private Sector Surpasses Expectations in April (W)

China
Top Investors See an Opening as China Lowers Finance Barriers (B)

US politics
Barr Explains Finding of No Obstruction on Mueller Probe (W)
Why the ‘Medicare for All’ Hearing Is Important in the Health Care Debate (W)
As Retiree Health-Care Bills Mount, States Have a Solution: Stop Paying (W)

Geopolitics & trade
Mnuchin Calls Latest Round of China Trade Talks ‘Productive’ (B)
A US-China trade deal is ‘possible’ by next Friday, sources say (C)

Industries & companies
Consumer: Clorox Predicts Slower Sales Growth For Fiscal Year (W)
FAANGs: Apple’s Profit, Revenue Fall (W)
Media: Disney Promotes Studio Executive Amid Box-Office Boom (W)
Media: Online Ad Fraud Is Down, Study Finds—or at Least It’s Harder to Detect (W)
Tech: Qualcomm Profit Will Likely Sag, but All Eyes Are on Apple Windfall (W)

Technology
For Lower-Paid Workers, the Robot Overlords Have Arrived (W)
CEOs in Health Care Discuss Challenges of Artificial Intelligence (W)
Microsoft’s security chief explains why the company is eliminating passwords (C)

Corporate finance
CVS Eases Concerns About Aetna Deal (W)

Offbeat
Family Paid $6.5 Million to Get Their Daughter Into Stanford

May 01 (Wednesday)

Markets
FAANG Stocks Drop $100 Billion as Alphabet Loss Bites Hard (B)
Left Behind in the Rally, Small-Caps Stand to Benefit From Surging Dollar (W)
Munis Have the Best Start Since 2014 and Show No Sign of Slowing (B)

Central banks
Trump calls on Fed to cut rates by 1% and urges more quantitative easing (C)
Powell will try not to draw ire of Trump or rock markets after Fed meeting Wednesday (C)

US
U.S. Employment Costs Climbed in First Quarter (W)
U.S. Consumer Confidence Climbed in April (W)
Government Economists Turn to Big Data to Track the Economy (W)

Europe
In Show of Resilient Global Growth, Europe Regains Momentum (W)

US politics
Democrats, Trump Agree to Aim for $2 Trillion Infrastructure Package (W)

Geopolitics & trade
White House Says It’s Ready to Walk If No China Trade Deal Soon (B)
Tariffs That Started the U.S.-China Trade Conflict Now Dog Its Finish (W)

Industries & companies
Aerospace: Boeing Sells $3.5 billion of Bonds Amid Scrutiny (W)
FAANGs: Apple stock spikes after reporting strong guidance and earnings beat (C)
FAANGs: Apple’s iPhone Revenue Drops 17% (W)
FAANGs: Apple’s services revenue beats expectations (C)
FAANGs: Alphabet had its worst day since 2012 after Google’s slowing ad revenue worries investors (C)
FAANGs: Facebook Tries a New Look as Zuckerberg Proclaims a New Era (W)
FAANGs: The Obamas and Netflix Just Revealed the Shows and Films They’re Working On (N)
Hotels: Massachusetts Gambling Regulators Levy $35 Million Fine Against Wynn Resorts (W)
Industrials: GE Slows Cash Burn as It Shrinks (W)
Industrials: GE Shares Hit Highest Level in Nearly a Month (W)
Tech: AMD Forecast Buoys Confidence in the Chipmaker (B)
Tech: Chip Bears Get Affirmation and Little Else From Earnings Season (B)

Offbeat
Japan’s New Emperor Ascends to Chrysanthemum Throne after Father Abdicates (W)

April 30 (Tuesday)

Markets
U.S. Stocks Rise, Bolstered by Data (W)
Investors Search for Opportunity in Unloved Corner of Stock Market (W)
Warning Signs Are Flashing in China’s Stock Market After Surge (B)
Oil Volatility Puts 2019 Rally Under Scrutiny (W)
Negative Yields Deepen Along With Europe’s Problems (W)

Central banks
Strong U.S. growth, weak inflation leave Fed stuck happily on hold (R)
Inflation Is Likely to Fuel Discussion as Fed Officials Meet (W)
The Fed is looking at a new program that could be another version of ‘quantitative easing’ (C)
White House says still backs Moore for Fed, reviewing past remarks (R)

US
U.S. consumer spending roars back, but inflation tame (R)
Women Wanted: Blue-Collar Fields Find New Workforce (W)
San Francisco Bay Area home prices fall for the first time in 7 years (C)

China
Copper’s Slide Signals Caution About Chinese Growth (W)

US politics
Biden calls for $15 minimum wage, public-option health plan in first campaign speech (MW)
Deputy Attorney General Rod Rosentein, who appointed special counsel Robert Mueller, submits resignation letter to Trump (C)

Geopolitics & trade
Mnuchin Suggests China Trade Talks Could Wrap Up by End of Next Week (W)
U.S. Would Rethink Intelligence Ties if Allies Use Huawei Technology (W)

Industries & companies
Aerospace: Boeing Chief Defends 737 MAX Design Work (W)
Airlines: Major US airlines hit with systemwide ticketing outages (C)
FAANGs: Alphabet stock drops after earnings show disappointing Google sales growth (MW)
FAANGs: Netflix will have no choice but to run ads, industry execs say (C)
Hotels: Marriott to Take On Airbnb in Booming Home-Rental Market (W)

Corporate finance
Tesla Faces Steeper Costs to Raise Cash (W)
WeWork Files for Initial Public Offering (W)

April 29 (Monday)

Market
Stocks’ Climb Continues as Inflation Remains Just Right (W)
Stock Market Highs Are Making Even Bullish Money Managers Cautious, Exclusive Poll Finds (BR)
Top-performing fund manager who takes big risks says stay invested in US stocks (C)

Central banks
Trump’s Fed pick Moore not planning to drop out of Fed consideration: interview (R)

US
Supply Side of the Economy Is Flashing Strength (W)

US politics
Trump Will Win in 2020, Money Managers Say in Exclusive Survey (BR)
What would happen if the US canceled $1 trillion of student debt (C)

Geopolitics & trade
China says criticisms on IP protection lack evidence amid trade spat (R)
China’s Spying Poses Rising Threat to U.S. (W)
Trump pressed Japan’s Abe to build more vehicles in the U.S. (R)

Industries & companies
Aerospace: Boeing waited until after Lion Air crash to tell Southwest safety alert was turned off on 737 Max (C)
Aerospace: Boeing’s Enduring Puzzle: Why Certain Safety Features on 737 MAX Were Turned Off (W)
FAANGs: Apple has been battered all year by bad headlines, but the stock keeps going up ahead of Q2 earnings (C)
Media: Disney’s ‘Avengers: Endgame’ shatters box office records with $1.2 billion global debut (C)
Pharma: Cancer-Drug Giant Roche Loses Edge as Rivals Grow (W)
Utilities: PG&E’s Radical Plan to Prevent Wildfires: Shut Down the Power Grid (W)

Offbeat
Airbnb to collaborate on New York City hotel (C)

April 27 (Saturday)

Markets
U.S. Stocks Wobble After GDP Data (W)
The Euro’s Bad Year Just Keeps Getting Worse (W)
US crude plunges 2.9%, settling at $63.30, after Trump says he told OPEC to tame fuel costs (C)

Central banks
Splat! Bam! It’s the Federal Reserve to the Rescue (N)

US
U.S. Economy Grew at 3.2% Rate in First Quarter (W)
Economic Growth ‘Really, Really Strong’ in First Quarter, Hassett Says (W)
The big mystery in the GDP report — where did the inventories come from? (MW)
U.S. Consumer Sentiment Softened in April (W)
Opinion: Everyone thinks inflation is dead — but don’t be so sure (MW)

China
China’s Leader Pledges Fresh Support for Liberalizing Economy (W)
China’s Xi Vows New Direction for ‘Belt and Road’ After Criticism (W)
Beijing Appeals for Foreign Funds in Belt-and-Road Adjustment (W)

US politics
Democratic 2020 Field Is Set. Next Question: How to Tackle Trump? (W)
Biden raises $6.3 million in the first 24 hours of his 2020 campaign (C)

Geopolitics & trade
Trump announces he’s pulling U.S. from arms treaty during campaign-style speech to NRA (MW)
Trump and Abe Meet as Japan and U.S. Try to Reach Trade Deal (N)

Industries & companies
Autos: Ford Discloses Justice Department Probe Into Emission Certifications (W)
Autos: Ford surpasses Tesla in market cap as old and new automaker stocks diverge post earnings (C)
Energy: Big Oil Profits Fall as Geopolitics Weigh on Refining (W)
FAANGs: More Than Just Netflix: Navigate the Changing World of Streaming (W)
FAANGs: Amazon on pace to spend $7 billion on video and music (C)
Financials: Deutsche Bank Cuts Revenue Target a Day After Merger Talks Fail (W)
Media: ‘Avengers: Endgame’ Sets Record for First-Day Sales (W)
Tech: Intel Cuts Financial Forecast for Year (W)

Corporate finance I
Why Investors Don’t Care if Tech Unicorns Hemorrhage Money (W)
Uber Lowers Target Valuation Again, Sets Out Results (W)
Uber to go public at last: 5 things you should know about what may be the biggest IPO in years (MW)

Corporate finance II
Chevron’s $1 billion in added buybacks hinges on bidding war for Anadarko (C)
Renault Merger Plan for Nissan Triggers New Tension (W)
Apple Held Talks With Intel on Buying Modem Chip Business (W)
Bayer CEO Faces Shareholder Ire Over Monsanto Deal (W)

Offbeat
China Installed Its Top Cop to Steer Interpol. Then He Disappeared. (W)
The Biggest Clients in the College Admissions Scandal Were From China (W)

April 26 (Friday)

Markets
Dow Industrials Close Lower as 3M Stumbles (W)
China’s Big Earnings Showdown Looms Just as Stocks Begin to Sink (B)

Central banks
Fed Shift Shakes Up World of Speculative Debt (W)

US
Homeownership Rate Drops for First Time in More Than Two Years (W)
U.S. Durable Orders Rose 2.7% in March, Faster Than Expect (W)
What to Watch in the First-Quarter GDP Report (W)
Opinion: Deciphering the economic slowdown: Soft patch? Soft landing? Soft sell? (MW)

China
China Retools Vast Global Building Push Criticized as Bloated and Predatory (N)

Japan
Japan’s Mega ‘Golden Week’ to Cloud View of Sputtering Economy (B)

Geopolitics & trade
U.S. Considers Concessions on Drug Protections in China Talks, Sources Say (B)

Industries & companies
Autos: Ford jumps 8%, as strong demand for its popular trucks in North America boosts first-quarter earnings (C)
FAANGs: Amazon profit doubles to a record high, Prime customers to get free one-day shipping (MW)
FAANGs Amazon’s advertising sales growth is slowing down (C)
Financials: Deutsche Bank and Commerzbank End Merger Talks (W)
Manufacturing: 3M Plans to Cut 2,000 Jobs as Its Sales Fall (W)
Restaurants: Starbucks earnings beat, raises forecast as customers spend more per visit (C)
Restaurants: Starbucks Boosts U.S., China Sales (W)
Tech: Intel stock plummets on disappointing earnings outlook as new CEO describes ‘more cautious’ trend (MW)
Toys: Mattel Sales Dragged Down by Fisher-Price, American Girl (W)

Corporate finance
Uber Aims for an IPO Valuation of as Much as $90 Billion (B)
Slack valued near $17 billion on secondary market ahead of public offering (C)

Offbeat
Millennials Are Becoming a Bulwark Against Canada Housing Bust (B)

April 25 (Thursday)

YRI
YRI Video Podcast: S&P 500 Run, Forrest, Run!
Daily Markets Overview

Markets
U.S. Stocks Tick Lower a Day After Hitting Records (W)
Why stock-market investors aren’t suffering ‘FOMO’ despite return to all-time highs (MW)
This Earnings Season, a Miss Hurts Even More (W)
How China’s $13 Trillion Bond Market Will Be a Trade-War Winner (B)

Central banks
Rates Traders May Be Thinking of a 1998-Style Fed Rate Reduction (B)
Moore Hopeful for Fed Post, but Would Bow Out If Liability (W)

US politics
Polls show Joe Biden entering the Democratic primary with a significant lead (C)
Hillary Clinton Tells Congress to Treat Mueller Like Watergate (B)
Trump Digs In for Battle Over Congress’s Power to Investigate (B)

Geopolitics & trade
North Korea’s Kim Seeks Russia Support at First-Ever Summit With Putin (W)

Industries & companies
Autos: Tesla misses big on first-quarter earnings as demand fell for its electric cars (C)
Autos: Elon Musk says Tesla will launch an insurance product in about a month (C)
FAANGs: Facebook jumps as Stories users and ads show promising growth (C)
FAANGs: Facebook Sets Aside $3 Billion to Cover Expected FTC Fine (W)
FAANGs: Netflix Fights to Keep Coveted Shows: Old Reruns (W)
Financials: Venmo Has 40 Million Users, Outnumbering Most Big Banks (W)
Media: ‘Avengers: Endgame’ Prompts Theaters to Plan 24-Hour Screenings, Double the Popcorn (W)
Restaurants: Domino’s CEO: We need 25,000 stores by 2025 to accomplish our objectives (C)
Restaurants: Chipotle earnings top estimates as digital sales double, boosts same-store sales outlook (C)
Tech: Microsoft hits $1 trillion market cap after earnings beat estimates (C)

Corporate finance
SoftBank to Invest $1 Billion in Payments Firm Wirecard (W)
Deutsche Bank, Commerzbank Merger Talks Far From Accord (W)
Occidental Launches Rival Anadarko Bid, Topping Chevron (W)

April 24 (Wednesday)

Markets
S&P 500 and Nasdaq rally to record closing highs after strong earnings from broad range of companies (C)
All the Stuff Bears Are Saying to Spoil the S&P 500 Record Party (B)
Stocks Just Hit a Record. Thank the Fed. (N)
Strait of Hormuz: Oil ‘choke point’ in focus as U.S. ends Iran oil waivers (MW)

Central banks
The Fed’s key interest rate keeps climbing higher, and that could become a problem (C)
Fed to Ease Restrictions for Bank Investors (W)

US
U.S. New-Home Sales Rose in March (W)

US politics
Joe Biden tells key supporters he is running for president as he lines up fundraising help (C)
Mitt Romney poses a major headache for Trump on Fed appointments (C)

Geopolitics & trade
China Exploits Fleet of U.S. Satellites to Strengthen Police and Military Power (W)

Industries & companies
Aerospace: Buy any Boeing pullback in first earnings since 737 Max crisis, market watcher says (C)
Consumer: P&G’s Sales Growth Shows Consumers Will Pay More (W)
Financials: Deutsche Bank Considers Forming ‘Bad Bank’ (W)
Insurance: AIG Offshoot Rides Chinese Insurance Boom (W)
Manufacturing: Foxconn and Wisconsin are renegotiating their massive factory deal, governor’s letter reveals (C)
Tech: Snap rally fades after earnings beat (C)
Tech: Twitter Shares Climb on Strong Earnings (W)

Corporate finance
Anadarko Boosted CEO’s Payout Just Before $33 Billion Chevron Merger (W)

April 23 (Tuesday)

Markets
Wall Street near flat in quiet session ahead of earnings wave (R)

Central banks
Cain withdraws from Fed consideration, citing lower pay, influence (R)
As Herman Cain Bows Out of Fed Contention, Focus Shifts to Stephen Moore (N)

US
Sales of the cheapest and swankiest homes are tanking, but for very different reasons (C)
U.S. home sales tumble as supply constraints linger (R)
Social Security Costs to Exceed Income in 2020, Trustees Say (W)

China
China’s Belt and Road Is Getting a Reboot to Clean Up Its Image (B)

US politics
Sorry, Democrats: You can’t hide your socialist stars (P)

Geopolitics & trade
North Korea confirms leader Kim Jong Un to visit Russia for summit with Putin (R)

Industries & companies
Autos: Top auto executives are privately very worried about the state of auto sales (C)
Autos: Tesla unveils ‘best in the world’ chip for self-driving cars, promises robo-taxi fleet (MW)
Consumer: California soda tax bill shelved, in reprieve for beverage industry (C)
FAANGs: Everyone is bullish on Amazon — what that might mean for investors ahead of earnings (MW)
Utilities: PG&E seeks higher cost of capital on increased wildfire risk (R)

Offbeat
5 things that reveal how cheap rich people are (MW)
The Case Against Early Retirement (W)