Dr. Ed's Blog

Feb 05 (Monday)

Markets
Stocks May Tumble 10%, But Hang In There, $141 Billion Fund Says (B)
Corporate Earnings Shine Bright Despite Market Turmoil (W)
Finally, Investors Get Punched by Volatility (BR)
Risk Roars Back (BR)
Markets Don’t Like Midterms (BR)

Central banks
Powell Takes Over as Fed Chairman With Economy Primed to Heat Up (B)

Europe
Five Star gains as Italy’s southern voters lose faith (FT)

Japan
The ‘Made in Japan’ Model Is Cracking (W)

China
China Is a Rare Place Where Value Investing Isn’t a Bad Strategy (B)

US politics
Democrats warn of constitutional crisis over memo (FT)

Geopolitics
What Happens When China Eclipses the U.S. in Asia (B)
Rethinking the TPP Without the U.S. (BR)

Industries & companies
Autos: GM Gets Back in the Fast Lane (BR)
Health Care: JPMorgan to Clients: Health-Care Venture Is No Threat (W)
Heath Care: A revolution in health care is coming (E)

Corporate finance
Broadcom Said to Plan $120 Billion Qualcomm Bid, Reuters Says (B)

Technology
Battle of the Bots: Uber and Waymo Gear Up for Driverless-Car Trial (W)
Why the Cryptocurrency World Is Watching South Korea (B)

Offbeat
Barron’s 100 Most Sustainable Companies (BR)

Feb 03 (Saturday)

Markets
Surging rates won’t hurt rally, thanks to ‘extraordinary’ earnings impact from Trump tax cuts, says Ed Yardeni (C)
Dow Plunges 666 Points as Rate Angst Sinks Bonds: Markets Wrap (B)
All 11 S&P Industries Plunge (B)
This chart shows what tends to happen to markets after a big plunge in the Dow like this (C)

Central banks
Expecting the Expected: Staying Calm When the Data Meet the Forecasts (Williams, FRB-SF)

US
U.S. Adds 200,000 Jobs; Wage Growth Best Since Recession (W)
Wage Growth Looks Great, Especially for Managers (W)
U.S. Wage Acceleration Looks Real, at Least in Certain Sectors (B)

Europe
German coalition deal close, says Merkel ally (FT)

US politics
Republicans Pin Midterm Hopes on Tax Cuts (W)
Inside the FBI Lives of Peter Strzok and Lisa Page, as Told in Text Messages (W)
Memo Escalates Russia Probe Clash (W)
Republicans say FBI improperly spied on Trump aide (FT)
The Memo Is Neither ‘Treasonous’ Nor ‘Worse Than Watergate’ (B)

Geopolitics
Trudeau Warns He Is Ready to ‘Walk Away’ From Nafta Talks (W)

Industries & companies
Consumer: Big brands lose pricing power in battle for consumers (FT)
Energy: Exxon, Chevron Fall Short Despite Rising Prices (W)
Financials: Deutsche Bank Posts Big Loss on Weak Trading, Tax Charge (W)
Financials: Wells Fargo Banned From Growing by Fed After Repeat Scandals (B)
Wireless: Sprint to Launch 5G Network in 2019 (W)

Corporate finance
Dell Confirms Plan to Look at IPO, VMware Business Combination (W)

Cryptocurrency
Bitcoin Is Falling Fast, Losing More Than Half Its Value in Six Weeks (W)
Bitcoin Ban Expands Across Credit Cards (B)

Feb 02 (Friday)

Markets
Wall Street can’t stop sounding the alarm on a ‘double bubble’ in both stocks and bonds (BI)
US bond market sell-off deepens (FT)
Deutsche Bank Sees Contagion Risk Growing in Financial Markets (B)
Buoyant oil prices withstand near-record US production (FT)

Central banks
ECB’s Cœuré: we would push back if US starts currency war (FT)

US
U.S. Manufacturing Expands at Close to Quickest Pace Since 2004 (B)
Worker Productivity Slipped in Final Months of 2017 (W)

US politics
Republicans may reject a major proposal to pay for Trump’s $1.5 trillion infrastructure project (BI)
Trump Approves Releasing GOP Memo Alleging FBI Abuses (B)
Mnuchin Met With Many CEOs While Developing Tax Plan (W)

Industries & companies
Autos: Ford Joins Fiat Chrysler With Slow Start to the Year (B)
Energy: Shell Is Almost Back to the Profits of the Oil Boom (W)
Energy: Shell profits double despite $2bn US tax charge (FT)
FAANGs: Amazon’s Quarterly Profit Tops $1 Billion (W)
FAANGs: Apple Forecast Falls Short After iPhone Sales Miss Estimates (B)
FAANGs: Alphabet Revenue Rises as It Reports Loss Due to Tax Charge (W)
FAANGs: Google Weighs Unusual Bid With Giant Oil Firm Aramco to Rev Up the Saudi Tech Sector (W)
Financials: Big Banks Accused of Stifling Competition in Stock Lending (W)
Financials: Wall Street Faces Fed Stress Tests That Assume Another Meltdown (B)
Financials: Visa’s first-quarter profit rises 22 percent on higher volumes (R)
Industrials: How GE Went From American Icon to Astonishing Mess (B)
Logistics: UPS Plans to Ramp Up Spending After Holiday Season Delays (W)
Media: HBO joins Netflix in shattering subscription records (FT)
Tech: Microsoft and Amazon face challengers on edge of cloud (FT)

Corporate finance
Tesla Raises $546 Million in Its First Asset-Backed Securities Deal (W)
Airbnb CFO Departs Amid Tensions, Leaving IPO Timing Unclear (B)

Technology & cryptocurrency
The New Robot Revolution in Manufacturing (W)
Bitcoin Brawl: A New Twist In Tezos’s $232 Million Coin Offering (W)
Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability (B)

Offbeat
Social investing goals turn passive managers active (FT)

Feb 01 (Thursday)

Markets
Should investors run for the exits or buy the dip? (CBS)
Is the Long Bull Market Run Nearly Over? (B)
Alan Greenspan says there are bubbles in both stocks and bonds (C)

Credit & commodities
U.S. Reaches Oil-Output Milestone Months Earlier Than Expected (B)
US Treasury to make larger government debt sales (FT)
The dollar exchange rate as a global risk factor: evidence from investment (BIS)

Central banks
Fed Stands Pat on Rates as Yellen Hands Off to Powell (W)
Inflation Debate Grips Fed as Yellen Exits: Decision-Day Guide (B)
The Outlook for the U.S. Economy in 2018 and Beyond (Dudley, FRB-NY)

US
U.S. Private Sector Added 234,000 Jobs in January (W)
Private-Sector Wages Help Drive Up Employment Costs in 2017 (W)
Employment Costs in U.S. Match Fastest 12-Month Gain Since 2008 (B)
Subprime US car lenders fall on bad debts (FT)

Europe
Euro-Area Inflation Slowdown Highlights ECB’s Uphill Battle (B)

Japan
A cautionary tale from an ageing Japan for China (FT)

Emerging
An indiscriminate approach to emerging Asia won’t pay (FT)

US infrastructure planning
The Odds of Fixing U.S. Infrastructure Just Got Better (B)
GOP congressman: Private funding should be a part of infrastructure plan (C)
A copy of Trump’s infrastructure plan just reportedly leaked — here’s what’s in it (C)

US politics
FBI Urges White House Not to Release Contested GOP Memo (W)
Rep. Trey Gowdy, GOP point man in the Hillary Clinton email investigation, will not seek re-election (C)
Forget Congress, FBI scandal proves we need term limits for federal workers (C)

Industries & companies
Airlines: Boeing Just Needs to Stay Out of Its Own Way (B)
Autos: VW Supplier to Face Criminal Case in Emissions Fraud (W)
FAANGs: Apple Faces Probes Over iPhone Battery Disclosure (W)
FAANGs: Facebook earnings: How will news feed changes impact revenue? (MW)
Health Care: Amazon halts healthcare rally on Wall Street (FT)
Health Care: Time to fight: What healthcare can learn from retail’s battles against Amazon (C)
Homebuilders: Homebuilders Just Had Their Nastiest Seven-Day Run in Two Years (B)
Media: Fox bets big on sports with $3.3bn NFL rights deal (FT)
Tech: Samsung Cashes In on Chips for Another Record Profit (W)

Corporate finance
Japan’s Fujifilm to Take Majority Control of Xerox (W)
How J.D. Power Was Acquired by a Chinese Company Shrouded in Mystery (W)

Technology & cryptocurrency
Quants Bring AI and Blockchain Together in One Fund (B)
Digital Coins Tumble in January Amid Facebook, Tether Concerns (B)
US regulator looks to calm cryptocurrency fears (FT)
SEC Halts Alleged Initial Coin Offering Scam (SEC)

Offbeat
Can Planet Earth Feed 10 Billion People? (Atlantic)
Monkey testing reveals the noxious air of German industry (FT)
The big mistake investors make once they hit that first $1 million: SKIING (MW)

Jan 31 (Wednesday)

Markets
Stocks Extend Drop With Sharp Selloff as Dow Falls 363 Points (W)
Inflationary pressures rise across markets (FT)

Credit & currencies
Decade of Easy Cash Turns Bond Market Upside Down (W)
A Brief History of Treasury Secretaries Trying to Jawbone the Dollar (W)

Global
Analysts Are Upgrading Global Earnings at a Breakneck Pace (B)
The World Is Getting Richer. Some People Faster Than Others (B)

US
Home Prices Continued to Rise in November (W)
Millennials Propel Homeownership Rate to First Increase Since 2004 (W)
Getting Your Own Place? Buying Is Now Outpacing Renting in U.S. (W)
Economic Expectations Drive U.S. Consumer Confidence Higher (W)

Europe
Macron’s France Great Again? European Growth Outpaces U.S. (W)
Eurozone growth reaches highest level in a decade (FT)

China
China Builds Bridges While the U.S. Mouths Slogans (W)

Emerging
With 4th-Quarter Recovery, Mexican Economy Grew 2.1% in 2017 (W)

US tax reform
How the Tax Overhaul Will Affect Tech Companies’ Earnings (W)
How Much Trump’s Tax Cuts Are Trickling Down (B)

Geopolitics
Treasury secretary Mnuchin signals new Russia sanctions (FT)

Industries & companies
Energy: Exxon Mobil Tripling Its Bet on the Hottest U.S. Shale Field (N)
FAANGs: Google Rivals Ask EU to Toughen Measures in Antitrust Case (W)
Financials: Investors Appear Fed Up with MetLife Missteps (W)
Financials: Dimon’s tenure at JPMorgan leads to itchy feet below him (FT)
Health Care: Amazon, Berkshire Hathaway and JPMorgan Team Up to Disrupt Health Care (N)
Health Care: Can Amazon Transform Health Care? It’s Not a Crazy Idea (B)
Pharma: Pfizer Plans $5 Billion Boost in U.S. Manufacturing From Tax-Law Changes (W)
Restaurants: McDonald’s Menu Gets Hit by Labor Costs (B)
Tech: U.S. Probes Apple Over Updates That Slow Older iPhones (B)
Tech: Apple to Cut Output of the New iPhone X Amid Weak Demand (W)

Corporate finance
US IPO market has strongest start to year on record (FT)
Blackstone eyes $17bn deal for Thomson Reuters data unit (FT)

Technology
Waymo to Buy Thousands of Fiat Chrysler’s Self-Driving Minivans (W)
Say Goodbye to Garages as Developers Imagine Driverless Future (W)
‘Dr. Alexa, I’ve Been Sneezing and My Throat Is Sore’ (N)

Cryptocurrency
SEC Moves to Stop $600 Million Digital Coin Offering (W)
Facebook Bans Ads Associated With Cryptocurrencies (B)
On Closer Inspection Your Blockchain ETF May Be a Tech Fund (B)

Jan 30 (Tuesday)

Markets
Global bond sell-off rattles markets (FT)
Global Bonds Swoon as Investors Bet on Inflation, Growth (W)
Vanguard warns of growing threat in ETF market (FT)
Demand for Electric-Vehicles Sees Firms Focus on Cobalt (W)

Dollar
Why Is the Dollar Weak? Because the Rest of the World Is Strong (W)
Macro Hedge Fund That Made 47% Says Dollar Isn’t Done Falling (B)

US
With Stocks Surging, Americans Are Saving at 12-Year Low (W)

US politics
House Panel Votes to Release Memo Alleging FBI Anti-Trump Abuses (B)

Geopolitics
China’s Xi Looks to Ally to Fix U.S. Relations (W)
Chinese Firm Announces U.S. Solar Plant (W)
It Matters Where Solar Panels Are Made (B)
North Korea, Under Sanctions Strain, Dials Back Military Exercises (W)
Washington says Nafta talks are moving too slowly (FT)
Canada, Mexico Reject Reworking Nafta Corporate Arbitration System (W)

Industries & companies
Consumer: Keurig to Acquire Dr Pepper Snapple in Largest Soft-Drink Deal Ever (W)
Defense: Defense Firms Want To Keep U.S. Tax Windfall (W)
Energy: Exxon to Spend $50 Billion in U.S. Over Next Five Years (W)
Financials: JPMorgan Names Two Co-Presidents as CEO Dimon Plans to Stay Five More Years (W)
Financials: MetLife: Pension Shortfall to Prompt Financial Revisions (W)
Financials: China’s Risk Crackdown Is Giving Giant Bank Stocks a Big Boost (B)
Media: ‘Star Wars’ Loses Momentum, Raising Concern for Disney (W)
Retail: Wal-Mart Tightens Delivery Windows for Suppliers (W)
Tech: Michael Dell Weighs Combining Tech Businesses Into One (B)

Corporate finance
Japan Boosts M&A War Chest With Record Bond Sales Abroad (B)

Cryptocurrency
Record Crypto Heist Raises the Appeal of a New Type of Exchange (B)
Japan’s Cryptocurrency Whiz Kid Faces $530 Million Reckoning (W)
One Million People Are Waiting in Line to Join Robinhood’s Crypto Trading (B)

Offbeat
Elon Musk Sells $5 Million in Flamethrowers to Fund Tunnel Plan (B)
How to Watch the Super Blue Blood Moon, a Once-in-a-Lifetime Event (B)
Do Chemotherapy’s Risks Outweigh Its Benefits? (W)
Grammy Awards Draw Lowest TV Audience Since 2009 (W)

Jan 29 (Monday)

Markets
Why a Weaker Dollar Could End This Bull Market (BR)
An Investment Pro Who’s Seen It All Still Sees Upside for Stocks (BR)
The Universe At The Edge Of The Restaurant (Seeking Alpha)
The Ticking Time Bomb in the Municipal-Bond Market (BR)

Global
Bankers, Policy Makers at Davos Revel in ‘Sweet Spot’ Economy (B)
Every One of the World’s Big Economies Is Now Growing (N)

China
China Infrastructure Push Reaches Arctic, Further Isolating U.S. (B)

Emerging
How long can emerging market debt continue to shine? (FT)

US politics
Cuomo’s Protest of Federal Tax Law Has Resistance Upstate (W)
Casino Mogul Wynn Quits as Republican Finance Chairman (W)

Geopolitics
US Treasury to profile potential sanctions targets (FT)
President Trump Hints at Retaliation Against EU for Unfair Trade (W)

Industries & companies
Autos: Volkswagen Apologizes for Testing of Diesel Fumes on Monkeys (B)
Biotech: Biotech Ready to Bust Out (B)
Consumer: Hershey, Mondelez Eye Returns on Shift to Healthier Snacks (W)
FAANGs: How Amazon’s Ad Business Could Threaten Google and Facebook (W)
Financials: How Goldman Sachs Is Regaining Its Touch (BR)
Tech: Intel Told Chinese Firms of Chip Flaws Before Warning U.S. (W)

Corporate finance
Global dealmaking running at fastest clip since 2000 (FT)
Is This the Year Tech IPOs Stage a Comeback? (BR)

Technology & cryptocurrency
Microsoft and Google prepare for big leaps in quantum computing (FT)
Massive Cryptocurrency Heist Puts Spotlight on Exchange Security (B)

Jan 27 (Saturday)

Markets
US equities have strongest start to year since 1987 (FT)
In Global Currency Game, China Is Losing to U.S. (W)
A Doomsayer’s Guide to the Dollar and Why It Could Keep Plunging (B)

Central banks
BOJ Says Kuroda Didn’t Revise Price Outlook in Davos Remark (B)

US
GDP Grew 2.6% at Year End, Extending Strong Stretch (W)
Opinion: Why the GDP report was a ‘good miss’ (MW)
Blame the Shutdown for the U.S. GDP Miss (B)
U.S. Durable-Goods Orders Rose 2.9% in December (W)
Consumer Confidence is Lifting the Economy. But for How Much Longer. (N)
Why the Savings Rate Is a Reason to Worry About 2018 U.S. Growth (B)
The Dark Side of America’s Rise to Oil Superpower (B)

Europe
Brexit Drags Down U.K. Economy as Neighbors Soar (W)

China
China reveals Arctic ambitions with plan for ‘Polar Silk Road’ (FT)

US politics
What Companies Are Really Doing With Their Tax Windfall (So Far) (B)
EPA Withdraws Air Pollution Policy (W)
New York-Area Governors Plan to Sue Over Federal Tax Law (W)

Geopolitics
Trump Promotes U.S. as ‘Open for Business’ in Address at Davos (W)
Trump tells Davos ‘America First, not America alone’ (FT)
A New Cold War? China Declares Itself a ‘Near-Arctic State’ (W)

Industries & companies
Industrials: Caterpillar Goes From Dow Top to Flop (B)
Industrials: Here’s One Thing That’s Going Right for General Electric. Really (B)
Pharma: Drugmaker emerges as big winner from Trump tax bill (FT)
Tech: Intel Revenue Rises, but Chip Maker Reports Loss on Tax Charge (W)

Corporate finance
Dell Explores IPO, Deal With VMware (W)

Technology
Tax Incentive Puts More Robots on Factory Floors (W)

Cryptocurrency
Cryptocurrency Worth $530 Million Missing From Japanese Exchange (W)
Coincheck Says It Lost Crypto Coins Valued at About $400 Million (B)

Offbeat
California Governor Calls for Five Million Zero-Emission Cars by 2030 (W)
Schools Close as Flu Epidemic Spreads (W)

Jan 26 (Friday)

Markets
A Global Convergence of Economic Conditions Is Driving the Market Melt-Up (B)
Inflation threat gnaws away at bond investors (FT)
Larry Fink Joins Ray Dalio in Warning Against Sitting in Cash (B)

Dollar
Has the US dollar stopped making sense? (FT)
Currency traders sense green light to sell dollar (FT)
Commodity prices boosted by tumbling dollar (FT)
ECB’s Draghi Criticizes Mnuchin’s Currency Comments (W)
Trump Says Dollar to Strengthen, Mnuchin ‘Taken Out of Context’ (B)
The Treasury Doesn’t Need a Dollar Policy (B)

Central banks
Draghi view of ECB easing strategy under scrutiny (FT)

US
Rising Oil Prices Are Helping Drive the U.S. Business-Investment Rebound (W)

China
China’s real deleveraging date will have to wait (FT)
Deal-hungry HNA shows signs of financial distress (FT)

US tax reform
The Tax Law, Just One Month Old, Is Roaring Through U.S. Companies (W)
Airlines Reap Benefits of High Travel Demand, Tax Cuts (W)
Home Depot to Dole Out $1,000 Bonuses to Workers After Tax Cut (B)
Starbucks is spending $120 million to address baristas’ complaints and raise wages in a move ‘accelerated’ by the new tax law (BI)
NYS Senate Approves Bill Decoupling State from Federal Tax Code (NYSSCPA)

US politics
One Way Trump Aims to Get More Infrastructure Built: Faster Approvals (W)
Trump’s NASA Budget: More Moon, Less Space Station (W)

Geopolitics
Trump opens door to US rejoining TPP (FT)
South Korea challenges US tariffs at the WTO (FT)
Trump Says Palestinians Must Return to Peace Talks to Get U.S. Aid (W)

Industries & companies
Autos: Fiat Chrysler’s Income Soars in Latest Quarter (W)
FAANGs: The Race Is on for the First $1 Trillion U.S. Company (W)
FAANGs: Apple commissions series from ‘La La Land’ director (FT)
Health Care: The Strong Case for Health-Care Spinoffs (W)
Industrials: Caterpillar Reports Robust Sales as Global Recovery Continues (W)
Tobacco: Big Tobacco Has a Lot Riding on FDA’s Stance Toward the Latest Cigarette Alternative (W)

Technology
Pinworm-Sized Robot Marks a Step Toward Using Devices Inside Humans (W)

Cryptocurrency
Switzerland embraces cryptocurrency culture (FT)
Silicon Valley investors set to back Telegram ICO (FT)

Offbeat
Millennials are flocking to cryptocurrency and cannabis stocks, TD Ameritrade CEO says (AMTD)

Jan 25 (Thursday)

Markets
Markets Are About to Get Ugly According to These Charts (B)
Dollar Hits Low After Mnuchin Says Weakness Aids Trade (W)
Currency Traders Are Bracing for a Nafta Surprise (B)

Credit & commodities
Mnuchin, Dalio Raise the Stakes for Treasuries Before ECB Meets (B)
Saudi energy minister says IEA hyped US shale boom (FT)
Grain Traders Finally Getting Invited to the Commodity Party (B)

US
December Existing Home Sales Wrap Up Best Year Since 2006 (W)
Why More Americans Should Work in Retirement (W)

Japan
Japan’s Trade Surplus Fell Sharply Last Year (W)

China
Chinese contractors grab bulk of Silk Road projects (FT)

US politics
Trump Says He Is Willing to Testify in Mueller Probe (W)
Trump Says He’s Weighing Path to Citizenship for ‘Dreamers’ (B)
Trump makes offer as immigration deal fight continues (FT)

Geopolitics & trade
Macron leads Davos riposte to protectionism (FT)
China Piles Up Free Trade Deals as Trump Abandons Them (B)
LG to Raise Prices on Washers After Trump Imposes Tariffs (W)

Industries & companies
Airlines: Airline Shares Tumble on Plans to Add Routes, Beef Up Hubs (W)
Autos: Ford Stresses ‘Fitness’ After Failing to Seize on Strong Revenue (B)
FAANGs: Apple Dives Into Complex Field: Your Medical Records (W)
Financials: Morgan Stanley, Merrill Lynch Get Brokerage Boost (W)
Industrials: GE Faces an SEC Probe of Accounts (W)
Retail: Sam’s Club Further Shakes Up Operations After Closing Stores (B)
Tech: Tax havens retain allure for US tech (FT)
Tech: Qualcomm Hit With $1.23 Billion EU Fine for Apple Payments (W)
Tech: Samsung Says It Will Unveil New Flagship Phone Feb. 25 (B)
Tech: Meg Whitman to Lead Mobile-Video Startup New TV (W)

Technology
Alphabet launches cyber security company (FT)

Cryptocurrency
Davos: Blockchain can no longer be ignored (FT)
Discover CEO Says There’s a Reason Cardholders Can’t Buy Bitcoin (B)
ICO Fundraising Is Rising Even With Crypto Market Downturn (B)

Offbeat
Paul Romer Steps Down as World Bank Chief Economist After Rocky Stint (B)
China Breaks a Cloning Barrier: Primates (W)
Chinese Firm Found Guilty of Stealing Wind Technology from U.S. Supplier (W)