Dr. Ed's Blog

Dec 05 (Tuesday)

Markets
Early gains for S&P 500 evaporate as techs sell off (FT)
Wall St sets new records on tax breakthrough (FT)
What to Consider Before You Dash Into Cash (W)

Central banks
Fed’s Harker tells us why next year is a wild card for rate hikes (BI)
Richmond Fed Picks McKinsey Executive Thomas Barkin as President (W)
Kuroda ambiguity leaves traders guessing BoJ’s path (FT)

US
Americans’ Nest Eggs Have Never Been Bigger (B)
Want a New Job? This Is What Employers Require From Their Workers (W)

Europe
Europe Starts Seed Fund to Keep Small Tech From Leaving (W)
Brexit deal falls through over Irish border dispute (FT)

Japan
Blame Japanese Banks for the Flat Treasury Curve, Citigroup Says (B)

China
China’s Infrastructure Binge Is Set for a Major Slowdown (B)

US politics
GOP’s Late Changes to Tax Legislation Buoy Key Industries (W)
Senate’s ‘Unpleasant Surprise’ Hurts Tax Breaks for Tech, Others (B)
Businesses Push to Repeal Corporate AMT (W)

Geopolitics & cybersecurity
U.S. Defies North Korea With Drills Involving 230 Aircraft (B)
New CFPB Chief Curbs Data Collection, Citing Cybersecurity Worries (W)

Industries & companies
FANGs: Apple’s First Medical Study Signals Broader Health Ambitions (W)
Pharma: Montana Is Latest State to Sue Purdue Pharma Over Opioid Crisis (W)
Retail: How Dollar General Became Rural America’s Store of Choice (W)
Restaurants: Starbucks opened a super-sized gourmet location in China — here’s what it looks like (BI)
Restaurants: McDonald’s will roll out its Dollar Menu replacement in January as fast-food price war heats up (BI)

Corporate finance
The CVS-Aetna Gamble: Health Giant Not Built Around Doctors (W)
Pressing for a Deal, Broadcom Wants to Remake Qualcomm Board (W)
Mastercard to repurchase up to $4 billion of its shares (BI)

Technology
This CEO Sees Robot Taxis and Delivery Cars Coming in 2018 (B)
Even Robots Are Joining the Bitcoin Craze as Quants Seek an Edge (B)
Is It Time to Regulate Bitcoin? (W)

Offbeat
‘House of Cards’ Will Return on Netflix, Without Spacey (W)

Dec 04 (Monday)

Markets
U.S. Tax Changes Could Ripple Through Markets (W)
Overseas Investors (Finally) Join the U.S. Stock-Market Party (W)
Mutual Funds May Be Over Those Big FANG Names, Goldman Data Show (B)

Central banks
Will Fed Catch Digital-Currency Fever? (W)
Richmond Fed Said to Tap McKinsey’s Barkin as Its President (B)

US
A Major Risk of Tax Reform: Rising Inflation (BR)

Europe
France’s Republicans look to rebuild from the right (FT)

China
A $5 Billion Fund Manager Says Fears of China Are Overblown (B)

US politics
Senate Passes Tax-Cut Bill in Milestone Move Toward Overhaul (B)
‘Unbeatable’ Trump Hints at Wiggle Room on Corporate Taxes (B)
Passage of Senate Tax Bill Puts R&D Tax Credit in Doubt (W)
Senate Tax Revisions Mostly Favorable to Venture-Capital Firms (W)
How Tax Bill Emerged From a Late Night of Deal Making (W)

Geopolitics & cybersecurity
Rocket man extends a hand (E)
Banks Build Line of Defense for Doomsday Cyberattack (W)
Internet Must Have Security, Humanity, Apple CEO Tells China (B)

Industries & companies
Autos: Fiat Chrysler in Talks With Hyundai on Partnership (B)
Autos: As GM’s Sales Rise in China, So Do Its Risks (W)
Consumers: After a Banner Year, J&J Can Still Rise Further (BR)
Financials: Big six US banks add $170bn to trading firepower (FT)
Financials: Banks Still Have Room to Run (BR)
Media: Pixar’s ‘Coco’ Remains at Top for Second Week (W)
Media: Disney Re-Engages in Talks to Buy 21st Century Fox Assets (W)
Media: Fox revives talks on $50bn asset sale to Disney (FT)
Tec: Tech Giants’ Shadows Fall Over Promising Start-Ups (BR)

Corporate finance
CVS to Buy Aetna for $67.5 Billion, Remaking Health Care Sector (B)

Technology
“Aiera, Why Do You Like Amazon Shares?” (BR)
Bitcoin Storms Wall Street (BR)

Dec 02 (Saturday)

Markets
Despite 58 panic attacks, this market is actually melting up, says Ed Yardeni (C)
Wall Street falls on Russia probe, but tax hopes soften blow (R)
Tech stocks cede ground to beneficiaries of tax cuts (FT)
Mutual funds cut exposure to high-flying ‘FAAMG’ stocks (FT)

Central banks
Top Fed Official Sees No Need for Fiscal Stimulus at Time of Solid Growth (W)
Fed’s Bullard Warns Yield Curve May Invert in a ‘Bearish’ Sign (B) | Presentation

Global
Global manufacturing hits multiyear high (FT)

US
Jobs galore but when will wages finally pick up? (R)
Shoppers Say They Hate Christmas in October, but Stats Show They Don’t (W)
Once-Monthly Opioid Addiction Injection Cleared for U.S. Sales (B)

Europe
Schulz sets tough agenda for German coalition talks (FT)

Japan
Prices Begin to Rise in Deflation-Wracked Japan (W)

US politics
GOP Says It Has Votes for Tax Bill (W)
Flynn Pleads Guilty, Agrees to Cooperate (W)
Trump Rejects Reports That Tillerson Is Being Ousted From State (B)

Geopolitics
Seoul says North Korea puts Washington in range, but needs to prove critical technology (R)

Industries & companies
Autos: Detroit Puts Profits Over Revenue With Declining Rental-Car Sales (W)
FAANGs: Amazon’s Venture Into Groceries Hasn’t Unnerved Investors (B)
Retail: US retailers lure customers with spas and parties (FT)

Corporate finance
Blackstone Offers $6 Billion for Petrobras Pipeline (B)

Cryptocurrency
Bitcoin Futures to Start Trading as Regulator Gives Thumbs Up (W)
Bitcoin Futures Are a Bet That Digital Money Will Take Over the World (B)
Bitcoin Is the World’s Hottest Currency, but No One’s Using It (W)
A ‘Big Four’ accounting firm is accepting bitcoin payments (BI)

Dec 01 (Friday)

Markets
Markets Pass Another Milestone, as Investors Remain Fearless (N)
Dow Index Surges to Its First Close Above 24000 on Tax Hopes (W)
JPMorgan Stares Into a $1 Trillion Bond Abyss and Is Bullish (B)
OPEC Agrees to Limit Oil Output Through 2018 (W)

Central banks
Senate Banking Committee to Vote on Powell Nomination Tuesday (W)
Mester Joins Powell Seeing Case Building for December Fed Hike (B)
The Fed has no plans for its own cryptocurrency — at least for now (BI)

US
Confidence in the Economy Rises Over Thanksgiving Week (Gallup)
American Incomes, Spending Rose Briskly in October (W)
5 ways the U.S. workforce has changed, a decade since the Great Recession began (Pew)

Europe
German Politics May Be a Mess, But the Economy Is Soaring (W)

China
Is China’s Central Bank Losing Its Monetary-Policy Mojo? (W)
China’s Tech Giants Have a Second Job: Helping Beijing Spy on Its People (W)

US politics
Senate Tax Bill Hits Obstacle Over Deficit Concern (W)
Senate Tax Plan Won’t Pay for Itself, Analysis Says (W)
Trump considers replacing Tillerson with Pompeo (FT)

Geopolitics
U.S. Rejects China’s Bid for ‘Market Economy’ Status (W)
South Korea Shows Plan to Strike at North’s Missiles (W)

Industries & companies
Autos: GM Aims for Self-Driving Taxi Fleet by 2019 (W)
FANGs: Amazon Plans to Send Alexa to the Office (W)
Industrials: GE’s Successful Effort to Change GOP Tax Bill Shows Lobbying Clout (W)
Tech: Can Antonio Neri Revive HP Enterprise After Meg Whitman? (W)

Corporate finance
CVS Closes In on Aetna Deal (W)

Technology
Elon Musk’s Battery Boast Will Be Short-Lived (B)
Machines ‘beat humans’ for growing number of tasks (FT)
There’s a ‘fatal’ flaw in cryptocurrencies which means they can never be real currencies (BI)

Offbeat
The Unauthorized Guide to ‘Star Wars: The Last Jedi’ (W)

Nov 30 (Thursday)

Markets
Selloff Wednesday Pauses Tech-Stock Surge (W)
Tech Moguls Lost $7.6 Billion in Today’s Wipeout (B)
Goldman Warns That Market Valuations Are at Their Highest Since 1900 (B)
Anticipation Is High for Continued OPEC Cuts (W)

Central banks
Dudley Says Fed Has Started Thinking About Official Digital Currency (W)
Yellen Says Fed Will Continue Path of Gradual Rate Increases (W) | Testimony
There’s a huge difference between Janet Yellen and Trump’s pick to succeed her (BI)
Marvin Goodfriend Is Nominated to Be a Fed Governor (B)
ECB bond buying changes universe of top tier debt (FT)

US
U.S. Economy at Full Potential for First Time in a Decade (W)
More U.S. Workers Say They’re Struggling (W)
American Farm Towns, With Changing Priorities, Reject Industrial Agriculture (W)
McKinsey: Jobs Lost, Jobs Gained: Workforce Transitions in a Time of Automation

US politics
Corporate Tax Rate in Flux as Senate Nears Initial Vote (W)
Tax-Bill Foes Find Rich Target in Trump (W)
AT&T CEO, Among Trump’s ‘Defenders,’ Felt Blindsided by DOJ Suit (B)

Industries & companies
Autos: Will Tesla Die for Lack of Cobalt? (W)
FANGs: FANG’s $60 Billion Wipeout Is Most in One Day Since Facebook IPO (B)
Financials: Wells Fargo Faces New Wrath Over Auto, Lending Units (W)
Media: Lauer’s Exit Leaves NBC’s $500 Million Franchise in Crisis (W)
Pharma: HHS Nominee Says He Has Prescription to Lower Drug Costs (W)
Tech: Uber’s very bad year has gotten worse (BI)

Corporate finance
S&P warns China’s HNA over ‘aggressive’ financing (FT)
Siemens’ unit to be Germany’s largest IPO since 1996 (FT)

Cryptocurrency
Bitcoin Mania Interrupted, for Now, After Outage Triggers Selloff (B)
Small Investors Latch On for Bitcoin’s Wild Ride (W)
This Is What Could Pop the Bitcoin Bubble (B)
Goldman Says the Bitcoin Haters Just Don’t Get It (B)
What Is Bitcoin? Not What You Think (W)

Offbeat
Pulling Iron From Brain May Offer Hope in Alzheimer’s Fight (B)
Porsche Introduces the World’s Most Powerful Luxury Sedan (B)

Nov 29 (Wednesday)

Markets
Stocks Close at Record Highs After Powell Testimony (B)
What to Worry About in This Surreal Bull Market (B)

Central banks
Fed nominee Powell, once hawkish, now champions Yellen’s focus on jobs (R) | Remarks
Powell Suggests Fed Is Likely to Raise Rates in December (W)
Big Questions for the Fed, But Senators Didn’t Press Powell (B)

Global
OECD Sees Global Economic Growth Reaching Seven-Year High (W)

US
Home Prices in 20 U.S. Cities Rise by Most Since Mid-2014 (B)
Older Millennials Were the Biggest Spenders During Holiday Weekend (B)

China
Resolving China’s Zombies: Tackling Debt and Raising Productivity (IMF)

Emerging
Vietnam Sheds Its Minnow Status (B)

US politics    
Two GOP Senators [Corker and Collins] Voice Optimism on Tax Overhaul as Bill Clears Panel (W)
GOP Tax Plan Heads to Senate Floor for Vote Likely This Week (B)
Flynn’s Promotion of Nuclear-Plant Plan Went Deep Into White House (W)

Geopolitics, trade & cybersecurity
North Korea Fires Test Missile, First Since September (W)
Trump Says ‘We Will Take Care of’ North Korea Missile Launch (B)
U.S. to Probe Chinese Aluminum as It Presses Beijing on Trade (W)
Strange Bedfellows: Democrats and Trump Blow Up 20-Year Consensus on Trade (W)
Chinese Firm Behind Alleged Hacking Was Disbanded (W)

Corporate finance
Siemens Tees Up Health-Care IPO in One of Biggest European Deals in Years (W)
SoftBank Bids to Buy Uber Shares for 30% Less Than Current Value (B)
The owner of Arby’s will buy Buffalo Wild Wings for $2.9 billion (BI)

Cryptocurrency
Wall Street’s Playing Catch-Up at a Crypto Conference It Used to Ignore (B)
Jack Bogle Says ‘Avoid Bitcoin Like the Plague’ (B)
Novogratz Says Crypto Will Be ‘Biggest Bubble of Our Lifetimes’ (B)
Blockchain’s Peter Smith: The Promise of Virtual Currency Systems (IMF)

Offbeat
Autos: Tesla Truck Gets an Order from DHL as Shippers Give New Vehicle a Try (W)

Nov 28 (Tuesday)

Markets
Cautious trade follows fresh China stocks sell-off (FT)
Investors Find Little Value in Value Stocks, So Watch for the Rebound (W)
Credit boom sees investors scaling risk curve (FT)

Central banks
Fed Chairman Nominee Powell Likely Faces Smooth Path to Confirmation (W)
What’s Down with Inflation? (FRB-SF)
ECB Says Bad-Loan Market Could Be Aided by an Actual Market for Bad Loans (B)

US
Entry Level Buyers Drive Solid New Home Sales (W)
Taxes Are Low in the U.S., But Other Stuff Is Expensive (B)
Blue-collar wages are surging. Can it last? (E)

Europe
Schulz puts stronger EU on coalition wishlist (FT)

Emerging
Mexico finance minister quits to run for president (FT)
Putin Has a Rebellion Brewing in His Backyard (B)

US politics
Senators Seek Changes to Tax Bill as Busy Week Kicks Off (W)
GOP Holdout Seeks Bigger Pass-Through Break (B)
Tax-Hike Fears Trigger Talk of Exodus From Manhattan and Greenwich (B)
Two Camps Assert They Each Have Control Over CFPB (W)

Industries & companies
Media: Pixar’s ‘Coco’ tops ‘Justice League’ to win the Thanksgiving weekend box office (BI)
Pharma: Teva’s New CEO Starts Turnaround Plan at Struggling Drugmaker (W)
Retail: Cyber Monday Boosts Online Retail Stocks (W)
Retail: Shoppers browse stores, buy online as Black Friday deals beckon (R)
Retail: Retailers’ Emails Are Misfires for Many Holiday Shoppers (W)
Retail: Produce or Else: Wal-Mart and Kroger Get Tough With Food Suppliers on Delays (W)

Corporate finance
Uber Hack Clouds Valuation as SoftBank Readies Bid (W)
Meredith looking to dismantle Time Inc after $2.8bn deal (FT)

Nov 27 (Monday)

Markets
Who’s Afraid of a Melt-Up? (BR)
Market Notches New Highs—and Inspires New Fears (BR)
Big Gains, Tiny Stocks (BR)
If They Build It, These Stocks Should Rally (BR)
A Bullish Case for Oil Prices (BR)

Global
OECD Special Feature: Complementary Indicators of Tax Revenues
As Global Governments Raise Taxes, U.S. Revenues Are Already Falling (W)

Central banks
What the Fed Really Might Fear: A Bear Market (BR)
Fed’s Plan for 2017 Nears Completion—but View for 2018 Is Fuzzy (W)
Here’s What the World’s Central Banks Really Think About Bitcoin (B)

US
The Economy Is Humming, but Businesses Aren’t Borrowing (W)

Europe
German politics: How to break the deadlock in Berlin (E)
‘Grand coalition’ best option, says conservative Merkel ally (FT)

Japan
Corporate Japan hit by severe labour shortages (FT)
Behind Abe’s Biggest Reform Win, Old Japan Inc. Culture Lives on (B)

China
Early China Indicators Signal That Economy Cooled in November (B)
China’s Top Bond Fund Says Rout May Worsen (B)
Chinese tech shares set for burst-bubble scenario (FT)
In search of women: A distorted sex ratio is playing havoc with marriage in China (E)

Emerging
How to Play Emerging Markets Now (BR)

US politics 
Congress Prepares for Year-End Legislative Sprint (W)
Tax Bill Target: Companies That Have Done Inversions (BR)
Inheritance tax: A hated tax but a fair one (E)
American taxes are unusually progressive. Government spending is not (E)
Trump backs Moore to ensure passage of tax reform (FT)
John Conyers to Step Aside as Top Democrat on House Judiciary Committee (W)

Industries & companies
Autos: Recalls Mount During Ford’s Reinvention Push (W)
Consumer: How Sweet It Is: Rising Sales Could Lift Mondelez (BR)
Retail: Black Friday Kicks Off, With Upbeat Shoppers and Fewer Discounts (W)
Retail: Inside the Wal-Mart vs. Amazon Battle Over Black Friday (W)
Tech: The Promise or Peril of the New Cloud Technology (BR)
Tech: Post-Whitman World Won’t Be a Picnic for HP Inc., HPE (BR)
Tech: Uber, Just Pretend You’re a Public Company (BR)
Wireless: Verizon Calling: Why Its Stock Looks Cheap (BR)

Corporate finance
Meredith Agrees to Buy Time Inc. for $1.85 Billion (W)
After the Buyback Binge (BR)
AT&T, Time Warner, Face Antitrust Concerns (BR)

Cryptocurrency
Bitcoin Euphoria Drives It Up $1,000 in Single Day (B)
Bitcoin Futures: Risky Business for Cboe, CME (BR)

Offbeat
Me, myself and iPhone: Teenagers are growing more anxious and depressed (E)

Nov 25 (Saturday)

Markets
S&P 500 Powers Through 2600 (W)
Wall Street’s 2017 Market Predictions: Pathetically Wrong (W)
The Changing Face of the Corporate Bond Market (W)

Central banks
Have Trillions of Fed Dollars Broken a Bond Market Warning Sign? (W)
Fed on Track for December Rate Rise, but Inflation Worries Persist (W)
ECB Officials Differed on QE at October Meeting (W)
Cryptocurrencies Don’t Belong in Central Banks (B)

Global
As Global Governments Raise Taxes, U.S. Revenues Are Already Falling (W)

Europe
Eurozone Data Point to Strengthening Recovery (W)
Germany’s SPD Decides to Accept Negotiations With Merkel (B)
Europe’s banks shed UK-related assets (FT)

China
Chinese tech shares set for burst-bubble scenario (FT)

US tax reform
Senate Republicans to Huddle With Trump on Taxes (W)
Tax Bill’s Fine Print: Making It Tougher for Cities, States to Refinance Debt (W)
The GOP Tax Plan Is Entering Its Make-or-Break Week (B)

US politics
Trump Takeaway on Tech: Enforcement Over Regulation (W)
Trump Sets Up Clash Over CFPB Leadership by Installing Mulvaney (B)
Flynn Cooperating With Prosecutors Could Be Dangerous for Trump (B)
The Math Behind Mark Cuban’s Trump Tweet (B)
The political power of the information cascade (FT)

Geopolitics & terrorism
At Least 235 Killed, Scores Injured in Egypt Mosque Attack (W)
N Korean defection sheds light on pop culture’s influence (FT)

Cybersecurity
Uber CEO Knew of Hack for Months (W)

Industries & companies
Energy: German Wind Power Beats Hard Coal, Nuclear Power for First Time (B)
Media: YouTube Deals With Another Advertiser Backlash (W)
Retail: Upbeat Shoppers but Fewer Discounts This Black Friday (W)
Retail: Retailers, Logistics Providers Scale Up Warehouses for Online Sales (W)
Retail: Retailers look to Black Friday to regain momentum (FT)
Retail: How Adidas Beat Nike at the Old School Game (B)
Tech: Veteran investors lead the big bet on tech shares (FT)

Corporate finance
Firms Cut Buybacks as Stocks Become Expensive (W)

Technology
Can’t Wait Until Payday? Apps Give Instant Access to Wages (W)

Offbeat
Social Media Is Seen Fueling the Fire of Violent Crime (W)
Business Is Booming for America’s Survival Food King (B)

Nov 21 (Wednesday)

Markets
The Breadth of the Stock Market Shows It’s Not 1999 All Over Again (B)
Bull Market Has Long Memory of Bearish Times (W)
Tech Boom Creates New Order for World Markets (W)
Half Emerging-Market Bond Index Faces Election Risk in 2018 (B)
Commodity Bulls Ignoring a Few Large Elephants (W)

US
Home Sales Remained Sluggish in October (W)

Europe
Blocking Out Political Risk Is the Winning Formula for European Investors This Year (B)
A Weakened Merkel May Spell Trouble for All of Europe (N)
Merkel’s Embattled Ex-Partner Could Determine German Chancellor’s Fate (W)
EU and UK aim to strike divorce deal within 3 weeks (FT)

US politics
With Tax-Plan Push, Orrin Hatch Faces a Deal-Making Test (W)
Trump Backs Roy Moore for Senate Seat Despite Sex Allegations (B)

Industries & companies
Autos: Tesla’s Burning Through Nearly Half a Million Dollars Every Hour (B)
FANGs: How Amazon Can Make or Break Holiday Retail (W)
FANGs: Facebook Looks in Mirror and Sees Tencent (B)
Media: Sweeping Plan Would Overturn Equal Access to the Internet (N)
Pharma: A new drug to treat HIV just got approved — and it could shake up a $22 billion market (BI)
Retail: J. Crew’s Sales Plummet, Overshadowing Growth at Madewell Brand (B)
Tech: Chip Stocks Are on the Verge of Finally Breaking Their Tech Bubble Era Records (B)
Tech: Meg Whitman to Step Down as HPE CEO (W)

Corporate finance
Trump Says AT&T-Time Warner Deal ‘Not Good for the Country’ (B)

Cryptocurrency
Maybe Bitcoin Isn’t Untouchable at J.P. Morgan After All (W)

Offbeat
How Big Sugar Killed a 1968 Study That Pointed to a Heart Disease Link (B)
CBS, PBS Sever Ties With Rose (W)