Dr. Ed's Blog

June 30 (Thursday)

Latest Morning Briefing Executive Summary: Health Care, Finance & Batteries
The S&P 500’s Health Care sector is pumped: It has outperformed most other sectors ytd and is tied for first place (with Utilities) measured since the S&P 500’s recent low on June 16. Jackie parses the opportunity, examining the investment pros and cons of the sector overall and of specific industries and companies within it. … Also: Which fintechs deserve master accounts with access to the Fed’s payments system? A couple of recent controversies put that question front and center as the Fed works on rules to govern the process of granting master accounts. … And: A look at where Tesla is going with its battery technology.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 27.

Markets
S&P 500 limps to slightly lower close as quarter-end looms | R
Dow rises modestly in volatile trading as Wall Street struggles to recover | C
U.S. Stocks Little Changed as Quarter’s End Nears | W
CEO Stock Sales Raise Questions About Insider Trading | W

Central banks
Powell Says Fed Must Accept Higher Recession Risk to Combat Inflation | W
Powell vows to prevent inflation from taking hold for the long run | C
Loretta Mester Says Fed Is on Track for 0.75-Point July Rate Hike | W

Global
Pressures of big government spending offer little good news for world economy | Washington Times

US
U.S. GDP’s Early 2022 Dip Was Bigger Than Previously Thought | W
Companies cut spending, jobs as outlook grows less certain | R
Opinion: Why so many workers are still quitting their jobs | NN
U.S. Agrees to Pay $3.2 Billion for More Pfizer Covid Vaccines | W

Geopolitics & trade
EXCLUSIVE EU nears compromise deal to defuse standoff with Russia over Kaliningrad | R
U.S. to boost military presence in Europe as NATO bolsters its eastern flank | R
NATO deal between Turkey, Sweden and Finland brings wins for Erdogan | C
Gas Prices Test American Appetite for New Cold War With Russia | W
Venezuela’s second largest refinery suspends gasoline production -sources | R

Industries & companies
Airlines: Frontier, JetBlue battle over Spirit Airlines goes down to the wire with competing bids | C
Retail: Retail Workers Increasingly Fear for Their Safety | N
Tech: Why companies like Stripe, Meta and Alphabet are behind carbon removal | C
Tech: Tech Giants Pour Billions Into AI, but Hype Doesn’t Always Match Reality | W
Tech: FCC Member Calls On Apple, Google to Banish TikTok | W

Technology
Robots are here but they still can’t do much | C

Crypto
Crypto Hedge Fund Three Arrows Ordered by Court to Liquidate | W
CoinFlex CEO: Unlikely to resume withdrawals Thursday | C
Behind the Celsius Sales Pitch Was a Crypto Firm Built on Risk | W

June 29 (Wednesday)

Latest Morning Briefing Executive Summary: Relative Valuation & Dalio’s Big Short
Around the world, as inflation concerns, interest rates, and recession fears have risen, stock market valuations have fallen. They’ll fall further if recessions actually materialize. Against this backdrop, we examine how the valuations of various indexes have fared relative to one another. … Also: For Europe, recession appears particularly likely given a brewing energy crisis, as Russia has been choking off natural gas supplies. Melissa assesses the ramifications for European households and businesses. … And: The ECB’s hawkish turn has hurt most EMU MSCI sectors’ valuations; we take a look at the deterioration relative to analysts’ still-strong earnings and margin expectations.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 27.

Markets
Dow falls 400 points as momentum from bear market bounce fizzles | C
Wall Street tumbles as consumer data fuels recession worries | R

Central banks
Fed officials promise rate hikes, push back on recession fears | R
Fed’s Williams Sees Another Large Rate Rise at July Meeting as Possible | W
New York Fed President John Williams says a U.S. recession is not his base case | C

Climate & food
War, Weather Endanger Global Food Supplies, Farm Leaders Say | W

US
Who Is to Blame for Inflation, 1-15 | Ritholtz
Consumers’ Outlook on the Economy Hits Lowest Point in Nearly a Decade | W
Home-Price Growth Slowed in April | W
The OECD’s global minimum tax rate will cost US companies | The Hill

Emerging
Default Won’t Trigger a Long Winter for Russia | W
 
Geopolitics & trade
Norway helping plug Europe oil gap as Russian barrels head east | R
Russia’s Mall Bombing Strategy | W
U.S. accuses five firms in China of supporting Russia’s military | R
G-7 Summit Exposes West’s Challenges in Tackling Russia | W
U.S., Iran Gather for Indirect Talks on Nuclear-Deal Revival | W
NATO reaches deal with Turkey to admit Sweden and Finland, Stoltenberg says | C

Industries & companies
Energy: U.S. Shale Drillers Begin Re-Fracking Existing Wells | yahoo.com

Technology
DroneSeed uses swarms of drones to reseed forests after wildfires | C

June 28 (Tuesday)

Latest Morning Briefing Executive Summary: Right & Wrong Tracks
This year’s first half has been treacherous for most investors; what will the second half bring? Today, we take stock of what’s going right for the economy and financial markets—and may be bullish over the rest of the year—and what could prolong the bearish pain. … Among the bullish: sentiment indicators’ contrarian buy signals, super-low joblessness, strong bank balance sheets, the “CFO Put,” and (counterintuitively) the Fed’s QT. … The main bearish scenario is a familiar fear: Inflation proves so intractable that the Fed tightens to the point of recession, which sets off a credit crunch. And that’s not all that could morph bearish.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 27.

Markets
S&P 500 falls as stocks struggle to maintain their comeback from bear market lows | C
SPACs wipe out half of their value as investors lose appetite for risky growth stocks | C

Commodities
Russian Gas Cuts Threaten World’s Largest Chemicals Hub | W
‘Off the charts’ chemical shortages hit U.S. farms | R

Central banks
Central Banks Should Raise Rates Sharply or Risk High-Inflation Era, BIS Warns | W

US
How Much Wil July 4 Barbecue Cost? Beef, Chicken Prices Soar More Than Inflation | B
Big-Ticket Goods Orders, Pending Home Sales Point to Steady Demand | W
Pending home sales post surprise increase in May | C
Hottest US Housing Markets Now Have Bigger Share of Price Cuts | B
Bidding Wars Overheated the Home-Buyer Market, Now They’re Coming for Renters | W

Emerging
Shanghai Has Reopened, but Not Disneyland | W
Russia slides into historic debt default as payment period expires | C
Sanctions Push Russia to First Foreign Default Since Bolshevik Revolution | W

Industries & companies
Airlines: Airlines cancel over 700 U.S. flights as labor crunch, bad weather weigh | R
Consumer Discretionary: Amazon plans second Prime shopping event in Q4 | C
Tech: Action to break up ‘Big Tech’ will mean price hikes | The Hill

Crypto
Crypto fund defaults on $670M loan, and Bitfury CEO says prices aren’t ‘relevant’: CNBC Crypto World

Beyond markets
Bee Hive Wipeout Is Crimping Harvests as Crisis Enters New Stage | B

June 27 (Monday)

Latest Morning Briefing Executive Summary: Green Bad Deal
The best laid plans of climate activists have gone majorly awry: Soaring fossil fuel prices haven’t increased demand for and supply of “clean” energy sources, as they’d expected, while demand for fossil fuels exceeds supplies. And activists’ pressure on European governments to suppress production of fossil fuels has really backfired, creating an unholy dependence on Russian oil with dangerous geopolitical ramifications. As a result, fossil fuel sources are making a remarkable comeback. … Also: US analysts still haven’t gotten the recession memo, blithely raising estimates even though investors and managements alike are girding for the worst. Even analysts overseas have on rose-colored glasses, particularly in Europe where the risk of a recession is rising as energy shortages worsen.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 21.

Markets
Stocks gain sharply for day and week, while copper falls further | R
What Do You Call the Market’s Cheapest Stocks? Bargains. | BR
Value Investors Bet Recent Market Leadership Is Just the Start | W
How an Income Fund Makes Stocks Safer With High-Yield Bonds | BR

Central banks
Central Banks Should Raise Rates Sharply or Risk High-Inflation Era, BIS Warns | W
How fighting inflation could imperil the euro zone | E
The Bank of Japan v the markets | E

Energy
Europe Turns to an Unlikely Source to Replace Russian Energy: Ukraine | W

US
Consumer Sentiment at Record Low Is Another Ominous Sign for Economy | W

Europe
Briefly united by Ukraine, Europe faces divisions on the home front | E
Op-ed: The EU’s rewiring due to the war in Ukraine is game-changing, if it doesn’t short-circuit before the job is done | C

China
China’s crackdown on the fun industry continues | E

Geopolitics & trade
G-7 nations to announce import ban on Russian gold as Moscow sanctions widen | C
British PM Boris Johnson warns Russian takeover of Ukraine would be ‘absolutely catastrophic’ for the world | C

Industries & companies
Airlines: United Airlines Stock Has Slumped. Director Edward Shapiro Bought Up Shares. | BR
Autos: Carvana Sought to Disrupt Auto Sales. It Delivered Undriveable Cars. | BR
Autos: Tesla, Ford and GM Raise EV Prices as Costs, Demand Grow | W
Consumer Discretionary: Amazon’s Prime Day Isn’t Quite the Blockbuster It Once Was | W
Pharma: Pfizer’s Omicron-Targeting Covid-19 Vaccines Generate Stronger Immune Response | W
Retail: Buy Starbucks Stock. The Coffee Giant’s Worst Problems Are Behind It. | BR
Tech: Recruiters say the tech job market is still red-hot, despite isolated layoffs and cautious words from execs | C

Climate & Sustainability
Electrifying everything does not solve the climate crisis, but it is a great start | E

Beyond markets
World Health Organization says monkeypox is not a global health emergency right now | C

June 25 (Saturday)

Latest Morning Briefing Executive Summary: Energy, EVs & Crypto
The price of oil has begun to come down. But countervailing forces are exerting both downward and upward pressure on oil prices. Among the former, production has ramped up greatly. Jackie examines the dynamics affecting oil industry pricing. … And: Electric vehicles are gaining traction in the marketplace. But they’re costing more to make with commodity prices so high and costing more to buy with manufacturers passing their cost increases onto consumers. … Also: Many of the many cryptocurrency players are bound to succumb to hypothermia during the brutal industry contraction dubbed “crypto winter.”
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 21.

Markets
Dow rallies 800 points on Friday to cap big comeback week for stocks | C

Energy
Breakingviews: Germany’s gas action plan pulls its punches | R
Germany looking at repurposing unused Nord Stream 2 pipeline for LNG use, report says | R

Central banks
Jerome Powell Takes a Pounding | W
Fed Confronts a ‘New World’ of Inflation | N

US
U.S. new home sales rebound in May; consumer sentiment at record low | R
Consumer sentiment survey followed by the Fed shows inflation expectations ease slightly | C
The Strange Art of Asking People How Much Inflation They Expect | W

Europe
Europe’s Workers Brace for Tough Times as Real Wages Fall | W

Geopolitics & trade
Ukrainian Troops Retreat From Severodonetsk After Weeks of Brutal Battle | W

Industries & companies
Financials: Passing Grades Aren’t Enough on Banks’ Stress Test | W
Tech: Lawmakers Want FTC to Investigate Apple, Google Over Mobile Tracking | W

Beyond markets
Supreme Court Overturns Roe v. Wade, Eliminates Constitutional Right to Abortion | W

June 24 (Friday)

Latest Morning Briefing Executive Summary: Energy, EVs & Crypto
The price of oil has begun to come down. But countervailing forces are exerting both downward and upward pressure on oil prices. Among the former, production has ramped up greatly. Jackie examines the dynamics affecting oil industry pricing. … And: Electric vehicles are gaining traction in the marketplace. But they’re costing more to make with commodity prices so high and costing more to buy with manufacturers passing their cost increases onto consumers. … Also: Many of the many cryptocurrency players are bound to succumb to hypothermia during the brutal industry contraction dubbed “crypto winter.”
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 21.

Markets
Stocks Close Higher After Fed Chairman Testifies | W

Central banks
Jerome Powell Pressed Over How Fed Would Respond to Economic Slowdown | W
Fed Official Calls for Additional Significant Rate Rises | W
Fed says U.S. banks can weather severe downturn comfortably | R

Energy & sustainability
IEA chief warns Europe to prepare for total shutdown of Russian gas exports | FT
U.S. Gas Sales to China Dry Up as Ukraine War Disrupts Energy Trade | W
Column: Diesel demand set to drop as economies enter recession | R
Nuclear Power Is Poised for a Comeback. The Problem Is Building the Reactors. | W
Column: Green hydrogen may be energy’s future, but it’s complicated | R
Joe Biden lowering gas prices is as likely as a purple cow on the moon | P

Global
U.S., European Economies Slow Sharply as Recession Risks Grow | W

US
Is Inflation About to Cause a Recession? | N
U.S. business borrowing for equipment rises 16% in May – ELFA | R
The dream of owning a home is out of reach for 4 million Americans | NN
Mortgage Rates Continue to Rise, Hitting 5.81% | W
Supreme Court strikes down New York gun law on Second Amendment grounds | C
Proposed changes to retirement system approved by Senate committee | C
Biden Administration Agrees to Cancel $6 Billion in Student Debt Over Fraud Claims | W

China
Chinese Internet Giants’ Ad Revenue Suffers as Business Confidence Wanes | W

Geopolitics & trade
EU grants Ukraine candidate status in ‘historic moment’ | R

Industries & companies
Airlines: United Airlines will cut 12% of Newark flights in effort to tame delays | C
Consumer Discretionary: Amazon to invest $23 million to increase Seattle’s affordable housing | C
Energy: ExxonMobil at crossroads of clean energy transition, climate crisis | C
Media: Netflix Confirms Partnership Talks for Ad-Supported Service | W
Tech: Intel warns Ohio factory could be delayed | C

Beyond markets
CDC panel recommends Moderna two-dose Covid vaccine for kids ages 6 to 17 | C

June 23 (Thursday)

Latest Morning Briefing Executive Summary: Energy, EVs & Crypto
The price of oil has begun to come down. But countervailing forces are exerting both downward and upward pressure on oil prices. Among the former, production has ramped up greatly. Jackie examines the dynamics affecting oil industry pricing. … And: Electric vehicles are gaining traction in the marketplace. But they’re costing more to make with commodity prices so high and costing more to buy with manufacturers passing their cost increases onto consumers. … Also: Many of the many cryptocurrency players are bound to succumb to hypothermia during the brutal industry contraction dubbed “crypto winter.”
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 21.

Markets
Cramer says a ‘bull market within a bear market’ situation is possible if these 6 things happen | C
Russia’s ruble is at its strongest level in 7 years despite massive sanctions. Here’s why | C
Facebook, Netflix and PayPal Are Value Stocks Now | W
Putin signs decree on new scheme to service Eurobonds as default looms | R

Global
U.S. recession fears darken outlook for global growth | R
Citigroup sees chances of global recession nearing 50% | R

Central banks
Fed Chair Jerome Powell Says Higher Interest Rates Could Cause a Recession | W
Fed’s Jerome Powell to Head to the House With Interest Rates in Focus | W

Energy
Germany triggers ‘alert level’ of emergency gas plan, sees high risk of long-term supply shortages | C
Germany triggers gas alarm stage, accuses Russia of ‘economic attack’ | R
Biden calls on Congress to suspend the gas tax — Here’s what that means for prices at the pump | C
U.S. oil refiners to meet Biden officials in high-stakes price talks | R
Biden administration leans on Tesla for guidance in renewable fuel policy reform | R

US
Immigration Coverage Is Newest Benefit From Some Companies | W

Europe
Europe’s Economy Slows Sharply as Recession Risks Grow | W
France’s Emmanuel Macron Calls for Compromise After Losing Majority in Parliament | W
Britain’s Inflation Crisis Deepens, Fueling Strike Action | W

China
Analysis: Record numbers of Chinese graduates enter worst job market in decades | R

Geopolitics & trade
Ukraine takes tentative step toward EU membership as Donbas battles reach ‘fearsome climax’ | R
Why Ukraine’s Snake Island Is Key to Russia’s Strategy in the War | W
Russia Hits Grain Terminals in Latest Attack on Ukraine’s Food Infrastructure | W
Isolated Putin says trade with China and India is increasing | C
Russian oil tankers get India safety cover via Dubai company | R

Industries & companies
Airlines: American Airlines to stop flying to four small cities, citing pilot shortage | C
Communications Services: Mark Zuckerberg envisions a billion people in the metaverse | C
Retail: The retail industry is facing a potential wave of bankruptcies – here’s why | C
Retail: Nike to fully exit Russia, will scale down over coming months | R

Corporate finance
Chinese Battery Giant CATL Raises $6.7 Billion in Share Sale | W

Beyond markets
Musk says Tesla’s factories in Berlin and Texas are ‘gigantic money furnaces’ | C

June 22 (Wednesday)

Latest Morning Briefing Executive Summary: The Latest Business Cycle
The Census Bureau’s monthly “Manufacturing and Trade Inventories and Sales” report is chock-full of valuable information that often goes unnoticed by the media and economists alike. Last week’s release, with data through April, shows inventories starting to rise relative to sales, especially among retailers. That implies good and bad news—good for constraining inflation, bad for economic growth, increasing the risk of a goods-led recession. … And: With global inflation surging, are the major global central banks tightening with Fed-like fervor? Not exactly. Melissa examines the unique issues in Europe, Japan, and China that are tempering their monetary policy responses.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 21.

Markets
Stock Market Jumps After S&P 500’s Worst Week in Two Years | W

Energy
Biden’s proposed windfall profits tax will make America less energy secure | The Hill
As Biden weighs a federal gas tax holiday, here’s what that could mean for prices at the pump | C
How Biden got caught in Russia’s oil and gas web — and who is paying the price | MSNBC

Global
Are supply chain woes being exaggerated? | The Hill

Central banks
Sick of inflation? Blame the Federal Reserve | Washington Examiner

US
U.S. Existing-Home Sale Prices Hit Record of $407,600 in May | W
Sales of existing homes fell in May, and more declines are expected | C
5 signs the housing market is starting to slow down | NN

Geopolitics & trade
Russia warns Lithuania of ‘consequences’ over blocked rail to enclave | R
Taiwan scrambles 29 jets to warn away Chinese planes in its air defense zone | R
Companies Find Leaving Russia Difficult, Though Many Are Trying | W

Industries & companies
Autos: Tesla sued by former employees over ‘mass layoff’ | R
Autos: Elon Musk clarifies Tesla will lay off 3.5% of total workforce as ex-employees sue company | C
Retail: Lowe’s expands into the metaverse with a tool to help visualize projects | C

Corporate finance
Kellogg Splitting Into Three Companies as It Shifts Focus to Global Snacks | W

June 21 (Tuesday)

Latest Morning Briefing Executive Summary: Revisiting Venus and Mars
“What planet are you from?,” analysts and investors may be wondering of each other these days, with the former super bullish and the latter super bearish. Analysts weren’t bullish enough about Q1 earnings. Yet investors are solely focused on the recession risk as the Fed fights inflation and have been pounding down valuations. … Barring a recession, the S&P 500 appears fairly valued, though we look today at a couple of still concerning valuation models. And of course, the odds of a recession aren’t trivial. … Also: The MegaCap-8 stocks are no longer “the Magnificent 8”; we examine their rise and fall. … And: Dr. Ed reviews “Jurassic World: Dominion” (- – -).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.

Markets
Stocks Historically Don’t Bottom Out Until the Fed Eases | W

Energy & food
‘The situation is serious’: Germany plans to fire up coal plants as Russia throttles gas supplies | C
Less Russian Gas Puts Europe’s Winter Fuel Supply in Jeopardy | W
Why grain can’t get out of Ukraine | Vox

Central banks
Europe faces ‘severe’ risk of disorderly financial market correction: Lagarde | R
Fed’s Bullard Says He Expects Economic Expansion to Continue This Year | W
Fed’s Bullard: I hope U.S. economy repeats outcome of 1994’s soft landing | R

US I
Inflation and recession fears are squeezing some industries more than others | C
Here’s why this housing downturn is nothing like the last one | C
Biden says decision on pause on federal gasoline tax could come by end of week | R

US II
Labor Shortage Stymies Construction Work as $1 Trillion Infrastructure Spending Kicks In | W
School’s Out for Summer and Many Teachers Are Calling It Quits | W
Small Businesses Fall Behind on Hiring as Inflation Takes a Toll | W

Europe
France risks gridlock after Macron handed hung parliament | R

Geopolitics & trade
Putin fears “spark of democracy”, Germany’s Scholz says | R
Denmark keeps F-16 fighter jets flying due to Russia threat | R
Russia warns NATO-member Lithuania over Kaliningrad transit | R
Russia pounds villages in the Donbas; Mariupol residents said to be ‘on the brink of survival’ | C
WTO Steps Back from the Abyss of Irrelevance… but Crucial Issues Remain Unresolved | Cato at Liberty Blog
Israel’s parliament to dissolve, Foreign Minister Lapid to become prime minister | C

Industries & companies
Airlines: Emirates boss says travel demand unlikely to dissipate despite airport chaos | C
Airlines: Flight Cancellations and Delays Snarl Travel During Busy Holiday Weekend | W
Autos: How GM, Ford and Tesla are tackling the national EV charging challenge | C
Autos: Volvo says it has started testing trucks with fuel cells powered by hydrogen | C

Crypto
Bitcoin bounces back after falling to new 2022 lows over the weekend | C
Crypto lending firm Celsius asks users for more time to fix issues after halting withdrawals | C

Beyond markets
Yellowstone National Park to Partially Reopen After Devastating Floods | W

June 20 (Monday)

Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.

Markets
Stock Market Has a Very Bad Week. Why It Gets Worse Before It Gets Better. | BR
History says the next bull market is just months away | MW
Do Bear Markets Lead to Recessions? | Morningstar

Energy
Germany announces steps to boost gas storage as Russia cuts supply | R
Gasoline Tax Holiday ‘Worth Considering,’ Yellen Says | W
The Hidden Driver of High Gas Prices | The American Prospect
California Can’t Kick Its Fossil Fuel Addiction | OilPrice.com
 
Central banks
The Lords of Money Pose Massive Threats to Markets | W
The Fed and the ECB turn on a dime | E
The Bank of Japan will not be bullied | BOJ
Inflation will not fall to 2% target for two years, Fed’s Mester says | R
The Fed’s Inflation Mistakes Have Damaged Its Credibility | BR

Emerging markets
Rising Inflation and Interest Rates Heap Pressure on Emerging Markets | W

US
Democrats Expect Joe Biden to Run in 2024. They’re Less Sure If He Should. | W
Recession Probability Soars as Inflation Worsens | W
Hot Housing Market Keeps Home Foreclosures at Bay | W

Europe
Macron loses absolute majority in parliament, initial projections show | R

Geopolitics & trade
NATO warns of long Ukraine war as battles grind on | R
The tricky restructuring of global supply chains | E
The EU should declare Ukraine a candidate for membership | E

Industries & companies
Consumer Discretionary: Amazon’s workforce turnover is so high that it could run out of people to hire by 2024 | Vox
Pharma: The Days of Big Pharma Are Over. Big Biotech Is on Its Way. | BR

Crypto
The ‘Crypto Winter’ Could Become a ‘Crypto Hell.’ What to Know. | BR

Climate
The property industry has a huge carbon footprint. Here’s how to reduce it | E
Mining Firms’ Cautious Spending Threatens Shift to Green Energy | W