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Market News
Fitch warns banks
US retail sales top forecasts, Fitch warns it may be forced to downgrade dozens of banks, Hollywood studios offer writers a new deal, China surprises with rate cuts, Apple to start paying out millions in ‘BatteryGate’ lawsuit, and Tesla launches $10K cheaper Model X & S…
'The Big Short' redux?
‘The Big Short’ Michael Burry makes big bet against the market, USB to pay $1.4 billion over fraud in mortgage-backed securities, Russia calls emergency key rate meeting as Ruble plummets, near-term inflation outlook lowest since 2021, and DeSantis urges Iger to accept end of ‘special privileges’…
Luxury mega-merger
US CPI posts smallest back-to-back increases in 2 years, China slams Biden’s order limiting overseas tech investment, Tapestry and Capri announce luxury mega-merger, TV giants clash over NBA/NHL/MLB games as rights up for grabs, and Disney+ loses millions of subscribers as content purge continues…
WeWork: Rise & Fall
WeWork tumbles, ESPN getting into sports betting with Penn, Wall Street WhatsApp, texting fines exceed $2.5B, shares drop as Moody’s cuts ratings of US banks, and UPS job searches surge after $170K driver pay union deal… Stocks rebound from a losing week, North Korean hackers breached top Russian missile maker, Campbell acquires Rao’s sauces for $2.7B, Yellow files for bankruptcy shedding 30K jobs, and Paypal unveils dollar-baked stablecoin on Ethereum…
Optimism returns to boardrooms
Wall Street forecasts project profit recession ends next quarter, Berkshire Hathaway’s cash pile approaches $150 billion, Texas power prices surge 800% in searing heat, month four with no end in sight for Hollywood strike, and ‘Barbie’ reaches $1 billion at the box office…
Meta's epic run
Meta in longest rally since the company's 2012 IPO, the first US nuclear reactor built from scratch in decades enters commercial operation, traders brace for $102B wave of treasury bonds sale, Yellow now headed for bankruptcy, and Big X being taken down from Twitter roof after San Fran squabble…