COVID-19 shutdowns have strangled many retailers to death. The industry was already having trouble before 2020 hit, but those retailers who survive may end up in a favorable position. Teresa Rivas reports for Barron's: More than two dozen retailers have gone bankrupt this year, as the Covid-19 pandemic has ripped through the industry. Yet that could be good for the survivors, says Yardeni Research. Even after the large number of bankruptcies in recent years, Barron’s has argued that the U.S. still has too many stores. Ed Yardeni writes that perhaps with this most recent wave of … [Read more...]
Competition is Heating up for Electric Vehicles
Tesla is getting a new competitor. Barron's Al Root reports on the new EV offering by Lucid Motors, the Lucid Air. The Air is build to compete with Tesla's Model S sedan and claims some pretty impressive specifications. Root writes: The new EV is a luxury sedan like the Tesla (ticker: TSLA) Model S. It’s the Lucid Air from Lucid Motors, a privately held EV maker. The Air made its debut in Silicon Valley Wednesday evening. “Lucid Motors is driven to make the electric car better, and by doing so, help move the entire industry forward, toward accelerated adoption of sustainable mobility,” … [Read more...]
Tesla Speculators Suffering Volatility
Those investors who purchased Tesla shares earlier this year and rode a massive wave of enthusiasm for the stock are now suffering the fallout as its price crumbles. Over the last five days, the shares have fallen 34%. Matthew Rocco and Richard Waters report for the Financial Times: Tesla’s stock on Tuesday fell by the most on record, in a sell-off sparked by news that the electric car pioneer was passed over for inclusion in the S&P 500. The shares were down 21 per cent, closing at $330.21, in their biggest slide since Tesla made its trading debut in 2010. The retreat pushed the … [Read more...]
Insiders Are Selling a lot of Stocks
Richard Henderson reports in the Financial Times that company executives are selling stock in the largest amounts in almost five years. He writes: US executives sold $6.7bn of stock in their own companies last month, cashing in on a record-breaking market rally with the biggest burst of selling in five years. The dollar value of sales by 1,042 chief executives, chief financial officers and company directors in August topped any month since November 2015, according to figures compiled for the Financial Times by Smart Insider, a data provider. The number of executives selling was the highest … [Read more...]
Vanguard Pulls the Plug on Prime Money Market Fund
Vanguard is pulling the plug on its $125 billion Prime Money Market Fund. Prime money funds required a bailout during the COVID collapse just as they did during the financial crisis. Regulations had been put in place to prevent such an occurrence, but with interest rates in the tank, the paltry yield prime money market funds offer isn’t worth the risk. When the reward for sticking around is at best a percentage point of interest, investors in these funds will always bail at the first signs of trouble. That creates a problem for money funds and the commercial paper market as prime money … [Read more...]
Local Broadcasters Hit Back at Streaming
Local broadcasters are fighting back against the streaming trend that has hurt their business. Lillian Rizzo reports in The Wall Street Journal: A new streaming service featuring more than 200 TV stations launched Tuesday, part of an effort by local-TV groups to make their content more broadly available and generate additional advertising revenue. VUit, pronounced “View It,” lets people stream all of Gray Television Inc.’s GTN -1.35% TV stations in 93 markets and some of Meredith Corp. MDP -1.86% ’s 17 stations, as well as dozens of closely held stations. The service, which was created by … [Read more...]
Robinhood Currently Failing its Customers
Robinhood Markets, a trading app that many investors flocked to during the COVID-19 shutdown, is having trouble today. It's not the first time. Bloomberg reports: Robinhood Markets has catapulted ahead of its online brokerage rivals with a smartphone app that has attracted an army of young investors. Yet with the company’s rise has come a litany of problems: trading outages, angry customers and regulatory probes. Over the first half of the year, U.S. consumer protection agencies received more than 400 complaints about Robinhood -- roughly four times more than competitors like Charles … [Read more...]
Fed Adopts Bubble-Bust Monetary Policy Following Strategy Review
The Fed announced the results of its year-long monetary policy strategy review yesterday at its virtual Jackson Hole conference. Powell delivered the bad news for savers and retirees. The Fed will now seek to target an average level of measured inflation rather than a 2% ceiling. The Fed’s justification for this change in policy is it has missed its 2% goal for the last decade. When measured by a narrow and manipulated price index that uses non-market prices and strips out some of the most important goods a consumer buys, inflation has run below the 2% target. But who’s fooling who … [Read more...]
Is the Consumer Spending Boom Destined to Turn to Bust?
Dick’s Sporting Goods reported a blowout quarter this week. Apparently, handing out a few thousand dollars to every household in America, while at the same time closing down every gym in the country, has created a boom in at-home fitness equipment. Dick’s fitness business is basically sold out. Golf clubs are also flying off the shelves as are boats, RVs, and fishing poles. It’s good to see consumers spending their windfalls, but are we simply looking at a one-time jolt to economic growth that will fizzle as the stimulus wears off? Has all the spending during COVID, simply pulled a few … [Read more...]
Starbucks is Putting the Blockchain on Your Coffee Beans
Isis Almeida reports for Bloomberg that Starbucks customers will now be able to find the farm that grew their coffee beans by using blockchain technology. She writes: Starting Tuesday, customers buying coffee at Starbucks stores across the U.S. will be able to use a code on the bags to find out where their beans came from, where they were roasted and even get brewing tips from baristas, said Michelle Burns, the company’s senior vice president of global coffee, tea and cocoa. A reverse code will be given to farmers so that they can finally track their produce. The new tool, powered by … [Read more...]
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