In a joint effort with trucking automation company TuSimple, the USPS is putting driverless trucks to work hauling mail. The Post Office is using automated trucking on a 1,000 mile route between Phoenix and Dallas. Jennifer Smith reports at The Wall Street Journal: The move comes as investors and vehicle makers are spending millions on trucking automation. The two-week pilot starting Tuesday will use big rigs supplied by autonomous trucking firm TuSimple to haul trailers on five round trips between distribution centers, the company said. The roughly 22-hour trip along three interstate … [Read more...]
Will You Run Out of Money in Retirement?
The Employee Benefit Research Institute has run the numbers, and they don't look good. An estimated 40.6% of American households are projected to run out of money in retirement. Christy Bieber reports: Saving too little for retirement is a major fear of most Americans, and studies have shown that more Americans fear insufficient retirement savings than fear death. Running out of money is indeed very frightening, as no one wants to be without the cash they need in their 70s and 80s. But how likely is it that you'll actually run out of money during your retirement years? Unfortunately, … [Read more...]
A Refreshing Look from a Fed Official
Kansas City Fed President Esther George has finally stated the truth that its seems other members of the FOMC have been avoiding all along. Low rates can fuel asset prices, and low or no inflation may not be so bad. Bloomberg's Steve Matthews reports: Federal Reserve Bank of Kansas City President Esther George said she’s opposed to cutting interest rates in order to raise inflation to the central bank’s 2% target, warning that could lead to asset-price bubbles and ultimately an economic downturn. “Lower interest rates might fuel asset price bubbles, create financial imbalances, and … [Read more...]
How Hard will Tariffs Hit Walmart?
Comparable sales were strong for Walmart in the first quarter, up 3.4%. Can that momentum be sustained with higher tariffs on China? Bloomberg's Matthew Boyle reports: Walmart Inc. advanced after meeting sales estimates and indicating that shoppers will absorb some of the costs from President Donald Trump’s tariffs on Chinese imports. Comparable sales for Walmart stores in the U.S. climbed 3.4% in the first quarter, its best for the period in nine years. Sales of groceries -- Walmart’s biggest business -- fueled the increase, and a later-than-usual U.S. flu season boosted health and … [Read more...]
Will Trump’s China Tariffs Hurt Ordinary Americans?
Without a doubt say the free-trade zealots, but free trade with China has always been an oxymoron. Free trade is a net benefit only if all participants are playing by the same rules. China has long used a different rule-book. Subsidizing industries, manipulating its currency, and pirating foreign technology are but a few of the many misdeeds that make the idea that we ever had free trade with China a farce. The free-trade at all-cost proponents would have you believe that tariffs are always a direct tax on consumers. That may be what the textbooks say, but it isn’t always the case. In … [Read more...]
Hulu is Welcomed Into the House of Mouse
Disney has signed a deal with Comcast to take full control of Hulu. The company had shared control with Fox, AT&T (which acquired a small Hulu stake when it bought Time Warner) and Comcast (which gained its share after purchasing NBC). After it acquired Fox, Disney held the majority of the streaming service. Then AT&T also agreed to sell its smaller share in April. With Hulu under its control, and its Disney+ streaming service debuting in November, Disney can now escalate its competition with Netflix. Bloomberg's Gerry Smith and Lucas Shaw report: Hulu will be a key weapon in … [Read more...]
The Fed Unleashed a Force it Can’t Control
After the Fed told banks it was OK to lend to riskier companies, that's exactly what they did. Now, underwriting standards have fallen so far that Fed officials want the banks to pullback. Bloomberg's Craig Torres and Lisa Lee report: U.S. regulators told banks and investors that it was OK to make riskier loans to companies. Now they’re having trouble reining in the excesses that resulted. In the first quarter, banks and investors helped bring some of the highest debt levels of this decade to leveraged buyouts and other acquisitions. Lenders are letting companies aggressively massage … [Read more...]
Bargain Hunting Hedge Funders Take a Toll on Greenwich Mansion Market
In Greenwich, CT, the bedroom community of America's hedge fund giants, the real estate market it being depressed by a lack of demand for the luxury homes on the market there. Bloomberg reports: Homebuyers in the hedge fund haven of Greenwich are favoring smaller properties over the sprawling mansions the Connecticut town is known for. The average size of single-family homes that sold shrank for a third time, pulling the median price down 17 percent in the first quarter from a year earlier to $1.69 million, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a … [Read more...]
Is the Apple Store Losing its Cool?
After years of fan driven mania, manifesting itself in concert-ticket like lines in front of its locations for the launch of major products, the Apple Store may be losing its cool. Apple users are becoming frustrated with the store's poor service. Bloomberg's Mark Gurman and Matthew Townsend report (via the LA Times): There was the time he visited the Easton Town Center location to buy a laptop for his 11-year-old daughter and spent almost 20 minutes getting an employee to accept his credit card. In January, Smith was buying a monitor and kept asking store workers to check him out, but … [Read more...]
This is What Can Happen when Momentum Crashes
Stamps.com was a major winner during the momentum-fueled market that has dominated since 2013. The stock was among the 20 best performers in the Russell 3000 Index (top 3,000 U.S. companies ranked by market capitalization) when it hit an all-time high in June of last year. Today, shareholders are likely weeping. The stock is indicated to open at $44.50—a 50% haircut from yesterday and a portfolio-decimating 84% below its high of last year. Turns out Stamps.com's business was pretty reliant on some exclusive contracts with the U.S. Postal Service that were terminated earlier this year. We … [Read more...]
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