Written by Gary
World stocks fall as Trump’s China tariff threat dampens risk appetite (SPY -2.6%). Laugh for the week: Fed officials worry about lasting economic scars from crisis – duh!
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Fed officials worry about lasting economic scars from crisisAfter rolling out trillions of dollars in support for the U.S. economy during the coronavirus pandemic, Federal Reserve officials have begun warning of potentially lasting scars to the workforce and productivity if the recovery is not handled well. |
| Telefonica seeks to merge Britain’s O2 and Virgin Media – sourcesSpain’s Telefonica SA is in talks with billionaire John Malone’s Liberty Global Plc to explore a merger of its British mobile operator O2 with Liberty’s Virgin Media cable network company, two sources familiar with the matter said. |
| Special Report: How a corporate PR machine is trying to kill a Wall Street taxAs Democratic presidential hopefuls descended on New Hampshire prior to the state’s Feb. 11 primary, John Tackeff was busy. |
| Exxon, Chevron slam brakes on shale as oil demand tumblesExxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. |
| U.S. airlines now requiring masks, promise more safety measuresWith the largest U.S. airlines now set to mandate – and provide – facial coverings for all passengers over the next two weeks, many are turning their focus to other measures to prevent the spread of the new coronavirus during air travel. |
| World stocks fall as Trump’s China tariff threat dampens risk appetiteA sharp fall on Wall Street dragged a global stocks index down on Friday on concerns that the world’s two largest economies could resume a trade war, with many financial markets closed for a holiday. |
| U.S. stocks slide as renewed tariff threat compounds pandemic fearsWall Street stocks dropped sharply on Friday as investor risk appetite was soured by the revived specter of tariffs against China, threatened anew by U.S. President Donald Trump in retaliation for the COVID-19 pandemic which has brought global economies to a grinding halt. |
| Tesla tumbles after Musk tweets stock too highShares of Tesla Inc tumbled 9% on Friday after Chief Executive Officer Elon Musk tweeted that the electric carmaker’s high-flying stock was overly expensive. |
| U.S. House panel calls on Amazon’s Bezos to testify on third-party sellersThe U.S. House of Representatives Judiciary Committee on Friday called on Amazon.com < AMZN.O> founder Jeff Bezos to testify to the panel about allegations that the online retailer uses data from its own third-party sellers to create competing products. |
| President Trump Says FDA Has Approved Remdesivir For Emergency Use: Live UpdatesPresident Trump Says FDA Has Approved Remdesivir For Emergency Use: Live Updates Summary: Texas starts reopening Michigan Gov extends lockdown Japan sending Avigan to 43 countries for clinical trials CDC reports 4,913 cases among meat plant workers Florida case count hits 34,728 NY schools to remain closed for rest of academic year NJ deaths surpass NY deaths for 2nd day France reports latest numbers as death toll nears 25k Italy reports latest numbers, says sports teams can start training May 18 NYC Mayor says city not yet ready to reopen 1 in 5 working-age Americans filed for unemployment benefits Ryanair lays off 15% of staff Dr. Fauci warns states against “leapfrogging” Left-wing demonstrators from Greece to Germany flout social distancing rules for “May Day” rallies UK warns that defective ventilators from China could kill patients *Â Â Â Â Â Â Â Â *Â Â Â Â Â Â Â Â * Update (1530ET): With stocks just minutes away from closing deep in the red, President Trump has announced that he has ordered the FDA to grant emergency approval for the drug, a decision that was widely expected – the White House task force already announced the decision to grant emergency approval during a press conference earlier this week – and unfortuantely for the president, the decision didn’t have much of an impact on shares of Gilead or the broader market. Gilead has pledged to give away millions of doses of the drug as it scrambles to produce as much of it as possible. In other news, despite repo … |
| “I Can’t Afford Three Weeks Without Pay” – Tribune Publishing Staff Blasts CEO For Job Cuts“I Can’t Afford Three Weeks Without Pay” – Tribune Publishing Staff Blasts CEO For Job Cuts Tribune Publishing Company, the owner of Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida’s Sun-Sentinel, and several other newspapers, has seen its full-year forecast revised lower by analysts who believe the publisher is headed for tough times in 2020 amid pandemic and recession. This has forced Tribune Publishing CEO Terry Jimenez to furlough employees and cut salaries as a move to protect shareholders. Vice News released an internal Slack conversation of more than 100 Tribune Publishing employees detailing how they overwhelmingly believe the CEO is putting shareholders’ interests over workers. The conversation is absolutely heartbreaking and provides insight into the economic hardships that many Americans are now facing as the economy collapses. Employees have pleaded with the CEO to reconsider the cuts, but his response to them has been silent. Tribune Publishing is backed by venture capital firm Alden Global Capital, which has a track record of stripping newspapers for cost-cutting measures. The CEO has already completed several rounds of furloughs:Â
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| Is This The End Of The Deep-State-Sponsored “Anything Goes, Nothing Matters” Culture?Is This The End Of The Deep-State-Sponsored “Anything Goes, Nothing Matters” Culture? Authored by James Howard Kunstler via Kunstler.com, Slouching Towards Resolution The people of this land have enough trouble in mind – what with livelihoods, careers, businesses, marriages, hopes and dreams circling the drain in the new insta-depression – but let’s hope they have just a little attention left over for the whirlwind denouement of the odious RussiaGate affair, now finally shredding the last defenses of the Deep State’s rogue Intel forces after years of deceit, treachery, and juridical depravity. The beginning of the end is at hand in the malicious prosecution of General Michael Flynn, and, as that’s revealed for the criminal plot it was, all the other threads in this vast tapestry of sedition will unravel. |
| Musk Admits Violation Of SEC Deal: Says Tweets About Tesla Share Price Were Not VettedMusk Admits Violation Of SEC Deal: Says Tweets About Tesla Share Price Were Not Vetted Update (1340ET): Asked if his twitter remarks were vetted by the company, or if they were a joke, Musk responded with a cryptic “no”. That sounds like a pretty clear admission of being in violation of his agreement with the SEC to allow Tesla’s board to approve all of his tweets pertaining to the company. TESLA CEO, ASKED IF TWITTER REMARKS WERE VETTED OR A JOKE, SAYS ‘NO’ As the mystery deepens, one twitter account has emerged with a plausible theory.
Musk is looking for another opportunity to buy low, and then smack the shorts in the mouth on the way back up. But as the whole world wonders whether he’s lost his mind, or whether he might face legal repercussions, neither Tesla’s massive PR operation, nor anybody else, has put forward anything approximating an explanation. So far, Musk’s tweets have knocked $14 billion off Tesla’s market cap… *Â Â Â Â Â Â Â Â *Â Â Â Â Â Â Â * Update (1225ET): Since we haven’t heard any claims, from Tesla or Musk, that the CEO’s twittter account was h … |
| Reopening economy may be difficult. Here’s how to make it workReopening economy may be difficult. Here’s how to make it workPolicymakers have not adequately emphasised on change in demand composition in the country due to Covid crisis. |
| Ambani gets closer to debt-free dreamAmbani gets closer to debt-free dreamMukesh Ambani had in August last year set a target of March 2021 to make Reliance net debt-free. |
| Why Cloud boom is not all that it seemsWhy Cloud boom is not all that it seemsThe Cloud giants have seen a drop-off in new contracts from big clients for server storage and to overhaul tech. |
| In One Chart: Will the stock market tumble back to its coronavirus lows in March? About 92 years of S&P 500 history says there’s a good chanceWill the U.S. stock market retest bear-market lows put in on March 23? That is perhaps the most prevalent question on Wall Street. |
| The Ratings Game: Why Charter Communications could be in same ‘exclusive’ club as Amazon and NetflixCharter Communications Inc. crushed broadband-subscriber estimates and showed improvement in its video-subscriber losses, fueling excitement about the company’s positioning both during and after the COVID-19 crisis. |
| Personal Finance Daily: Why Americans are willing to share their personal information in drug trials but not for coronavirus contact tracing efforts and 4 things you can do to help kids cope with upheaval from coronavirus quarantinesFriday’s top personal finance stories |
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