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Tesla says took government payroll benefits to offset coronavirus shutdowns (Also reported $100M profit)

Published: July 28, 20203 min read0 comments
(Reuters) - Tesla Inc received payroll related benefits from the government in the first half of the year to help reduce the impact of the coronavirus pandemic on its business, the electric carmaker said in a filing on Tuesday. The company, whose Chief Executive Officer Elon Musk has spoken against further government aid as Congress debates another round of stimulus, said that along with cost cuts, the benefits had offset almost all of its costs due to the idling of factories in this year's lockdowns. (https://bit.ly/2P4QdsC)..
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Video: Coronavirus finally slows down US home price growth

Published: July 27, 20206 min watch0 comments
The novel coronavirus has finally put the brakes on home price growth in the U.S. Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 4.5% annual gain in May, down from 4.6% a month earlier. The 20-City Composite posted a 3.7% annual gain, down from 3.9% in April. As in March and April, the 20-City Composite did not include transactions for Wayne County, Mich., due to delays at its local recording office caused by the COVID-19 lockdown. The results miss BofA Global Research’s estimate of a 4.9% annual gain for the national index and a 4.1% annual gain for the 20-City Composite...
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Video: 'The numbers aren't matching up to the reality': GLJ Research CEO on Tesla demand in China

Published: July 27, 20206 min watch0 comments
Gordon Johnson, GLJ Research's Founder and CEO, joined Yahoo Finance's The Final Round to discuss his outlook on Tesla and why the company's demand in China may not be what it seems. "They didn't make $100M+ profit, they lost around $300M"..
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How the Fed could push mortgage rates even lower this week

Published: July 27, 20205 min read190 comments
Both homebuyers and homeowners are loving today's record-breaking mortgage rates, which have been averaging less than 3% for the very first time. As rates have made history this month, mortgage applications have been rising...
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‘Trouble’s coming,’ warns short-selling legend who just cashed in a roughly $100 million winning bet

Published: July 27, 20203 min read190 comments
That’s legendary short seller Jim Chanos, fresh off a $100 million win, casting gloom over the current state of the stock market in a recent interview with the Financial Times. Chanos, who once made a killing by shorting Enron and aims to make another one with his bearish bet against Tesla TSLA, +8.65%, just earned nine-figures by shorting Wirecard ahead of its collapse, according to sources cited in the FT story...
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Video: You don’t just cut people off without having a real optics problem in terms of the economy: Economist

Published: July 27, 20208 min watch0 comments
Joe Brusuelas, RSM Chief Economist joins the On the Move Panel to discuss the latest on the second COVID-19 stimulus package...
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Gold’s ‘Stunning’ Surge Evaporates Shorts With Fed Full-Throttle

Published: July 27, 20203 min read0 comments
(Bloomberg) -- Traders are abandoning bearish bets on gold as the yellow metal surges to all-time highs. Short interest as a percentage of shares outstanding on the $75 billion SPDR Gold Shares exchange-traded fund, ticker GLD, is near the lowest level since July 2009, according to data from IHS Markit Ltd. Meanwhile, bullish call option volume in the ETF posted its second-biggest jump ever last week before bullion climbed to a record $1,946 per ounce Monday...
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When the Lagging Asset Classes Go Euphoric, Watch Out

Published: July 27, 20203 min read0 comments
The limitless money printing by the central banks throughout 2020 has forced the hands of investors to chase any yielding asset that can and will outperform cash or low yielding debt. As the market bounced back sharply after the initial lockdown induced collapse, investors first chased Corporate Bonds, then Junk Bonds, Technology, then off to Gold, with the latest craze being Silver. As fundamental and logical as that may be, timing is critical. After bouncing 40% from March lows of $1200/oz., it got all the way up to $1700/oz. and consolidated there. But in the last 10 days it just broke higher and moved up by 40%. What is happening to cause this?..
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Video: Small businesses may be impacted as banks expect 'much larger future loses': Former TARP Director

Published: July 27, 20206 min watch0 comments
Alliance Partner Co-President and Former TARP Director Lori Bettinger joins the On the Move panel to discuss what to expect from the new stimulus bill...
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Fed Will All But Guarantee Negative Real Yields

Published: July 27, 202010 min read0 comments
(Bloomberg Opinion) -- Federal Reserve Chair Jerome Powell has likely heard it all about negative U.S. real yields: How they’re devastating for pensions and life insurers, causing equity valuations to outpace the economic recovery, encouraging a stampede into gold and out of the dollar and giving the green light for American companies to gorge on cheap debt once again. The message he and his colleagues are likely to convey at their meeting this week: That’s all fine with us...
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Billionaire investor Ray Dalio fears for the dollar and the ‘soundness of our money,’ and here’s why

Published: July 27, 202010 min read77 comments
Gold is rallying at the start of the week, as U.S.-China tensions and coronavirus fears mount, but the U.S. dollar is continuing to decline. The precious metal hit a fresh record on Monday, as gold futures GC, -0.51% climbed $39.60, or 2.1%, to $1,937.20 an ounce. Beijing retaliated on Friday after the U.S. ordered the closure of its consulate in Houston. China hit back by ordering the U.S. to close it own consulate in Chengdu. The spat between the world’s two largest economies spooked investors, but those concerns were somewhat shrugged off early on Monday ahead of a bumper week of earnings. U.S. stocks DJIA, 0.24% SPX, 0.28% COMP, 0.60% opened higher...
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The hottest trade in the stock market faces a huge test this week: Morning Brief

Published: July 27, 202010 min read47 comments
Mega-cap tech stocks face mega risks It’s the hottest trade in the stock market. We’re talking about investors betting on Facebook (FB), Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Alphabet (GOOGL, GOOG). These five stocks represent 1% of the names in the S&P 500 (^GSPC) but over a fifth of the market value. They’re the reason why the S&P is up. And everyone’s a bit nervous about it as these stocks have decoupled from the rest of the market and valuations are getting stretched...
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Video: 1.2M buyers pay big bucks for video game consoles, sports memorabilia amid global pandemic

Published: July 27, 20208 min watch0 comments
Yahoo Finance’s Alexis Christoforous and Brian Sozzi speak with Heritage Auctions President Greg Rohan about the surge in sales the company has seen amid the coronavirus outbreak...
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EDITOR'S CHOICE: A new stock-market high is coming because of all the money that is being printed

Published: July 21, 202015 min read17 comments
The stock market is likely headed toward a new high fueled by borrowing and money printing, European leaders have agreed on a recovery plan that will cost $2.1 trillion. In the U. S., another stimulus package is likely ahead. It is out of fashion to consider how the borrowed money will be paid back. Central banks stand ready to print as much money as they want — there appear to be no constraints on the central bankers, who are not elected...
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Here’s what’s behind the ‘perfect storm’ sending silver prices surging

Published: July 22, 202010 min read47 comments
It is hard to find an asset on more of a roll than silver. On Tuesday, silver for September delivery SI00, 7.04% surged nearly 7%, the highest settlement since March 2014, and 83% above its March lows. Silver was up in the early hours of Wednesday as well...
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The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market

Published: July 22, 202010 min read4 comments
Back in January, my column for Marketwatch detailed the massive danger that jumbo mortgages posed for U.S. mortgage and housing markets. After months of actions to counter the impact of COVID 19, the potential jumbo mortgage disaster is clearer than ever...
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U.S. to pay Pfizer, BioNTech $1.95 billion for millions of COVID-19 vaccine doses

Published: July 22, 20205 min read17 comments
The agreement allows the U.S. government to acquire an additional 500 million doses, the Department of Health and Human Services and the Department of Defense said. The Trump administration has agreed to spend billions of dollars for the development and procurement of a potential vaccine...
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Hunger rate amid coronavirus will go higher than during Great Depression: Feeding America CEO

Published: July 22, 20205 min read21 comments
Long lines at food banks amid the coronavirus outbreak have reminded many of the breadlines that stretched along sidewalks across the U.S. during the Great Depression. But the current hunger crisis will get even worse than what befell America in the 1930s, says Claire Babineaux-Fontenot, the CEO of Feeding America, one of the largest hunger relief organizations in the U.S...
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This might be ‘the worst time in history’ to pile into these stocks, but investors keep doing it anyway

Published: July 21, 20205 min read0 comments
Two of the most reliable patterns in investing, according to Servo Wealth Management CEO Eric Nelson: Stocks outperform bonds and low-priced value beats higher-priced growth. Stocks have held up their end of the bargain vs. bonds lately, but value stocks have been a loser. Investors feeding on the growth trough would be wise to be wary of a return to historical norms...
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Here’s one easy way to know if the stock market is in a bubble, says technical analyst

Published: July 21, 202010 min read61 comments
Two of the most reliable patterns in investing, according to Servo Wealth Management CEO Eric Nelson: Stocks outperform bonds and low-priced value beats higher-priced growth. Stocks have held up their end of the bargain vs. bonds lately, but value stocks have been a loser. Investors feeding on the growth trough would be wise to be wary of a return to historical norms...
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EU reaches historic deal on pandemic recovery after fractious summit

Published: July 21, 20205 min read22 comments
BRUSSELS (Reuters) - European Union leaders clinched an historic deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit lasting almost five days...
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Men's Wearhouse parent Tailored Brands to cut corporate workforce by 20%, close up to 500 stores

Published: July 21, 20202 min read22 comments
Shares of Tailored Brands Inc. TLRD, 5.71% sank 6.9% toward a record low in premarket trading Tuesday, after the parent of apparel retailers Men's Wearhouse and Jos. A. Bank said it expects to cut about 20% of its corporate workforce and close up to 500 stores given the impact of the COVID-19 pandemic on its business...
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Gold climbs to a near 9-year high and silver aims for highest finish since 2014 on fiscal stimulus moves

Published: July 21, 202010 min read0 comments
Gold futures climbed Tuesday to a nearly nine-year high and silver rallied to prices not seen since 2014, with the precious metals lifted by an agreement on a fiscal rescue plan by European leaders and expectations for additional spending by the U.S. government...
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Gold, Silver Extend Surge to Multi-Year Highs on Virus, Stimulus

Published: July 21, 20205 min read6 comments
(Bloomberg) -- Precious metals are shining, with both gold and silver hitting multi-year highs on the back of persistent concerns over the coronavirus and the outlook for further economic stimulus worldwide...
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LinkedIn cuts 960 jobs as pandemic puts the brakes on corporate hiring

Published: July 21, 20203 min read3 comments
(Reuters) - Microsoft Corp’s (MSFT.O) professional networking site LinkedIn said on Tuesday it would cut about 960 jobs, or 6% of its global workforce, as the coronavirus pandemic is having a sustained impact on demand for its recruitment products...
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Wall Street Is Throwing Billions At Once-Shunned Gold Miners

Published: July 20, 202010 min read22 comments
A year ago, you couldn’t get Wall Street to touch most gold miners’ stocks. Today, it’s throwing billions at the industry. Precious-metals miners once seen as too leveraged and high-risk for the typical investor raised $2.4 billion in secondary equity offerings during the second quarter, data compiled by Bloomberg show. That’s the most since 2013 and seven times more than the funds they raised a year earlier...
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Billionaire Mark Cuban says stock-market tech rally ‘very similar’ to tech bubble: ‘My 19 year-old niece is asking me what stocks’ she should buy

Published: July 20, 20203 min read9 comments
Outspoken billionaire and Dallas Mavericks owner Mark Cuban says that the stock market’s recent technology-driven run-up from coronavirus lows has many of the hallmarks of the bubble that rocked markets in the late 1990s and early 2000s. One big difference: This time the Federal Reserve is amplifying liquidity in the pandemic-battered economy, which has helped to support risk appetite on Wall Street, emboldening newly minted individual investors to make risky bets on highflying stocks...
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The Fed Is Going To Buy Stocks

Published: July 18, 202010 min read0 comments
The Fed is going to buy stocks. I don’t know precisely when (sorry day traders), but it will happen, and probably soon. The first half of the Fed’s dual mandate is to promote maximum employment - that means avoiding and mitigating recessions. Supporting the S&P 500 is central to this effort, not because a fall in the market signals a recession is coming, but because it is the recession. This isn’t what we’re taught in Economics 101 and frankly it isn’t how most economists understand the market, so the idea requires a little backstory...
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The Fed’s new $600 billion COVID-relief program allows small banks to play in the big leagues

Published: July 20, 20203 min read0 comments
A 108-year-old community bank that started with $11,000 and now has over $1 billion in assets is handing out individual loans of up to $300 million to help save midsize companies in Texas. Family-owned, century-old Vista Bank weathered Texas’ devastating Dust Bowl, endured a couple world wars and survived the bank-busting Great Recession...
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Long-Term Investing Tips For Beginners

Published: July 20, 202010 min read0 comments
Newsflash for investing newbies: You don’t need a PhD in finance to start saving for retirement or other long-term goals. But you can’t rely on beginner’s luck, either. You need to learn and implement some basic investing concepts. Keep it simple. Even acing “Investing 101” strategies will help you achieve goals like saving for a home, boosting your 401(k) balance so you can retire in style, or becoming a millionaire...
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U.S. Congress girds for a fight over new coronavirus aid bill as clock ticks

Published: July 20, 20203 min read2 comments
WASHINGTON (Reuters) - U.S. Senate Democrats are prepared to block Republicans from moving forward on a partisan coronavirus aid bill, the chamber's top Democrat warned on Monday, as Republican leaders met at the White House to discuss legislation...
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The trade-off between economic and health outcomes of the COVID-19 epidemic

Published: July 20, 202015 min read0 comments
Traditional epidemiology models generally don’t allow for interactions between peoples’ economic decisions and rates of infection, limiting their usefulness for forecasting and policy analysis. This column introduces a framework for combining economics and epidemiology in a way that allows for these interactions and uses the model to address the challenge of designing and implementing policies that improve the trade-off between economic and health outcomes during an epidemic. The results suggest that testing and quarantine policies should play a central role in minimising the social costs of the COVID-19 crisis...
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America’s hidden economic crisis: Widespread wage cuts

Published: July 19, 202010 min read0 comments
Employers are using pay cuts to stay afloat during the recession, an unusual move that could signal deep damage to the labor market. Millions of Americans who managed to hold onto their jobs amid the coronavirus pandemic have seen their incomes drop as employers slashed wages and hours to weather what they expected to be a short-term shutdown...
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‘Follow the Fed’ Mantra May Soon Fizzle Out Across Bond Markets

Published: July 20, 20205 min read2 comments
(Bloomberg) -- A breakneck rally across bond markets may slow as traders come to grips with the notion that the Federal Reserve’s support isn’t unconditional. After a torrid rally sparked by the Fed’s announcement in March that it would begin buying corporate debt, investment-grade bonds have stalled near record levels...
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Warren Buffett is ‘willing to look like an idiot in the short term,’ according to ‘Wall Street’s biggest influencer’

Published: July 20, 20205 min read71 comments
Barstool Sports founder and mouthy trader Dave Portnoy got plenty of heat last month for calling Warren Buffett an “idiot” after the Berkshire Hathaway BRK.B, -0.43% boss unloaded his airline stocks and missed out on a big rebound in the beaten-down sector...
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Social Security At Risk? 5 Tips Shield You From Cutbacks

Published: July 20, 202010 min read2 comments
Social Security benefits are on shaky ground and the coronavirus recession only makes things worse. Can you protect yourself from whatever cutbacks the Social Security Administration might be forced to make?..
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Your company gives you an early retirement offer, should you take it?

Published: July 19, 20205 min read4 comments
Dear Pete,My employer just came to me with an early retirement offer, as they’re struggling due to the economic downturn. I’m 62 years old, while my husband is 63, and together we have about $1.6 million in retirement accounts...
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White House Says Discussions For Next Stimulus Bill To Start ‘In Earnest’ This Week

Published: July 19, 20205 min read0 comments
Negotiations for what will go into the next stimulus bill, which will likely include another stimulus check, are set to start “in earnest” on Monday, White House chief of staff Mark Meadows said Sunday, in what could be the last major push in federal funding to an American economy that’s been rocked by the impacts of coronavirus...
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Vaccine manufacturers testify before Congress, earnings bonanza: What to know in the week ahead

Published: July 19, 20205 min read112 comments
This week, the second-quarter earnings season continues with a host of companies across industries slated to report results. Mid-week, a handful of pharmaceutical companies that are working to quickly develop a Covid-19 vaccine will testify before Congress...
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Twitter shares stumble after high-profile, unprecedented hack

Published: July 16, 20205 min read58 comments
(Reuters) - Shares of Twitter Inc (NYSE:TWTR) dropped more than 4% in pre-market trading on Thursday, a day after hackers gained access to the social media company's internal systems to hijack accounts of several politicians, billionaires, celebrities and companies. Hackers infiltrated the twitter handles of U.S. presidential candidate Joe Biden, reality TV star Kim Kardashian, former U.S. President Barack Obama and billionaire Elon Musk to solicit digital currency - raising major concerns about security on the widely-used platform...
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Jump into stock market expecting rise 'a fool's errand': Billionaire investor David Rubenstein

Published: July 16, 20205 min read58 comments
The major stock indexes continued their rise on Wednesday, buoyed by a key milestone in the development of a coronavirus vaccine despite an ongoing spike in cases across most U.S. states. But the good days for the stock market won’t last, says David Rubenstein, a billionaire investor and co-founder of private equity giant Carlyle Group. He warned against bullish near-term market expectations, citing a disconnect between rising equity prices and a sluggish economy...
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Corporate America is leading the way on mask compliance: Morning Brief

Published: July 16, 202010 min read105 comments
On Wednesday, Walmart (WMT) became the latest — and largest — national chain to mandate customers wear masks inside its stores. The requirement begins at Walmart stores nationwide on July 20. In a blog post on Wednesday, Walmart noted that just 65% of its stores are located in areas where some sort of mask mandate is in place...
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Jobless claims: Another 1.3 million Americans filed for unemployment benefits last week

Published: July 16, 20203 min read111 comments
New jobless claims declined by a smaller than expected margin in the Labor Department’s new report Thursday, as a surge in US virus cases threatens the pace of the labor market’s recovery. Here were the main figures from the report, compared to consensus estimates compiled by Bloomberg: Initial jobless claims, week ended July 11: 1.3 million vs. 1.25 million expected. Continuing claims, week ended July 4: 17.338 million vs.17.5 million expected..
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J.Jill extends forbearance agreement with lenders in latest bid to stave off bankruptcy

Published: July 16, 20202 min read0 comments
Retailer J.Jill Inc. JILL, +4.70% said Thursday it has reached an agreement with lenders to extend a forbearance period to July 23 to give the company more time to complete negotiations. "We are making progress with the negotiations and expect a resolution soon," Interim Chief Executive Jim Scully said in a statement...
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Is Tesla Worth $2,322 or $300? How 10 Analysts See the Stock.

Published: July 16, 20205 min read5 comments
Tesla is a controversial stock. That means investors need to sharpen their pencils and try to understand what analysts are saying—because when controversy is high, the Wall Street consensus doesn’t mean anything...
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Second Stimulus Check And $600 Benefit Extension May Be Delayed; Here’s Why That Might Be A Good Thing

Published: July 15, 202015 min read150 comments
There may be a delay in the passage of the next coronavirus stimulus bill, which increasingly looks like it could include a second stimulus check and an extension, probably at a lower rate, of federal unemployment checks. You may instinctively think a delay is bad, but paradoxically, a hold up may turn out to be in the best interest of many Americans...
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Walmart to require face masks for customers and workers at all US stores

Published: July 15, 20205 min read150 comments
Walmart (WMT) will require all customers and employees to wear face masks at all of its locations beginning July 20, as the U.S.’s surging COVID-19 diagnoses feed a groundswell of support for face coverings in public. Approximately 65% of Walmart’s nearly 5,000 locations operate in areas that have a government mandate in place requiring masks...
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JPMORGAN: 3 things to think about amid 'quite high' stock market valuations’

Published: July 15, 20205 min read11 comments
(Reuters) - Wall Street gained on Wednesday with the S&P 500 hitting its highest in more than four months following a strong quarterly showing by Goldman Sachs and promising early data for a potential COVID-19 vaccine. The U.S. lender jumped 1.4% as its trading revenue doubled in the second quarter, driven by big swings in stock and bond markets since March...
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Ben Carson on second coronavirus economic shutdown: ‘You do that again, and you completely destroy the financial infrastructure’

Published: July 15, 20205 min read3316 comments
A second shutdown of the U.S. economy would destroy the country’s financial system, U.S. Secretary of Housing and Urban Development Dr. Ben Carson told Yahoo Finance. “When you look at the damage that was done the first time, you do that again, and you completely destroy the financial infrastructure, and a lot more people would...die than would ever die from the virus,” said Carson...
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Apple wins appeal against €13bn EU tax ruling

Published: July 15, 202015 min read150 comments
Apple (APPL) on Wednesday won its appeal against a 2016 European Union ruling that found Ireland had provided €13bn (£11.7bn, $14.7bn) in illegal tax benefits to the technology giant. In a significant blow to the landmark ruling by EU competition commissioner Margrethe Vestager, the EU’s General Court said that the European Commission was wrong to declare that two rulings by Irish tax authorities constituted illegal state aid...
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CNBC’s Jim Cramer uses this chart to predict the exact date the stock market could hit the skids

Published: July 15, 20203 min read255 comments
Bulls, enjoy the next couple of weeks. Why? Well, according to “renowned trading expert” Larry Williams and his reading of this chart, the end of the month could also mean the end of the rally...
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'A scary number' of retail companies are facing bankruptcy amid the coronavirus pandemic

Published: July 15, 202010 min read2308 comments
COVID-19 continues to squeeze the life out of retail. On Tuesday, regional retailer Paper Store filed for Chapter 11. The operator of 86 stationary and card stores in the Northeast said it’s looking for a buyer. New York & Co. parent company RTW Retailwinds filed for Chapter 11 bankruptcy protection on Monday after years of growing irrelevance in malls. The women’s apparel company — which changed its name to the bizarre RTW Retailwinds as part of a rebranding in 2018 — operates 378 outlet and and mall-based stores across 32 states...
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J.C. Penney shares soar after announcing 152 store closures and 1,000 job cuts

Published: July 15, 20202 min read23 comments
Shares of bankrupt department store retailer J.C. Penney Co. Inc. soared 16.6% in Wednesday trading after it announced a company restructuring that includes 152 store closures and a headcount reduction of 1,000 workers across corporate roles, management and internationally...
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Professor Whose Formula Predicts Bankruptcies Has a Big Warning

Published: July 15, 20205 min read40 comments
(Bloomberg) -- The New York University professor who developed one of the best-known formulas for predicting corporate insolvencies has a warning for U.S. credit investors: this year’s spate of “mega” bankruptcies is just getting started...
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