As generative AI systems take many industries by storm, calls have been growing on the need to regulate emerging tools and address the potential downsides of the technology. Just last week, the CEO of OpenAI, the creator of ChatGPT, testified to Congress about the necessity of government intervention for mitigating the risks of increasingly powerful artificial intelligence models. While lawmakers didn't arrive at any specific proposals at the first AI hearing on Capitol Hill, several ideas were brought up and more are now on the horizon.
Snapshot: In response to "one of the most powerful technologies of our time," the Biden administration is taking new steps to "advance responsible artificial intelligence." The first is updating its roadmap, called the National AI R&D Strategic Plan, which outlines key priorities and goals for federal investments in AI research and development. It also released a new request for public input on critical AI issues, like "protecting individuals' rights and safety, and harnessing AI to improve lives." A new report on AI trends in education is being addressed as well, which will cover the risks and opportunities related to teaching, learning, research, and assessment.
Social media went through similar scrutiny during its growth stages in the 2010s. Under the microscope were addictive behavior and disorders stemming from social comparison - and later - data privacy and misinformation. The difference this time around is that AI companies are generally calling for increased regulation as they disrupt current models, compared to the once-famous motto of "move fast and break things" of Facebook founder Mark Zuckerberg. The government today also seems to be keenly aware of moving too slowly on the tech front, with U.S. Surgeon General Vivek Murthy even releasing an advisory that covers the dangers of social media on child and adolescent brain development.
SA commentary: "Hype over AI investing has quickly caused a bubble to form in AI stocks," writes SA analyst Logan Kane in Artificial Intelligence Investing Hype Needs A Reality Check. "History shows dozens of similar examples with each new technological innovation," citing lessons learned from the dot-com bubble, and similar patterns that have recently played out in cannabis stocks, sports betting and blockchain. He also compares tech innovations that lead to increased growth and corporate profits vs. trends that weigh on labor productivity and margins. (17 comments)
Pay up
Password-sharing days are over if you have a U.S. Netflix (NFLX) account. A crackdown that started in Latin America, Europe, and elsewhere has finally arrived in the streamer's home market, as it looks to combat slower growth with additional revenue streams. "A Netflix account is for use by one household," the company wrote in a blog post. "Everyone living in that household can use Netflix wherever they are - at home, on the go, on holiday - and take advantage of new features like Transfer Profile and Manage Access and Devices." The new model will allow users to buy extra memberships at a lower rate, and many may start seeing the prompts the next time they log in. (26 comments)
Saudi warning
Starting off the month at around $65 a barrel, WTI crude prices have bounced in May by nearly $10/bbl. The latest announcement from Saudi Arabia's top energy official may add to the rally after he told short sellers to "watch out." "Speculators, like in any market they are there to stay, I keep advising them that they will be ouching - they did ouch in April," Prince Abdulaziz bin Salman declared at an economic forum in Doha, referring to the surprise production cuts posted in early April. However, that rally was short-lived, and some are voicing renewed skepticism before OPEC+ meets in Vienna on June 4 to discuss production policy for the second half of 2023. (25 comments)
Just in case
As the debt ceiling continues to take attention, the market still has to contend with whether the Fed can engineer a prized soft economic landing or if a recession is on its way. Goldman Sachs is more bullish on the economy, with economists estimating just a 35% chance of recession, compared with an average of 60% from other major banks. However, if a hard landing does materialize, Goldman’s equity team has picked its favorite stocks to put cash to work. Those stocks have some combination of low valuation, a strong balance sheet and a solid dividend history. Among the picks are Microsoft (MSFT), J&J (JNJ), Coca-Cola (KO) and Hormel (HRL). See the full list here. (61 comments)
Today's Markets
In Asia, Japan -0.9%. Hong Kong -1.8%. China -1.3%. India -0.3%. In Europe, at midday, London -1.8%. Paris -1.8%. Frankfurt -1.7%. Futures at 6:30, Dow -0.4%. S&P -0.4%. Nasdaq -0.3%. Crude +1.6% to $74.05. Gold +0.2% to $1979.10. Bitcoin -2.3% to $26,722. Ten-year Treasury Yield -2 bps to 3.68%
Today's Economic Calendar
7:00 MBA Mortgage Applications 10:00 State Street Investor Confidence Index 10:30 EIA Petroleum Inventories 11:00 Survey of Business Uncertainty 11:30 Results of $22B, 2-Year FRN Auction 12:10 PM Fed's Waller Speech 1:00 PM Results of $43B, 5-Year Note Auction 2:00 PM FOMC Minutes
Companies reporting earnings today »
What else is happening...
Former rivals, Uber (UBER) and Waymo (GOOGL), partner on robotaxis.
Earnings: Lowe's (LOW) management offers optimistic commentary.
Apple (AAPL) inks Broadcom (AVGO) deal for U.S.-made components.
Meta (META) sells Giphy to Shutterstock (SSTK) at a $262M loss.
DeSantis to launch presidential run during an event with Elon Musk.
'Organized retail crime is definitely a thing' - BJ's (BJ) earnings call.
Panera Brands names new CEO as it moves toward IPO.
Bud Light (BUD) sales continue crashing, Coors Light (TAP) sales rise.
Mortgage delinquency rate bounces 13% off March lows - Black Knight.
COVID vaccine stocks light up amid fears of new infections in China

While most investors are expecting an 11th-hour deal to be reached over the debt ceiling, interesting market dynamics are at play as the drama unfolds in Washington. Some triple-A corporate bonds from Microsoft (NASDAQ:MSFT) and Johnson & Johnson (NYSE:JNJ) are trading at a yield discount to Treasury bills, which are generally viewed as the most safe investment in the world. In fact, Wall Street just witnessed the busiest week of the year for investment-grade corporate bond issuance, helped by a $31B debt sale by Pfizer (NYSE:PFE) that became the fourth largest on record.
Where things stand: Following a talk on Monday evening, President Biden and House Speaker Kevin McCarthy agreed that both sides will keep negotiating on a debt limit plan to avoid default, though they didn't reach any agreement. "I believe we can still get there," McCarthy declared, though he's not considering the president's suggestion to cut the deficit by increasing taxes for the wealthy or closing tax loopholes for the pharma and oil industries. Instead, he's focused on reducing spending in the FY2024 federal budget following a reported agreement to cut unspent pandemic funding.
The chance of a default occurring is "very, very small, but not zero," explains John Mason in a new SA article that examines the probabilities. SA analyst David Lerner adds that the "scare" could be the "last best chance" to get into this rally, while Investing Group Leader Mott Capital Management writes that a deal may lead to a giant stock market liquidity drain.
What would happen if the U.S. defaults? Moody's Analytics forecasts "spiking interest rates and plunging equity prices," as well as the freezing up of short-term funding. Volatility might also send shockwaves throughout the financial system, spreading to the derivative and mortgage markets, where Treasuries are often used as collateral for securing trades and loans. The focus would then turn to the Federal Reserve and its backstop menu of options to avert a calamity, but Chair Jay Powell has repeatedly warned that "no one should assume that the Fed can protect the economy."
AI headaches
With algorithms scraping sites and social media for headlines to react to, the rise of AI photos has given investors another headache. On Monday morning, the account Bloomberg Feed (@bloombergfeed) - not associated with Bloomberg but with a blue checkmark - shared a fake image of an explosion at the Pentagon, which quickly went viral. "For all of a few minutes after the U.S. open, the S&P 500 (SP500) shed around a quarter of a percent, whilst yields on 10yr Treasuries (US10Y) moved about 4bps lower [before recovering]," Deutsche Bank's Jim Reid wrote. "Given the suggestions that the initial photo might have been AI-generated, it just shows the potential pitfalls for markets if fake news driven by AI can cause concrete movements in asset prices." (10 comments)
Water use
Under pressure of more severe cuts by the federal government, Arizona, California and Nevada have reached a deal to cut water usage from the drought-stricken Colorado River. In return, the Biden administration will compensate cities, irrigation districts, agricultural landowners and farm operators, with funding to the tune of $1.2B that will come from the Inflation Reduction Act. While the agreement will trim water usage by about 13% across the Southwest, or 3M acre-feet of water by 2026, bigger solutions will be needed in the future, especially if dry conditions intensify. SA analyst Vlad Deshkovich discusses what the Colorado River water shortages will mean for investors in the long-term, while AllianceBernstein explains that water scarcity is no longer just a problem for developing countries in desert climates. (6 comments)
Is it constitutional?
Lawsuits were expected and lawsuits have arrived. TikTok is suing Montana over its decision to ban the popular short video app across the state starting in January 2024. The suit alleges that the ban violates the First Amendment and rules governing interstate commerce, as well as laws like federal preemption. "We are challenging Montana’s unconstitutional TikTok ban to protect our business and the hundreds of thousands of TikTok users in Montana," TikTok, owned by China-based ByteDance (BDNCE), said in a statement. In other legal tech news, Meta Platforms (META) was slammed with a $1.3B fine by the EU, marking the biggest penalty ever levied by Ireland's Data Protection Commission. (7 comments)
Today's Markets
In Asia, Japan -0.4%. Hong Kong -1.3%. China -1.5%. India flat. In Europe, at midday, London +0.3%. Paris -0.8%. Frankfurt -0.1%. Futures at 6:30, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude +0.2% to $72.21. Gold -1% to $1957.60. Bitcoin +1.8% to $27,314. Ten-year Treasury Yield +2 bps to 3.74%
Today's Economic Calendar
Fed's Logan Speech 9:45 PMI Composite Flash 10:00 New Home Sales 10:00 Richmond Fed Mfg. Index 1:00 PM Results of $42B, 2-Year Note Auction 1:00 PM Money Supply
Companies reporting earnings today »
What else is happening...
WSB survey results: Economic data cannot be completely trusted.
St. Louis Fed's Bullard sees two more rates increases this year.
Chevron (CVX) to buy PDC Energy (PDCE) in $6.3B all-stock deal.
Losses prompt ZIM Integrated Shipping (ZIM) to scrap its dividend.
Can India become a new China for Apple (AAPL)? - Bernstein.
Walgreens (WBA) falls to slowest level in almost 11 years.
JPMorgan (JPM) cites reason that helped First Republic acquisition.
Yelp (YELP) gains on report of activist investor push for sale.
PacWest (PACW) offloads real estate loans to Kennedy-Wilson (KW).
Steve Cress, SA Head of Quant, discusses the fall of office REITs.

Netflix (NFLX) went on a wild ride in after-hours trading on Tuesday, sliding over 12% before ending the session near the flatline at $333/share. The stock is still holding steady in the premarket session this morning, following the streaming giant's set of mixed results and initial scares over some of the company's guidance and growth momentum. Note that Netflix no longer forecasts quarterly user figures after diversifying its business, but said it expects Q2 revenue of $8.2B, shy of consensus estimates for $8.47B.
Bigger picture: Netflix is looking for its next streaming act after killing off its DVD-by-mail service that revolutionized movie rentals and eventually vaulted it into Hollywood. The next business plan is to crack down on passwords (paid sharing), as well as new subscription plans that include advertising (ad-supported tiers), though it remains to be seen how things will play out. As for the strike recently authorized by Hollywood's writers union, Netflix announced its respect for the writers and WGA, but is confident that there's enough in the pipe to soften the blow.
"We are growing, not as fast as we believe we can, not as fast as we would want to, but we are growing and we are profitable," co-CEO Ted Sarandos said on the earnings call. "We have a clear path to reaccelerate growth in both revenue and profit and we are executing on it." Responding to the results, SA Investing Groups Leader Quad 7 Capital said the "good and bad news" has the market confused, while commenting on the recent earnings and outlook, margins and free cash flow.
Up next: The electric vehicle sector will be on high notice after today's closing bell with Tesla (TSLA) due to report Q1 results. The key question for investors may be the update on margin expectations amid the EV pricing war. Ahead of the big results, Tesla even cut prices in the U.S. for sixth time this year, with the rear-wheel drive variant of the Model 3 now going for under $40,000 before incentives.
Moving on
It came a bit late, but Fox News (FOX) has agreed to pay $787.5M to settle a defamation lawsuit from Dominion Voting Systems centering around the network's claims about a rigged presidential election in 2020. The settlement, which represents "accountability" and a "ringing endorsement of truth and democracy," according to Dominion attorneys, marks just about the halfway point in the company's push for $1.6B in damages. Now the focus turns to Smartmatic, another voting machine company that is similarly suing Fox News for $2.7B in damages. "Ouch. $787.5M is 52% of Fox's net income TTM," wrote user Orangejulius, while The Real Cavalier was quick to explain why it's "not material to the stock price." Join the discussion here. (319 comments)
Is cash still king?
Federal Reserve Governor Michelle Bowman said yesterday that a wholesale central bank digital currency could be promising for future settlement of some financial market transactions and processing international payments. The remarks echoed prior-day comments from across the pond, with Bank of England Deputy Governor Sir Jon Cunliffe citing a need to create a so-called digital pound. While the U.S. has not yet created a CBDC - a central bank-issued digital currency representing a nation's fiat currency - both the Biden administration and the Federal Reserve have been assessing the potential risks and benefits since last year. Here's an in-depth take on what CBDCs are and how they are different from cryptocurrencies.
(Not) ready for takeoff
Southwest Airlines (NYSE:LUV) requested the FAA pause the airline’s departures on Tuesday, according to the regulator, due to "intermittent technology issues." Data from FlightAware showed the lack of a quick fix threw flight delays into thousands by mid-morning, accounting for over one-third of scheduled departures. Southwest has been under significant scrutiny since operational failings led to widespread flight cancellations and meltdown over the Christmas holiday period. The company estimated the system failures cost the airline $800M in a January earnings report. (31 comments)
Today's Markets
In Asia, Japan -0.2%. Hong Kong -1.4%. China -0.7%. India -0.3%. In Europe, at midday, London -0.4%. Paris -0.1%. Frankfurt -0.2%. Futures at 6:30, Dow -0.5%. S&P -0.6%. Nasdaq -0.9%. Crude -1.7% to $79.49. Gold -1.7% to $1985.10. Bitcoin -2.5% to $29,171. Ten-year Treasury Yield +6 bps to 3.63%
Today's Economic Calendar
7:00 MBA Mortgage Applications 10:30 EIA Petroleum Inventories 1:00 PM Results of $12B, 20-Year Bond Auction 2:00 PM Fed's Beige Book 7:00 PM Fed's Williams Speech
Companies reporting earnings today »
What else is happening...
McDonald's (MCD) is changing the recipe for its most iconic burgers.
Meta (META) eyes another round of job cuts, Disney (DIS) does too.
Beating estimates: BofA (BAC) gains as Q1 NII, trading revenue jump.
Judge to decide whether to halt J&J (JNJ) talc lawsuits tomorrow.
U.K. inflation rate surprises again, remains in double digits.
China said to substantially reduce fine and charges on Ant Group.
Google (GOOGL) reportedly launching its foldable phone in June.
Lockheed Martin (LMT) rises to record after Q1 results beat estimates.
Report: Lululemon (LULU) weighs sale of fitness business Mirror.
United (UAL) posts lighter than expected loss, projects profits ahead.
Boeing (BA) sticks with output goals for 737 despite supplier issues.

As the war in Ukraine approaches the one-year mark, there is no end in sight to the fighting. Hoping to boost its success on the battlefield, Kyiv has been pressing the West for months to provide its most modern tanks as both sides dig in for the long haul. The U.S. has been reluctant to fulfill the request - citing fuel consumption, training and maintenance - and supplying powerful direct offensive weapons in the conflict appeared to be a red line... until now.
Meet the M1 Abrams: Looking to break a diplomatic logjam with Germany, the Biden administration is set to provide several dozen of its main battle tanks to Ukraine in a major policy reversal. Berlin had said it would only send their domestically made Leopard 2 tanks if the U.S. sent the Abrams first, while the U.K. and Poland piled on the pressure by announcing plans for their own tank deliveries. While the latest decision will heal the divisions, getting the tanks over to Ukraine could still take months, or even a year. Officials have said the tanks would be supplied under an upcoming Ukraine Security Assistance Initiative, meaning the package wouldn't result in another drawdown of U.S. stock, but would rather come from a new contract or a refurbishment of Abrams tanks from another country. See all the U.S. equipment committed to Ukraine and their replacement contract status.
The M1 Abrams has been in service since the 1980s, and is manufactured by General Dynamics (GD), which is scheduled to report earnings before the bell this morning (here is a preview as a possible cut to defense spending looms). Ahead of the Q4 results, SA contributor Christopher Robb touts the company's strong backlog and management team, as well as future defense revenue that's from "sacred cow" projects. For those looking for a well-paying dividend aristocrat, investors might also turn to General Dynamics, which has raised its payout every year for the last quarter-century.
Russian response: "Deliveries of offensive weapons to the Kyiv regime will lead to a global catastrophe," said Vyacheslav Volodin, speaker of the Russian Duma lower house of parliament. "If Washington and NATO countries supply weapons that will be used to strike civilian cities and attempt to seize our territories, as they threaten, this will lead to retaliatory measures using more powerful weapons. Arguments that the nuclear powers have not previously used weapons of mass destruction in local conflicts are untenable. Because these states did not face a situation where there was a threat to the security of their citizens and the territorial integrity of the country." (27 comments)
Grantham speaks
At the beginning of 2022, legendary fund manager Jeremy Grantham, whose resume includes predictions of Japan's asset price bubble in the 1980s, and the U.S. market crashes in 2000 and 2007, explained that we are in the fourth superbubble of the last hundred years. Since then, U.S. stocks and bonds have lost $10T and $5T, respectively, in addition to an unexpectedly large loss of $2T in cryptocurrency. Where will things go from here? While the most extreme froth has been wiped off the market, Grantham follows up on his investing thesis in the latest article entitled, After A Timeout, Back To The Meat Grinder! (22 comments)
Earnings flurry
While initially climbing 5% in after-hours trading Tuesday, Microsoft (MSFT) gave back the gains to end the session 2% lower. The software giant reported fiscal second-quarter earnings that surpassed expectations - as sales of Azure cloud and Office services grew from a year ago - but it was followed by a downbeat outlook and an announcement that new business growth slowed in December. AI is the 'next platform wave' for success, CEO Satya Nadella said on a conference call, before a network outage hit Microsoft Azure, Teams and Outlook worldwide. In other tech news, Google (GOOG, GOOGL) was officially sued by the U.S. Department of Justice over online advertising antitrust violations. (131 comments)
What happened?
A technical glitch and subsequent halts caused a chaotic open on Wall Street yesterday, in one of the biggest snafus to hit the New York Stock Exchange (ICE) in years. It appears that the NYSE failed to carry out an opening auction for dozens of stocks, meaning there weren't any accurate "Limit Up Limit Down" bands, but read more about that process here. Traders on the beat were scurrying for arbitrage opportunities, with outsized moves taking place for AT&T (T), Exxon (XOM), Uber (UBER), Wells Fargo (WFC) and Walmart (WMT). The SEC - which is considering routing most retail orders through auctions at exchanges - is investigating. (120 comments)
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Today's Markets
In Asia, Japan -0.4%. Hong Kong +1.8%. China +0.8%. India -1.3%. In Europe, at midday, London -0.1%. Paris -0.4%. Frankfurt -0.4%. Futures at 6:30, Dow -0.5%. S&P -0.7%. Nasdaq -1.2%. Crude -0.2% to $80.00. Gold -0.5% to $1926.40. Bitcoin -1.2% to $22,621. Ten-year Treasury Yield -3 bps to 3.44%
Today's Economic Calendar
7:00 MBA Mortgage Applications 10:00 State Street Investor Confidence Index 10:30 EIA Petroleum Inventories 11:00 Survey of Business Uncertainty 11:30 Results of $24B, 2-Year FRN Auction 1:00 PM Results of $43B, 5-Year Note Auction
Companies reporting earnings today »
What else is happening...
GE (GE) profit rises as demand for jet engines outpaces energy.
Lockheed Martin (LMT) tops earnings and revenue expectations.
3M (MMM) cuts manufacturing roles as macro woes likely to persist.
Will Tesla (TSLA) reveal Nevada semi-truck plant during earnings today?
This income ETF has a 12% dividend yield and nearly $20B in assets.
J&J (JNJ) hit by forex and vaccine sales, outlook above estimates.
Murdoch calls off plan to re-merge Fox (FOX) with News Corp. (NWS).
Verizon (VZ) gains even as analysts see 'weak' 2023 outlook.
AT&T (T) earnings preview: It's all about the cash flow.
Walmart (WMT) raises minimum wage to $14, adds new benefits.

S&P 500 futures are 0.3% below fair value; the Nasdaq 100 futures are 0.4% below fair value; and the DJIA futures are 0.3% below fair value Key factors driving the futures market: Profit-taking expectation following big run since start of the year (and over the past two sessions) Some softness in the mega-cap stocks (after a big run leading up to impending earnings reports) A 4.6% decline in Dow component 3M (MMM) following disappointing Q4 results and FY23 guidance US expected to file antitrust lawsuit against Google (GOOG) today over alleged dominance in digital advertising, according to Bloomberg OPEC+ delegates expect production in February to remain unchanged, according to Bloomberg Dow components 3M (MMM), Johnson & Johnson (JNJ), Travelers (TRV), and Verizon (VZ) report Q4 results; only TRV is trading higher in pre-market action Flash Manufacturing and Services PMI readings for the eurozone improved from their December levels, but Manufacturing PMI remained below 50.0, indicating continued contraction in the sector Japan's Manufacturing PMI remained in contraction for the third consecutive month in the flash reading for January, reaching its lowest level since late 2020 Markets in China, Hong Kong, South Korea, and Singapore remained closed for Lunar New Year (Markets in South Korea and Singapore will reopen tomorrow while Hong Kong will return from holiday on Thursday) $42 bln 2-yr note auction at 1:00 p.m. ET Brokerage research calls of note: Upgrades: ALLO, BX, LYFT, MRO, CC, ED, ES, HASI, NTLA Downgrades: AMD, AEP, APA, CAKE, LULU, MLM, OVV, GOOS, CSTR, DIN, ERIC, FATE, KRC, NABL, PTON, SEE, TOST, TPG, VFC WTI crude futures +0.7% to $82.17/bbl; nat gas futures +1.4% to $3.27/mmbtu; copper futures flat at $4.25/lb. 2-yr note yield unch at 4.23% and 10-yr note yield -3 bps to 3.50% The U.S. Dollar Index is flat at 102.11 Today's economic data: January Preliminary IHS Markit Manufacturing and Services PMIs at 9:45 a.m. ET

Investors are on edge as they head into a week that will likely set the market tone for the rest of 2022 and beyond. Fed Chair Jay Powell is still warming up in the bullpen, but he'll be coming out to pitch on Wednesday in a key game of the Monetary Series. Fastball? Changeup? As the speed of the final throw is debated, the crowd is getting antsy if it will clock in at 50 or 75 basis points - following a string of aggressive hurls during the season.
Bigger picture: FOMC policymakers may not even yet know what kind of toss in the making as it will highly depend on the latest CPI print set to be published on Tuesday. If things come in hot, the Fed could go the hawkish route and put further pressure on stocks. Things could also go the other way if inflation shows signs of responding to the hardest-hitting hiking cycle since the 1980s.
"The time for moderating the pace of rate increases may come as soon as the December meeting," Powell said in his last media appearance before the current FOMC blackout period. "We have a broad set of thoughts about where that destination might be, but we could be wrong. We'll have to see."
Brace for volatility: Stock futures are starting the week in the green ahead of the FOMC meeting on Wednesday, which will include updated interest rate and economic projections. While contracts linked to the major averages are up 1% premarket, all three of the indices lost ground last week over several rocky sessions. The Dow Jones Industrial Average declined 2.8% for its worst week since September, while the S&P 500 fell 3.4% and the Nasdaq Composite slumped 4%. (20 comments)
Survey Monday
The possibility of a smaller hike has been telegraphed by Jerome Powell, but a hefty CPI print and inflation concerns could keep the Fed aggressive. By how much will the central bank hike rates this week?
· 50 basis points (too far, too fast) · 75 basis points (fifth in a row!)
Take the survey and see the results here
We're going to leave the poll open through Wednesday, so come back to see updated results after the CPI print tomorrow. Feel free to take the discussion to the Wall Street Breakfast comments section to talk about how the rate hike cycle is impacting the economy, markets or your investing strategies.
Yellen speaks
While a growing number of economists and CEOs predict that the U.S. will enter a recession in 2023, other market players and policymakers feel that one is not necessary to bring down inflation. Among them is U.S. Treasury Secretary Janet Yellen, who is of the view that inflation has peaked or is already in decline. She's also hopeful that the labor market will remain healthy as the central bank continues to execute policy based on the lessons learned from the high inflation of the 1970s.
The interview: "First of all, shipping costs have come down. Delivery lags, which were very long - those have shortened. Gas prices are way down. I think we'll see a substantial reduction in inflation in the year ahead... if there's not an unanticipated shock," Yellen told CBS's 60 Minutes on Sunday.
"There are always risks of a recession. The economy remains prone to shocks, but look, we have a very healthy banking system. We have very healthy business and household. We are at or beyond full employment. And so it is not necessary for the economy to grow as rapidly as it has been growing to put people back to work."
Track record: This past summer, Yellen, who previously served as Fed Chair under the Obama administration, admitted she "was wrong about the path inflation would take" and that it wouldn't pose a long-term problem. "There have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly," she told CNN. "At the time I didn't fully understand, but we recognize that now." Will she be right this time around? (16 comments)
M&A spree
Looking for a new drug pipeline and some blockbuster treatments, Amgen (AMGN) has agreed to acquire Horizon Therapeutics (HZNP) for $116.50 per share in cash. That'll value the Ireland-based company at nearly $27.8B on a fully diluted basis, and nearly $28.3B including debt. Horizon is a rare autoimmune and inflammatory disease-focused biotech, with revenue generators like Tepezza, Krystexxa and Uplizna that added $2B in sales for the firm in the first nine months of the year.
Backdrop: Amgen was the last of three suitors standing in an auction for Horizon that included Johnson & Johnson (JNJ) and Sanofi (SNY). All of the drugmakers are looking to replenish their pipelines, but no one is getting as aggressive as Amgen. It is facing one of the biggest portfolios of patent expirations in the industry, prompting a serious shopping spree over the past two years.
In the summer, Amgen inked a $3.7B buyout of ChemoCentryx to boost its inflammatory disease presence. Last year, the company scooped up oncology player Five Prime Therapeutics for $1.9B and antibody drug specialist Teneobio for nearly $1B, as well as smaller purchases like tissue regeneration expert Rodeo Therapeutics for $55M.
Market movement: Shares of Horizon Therapeutics soared 14% on the news, while Amgen's stock fell 3%. The latter expects to use cash in hand and debt to finance the deal, which is expected to close in the first half of 2023 and become accretive to revenue and non-GAAP earnings per share from 2024. However, Amgen did not update 2022 or 2030 guidance as a result of the transaction.
Orion returns
NASA's Orion space capsule landed in the Pacific Ocean on Sunday to conclude a successful mission that tested near passes above the moon's surface. The unmanned crew module - designed to carry astronauts for future lunar missions - splashed down off the coast of San Diego at 12:40 p.m. ET. It was a scorching feat, given that the capsule came back into Earth's atmosphere at a near 25,000 miles per hour following a near month-long journey.
Quote: "This is an extraordinary day," NASA Administrator Bill Nelson said in an agency livestream after Orion's return. "It's historic because we are now going back into space, into deep space, with a new generation."
It was exactly 50 years ago that astronauts on the last mission of NASA's Apollo program, Apollo 17, were the last people to walk on the moon. Artemis is the agency program to bring astronauts back to the moon with an eventual goal of pushing on to Mars, exploring deep space.
Who is involved: NASA is working with a variety of publicly traded companies on the Artemis missions. Boeing (BA) built the 212-foot rocket known as the Space Launch System. Lockheed Martin (LMT) made the Orion spacecraft that circled the moon. Aerojet Rocketdyne (AJRD) manufactured engines and high-pressure tanks for the SLS rocket and Orion spacecraft, while Northrop Grumman (NOC) built the boosters that helped to lift the rocket off the launchpad at Kennedy Space Center in Florida. (19 comments)
Today's Markets
In Asia, Japan -0.2%. Hong Kong -2.2%. China -0.9%. India -0.1%. In Europe, at midday, London -0.1%. Paris -0.1%. Frankfurt -0.2%. Futures at 6:30, Dow +0.9%. S&P +1%. Nasdaq +1.2%. Crude -0.9% to $70.39. Gold -0.4% to $1803.70. Bitcoin -1% to $16,971. Ten-year Treasury Yield -3 bps to 3.54%
Today's Economic Calendar
11:30 Results of $40B, 3-Year Note Auction 12:00 PM Fed's Bostic Speech 1:00 PM Results of $32B, 10-Year Note Auction 2:00 PM Treasury Statement
Companies reporting earnings today »
What else is happening...
Microsoft (MSFT) to acquire 4% stake in London Stock Exchange.
Rivian (RIVN) pausing talks with Mercedes-Benz on electric vans.
Carvana (CVNA) is a cautionary tale for zombie companies.
Albertsons (ACI) dividend on hold pending Washington state appeal.
Energy stocks hit as crude suffers biggest slide since April.
China, Saudi Arabia strengthen ties with big oil deals.
Home sales set to drop to lowest level since 2011 - Redfin.

What’s up PokePeople!!!
After the great success of my last post and the immense assistance it provided in helping cover my fiancé’s rental costs, I am coming back to repost the vast majority of my personal collection and give everybody a chance to grab some more of these cards at a great price while they’re still available. For those of you who missed my last post, I’ll give you the rundown:
For your consideration today is the vast majority of my personal collection… With the exception of a few precious cards that I simply cannot part with, I am selling a great deal of my dearest acquisitions in order to help finance the first month’s rent and down payment for my fiancé’s move into a new apartment when her lease ends this summer. I hope that one day I can reacquire many or all of these beauties and add them back to my collection but for now… I need to put my family first, and I greatly appreciate every single transaction which will bring me closer to my goal of raising a few thousand to help secure a new lease for her in these incredibly difficult time for renters everywhere.
Now that I’m done explaining why I must sell these beloved cards… I will provide you with the links where you can see all the cards I have available. I don’t think I’m exaggerating when I say there is something for everyone - I’ve assembled a diverse portfolio ranging from the original vintage sets through the most modern:
RAW/UNGRADED:
Vintage Cards
https://imgur.com/a/S3F9Prv
Alternate Arts
https://imgur.com/a/TKg8PdZ
Hidden Fates Shinies (Full Art and Babies):
https://imgur.com/a/mHqacDK
Shining Fates Shinies (Babies Page 1, Full Arts Page 2):
https://imgur.com/a/ZsLvW7L
Rainbow and Gold Cards
https://imgur.com/a/F46jzJ3
Mega EX Full Arts/EX Full Arts/Mega EX and EX
https://imgur.com/a/treaZCv
Celebrations Singles:
https://imgur.com/a/VcQw6bS
Full Art Trainers
https://imgur.com/a/wv5Gt1B
Full Arts
https://imgur.com/a/T3Ahi3C
VMAX’s
https://imgur.com/a/VRZvXHp
Amazing Rares
https://imgur.com/a/NpicJnj
Break
https://imgur.com/a/NO3YPcG
SLABS/GRADED
Vintage Slabs
https://imgur.com/a/MVfC212
Modern Slabs
https://imgur.com/a/GkAuaDk
BULK
Shipping costs depend on amount of bulk ordered. I have hundreds of Reverse Holos, Rares and Holos from all SWSH sets and many other modern sets (S&M, X&Y). I can supply RHs from one particular set that you want or multiple sets - you can also mix and match Reverse Holos, Rares and Commons - “build your own bundle.” All bulk cards are unsleeved, pack fresh and near mint.
RH - Reverse Holos available from most every Sword and Shield sets (and some older sets) for $.30 a card - 50 card minimum order ($15).
Rares - Rares available from most every Sword and Shield sets (and some older sets) for $.10 a card - 100 card minimum order ($10); shipping costs depend on amount of bulk ordered.
Commons - commons available for $.06 a common card - 500 card minimum order ($30).
PRICING
The price for SWSH/Sword & Shield singles will be 95% of the TCG Player Market Price, the price for X&Y era EX/Mega EX singles will be 95% of the TCG Player Market Price, and prices for older cards (from Sun & Moon era all the way through vintage) will be calculated using the following formula, based on eBay sold listings:
Your Cost = .95 x {(Total dollar amount of last 5 auctions realized within a range of [n+/-10]) days, divided by 5).
Basically, the formula for all non-SWSH cards just adds up to “95 percent of whatever that card is going for on eBay,” and if you’re interested in a particular card just let me know which and I’ll make that calculation for you, or you can just give me your offer 😊
Bubble mailer with tracking will be my standard shipping method and will cost $5, except for orders above $150, whereby shipping will be free. Due to new group regulations around G&S payment, PWE is unfortunately no longer an available option. I am asking that there be an order minimum of ~$10 out of respect for my time.
I so greatly appreciate your interest in my cards and I am more than happy to take closeups for any cards you might be interested in - all of my modern cards are NM and most are self-pulled and pack-to-sleeve fresh. Vintage cards range between LP-NM with a few MP’s scattered throughout. If you’re curious about a card do not hesitate to ask, I’ll gladly take closeups for any of these cards ☺️
Thank you so much for your time y’all and happy collecting!!!
Jacob

What’s up PokePeople!!!
For your consideration today is the vast majority of my personal collection… With the exception of a few precious cards that I simply cannot part with, I am selling a great deal of my dearest acquisitions in order to help finance the first month’s rent and down payment for my fiancé’s move into a new apartment when her lease ends this summer. I hope that one day I can reacquire many or all of these beauties and add them back to my collection but for now… I need to put my family first, and I greatly appreciate every single transaction which will bring me closer to my goal of raising a few thousand to help secure a new lease for her in these incredibly difficult time for renters everywhere.
Now that I’m done explaining why I must sell these beloved cards… I will provide you with the links where you can see all the cards I have available. I don’t think I’m exaggerating when I say there is something for everyone - I’ve assembled a diverse portfolio ranging from the original vintage sets through the most modern:
RAW/UNGRADED:
Vintage Cards
https://imgur.com/a/S3F9Prv
Alternate Arts
https://imgur.com/a/TKg8PdZ
Full Art Shinies (Hidden Fates)
https://imgur.com/a/mHqacDK
Baby Shinies (Shining Fates and Hidden Fates) + Full Art Shinies (Shining Fates)
https://imgur.com/a/ZsLvW7L
Rainbow and Gold Cards
https://imgur.com/a/F46jzJ3
Mega EX Full Arts/EX Full Arts/Mega EX and EX
https://imgur.com/a/treaZCv
Full Art Trainers
https://imgur.com/a/wv5Gt1B
Full Arts
https://imgur.com/a/T3Ahi3C
VMAX’s
https://imgur.com/a/VRZvXHp
Amazing Rares
https://imgur.com/a/NpicJnj
Break
https://imgur.com/a/NO3YPcG
SLABS/GRADED
Vintage Slabs
https://imgur.com/a/MVfC212
Modern Slabs
https://imgur.com/a/GkAuaDk
BULK
Shipping costs depend on amount of bulk ordered. I have hundreds of Reverse Holos, Rares and Holos from all SWSH sets and many other modern sets (S&M, X&Y). I can supply RHs from one particular set that you want or multiple sets - you can also mix and match Reverse Holos, Rares and Commons - “build your own bundle.” All bulk cards are unsleeved, pack fresh and near mint.
RH - Reverse Holos available from most every Sword and Shield sets (and some older sets) for $.30 a card - 50 card minimum order ($15).
Rares - Rares available from most every Sword and Shield sets (and some older sets) for $.10 a card - 100 card minimum order ($10); shipping costs depend on amount of bulk ordered.
Commons - commons available for $.06 a common card - 500 card minimum order ($30).
MODERN AND VINTAGE PRICING
The price for modern singles will be 95% of the TCG Player Market Price, and prices for vintage cards will be calculated using the following formula, based on eBay sold listings:
Your Cost = .95 x {(Total dollar amount of last 5 auctions realized within a range of [n+/-10]) days, divided by 5).
Basically, the formula just adds up to “95 percent of whatever that card is going for on eBay,” and if you’re interested in a particular card just let me know which and I’ll make that calculation for you, or you can just give me your offer 😊
Bubble mailer with tracking will be my standard shipping method and will cost $5, except for orders above $150, whereby shipping will be free. For orders of 1-2 raw/ungraded cards, PWE is available for $1. I am asking that there be an order minimum of ~$10 out of respect for my time.
I so greatly appreciate your interest in my cards and I am more than happy to take closeups for any cards you might be interested in - all of my modern cards are NM and most are self-pulled and pack-to-sleeve fresh. Vintage cards range between LP-NM with a few MP’s scattered throughout. If you’re curious about a card do not hesitate to ask, I’ll gladly take closeups for any of these cards ☺️
Thank you so much for your time y’all and happy collecting!!!
Jacob

With markets laser-focused on the situation in Ukraine this week, investors seemed to shrug off the latest figures on red-hot inflation. Stocks powered higher yesterday despite a PPI that showed U.S. wholesale prices in January soaring 9.7% from a year ago, more than twice analyst estimates and just short of the largest jump on record seen in May 2021. A slew of more important data is on tap for today, like retail sales, industrial production, the housing market index and FOMC minutes, which could shed further light on how price pressures are impacting the economy.
No peak in sight: "The latest inflation data continue to decimate the 'inflation is purely transitory' theory," noted Michael Cembalest, chairman of market and investment strategy at J.P. Morgan Asset Management. "After pricing in less than one Fed hike as of last September, markets and Fed watchers now expect between 6 and 7 hikes over the next year, with some arguing for a 50 basis point move and not just 25."
Besides causing a stir at the Federal Reserve, Congress is starting to prepare for some action on the fiscal side, though things are getting partisan ahead of midterm election campaigns. Democrats have introduced legislation that would suspend the federal $0.18 per gallon gas tax until next year and are considering pulling some pieces out of the stalled Build Back Better agenda to address prescription drug prices and childcare costs. However, Republicans were quick to criticize the gas-tax holiday, saying Democrats now realize that they were on the wrong side of the energy issue as well as "dumping trillions of dollars in left-wing spending on a recovering economy that already had the preconditions for some inflation."
Soaring everywhere: One example of how inflation is affecting the housing market can be seen on Airbnb's (NASDAQ:ABNB) earnings call yesterday, with co-founder and CEO Brian Chesky saying the current landscape may "empower more individuals to become hosts as a source of earning additional income." Heineken (OTCQX:HEINY) also issued a warning in its quarterly report, outlining that price pressures are "off the charts." "In my 24 years in the business I've never seen anything like it, not even close," CEO Dolf van den Brink said on a call. "Across the board we are faced with crazy increases, so it's anybody's guess what the impact is going to be on volumes. There's no model that can handle this kind of inflation."
Raskin ties
Things are getting even more heated on Capitol Hill as a Republican refusal held up a Senate committee vote on the appointment of Sarah Bloom Raskin and Federal Reserve Chair Jerome Powell. Raskin was slated to become the Fed's Vice Chairwoman of Supervision, or the government's most influential overseer of the American banking system. The GOP flagged concerns about her business dealings, and their absence from the vote meant the necessary quorum was not there to confirm the nominees.
Quote: "Important questions about Ms. Raskin's use of the 'revolving door' [between politics and corporate interests] remain unanswered largely because of her repeated disingenuousness with the Committee," declared Senate Banking Committee ranking member Pat Toomey (R-Pa). "Committee Republicans aren't seeking to delay her vote. We're seeking answers." He specifically flagged concerns about Raskin's prior work for Reserve Trust, a fintech where she worked after departing the Obama administration.
The delay not only affects Raskin, but prolongs the confirmation process for Jerome Powell's second term - as well as Lisa Cook and Philip Jefferson for Fed governor seats - as the country deals with soaring inflation. Democrats had hoped to confirm all of them as a package, but the latest delay could theoretically push the Biden administration to ditch Raskin. If the GOP indefinitely holds up the committee vote, she could be "discharged" without recommendation, and force the White House to go for a less controversial pick.
What's the issue? After leaving her role as Treasury's deputy secretary, Raskin went on to lobby Kansas City Fed President Esther George in 2017 on behalf of fintech Reserve Trust, looking to score a special account at the central bank (it previously denied access to its payments system). Following her personal intervention, the Kansas City Fed approved the company's second request in 2018, but it maintains the reversal was not the result of Raskin's call. Having a "master account" still remains Reserve Trust's largest selling point to customers and it even advertises as such on the homepage of its website.
Spaceflight commercialization
Shares of Virgin Galactic (SPCE) shot into the stratosphere on Tuesday, with the stock skyrocketing 32% to end the session at $10.74. The catalyst was the opening of ticket sales to the general public for the first time, which will move the company closer to spaceflight commercialization. It was a much-needed boost for the stock, which has been battered over the last year, and has dropped over 80% from a high of nearly $56 seen in June 2021.
Bigger picture: CEO Michael Colglazier said Virgin Galactic aims to have its first 1,000 customers on board at the start of commercial service later this year, which he called an "incredibly strong foundation" as the company begins regular operations and scales its fleet. Spaceflight reservations will command a price tag of $450,000 (following an initial deposit of $150,000, customers will make their final payment before their flight).
Morgan Stanley also weighed in on the development by saying the additional ticket sales continue to prove that there is demand for space tourism, but warned that it does not change the execution risks facing the company. The ability for Virgin Galactic to deliver on the backlog depends on delivering reliable operations at scale, according to the firm, which also noted that the Eve mothership is still grounded for its 8-month enhancement period and Galactic has been "assessing the strength margins of materials for potential technical issues."
Analyst Kristine Liwag: "In our view, demand is not a limiting factor for SPCE. Instead, we see the core challenge for Virgin Galactic centering on execution of its plans to scale operations to 400 flights per year per spaceport. While the opening of SPCE's ticket window is encouraging, we continue to monitor for updates related to ongoing spacecraft enhancements and development of the company’s Delta class spaceship and next-gen mothership."
Super ratings & gambling
It's already a few days after Super Bowl LVI, when the LA Rams defeated the Cincinnati Bengals, but the statistics surrounding the big game are just starting to pour in. The matchup drew some 112M viewers, up about 14% from last year, boosted by remarkably close playoff games, as well as the Rams representing a major media market. About 99.2M viewers tuned in on NBC's main delivery channel, with another 11.2M on streaming (including NBCUniversal's Peacock), and about 2M on the Telemundo Spanish network.
Increased competitiveness: The figures wrap up a strong season for the National Football League. Viewership in the regular season rose 10% Y/Y to its highest point since 2015, and the two conference championship games each averaged nearly 50M viewers. NBC was part of the NFL's landmark 11-year media rights deal reached last spring, netting the league more than $100B long-term and keeping most of the games on traditional TV through 2033.
Gambling on the Super Bowl this year also leaped to fresh records as legalized sports betting continues to boom across the U.S. According to the American Gaming Association, 45M more people had access to legal sportsbooks in their home states this year after 10 additional states gave a green light to the industry. Companies like DraftKings (NASDAQ:DKNG), FanDuel (DUEL) and BetMGM (MGM, OTCPK:GMVHY) are duking it out on the freshly cut field, with the hopes of being able to throw a stiff-arm or strip away market share.
Outlook: GeoComply, which monitors the sports betting industry, logged more than 80M transactions over Super Bowl weekend, more than double that of last year. It also recorded 5.6M unique accounts that accessed legal online sportsbooks, a 95% increase from 2021. Industry analysts say that sports betting and casino-style games are even poised to become as much as a $40B market as online gambling ads dominate TV, podcasting and streaming platforms.
Today's Markets
In Asia, Japan +2.2%. Hong Kong +1.5%. China +0.6%. India -0.3%. In Europe, at midday, London -0.3%. Paris flat. Frankfurt flat. Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude +1.2% $93.13. Gold flat at $1856.30. Bitcoin -0.1% to $44,212. Ten-year Treasury Yield unchanged at 2.04%
Today's Economic Calendar
7:00 MBA Mortgage Applications 8:30 Retail Sales 8:30 Import/Export Prices 9:15 Industrial Production 10:00 Business Inventories 10:00 NAHB Housing Market Index 10:00 Atlanta Fed's Business Inflation Expectations 10:30 EIA Petroleum Inventories 11:00 Fed's Kashkari Speech 1:00 PM Results of $19B, 20-Year Bond Auction 2:00 PM FOMC Minutes
Companies reporting earnings today »
What else is happening...
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U.S. charges finance site Zero Hedge with spreading Russian propaganda.
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Judge says Altria (NYSE:MO) didn't break antitrust rules with Juul investment.

Today's earnings from Disney (DIS) could give it a chance to regain some momentum, with the stock off 30% since its all-time high of $202 seen a year ago. The post-pandemic traffic recovery at its theme parks segment has been slow to pick up over the past few quarters, while its hedge on streaming has seen a slowdown in subscribers. The company still continues to spend big on its content slate, including sports, assigning a budget of as much as $33B for fiscal 2022.
By the numbers: The consensus EPS estimate is $0.63 (+96.9% Y/Y), while the consensus revenue estimate is $20.96B (+29% Y/Y). Disney+ streaming subscribers are anticipated to grow by about 7M on a Q/Q basis, compared to the just 2.1M new subscribers brought on during the prior quarter (which sent the stock down 7% on Nov. 10). The company is also expected to see its theme parks, experiences and consumer business grow sales by 72% to reach $6.2B as mobility picked up at live events and locations globally.
Meanwhile, streaming rival Netflix (NFLX) cratered 20% a couple of weeks ago, after reporting new subscriber additions that narrowly missed forecasts (8.28M vs. 8.5M) and publishing soft guidance for the coming quarter. That could set a tough bar for Disney, with a continued slowdown likely to impact investor sentiment. The House of Mouse ended FY 2021 with just over 118M subscribers to Disney+ and is targeting a total of 230M-260M by the end of FY24.
On watch: An earnings call will follow the Q4 results, which will be released after the market's closing bell at 4:00 p.m. Another item to watch will be the Q&A session with CEO Bob Chapek, CFO Christine McCarthy and Wall Street analysts. There is also a slew of other reports on today's calendar, including earnings from CVS Health (CVS), Mattel (MAT), MGM Resorts (MGM) and Uber Technologies (UBER).
Super Crypto
Crypto companies are set to take a big part in Super Bowl LVI, with the ability to advertise on the largest stage in the world. In recent times, watching commercials has turned into somewhat of a similar tradition as the game itself, with many firms shelling out up to $7M for a 30-second slot. Some are even calling it the "Crypto Bowl," a play on the "Dot-Com Bowl" in 2000, when early, speculative internet companies sought to gain mainstream acceptance (remember the Pets.com liquidation?).
Snapshot: New crypto brands like Coinbase (NASDAQ:COIN) and Crypto.com are not the only ones getting in on the action. Old timers, like Budweiser (NYSE:BUD), are also throwing their hat in the ring, running an online NFT contest during the big game. Others will make a point of exploring blockchain technologies, while an ad from crypto exchange FTX features a trading spoof on now-retired quarterback Tom Brady. "I've missed out on a lot, but I'm not going to miss out on this," reads another FTX commercial called "The Dust Bowl," which warns viewers to get into the sector while they still can.
Elsewhere, the U.S. has seized about $3.6B in Bitcoin (BTC-USD) stolen during a 2016 hack of the Bitfinex currency exchange - the largest financial confiscation to date. Ilya Lichtenstein and his wife Heather Morgan were arrested for the alleged conspiracy, and were accused of conspiring to launder 119,754 Bitcoins (BTC-USD) that were stolen from the platform. Using fictitious identities, the couple deposited stolen funds into accounts at a number of virtual currency exchanges and darknet markets, and then withdrew the capital in a practice known as "chain-hopping."
What's the fair value of Bitcoin? Around $38,000, or 13% below the current trading price, according to JPMorgan analysts led by Nikolaos Panigirtzoglou. The estimate is based on Bitcoin (BTC-USD) being about four times as volatile as gold, though JPMorgan's long-term theoretical target - which would mirror the total amount of gold held privately for investment purposes - suggests the crypto could potentially reach $150,000. "The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption," the strategists added in the research note.
Tap to Pay
Following several reports, Apple (AAPL) has officially unveiled a new iPhone feature called "Tap to Pay" that will let small businesses take payments directly from their devices. The new method will work by tapping phones together or via contactless credit cards, without the need for additional hardware. Stripe will be the first payment platform to offer the service, including Shopify's (SHOP) Point-of-Sale app this spring, with additional platforms and apps to come later this year.
Bigger picture: The move puts Apple in direct competition with Block (SQ) and other fintech companies like PayPal (PYPL), Verifone (PAY) and Ingenico. Apple was quick to note that it won't be able to access what is being bought or who is purchasing it. The tech giant also said payment data is encrypted and protected by the same technology that makes Apple Pay private and secure.
"In collaboration with payment platforms, app developers, and payment networks, we're making it easier than ever for businesses of all sizes - from solopreneurs to large retailers - to seamlessly accept contactless payments and continue to grow their business," said Jennifer Bailey, Vice President of Apple Pay and Apple Wallet.
Push into payments: Apple already introduced the Apple Card in the U.S. in 2019, as well as installment plans on the credit card later that year. The Apple Cash card also offers digital peer-to-peer payments, and a "buy now, pay later" option for Apple Pay is reportedly in the works.
Protests spread
Demonstrations against vaccine mandates, or a movement that started as the "Freedom Convoy" in Ottawa, has made a landing in the U.S. Pickup trucks, cars and trailers shut down traffic on the Ambassador Bridge all day Tuesday, blocking a critical corridor that connects downtown Detroit with Windsor, Ontario. Another group of truckers blocked access to the Coutts border crossing in western Canada, connecting the province of Alberta with Montana.
Snapshot: The Ambassador Bridge is the busiest international land-border crossing in North America, responsible for 30% of about $600B in annual two-way trade between Canada and the U.S. Tensions began several weeks ago when trucker vaccine mandates kicked in north of the border on Jan. 15, while an American ban followed shortly thereafter.
"We of course support, as you know, the right to freedom of speech and protest," White House Press Secretary Jen Psaki told reporters. "While we do see some of this congestion due to protests, it is clear that these disruptions have broadened in scope beyond the vaccine requirement implementation."
Outlook: Ford (NYSE:F) and Stellantis (NYSE:STLA), which have auto parts and assembly plants in Windsor, said they have yet to see impacts from the blockade, but are paying close attention to developments. However, some are warning of further disruptions, which can undermine a supply chain that is still reeling from the pandemic. "Basically if there's a shutdown of transportation routes, the auto industry comes to a screeching halt in about two days," declared Robert Wildeboer, executive chairman of Canadian auto parts maker Martinrea International (OTCPK:MRETF).
Today's Markets
In Asia, Japan +1.1%. Hong Kong +2.1%. China +0.8%. India +1.1%. In Europe, at midday, London +0.7%. Paris +1.6%. Frankfurt +1.6%. Futures at 6:20, Dow +0.6%. S&P +0.7%. Nasdaq +1%. Crude -0.4% $88.98. Gold flat at $1828. Bitcoin -0.9% to $43,555. Ten-year Treasury Yield -2 bps to 1.93%
Today's Markets
7:00 MBA Mortgage Applications 10:00 Wholesale Inventories (Preliminary) 10:30 EIA Petroleum Inventories 10:30 Fed's Bowman Speech 12:00 PM Fed's Mester: U.S. Economic Outlook and Monetary Policy 1:00 PM Results of $37B, 10-Year Bond Auction
Companies reporting earnings today »
What else is happening...
Meta (FB) slides for fourth day, company now under $600B market cap.
Alphabet's (NASDAQ:GOOGL) split decision bodes well for shares - BofA.
Chipotle (NYSE:CMG) rallies on comp sales beat, new store openings.
Vaccine makers dragged lower on Pfizer's (NYSE:PFE) soft 2022 guidance.
J&J (NYSE:JNJ) shuts down production at sole COVID vaccine plant - NYT.
Lyft (NASDAQ:LYFT) taps brakes on active rider outlook.
Harley-Davidson (NYSE:HOG) hogs the spotlight with revved-up earnings.
Korean air taxi deal sends Joby Aviation (NYSE:JOBY) soaring.
Microsoft (MSFT) looking to buy cyber firm Mandiant (MNDT) - Bloomberg.
Three charts explaining what has happened to SaaS stocks; is a bottom close?

How and when will the pandemic be over? Many are asking that question as the Omicron variant sweeps across the U.S., with infection numbers continuing to surge and hospitals strained due to a shortage of healthcare workers. New Jersey just reinstated a public health emergency due to the situation, while California has even ordered COVID-positive medical staff (that are asymptomatic) to stay on the job. Hospitalizations are also climbing higher than last winter's peak - before the widespread distribution of vaccines - due to Omicron's extraordinary spread in absolute numbers (meaning more people will experience severe disease).
Snapshot: Despite the toll on the healthcare system and other essential services, Omicron patients are 74% less likely to end up in ICUs and 91% less likely to die than Delta patients, according to the Kaiser Permanente in Southern California. Other studies also indicate that Omicron is less severe than other variants, and many are hoping that this will herald a new era of the virus becoming an endemic illness, or comparable to the flu. Spanish Prime Minister Pedro Sanchez became the latest European leader this week to suggest that possibility, while the U.K. government already told the public it must "to learn to live with the virus."
Similar sentiment is starting to appear among top ranks in the U.S. "I think it's hard to process what's actually happening right now, which is: Most people are going to get COVID," Janet Woodcock, acting head of the FDA, told a Senate hearing on Tuesday. "What we need to do is make sure the hospitals can still function - transportation, other essential services are not disrupted while this happens. I think after that will be a good time to reassess how we're approaching this pandemic."
Other comments: "There's no way we're going to eradicate this [virus]," added White House chief medical advisor Dr. Anthony Fauci. "As Omicron goes up and down," the U.S. will enter a new phase "where there will be enough protection in [the] community, enough drugs available so that when someone does get infected and is in a high-risk group, it will be very easy to treat that person. When we get there, there's that transition, and we may be on the threshold of that right now."
Coronavirus vaccine and treatment stocks: AbbVie (NYSE:ABBV), Amgen (NASDAQ:AMGN), BioNTech (NASDAQ:BNTX), Johnson & Johnson (NYSE:JNJ), Eli Lilly (NYSE:LLY), Gilead Sciences (NASDAQ:GILD), GlaxoSmithKline (NYSE:GSK), Merck (NYSE:MRK), Moderna (NASDAQ:MRNA), Novavax (NASDAQ:NVAX), Pfizer (NYSE:PFE), Regeneron (NASDAQ:REGN) and Sorrento Therapeutics (NASDAQ:SRNE).
Brainard on deck
Following the confirmation hearing of Fed Chair Jay Powell on Tuesday, Lael Brainard is heading over to Capitol Hill this morning for her hearing in front of the Senate Banking Committee. As nominee for Vice Chair of the Federal Reserve, Brainard will tell Congress that the fight against inflation is the central bank's "most important task" as it shifts gears towards tighter monetary policy. Brainard has been in the economic policymaking field for years, serving as a senior Treasury official for international affairs under President Obama and working her way up to the Fed's Board of Governors.
Prepared remarks: "Inflation is too high, and working people around the country are concerned about how far their paychecks will go. In some foreign countries, I saw up close how high inflation hurts workers and families, especially the most vulnerable. Our monetary policy is focused on getting inflation back down to 2% while sustaining a recovery that includes everyone."
Inflation data on Wednesday showed the Consumer Price Index jumping by 7% Y/Y in December, marking the largest increase since June 1982. The core CPI, which excludes food and energy and is the Fed's preferred gauge of inflation, also topped expectations, coming in at 5.5% for the highest reading since 1991. As a result, many expect the central bank to begin a cycle of interest rate hikes in March and to start the process of winding down its nearly $9T balance sheet later in the year.
Go deeper: While Brainard is aligned with Powell and other FOMC officials on issues linked to monetary policy, she has opposed them on other occasions, like supervisory matters and big bank oversight. She has even dissented more than 20 times on board votes connected to easing regulations on the largest U.S. financial institutions. Brainard has also advocated for making the financial system more inclusive and found a path to address climate change through the Fed's financial stability mission.
Permanent shift
As many companies rethink their return to the office, some firms are looking to make changes permanent. Stock trading app Robinhood (HOOD), which has about 3,400 employees, just approved plans to let most of its employees work remotely on a permanent basis, meaning no location or regular in-office requirements. While some top tech players have opted for WFH for the time being, or unveiled hybrid arrangements, Robinhood says the new policy will make it a "remote first company."
Quote: "In the last two years, we've seen how flexibility and trust allow teams to do their best work, attract top talent, and create a workplace that’s more inclusive and equitable," the company wrote in a blog post. "Our teams have done amazing work and built a strong workplace community during these uncertain and challenging times, and we're excited to continue to offer them the flexibility they've asked for by staying primarily remote."
Twitter (TWTR) unveiled similar working arrangements in 2020, but others trying to get employees back in the office have suffered repeated setbacks. Facebook parent Meta Platforms (FB) just delayed plans to return workers until March (and will require booster shots for those that do), while Apple (AAPL) canceled its Feb. 1 return deadline without setting a new date. It really depends on the business, but the pandemic has forced many companies to rethink the necessity of expensive fixed costs like offices.
Fine print: "Some [Robinhood] teams will need to live within a commutable distance to an office location due to regulatory and business reasons, and a small segment will still need to come into the office. All employees will have access to our offices located across the country with Safety First protocols in place. As we move forward, we're committed to continue learning, listening and creating a flexible, accessible and great workplace for everyone."
Commodity boom
A broad rally continues to take shape across commodity markets, with WTI crude oil topping $82 a barrel on Wednesday, as well as copper trading above $10,000 a ton for the first time since October. Joining the rally are nickel and lithium stocks as demand for electric vehicles hits fresh records. The price of nickel even notched a 10-year high, climbing to $23,000 a ton as stockpiles continue to dwindle across the globe.
Snapshot: Nickel is one of the most widely used minerals for EV batteries, though supply does not seem to be keeping up with demand. "With China's policy response gathering steam at a moment of severely depleted inventories, micro and macro conditions are beginning to align, driving a repricing of metals toward scarcity," explained Nicholas Snowdon, analyst at Goldman Sachs. "We are starting to see consumers wake up and recognize the problems that exist," added Jeremy Weir, CEO of Trafigura, one of the world's largest commodity traders.
EV makers are scrambling for the metal, prompting Tesla (TSLA) this week to ink its first U.S. supply deal. Under the arrangement, the company agreed to purchase 75,000 tons of nickel from Talon Metals' (OTCPK:TLOFF) Tamarack mine project in Minnesota. BHP (BHP) also announced it would invest as much as $90M in Kabanga Nickel, which owns a nickel project in Tanzania, as the miner aims to boost its exposure to metals needed for a low-carbon economy.
Outlook: Growth of electric vehicle sales topped that of the global car market in 2021, up 26% over the previous year, led by the U.K and Europe. In the U.S., over 310K EVs were sold in the first six months of the year, compared to the 322K sold over the entire 2020, though the segment still only reflects 4% of the market. Besides offering some hot cars, tougher standards over emissions and fuel economy are in the mix as America drives toward a goal of 50% all-electric and plug-in hybrid sales by 2030.
Today's Markets
In Asia, Japan -1%. Hong Kong +0.1%. China -1.2%. India +0.1%. In Europe, at midday, London flat. Paris -0.4%. Frankfurt +0.1%. Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude flat at $82.65. Gold -0.3% at $1822.20. Bitcoin +2.3% to $43756. Ten-year Treasury Yield +3 bps to 1.75%
Today's Economic Calendar
8:00 Fed's Harker Speech 8:30 Initial Jobless Claims 8:30 Producer Price Index 10:00 Fed’s Brainard testifies before Senate Banking Committee 10:30 EIA Natural Gas Inventory 12:00 PM Fed's Barkin: “The Economy: What We’ve Learned” 1:00 PM Fed's Evans: U.S. Economic and Monetary Policy 1:00 PM Results of $22B, 30-Year Note Auction 4:30 PM Fed Balance Sheet
Companies reporting earnings today »
What else is happening...
EU medicines regulator warns on COVID booster shot frequency.
Solar standard bearer bleeds cash as investors turn cold.
Premarket: Taiwan Semiconductor (NYSE:TSM) rises on revenue figures.
Apple's (NASDAQ:AAPL) Macs grow twice the rate of PCs in Q4.
AMC (NYSE:AMC) chief is 'in' after selling latest $7M in company stock.
On tap... Asset management firm TPG (NASDAQ:TPG) prices IPO at $29.50.
Shiba Inu (SHIB-USD) climbs 17% on Robinhood listing rumor.
Coinbase (NASDAQ:COIN) to acquire regulated derivatives exchange FairX.
Block (NYSE:SQ) CEO Jack Dorsey forms The Bitcoin Defense Fund.
Heightened tensions: IEA blames Russia for Europe's energy crunch.

Another 40-year high?
Another bad inflation report is on tap this morning, with consumer prices expected to have jumped 7% in December from a year ago. That would be the eighth straight month of a figure higher than 5%, and the third consecutive month above 6%. It would also represent the biggest annual increase since February 1982, while core CPI, which excludes food and energy and is the Fed's preferred gauge of inflation, is even forecast to rise 5.4% Y/Y.
Eyes on Powell: In his confirmation hearing on Capitol Hill on Tuesday, the Fed Chair emphasized that he will use all the tools of the central bank to get inflation back on track. "If we have to raise interest rates more over time, we will," Powell told the Senate Banking Committee. "The economy no longer needs or wants the very accommodative policies we have had in place." He also expressed hope that the alleviation of supply chain bottlenecks would bring inflation down, as the economy returns to "normal supply conditions," but admitted that it has taken much longer than expected to get the problems under control.
The price pressures could also impact the other side of the Fed's dual mandate, or "maximum sustainable employment." "To get the kind of very strong labor market that we want with participation, it's going to take a long expansion. To get a long expansion, we're going to need price stability," Powell explained. "In a way, high inflation is a severe threat to the achievement of maximum employment and to achieving a long expansion that can give us that."
Take a look: Investors will be analyzing the CPI industry breakdown, parsing the report for evidence that inflation is picking up in broader swathes of the economy like the services sector, and not just areas affected by supply chain issues. "Today, economists test their ability to forecast the price of a used 2000 Honda Civic," noted UBS chief economist Paul Donovan. "There are other prices in the U.S. economy, but if you want to understand U.S. CPI, it helps to know what used car prices are doing." Other notable categories of the report to watch include rent and shelter costs, transportation, and medical care.
Is there a bubble out there?
An interesting dynamic played out in the market yesterday as Powell delivered his testimony to the Senate Banking Committee. Many of the expensive tech names recharged, with the Nasdaq closing the day up 1.4%, as investors heard comments that inflation would probably ease by the middle of this year. Others discounted the outlook, citing Powell's infamous "transitory" call from 2021, and said traders were rushing in to buy the dip despite the Fed taking away the punch bowl.
Analyst commentary: "The pullback in risk assets in reaction to the Fed minutes is arguably overdone," J.P. Morgan's Marko Kolanovic wrote in a note to clients. "Policy tightening is likely to be gradual and at a pace that risk assets should be able to handle, and is occurring in an environment of strong cyclical recovery."
Also sticking to the gradual stance was Ian Lyngen of BMO Capital Markets. "Powell noted that the balance sheet runoff will occur later in 2022 and that 'it's a long road back to normal.' On net, the Chair’s comments are consistent with a willingness to deliver the liftoff hike in March assuming there isn't a dramatic reversal in the pace of consumer price gains."
The other camp: Those that are more gloomy on risk assets are calling the comeback a dead cat bounce, or that outsized leverage can produce strange reactions (little jumps can be magnified by the covering of short positions, etc.). Those subscribing to the most dire of bubble forecasts also point out that the burst happens in stages, like the dotcom bubble, which saw many session rallies as the Nasdaq dropped from 5,000 to below 1,000 between 2000-02. "The things that performed the best since March of 2020 are going to probably perform the worst in this tightening cycle," declared billionaire hedge fund manager Paul Tudor Jones.
Crude rally
Weekly oil stockpiles data from the Energy Information Administration are set to be released at 10:30 a.m. today, and if they confirm a drop, it would be the seventh straight fall in inventories. What's happening is that U.S. consumption, as well as production, is making a sharp reversal from the pandemic economic downturn, and is now expected to break pre-COVID records next year, according to the EIA. Output is estimated to rise to a fresh annual high of 12.4M barrels per day in 2023, topping the previous record volume of 12.3M bpd set in 2019, and U.S. is even poised to become the world's largest exporter of liquefied natural gas.
Snapshot: Many U.S. energy giants, like ConocoPhillips (COP) and Pioneer Natural Resources (PXD), have recently pivoted from a strategy of maximizing output and exploration towards pleasing shareholders with dividends, buybacks and diversifying their businesses. They're under a lot more pressure on the regulatory and environmental side than smaller producers, which are expected to lead the next wave of production. West Texas Intermediate is now trading above $81/bbl after rising 3.8% yesterday for its biggest daily surge this year.
"There are a lot of supply factors and omicron fears are ebbing," said Howie Lee, an economist at Oversea-Chinese Banking Corp. "The market will remain tight for a while. Wherever the market is right now has just started to reflect oil’s fair value and there is still more to run."
Go green? The latest figures come despite a promise from the Biden administration to shift away from fossil fuels. It has even leaned on the domestic oil sector to lift output to help tame energy prices, which rose last year to their highest levels since 2014. Moreover, emissions soared 6.2% in 2021 and are forecast to rise by another 1.8% and 0.5% over the next two years to 4.97M metric tons, though total emissions still sit below 2019 levels.
Another chance
As unionization drives heat up across the nation, one important battle is getting a do-over. A second high-stakes election has been set for Amazon's (NASDAQ:AMZN) warehouse in Bessemer, Alabama, known as BHM1, after 71% of workers there voted against joining the Retail, Wholesale and Department Store Union (RWDSU) last April. While union supporters have sought better work conditions and benefits, many voters didn't feel a union would improve that situation, according to interviews.
At play: The National Labor Relations Board (NLRB) ordered another vote after finding Amazon improperly interfered and broke labor laws in the first election. Among the violations was the improper polling of workers' support for the union during mandatory company meetings, as well as a decision to install a mailbox at the facility, which gave a false impression that Amazon was conducting the election and could have intimidated workers.
Ballots for the coming election will be sent to workers on Feb. 4, and the votes will be tallied on March 28. While both Amazon and the RWDSU don't like the idea of a mail-in election, NLRB Region 10 Director Lisa Henderson said that such a ballot is "the safest and most appropriate method of conducting a prompt election in view of the extraordinary circumstances presented by the pandemic." Both sides will also be prohibited from putting up a tent, banner or sign around the ballot drop box or make any kind of "statement to voters concerning use of the box for the purposes of this election."
Go deeper: While labor unions have organized some of Amazon's workforce in Europe, no American facility has yet successfully formed or joined a union. Amazon is concerned that a union win - similar to the first victory seen at Starbucks (SBUX) in December - would disrupt the company's control over employees, like the pace of work and hourly wages. The campaign resurgence in Alabama could also advance existing union drives in the U.S., with Amazon workers filing for an election in Staten Island, as well as other efforts like Amazonians United Chicagoland.
Today's Markets
In Asia, Japan +1.9%. Hong Kong +2.8%. China +0.8%. India +0.9%. In Europe, at midday, London +0.7%. Paris +0.5%. Frankfurt +0.3%. Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.4%. Crude +0.6% at $81.74. Gold flat at $1817.80. Bitcoin +2.6% to $42804. Ten-year Treasury Yield unchanged at 1.74%
Today's Economic Calendar
7:00 MBA Mortgage Applications 8:30 Consumer Price Index 10:00 Atlanta Fed's Business Inflation Expectations 10:30 EIA Petroleum Inventories 1:00 PM Fed's Kashkari: U.S. Economic Outlook 1:00 PM Results of $36B, 10-Year Note Auction 2:00 PM Treasury Budget 2:00 PM Fed's Beige Book
Companies reporting earnings today »
What else is happening...
Facebook (NASDAQ:FB) loses bid (again) to throw out FTC's antitrust case.
Germany's new tool for 2030 climate goals: Stop using energy.
FDA amends J&J (NYSE:JNJ) vaccine fact sheet to include rare bleeding risk.
S.Korea approves Novavax (NASDAQ:NVAX) vaccine, adds Pfizer (NYSE:PFE) pills.
Merger talks between DISH Network (NASDAQ:DISH) and DirecTV (NYSE:T)?
Apple's (NASDAQ:AAPL) oft-criticized $19 polishing cloth is now back in stock.
Boeing (NYSE:BA) beats Airbus (OTCPK:EADSY) on orders, lags on deliveries.
Virgin Orbit's (NASDAQ:VORB) third commercial flight is scheduled for today.

In a last-ditch effort to save his life, doctors at the University of Maryland Medical Center have transplanted a genetically modified pig heart into patient David Bennett, a 57-year-old handyman from Maryland. He's doing well three days after the highly experimental surgery, and is being monitored for immune system problems and other complications, but it's still too early to tell if the operation will work. Due to his condition, Bennett had also received a pig heart valve about a decade ago, which (along with pig skin grafts) are routinely used in humans.
Snapshot: "It was either die or do this transplant. I want to live. I know it's a shot in the dark, but it's my last choice," Bennett said a day before the nine-hour surgery. While he knew there was no guarantee the experiment would be effective, Bennett was ineligible for a human heart transplant or pump due to a heart failure condition and an irregular heartbeat. The FDA, which oversees such experiments, allowed the xenotransplantation surgery under "compassionate use" emergency authorization, which is available when a patient with a life-threatening condition has no other options.
"If this works, there will be an endless supply of these organs for patients who are suffering," said Dr. Muhammad Mohiuddin, scientific director of the University of Maryland's animal-to-human transplant program. A total of 106,657 people are currently on the U.S. transplant waiting list, and more than 6,200 patients die each year before getting one. In 2021, more than 40,000 organ transplants were conducted nationwide, including a record 3,800 heart transplants.
Gene editing tools: Several biotech companies are developing pig organs for human transplant, with the heart used in the most recent operation coming from Revivicor, a subsidiary of United Therapeutics (NASDAQ:UTHR). The organ was modified to make it more acceptable to a human, including removing and inserting 10 genes to keep the heart from growing after the transplant. The team at the University of Maryland Medical Center also used a new drug made by Kiniksa Pharmaceuticals (NASDAQ:KNSA) to help prevent the organ from being rejected by the patient's body. Premarket: UTHR +8%; KNSA +5.8%.
Vaccine developments
A third booster? A fourth booster? An Omicron-specific booster? As the pandemic continues to drag out with the emergence of new variants, vaccine hesitancy is being seen among the population. The latest Omicron wave is even dividing the vaccinated, especially given that the strain appears to be having more mild effects. Add to that some confusing guidance from authorities, such as the CDC, which recommends that all U.S. adults receive a booster despite still classifying fully vaxxed as two shots, as well as a statement from White House chief medical adviser Dr. Anthony Fauci last week, that read "we're using the terminology now 'keeping your vaccinations up to date,' rather than what 'fully vaccinated' means."
By the numbers: Figures from the CDC continue to show declining vaccine uptake in the U.S. as more shots are added to the COVID regimen. 74.4% of the American population is vaccinated with one dose of a COVID vaccine, but that figure drops to 62.6% for the fully vaccinated (included J&J's (JNJ) single dose). Meanwhile, only 36.5% of the nation has taken up advice to receive a vaccine booster, while Pfizer (PFE) and Moderna (MRNA) are already planning an Omicron-specific jab that should be ready this year.
"I don't know if we need it. I don't know how it will be used. But it will be ready [by March]," Pfizer CEO Albert Bourla declared. "The two doses, they're not enough for Omicron. The third dose of the current vaccine is providing quite good protection against deaths, and decent protection against hospitalizations." He also commented on the possibility of a fourth regular dose, saying that is "something that needs to be tested, and I know Israel has already started some of these experiments and we will also conduct some of these experiments to make sure that if needed, we use it."
On the way up: Moderna was the best performer in the S&P 500 on Monday, closing the session 9% higher, as investors propelled the beaten-down biotech. CEO Stephane Bancel announced $18.5B worth of advance purchase agreements for the mRNA-based jab in 2022, up from $17B in November, and said the company plans to unveil an Omicron-specific booster vaccine in the fall of 2022. A short while ago, Bloomberg quoted him as saying that the Omicron booster would enter the clinical trials in weeks, adding to the upbeat outlook for its blockbuster COVID-19 vaccine.
Powell on the Hill
Get ready for the latest appearance by Fed Chair Jerome Powell, who will visit Capitol Hill today for his confirmation before the Senate Banking Committee. Back in November, he was nominated by President Biden to serve a second term in leading the central bank, along with Lael Brainard, who was nominated as Vice Chair of the Fed (her hearing will take place on Thursday). Expect questions and commentary on inflation, rate hikes, the labor market and the speed of the economic recovery.
Prepared remarks: "We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation. Both the initial shutdown and the subsequent reopening of the economy were without precedent and have led to persistent supply and demand imbalances and bottlenecks and thus to elevated inflation. We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched."
Inflationary risks and tighter monetary policy have already led to increased volatility for risk assets. Following a big selloff last week, stocks whipsawed on Monday, starting the day deep in the red, only to see a strong intraday rebound of highly-valued growth stocks. Expectations of the Fed hiking cycle are causing some convulsions, and it remains to be seen how committed traders will be to the recent reflation rotation.
Analyst commentary: "It's that delicate tightrope that he [Powell] has to walk," said Kathy Bostjancic, Director of U.S. Macro Investors Services at Oxford Economics. "He really doesn't want to leave an impression that they're massively behind the curve."
Big gaming deal
In one of the largest acquisitions to hit the videogame industry, Take-Two Interactive (TTWO) said it would acquire Zynga (ZNGA) in a cash-and-stock deal that would be valued at $12.7B. The key to the acquisition is mobile gaming, which has been Zynga's focus for years. The company is known for such titles as FarmVille, CSR Racing, Empires & Puzzles, and probably most of all, Words with Friends, while Take-Two is best-known for its console franchises, such as Grand Theft Auto, NBA 2K, BioShock and others.
Market movement: The news led to Zynga's best day ever, with the stock closing the day up 40% to $8.44, basically near even with its price from last August. That was before it got hit hard in an earnings report reflecting the harsh effects of Apple's (AAPL) iOS 14 privacy changes (which makes it harder to sell targeted advertising), and suggests Zynga may realize that its own Apple situation may not be improving anytime soon. Take-Two went in the opposite direction, ending the day down 13%, though CEO Strauss Zelnick wasn't swayed by the investor reaction, noting "the math is the math."
Speaking to CNBC, Zelnick reported that the deal would mean 50% of Take-Two's net bookings will come from mobile and free-play offerings, the fastest-growing segments of the gaming industry. He also noted that Zynga will bring with it additional intellectual property, including what it terms as "forever franchises." "We think it's extraordinarily exciting," Zelnick declared, calling the deal a "transformative" opportunity to drive further into mobile gaming.
Go deeper: The transaction raised some eyebrows because it came without a competitive sale process, however, it does include a provision that allows Zynga to seek other potential suitors over a 45-day period. Asked whether another bidder will arise during the process, Zelnick answered "it is very hard for me to say," but added that the company is protected by a breakup fee if another suitor should step in. "We wanted to be as friendly as possible and we believe that this deal will come to fruition because we think this deal makes the most sense for shareholders."
Today's Markets
In Asia, Japan -0.9%. Hong Kong flat. China -0.7%. India +0.4%. In Europe, at midday, London +0.6%. Paris +1.2%. Frankfurt +1%. Futures at 6:20, Dow +0.3%. S&P +0.5%. Nasdaq +0.7%. Crude +1.4% at $79.36. Gold +0.4% at $1805.50. Bitcoin +0.3% to $41753. Ten-year Treasury Yield -2 bps to 1.72%
Today's Economic Calendar
6:00 NFIB Small Business Optimism Index 8:55 Redbook Chain Store Sales 9:30 Fed's George: U.S. Economic and Monetary Policy 10:00 Powell testifies before Senate Banking Committee 1:00 PM Results of $52B, 3-Year Note Auction
Companies reporting earnings today »
What else is happening...
Airbus (OTCPK:EADSY) keeps crown as top planemaker for third year in row.
Apple (NASDAQ:AAPL) in talks to cover Major League Baseball - NY Post.
Peer-to-peer car sharing company Turo (TURO) files for IPO.
Clarida to step down from Federal Reserve Board two weeks early.
Microsoft (NASDAQ:MSFT) losing AR talent to Meta (NYSEARCA:META) - WSJ.
Meta Platforms (META) delays office opening to March, requires boosters.
Bill Miller's Bitcoin (BTC-USD) investments reach 50% of his net worth.
Nvidia (NASDAQ:NVDA) falls 5% as chipmaker touts Arm deal benefits.
Musical chairs: Micron (NASDAQ:MU) CFO leaves for Intel (NASDAQ:INTC).
Tesla (NASDAQ:TSLA) signs landmark nickel supply deal with Talon Metals.

There were fights over lockdowns, then face masks, but now the battle over vaccine mandates appears to be heating up across the country. On September 9, President Biden announced a new mandate that would apply to businesses with 100 or more employees, which is expected to cover some 80M workers nationwide. While it won't go into effect until federal regulators issue a rule, the mandate is expected to happen soon (it's also separate from an order that targets federal contractors).
Bigger picture: Shortly after the directive was announced, Arizona became the first state to sue Biden over the workplace mandate, while Montana preempted the federal action by passing an anti-mandate law. Florida has also promised to challenge the Biden administration's rule in federal court, though a recent challenge in Maine (based on religious exemptions) was rejected by the Supreme Court, and a bill that would have banned employers from requiring employees to be vaccinated failed in the Texas Legislature. States are not the only ones responding to the mandate as corporations who are most affected by the order express their opinions.
On Tuesday, General Electric (NYSE:GE) and Union Pacific (NYSE:UNP) announced that they would comply with the vaccine mandate deadline (Dec. 8) set by the Biden administration for companies that are federal contractors. Others, like UPS (NYSE:UPS) and Disney (NYSE:DIS) met with White House officials yesterday to discuss the private sector vaccine plan amid concerns it could worsen labor shortages and supply chain troubles. Meanwhile, Southwest Airlines (LUV) dropped a proposal to put unvaccinated staff on unpaid leave starting in December, while pilot labor unions have sought to block the mandates or sought alternatives such as regular testing.
Proof of vaccination: Some cities, like NYC, San Francisco and New Orleans, have taken vaccine mandates one step further, requiring indoor businesses to ask for proof of a dose before giving service. Some backlash has grown in these areas as well, with an In-N-Out in Fisherman's Wharf briefly shut down by the health department for not enforcing the city's vaccine mandate. "We refuse to become the vaccination police for any government," said Arnie Wensinger, In-N-Out's chief legal and business officer. "This is clear governmental overreach and is intrusive, improper, and offensive." (18 comments)
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Earnings roll in
After an initial post-market rise following its earnings report, Netflix (NFLX) turned 2% lower as investors began digesting some of the streamer's numbers. While the company added a net 4.38M global subscribers - better than its own guidance for 1.54M, as well as analyst expectations for 3.5M - forecasts for the coming quarter (8.5M subs) stayed in line with last year's holiday period despite a slew of new shows and programming.
Quote: We're in uncharted territory," co-CEO Reed Hastings said on a post-earnings call. "We have so much content coming in Q4 like we've never had, so we'll have to feel our way through and it rolls into a great next year also."
Netflix is also tweaking its controversial approach to measuring shows' success, which had looked at the number of accounts that had viewed a title for at least two minutes in its first 28 days on the service. It will now focus on total hours viewed per title. That will make a slight difference in its rankings, but "we think engagement as measured by hours viewed is a slightly better indicator of the overall success of our titles and member satisfaction," adding it also gives proper credit to rewatching a show, traditionally a big draw for the service.
Squid Game: "A mind-boggling 142M member households globally have chosen to watch the title in its first four weeks." By comparison, under Netflix's now-former measurement system, Bridgerton's Season 1 was the most-viewed program (82M accounts) and Extraction the top movie (99M accounts). Stay tuned for later this week, when Squid Game marks its first full week in Nielsen's time-based rankings charts. (14 comments)
Rebranding Facebook
All the bad press Facebook (FB) has experienced in recent weeks will warrant a name change, according to The Verge's Alex Heath. The social network is still reeling from a massive internal document leak that showed Instagram made body image issues worse for a substantial minority of teen girls, as well as a ramping up of regulatory pressure and Congressional testimony. In fact, the rebranding could arrive in the coming week, per the report.
Something bigger? The move wouldn't just clear the company of bad vibrations, but follow in the footsteps of Google's (GOOG, GOOGL) parent company changing to Alphabet: Facebook wants to be known for more than social media. A separate parent name could put Facebook under a larger umbrella, along with Instagram, WhatsApp, Oculus and more.
It could also be good timing, given CEO Mark Zuckerberg's ambition to be the "Metaverse" company. As described in Wall Street Breakfast earlier this week, the Metaverse is an "embodied internet," where people can "interact in immersive, 3D and shared digital worlds." Facebook plans on hiring 10,000 skilled engineers across the EU over the next five years for the effort, which it calls "one of its most pressing priorities."
Possible date? Zuckerberg plans to talk about the name change at Facebook's Connect conference on Oct. 28, but could unveil it sooner. (38 comments)
WeSPAC
While the company is still bleeding cash, WeWork (WE) is finally set to list on the public markets. Special purpose acquisition company BowX Acquisition's (BOWX) shareholders have voted to approve a business combination with the flexible workspace provider at a $9B valuation, which will list on the NYSE tomorrow under ticker "WE." WeWork lost $2.1B in the first quarter of the year, as well as $3.2B over 2020.
Backdrop: After filing IPO paperwork back in August 2019, WeWork faced intense scrutiny of its finances and leadership from investors and the media. A month later, the firm put its IPO on ice, CEO and co-founder Adam Neumann resigned, while SoftBank (OTCPK:SFTBY) - WeWork's biggest investor - took control of the company. The office space provider's valuation was then cut to as low as $10B from $47B. However, in the past year, WeWork has made changes to its corporate governance, announced large staff cuts and instituted a massive cost-cutting drive as it targets positive cash flow in 2021.
Outlook: Shares of BowX Acquisition tumbled nearly 10% on Tuesday after news of the merger broke, but have rebounded 3.5% in premarket trade. In a world that has gone through the coronavirus pandemic, many have found the appeal of work-from-home, which grants a more flexible framework and time with the family. However, the transition to remote work could also increase the appeal of WeWork's pitch to companies that want satellite offices for their workers or space for just a few days per week. (4 comments)
Today's Markets
In Asia, Japan +0.1%. Hong Kong +1.4%. China -0.2%. India -0.7%. In Europe, at midday, London flat. Paris -0.2%. Frankfurt flat. Futures at 6:20, Dow flat. S&P flat. Nasdaq +0.1%. Crude -1% at $81.63. Gold +0.5% at $1778.80. Bitcoin +3% at $63977. Ten-year Treasury Yield unchanged at 1.64%
Today's Economic Calendar
7:00 MBA Mortgage Applications 10:30 EIA Petroleum Inventories 12:00 PM Fed's Evans: "Racism and the Economy: Focus on the Wealth Divide" 12:00 PM Fed's Bostic: "Racism and the Economy: Focus on the Wealth Divide" 12:00 PM Fed's Kashkari: "Racism and the Economy: Focus on the Wealth Divide" 1:00 PM Fed's Quarles: Economic Outlook 1:00 PM Results of $24B, 20-Year Bond Auction 1:45 PM Fed's Bullard: "Racism and the Economy: Focus on the Wealth Divide" 2:00 PM Fed's Beige Book 8:35 PM Fed's Daly Speech
Companies reporting earnings today »
What else is happening...
Trade volume of ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) just shy of $1B.
NBA scores first crypto sponsorship from Coinbase (NASDAQ:COIN).
Tesla (NASDAQ:TSLA) earnings on tap, but SpaceX could make Musk a trillionaire.
Procter & Gamble (NYSE:PG) expects higher commodity, freight costs ahead.
J&J (NYSE:JNJ) keeps vaccine sales outlook unchanged following Q3 miss.
Pfizer (NYSE:PFE) COVID vaccine highly protective in 12-18 age group.
Google (NASDAQ:GOOGL) faces hefty Russian fine over illegal online content.
United (NASDAQ:UAL) takes off after earnings beat, optimistic European outlook.
Cathie Wood: Deflation is a bigger threat than inflation; here's how she's playing it.

While it has since pulled back above $30,000, Bitcoin (BTC-USD) broke below the key support level on Tuesday, weighing on the rest of the crypto space. Some are pointing to a consolidation phase and shakeout of the weaker hands, though others are suggesting further losses could lie ahead. Whatever the case may be, short-term traders who invested in Bitcoin at its highs are feeling a lot of pain right now (the crypto touched a record $65,000 back in April).
Buy and hold: "It's important to reconcile the time horizon in which we're analyzing Bitcoin," said Katie Stockton, founder of Fairlead Strategies. "If we see a rebound by the end of this week, that would suggest Bitcoin has seen some false breakdowns and could resume its long-term uptrend. If we also see a breakout above the 50-day moving average (around $34,500), that would be a convincing turnaround for Bitcoin."
Warning signs: "Bitcoin is the ultimate risky asset right now and it could see intense selling pressure if Wall Street enters into panic selling mode," added Edward Moya, senior market analyst for the Americas at OANDA. "It is critical that the digital coin regains ground above the $30,000 level, as a significant breach could result in a massive technical selloff," added Naeem Aslam, chief analyst at AvaTrade.
Stay tuned: Coming up at noon ET is "The ₿ Word" launch, an "initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can embrace it, and raise awareness around areas of the network that need support." It will feature a live discussion between Cathie Wood (who recently filed for a Bitcoin ETF), Jack Dorsey (who appears to have more than a surface-level understanding of Bitcoin) and Elon Musk (let's not even get started). Will the Technoking of Tesla (TSLA) abandon his bearishness on Bitcoin as it relates to things like energy usage and block size? Or maybe sell/add to some of the company's $1.5B stash of Bitcoin? (169 comments)
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Rebound continues
Stocks continue to recover from an early-week selloff that was prompted by fears surrounding the rapidly spreading Delta variant. The major averages rose about 1.6% on Tuesday, as investors jumped back into equities, while futures climbed again overnight. At the time of writing, contracts linked to the Dow are up 0.6%, while the S&P 500 and Nasdaq are ahead by 0.5% and 0.2%, respectively.
Quote: "A lot of our client conversations have really been people trying to look to find time to put money to work," said Mike Stritch, chief investment officer at BMO Wealth Management. "People step in, and they don't want to get caught missing an opportunity to buy at a few points lower."
Treasury yields, which also sunk at the beginning of the week, are climbing again after the 10-year rate hit a five-month low below 1.2%. The note's yield tacked on another 5 bps overnight to 1.26% as investors continue to assess their views on COVID variants and inflation. Elsewhere, a $1.2T bipartisan infrastructure bill will face an initial procedural floor vote in U.S. Senate today, which aims to upgrade roads and bridges, water systems and expand broadband Internet.
On the calendar: Corporate earnings are yet another area traders continue to size up as quarterly results pour in, including beats/misses, revisions and upcoming forecasts. This morning, we'll get prints from Coca-Cola (KO), Verizon (VZ) and Johnson & Johnson (JNJ). About 85% of S&P 500 firms that reported have so far beaten estimates, according to FactSet, with around 8% of companies in the index publishing results over the past week.
Challenges ahead
Netflix (NFLX) is finding it getting harder to live up to Wall Street's expectations. Evidence of that was seen late Tuesday, as the company forecast Q3 streaming TV subscriber gains that fell far short of analysts' expectations (3.5M vs. 5.9M). While Netflix did add 1.54M subscribers for the period that ended June 30 - compared to estimates of 1.12M new paid members - total first-half subscriber growth was the worst since 2013. Profit also came in at $2.97 a share, missing analysts' expectations of $3.14, though revenue of $7.34B inched ahead of consensus estimates for $7.32B.
Comparisons could be difficult: "We hope we are at the tail end of this COVID choppiness," Netflix CFO Spence Neumann said on a conference call. He also noted that during the second quarter of 2020, Netflix added more than 10M new members as pandemic stay-at-home policies went into effect, which "distorts year-over-year comparisons." "If we deliver on our [third-quarter] guide, our growth pattern in our business is remarkably steady [and] averaging 27M [new subscribers] a year over the last two years," Neumann added, helping shares rise slightly in AH trading.
However, for a company that depends on subscriber fees in order to fuel its ongoing forays into original and exclusive content, Netflix's results hint at possible rough road ahead. The company lost 430K subscribers in the U.S. and Canada during Q2, and added just 190K paid members in Europe, the Middle East and Africa. "Combined, they shrunk in their two most-profitable markets," said Wedbush analyst Michael Pachter. "That suggests [market] saturation to me. All the recent moves by Peacock, Disney, Hulu and HBO suggest that competition for content will become more fierce."
Outlook: Netflix confirmed it was in the "early stages" of expanding into video games, viewing it as "another content category for us, similar to our expansion into original films, animation and unscripted TV." Last week, Netflix even hired a former Electronic Arts and Facebook executive to lead the effort. While a time frame wasn't given for launching the new vertical, games will be included in current subscription plans at no additional cost. (44 comments)
Antitrust victory lap
President Biden has nominated Jonathan Kanter to be Assistant Attorney General for the Antitrust Division at the Department of Justice, the top position in the DOJ's antitrust unit. The move is being hailed as a major win for progressives, who accuse the agency of failing to aggressively pursue the anti-competitive behavior of Big Tech. If confirmed by the Senate, Kanter would head the DOJ division that filed a suit against Google (GOOG, GOOGL) in October, which was the first federal complaint against a tech giant since action against Microsoft (MSFT) in the '90s.
Backdrop: Kanter, a longtime critic of Google, is currently a partner at The Kanter Law Group LLP, a boutique antitrust law firm that advocates in favor of federal and state antitrust law enforcement. He has also served as an attorney for the U.S. Federal Trade Commission’s Bureau of Competition and was co-chair of the antitrust practice at Paul, Weiss, Rifkind, Wharton, and Garrison LLP.
"At this critical time, the DOJ must be equipped to take on giant tech companies and monopolistic corporations in any sector that," Senator Elizabeth Warren (D-Mass) said in a statement. "Jonathan will reinvigorate antitrust enforcement - both civil and criminal - and strengthen the DOJ’s scrutiny of the anti-competitive abuses that threaten our economy, our society, and our democracy."
Go deeper: Big Tech critic Lina Khan took the reigns as chair of the FTC in June, and earlier this month, Biden signed a new antitrust executive order aimed at strengthening antitrust authority over U.S. technology giants. Progressive tech critic and former Columbia University law professor Tim Wu also joined Biden's National Economic Council back in May, influencing the administration's policies with regards to large tech firms. (56 comments)
Today's Markets
In Asia, Japan +0.6%. Hong Kong flat. China +0.7%. India closed. In Europe, at midday, London +1.7%. Paris +1.3%. Frankfurt +1.9%. Futures at 6:20, Dow +0.6%. S&P +0.5%. Nasdaq +0.2%. Crude +1% at $67.90. Gold -0.4% at $1804.20. Bitcoin +3.4% at $30847. Ten-year Treasury Yield +5 bps to 1.26%
Today's Economic Calendar
7:00 MBA Mortgage Applications 10:30 EIA Petroleum Inventories 1:00 PM Results of $24B, 20-Year Bond Auction

Wall Street Breakfast: Coming Of Age?

Apr. 21, 2021 7:21 AM ETAAL, AAPL, ABT..
​
Growth worries surrounded Netflix (NFLX) following its earnings report after Tuesday's close, sending the stock down nearly 9% in AH trading. The streamer only added 3.98M paid net subscribers during Q1, short of its guidance for 6M and consensus forecasts of 6.29M. Despite the headlines, Netflix is turning into a cash cow (reporting net income of $1.71B, or $3.75 a share) and is even returning some of that cash to investors via its first stock buyback plan in nearly a decade.
Bigger picture: Netflix has missed its own subscriber forecasts before and the company has repeatedly warned of a slowdown following a pandemic-fueled expansion, but investors were looking for something else. The company projected net adds of just 1M for the second quarter, meaning it would end the first half of the year nearly 6M subscribers short of where the Street projected it would be by that time. Netflix would also require an addition of nearly 21M subscribers in the second half of 2021 to reach analysts' year-end target of 229.4M.
In its quarterly shareholder letter, Netflix blamed part of this year’s lag on a "lighter content slate" caused by last year’s pandemic-related production shutdowns. For 2021, the streaming giant is splurging another $17B on content and "we'll continue to deliver an amazing range of titles for our members." That includes new seasons of The Witcher and Cobra Kai, and some even expect a new season of the company's blockbuster series Stranger Things in that period as well.
Outlook: Many rivals are coming after Netflix, including Prime Video (AMZN), Disney+ (DIS), HBO Max (T), Peacock (CMCSA) and Paramount+ (VIAC). But the platform still believes the entertainment market is huge and it has plenty of room to grow. It cautions against comparing services on subscriber figures alone - considering the noise of "bundles, discounts and other promotions" - saying instead the focus should be on engagement and revenue as key performance indicators. However, with millions of Americans getting vaccinated and the economy opening up, the question remains whether people will cut back on their streaming subscriptions for other forms of public entertainment. (193 comments)
Market enthusiasm ebbs
Wall Street notched its first back-to-back decline since late March on Tuesday as a number of factors disrupted the bullish mood seen last week. The declines came during what was forecast to be a bumper earnings season, but sky-high valuations and the lack of catalysts to improve upon lofty expectations may prove to be a stumbling block. "With stock markets, it is often better to travel than to arrive," said Trevor Greetham, investment strategist at Royal London.
Other concerns are weighing on the market as well, but in this investing atmosphere, those could go away as soon as they come. Dow and S&P 500 futures inched down 0.1% overnight, while contracts linked to the Nasdaq dipped 0.3%.
COVID-19 - Coronavirus cases are soaring across the globe, with a new variant pummeling India with a devastating second wave. That had reopening plays lead the market lower as the State Department said it would increase "do not travel" advisories to 80% of the world's countries. Some health experts have also suggested that herd immunity may be off the table and are rather talking about control.
Inflation - Pricing pressures were already been seen in the market last week, with the biggest monthly rise in the consumer price index since 2012. Consumer giants have since come out and said they'll have to raise prices because of higher commodity and input costs. The latest to boost price tags are Procter & Gamble (PG) and Coca-Cola (KO), which unveiled the increases this week along with their Q1 results. Yields - The rate on the 10-year Treasury crept up another 2 bps overnight to 1.58% and even touched 1.6% on Monday. Traders will keep an eye on an auction today for $24B of 20-year bonds, as a gauge of demand for longer-term government debt. Another $35B auction will be held for 119-day bills.
George Floyd verdict
Fresh calls for police defunding are underway after a jury in Minneapolis found former police officer Derek Chauvin guilty on three charges in the killing of George Floyd. His death in May of 2020 set off massive protests across the nation as many local city councils debated shifting parts of the police's budget to social services. President Biden also said the conviction was a "giant step forward in the march toward justice in America, but it's not enough. We can't stop here."
Snapshot: In Minneapolis itself, there are currently some defunding proposals that could be on the ballot this November. One from the city council would replace the police department with a department of public safety, which would have divisions like mental health services. Another one would put the police department under civilian control and allow a commission to deal with police misconduct. Mayor Jacob Frey has already redirected $8M from the Minneapolis Police Department to crime prevention programs and mental health crisis response teams, but he kept police staffing numbers at current levels.
While some activists would like to see the reallocation of police resources from enforcement to other types of services, others are calling for the flat out abolition of contemporary police departments. Critics say the steps could lead to more violence and therefore less investment into the affected communities. In turn, that could escalate crime, especially with municipal budgets already strained from the coronavirus pandemic. Other reforms are also being discussed at the Congressional level, such as social programs and accountability for police, along with better education, training and making officers' jobs better defined.
Investing sphere: "Prison stocks have continued to decline, even as REITs in general are rebounding," writes Seeking Alpha Marketplace author Ian Bezek. "The Biden Administration will be tough on the sector, while prisons became exposed to lawsuits for potential COVID-19 liabilities at their facilities." In fact, the industry's two leaders, CoreCivic (NYSE:CXW) and GEO Group (NYSE:GEO), are off 62% and 50%, respectively, since the "defund the police" slogan became common during the George Floyd protests. Differing trends have been seen in the personal defense and firearm sector, where Smith & Wesson (NASDAQ:SWBI) and Axon (NASDAQ:AXON) have climbed 90% and 100%, respectively, since May 2020. (17 comments)
Prime cuts
Amazon (AMZN) is launching a new hair salon in London as a place where "customers can experience some of the leading technology, products, and services in hair care and styling." Located in the Spitalfields shopping district, Amazon Salon will include augmented reality hair consultations and point-and-learn technology for hair care products. Customers can even use Fire tablets while waiting or receiving hair services, while there's a "dedicated creative area" for taking pictures after the service.
Quote: "We have designed this salon for customers to come and experience some of the best technology, hair care products and stylists in the industry," said John Boumphrey, Amazon UK Country Manager. "We want this unique venue to bring us one step closer to customers, and it will be a place where we can collaborate with the industry and test new technologies."
The two-story, 1,500-square-foot store is currently open to Amazon employees and will become available to the general public in the "coming weeks." However, there aren't plans for more locations. The salon is an "experimental venue" for Amazon to showcase products and techs, not a push into a new vertical, though the company did recently introduce a professional beauty section on its U.K. website.
Go deeper: While Amazon has made its name in e-commerce, digital subscriptions and other web services, it has been increasingly focused on physical retail. The company opened its first bookstore in Seattle in 2015 after opening kiosks in shopping malls to sell devices and Amazon-branded accessories. In 2017, it bought popular grocery chain Whole Foods for $13.7B and began to open a number of Amazon Go stores that showcased its cashier-less "Just Walk Out" technology. (24 comments)
What else is happening...
Schumer calls for pot to be decriminalized by next 4/20.
J&J (NYSE:JNJ) will resume vaccine rollout in Europe following EMA review.
Apple (NASDAQ:AAPL) rolls out first iMac redesign in a decade.
Cathie Wood continues to add shares of COIN, sells NVDA and SPCE.
Discord ends deal talks with Microsoft (NASDAQ:MSFT).
European Super League on the brink of collapse.
American Airlines (NASDAQ:AAL) to resume hiring as travel recovers.
Boeing (NYSE:BA) skids on CFO shock retirement, CEO extended.
Google (NASDAQ:GOOG), Apple (AAPL) executives to testify in app store hearing.
Tuesday's Key Earnings
Abbott Laboratories (NYSE:ABT) -3.6% as 2021 guidance missed estimates. Johnson & Johnson (JNJ) +2.3% raising outlook and quarterly dividend. Lockheed Martin (NYSE:LMT) -1.1% following mixed results and forecasts. Netflix (NASDAQ:NFLX) -8.7% AH on disappointing subscriber numbers. Philip Morris (NYSE:PM) +2.5% lifting guidance amid strong start to the year. Procter & Gamble (NYSE:PG) +0.8% maintaining outlook, boosting buybacks.
Today's Markets
In Asia, Japan -2%. Hong Kong -1.6%. China flat. India closed. In Europe, at midday, London +0.3%. Paris +0.5%. Frankfurt +0.2%. Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.3%. Crude -1.2% to $61.92. Gold flat at $1779.20. Bitcoin -1.9% to $55164. Ten-year Treasury Yield +2 bps to 1.58%

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http://example.help
http://example.helsinki
http://example.here
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http://example.hgtv
http://example.hiphop
http://example.hisamitsu
http://example.hitachi
http://example.hiv
http://example.hk
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http://example.hn
http://example.hockey
http://example.holdings
http://example.holiday
http://example.homedepot
http://example.homegoods
http://example.homes
http://example.homesense
http://example.honda
http://example.honeywell
http://example.horse
http://example.host
http://example.hosting
http://example.hot
http://example.hoteles
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http://example.how
http://example.hr
http://example.hsbc
http://example.ht
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http://example.hu
http://example.hughes
http://example.hyatt
http://example.hyundai
http://example.ibm
http://example.icbc
http://example.ice
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http://example.id
http://example.ie
http://example.ieee
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http://example.iinet
http://example.ikano
http://example.il
http://example.im
http://example.imamat
http://example.imdb
http://example.immo
http://example.immobilien
http://example.in
http://example.industries
http://example.infiniti
http://example.info
http://example.ing
http://example.ink
http://example.institute
http://example.insurance
http://example.insure
http://example.int
http://example.intel
http://example.international
http://example.intuit
http://example.investments
http://example.io
http://example.ipiranga
http://example.iq
http://example.ir
http://example.irish
http://example.is
http://example.iselect
http://example.ismaili
http://example.ist
http://example.istanbul
http://example.it
http://example.itau
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http://example.iwc
http://example.jaguar
http://example.java
http://example.jcb
http://example.jcp
http://example.je
http://example.jeep
http://example.jetzt
http://example.jewelry
http://example.jlc
http://example.jll
http://example.jm
http://example.jmp
http://example.jnj
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http://example.jobs
http://example.joburg
http://example.jot
http://example.joy
http://example.jp
http://example.jpmorgan
http://example.jprs
http://example.juegos
http://example.juniper
http://example.kaufen
http://example.kddi
http://example.ke
http://example.kerryhotels
http://example.kerrylogistics
http://example.kerryproperties
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http://example.kinder
http://example.kindle
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http://example.latrobe
http://example.law
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http://example.lease
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http://example.lego
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http://example.lgbt
http://example.li
http://example.liaison
http://example.lidl
http://example.life
http://example.lifeinsurance
http://example.lifestyle
http://example.lighting
http://example.like
http://example.lilly
http://example.limited
http://example.limo
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http://example.link
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http://example.live
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http://example.lixil
http://example.lk
http://example.loan
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http://example.lt
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http://example.luxe
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http://example.makeup
http://example.man
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http://example.md
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http://example.melbourne
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http://example.microsoft
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http://example.new
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http://example.next
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http://example.now
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http://example.np
http://example.nr
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http://example.ntt
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http://example.nyc
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http://example.obi
http://example.off
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http://example.okinawa
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http://example.oldnavy
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http://example.online
http://example.onyourside
http://example.ooo
http://example.open
http://example.oracle
http://example.orange
http://example.org
http://example.organic
http://example.orientexpress
http://example.origins
http://example.osaka
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http://example.ott
http://example.ovh
http://example.pa
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http://example.pamperedchef
http://example.panasonic
http://example.panerai
http://example.paris
http://example.pars
http://example.partners
http://example.parts
http://example.party
http://example.passagens
http://example.pay
http://example.pccw
http://example.pe
http://example.pet
http://example.pf
http://example.pfizer
http://example.pg
http://example.ph
http://example.pharmacy
http://example.philips
http://example.photo
http://example.photography
http://example.photos
http://example.physio
http://example.piaget
http://example.pics
http://example.pictet
http://example.pictures
http://example.pid
http://example.pin
http://example.ping
http://example.pink
http://example.pioneer
http://example.pizza
http://example.pk
http://example.pl
http://example.place
http://example.play
http://example.playstation
http://example.plumbing
http://example.plus
http://example.pm
http://example.pn
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http://example.pohl
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http://example.politie
http://example.porn
http://example.post
http://example.pr
http://example.pramerica
http://example.praxi
http://example.press
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http://example.pro
http://example.prod
http://example.productions
http://example.prof
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http://example.promo
http://example.properties
http://example.property
http://example.protection
http://example.pru
http://example.prudential
http://example.ps
http://example.pt
http://example.pub
http://example.pw
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http://example.py
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http://example.quebec
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http://example.racing
http://example.raid
http://example.re
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http://example.realestate
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http://example.realty
http://example.recipes
http://example.red
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http://example.redumbrella
http://example.rehab
http://example.reise
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http://example.ren
http://example.rent
http://example.rentals
http://example.repair
http://example.report
http://example.republican
http://example.rest
http://example.restaurant
http://example.review
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http://example.rexroth
http://example.rich
http://example.richardli
http://example.ricoh
http://example.rightathome
http://example.rio
http://example.rip
http://example.ro
http://example.rocher
http://example.rocks
http://example.rodeo
http://example.rogers
http://example.room
http://example.rs
http://example.rsvp
http://example.ru
http://example.ruhr
http://example.run
http://example.rw
http://example.rwe
http://example.ryukyu
http://example.sa
http://example.saarland
http://example.safe
http://example.safety
http://example.sakura
http://example.sale
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http://example.samsclub
http://example.samsung
http://example.sandvik
http://example.sandvikcoromant
http://example.sanofi
http://example.sap
http://example.sapo
http://example.sarl
http://example.sas
http://example.save
http://example.saxo
http://example.sb
http://example.sbi
http://example.sbs
http://example.sc
http://example.sca
http://example.scb
http://example.schaeffler
http://example.schmidt
http://example.scholarships
http://example.school
http://example.schule
http://example.schwarz
http://example.science
http://example.scjohnson
http://example.scor
http://example.scot
http://example.sd
http://example.se
http://example.seat
http://example.secure
http://example.security
http://example.seek
http://example.select
http://example.sener
http://example.services
http://example.ses
http://example.seven
http://example.sew
http://example.sex
http://example.sexy
http://example.sfr
http://example.sg
http://example.sh
http://example.shangrila
http://example.sharp
http://example.shaw
http://example.shell
http://example.shia
http://example.shiksha
http://example.shoes
http://example.shop
http://example.shopping
http://example.shouji
http://example.show
http://example.showtime
http://example.shriram
http://example.si
http://example.silk
http://example.sina
http://example.singles
http://example.site
http://example.sj
http://example.sk
http://example.ski
http://example.skin
http://example.sky
http://example.skype
http://example.sl
http://example.sling
http://example.sm
http://example.smart
http://example.smile
http://example.sn
http://example.sncf
http://example.so
http://example.soccer
http://example.social
http://example.softbank
http://example.software
http://example.sohu
http://example.solar
http://example.solutions
http://example.song
http://example.sony
http://example.soy
http://example.space
http://example.spiegel
http://example.spot
http://example.spreadbetting
http://example.sr
http://example.srl
http://example.srt
http://example.st
http://example.stada
http://example.staples
http://example.star
http://example.starhub
http://example.statebank
http://example.statefarm
http://example.statoil
http://example.stc
http://example.stcgroup
http://example.stockholm
http://example.storage
http://example.store
http://example.stream
http://example.studio
http://example.study
http://example.style
http://example.su
http://example.sucks
http://example.supplies
http://example.supply
http://example.support
http://example.surf
http://example.surgery
http://example.suzuki
http://example.sv
http://example.swatch
http://example.swiftcover
http://example.swiss
http://example.sx
http://example.sy
http://example.sydney
http://example.symantec
http://example.systems
http://example.sz
http://example.tab
http://example.taipei
http://example.talk
http://example.taobao
http://example.target
http://example.tatamotors
http://example.tatar
http://example.tattoo
http://example.tax
http://example.taxi
http://example.tc
http://example.tci
http://example.td
http://example.tdk
http://example.team
http://example.tech
http://example.technology
http://example.tel
http://example.telecity
http://example.telefonica
http://example.temasek
http://example.tennis
http://example.teva
http://example.tf
http://example.tg
http://example.th
http://example.thd
http://example.theater
http://example.theatre
http://example.tiaa
http://example.tickets
http://example.tienda
http://example.tiffany
http://example.tips
http://example.tires
http://example.tirol
http://example.tj
http://example.tjmaxx
http://example.tjx
http://example.tk
http://example.tkmaxx
http://example.tl
http://example.tm
http://example.tmall
http://example.tn
http://example.to
http://example.today
http://example.tokyo
http://example.tools
http://example.top
http://example.toray
http://example.toshiba
http://example.total
http://example.tours
http://example.town
http://example.toyota
http://example.toys
http://example.tr
http://example.trade
http://example.trading
http://example.training
http://example.travel
http://example.travelchannel
http://example.travelers
http://example.travelersinsurance
http://example.trust
http://example.trv
http://example.tt
http://example.tube
http://example.tui
http://example.tunes
http://example.tushu
http://example.tv
http://example.tvs
http://example.tw
http://example.tz
http://example.ua
http://example.ubank
http://example.ubs
http://example.uconnect
http://example.ug
http://example.uk
http://example.unicom
http://example.university
http://example.uno
http://example.uol
http://example.ups
http://example.us
http://example.uy
http://example.uz
http://example.va
http://example.vacations
http://example.vana
http://example.vanguard
http://example.vc
http://example.ve
http://example.vegas
http://example.ventures
http://example.verisign
http://example.versicherung
http://example.vet
http://example.vg
http://example.vi
http://example.viajes
http://example.video
http://example.vig
http://example.viking
http://example.villas
http://example.vin
http://example.vip
http://example.virgin
http://example.visa
http://example.vision
http://example.vista
http://example.vistaprint
http://example.viva
http://example.vivo
http://example.vlaanderen
http://example.vn
http://example.vodka
http://example.volkswagen
http://example.vote
http://example.voting
http://example.voto
http://example.voyage
http://example.vu
http://example.vuelos
http://example.wales
http://example.walmart
http://example.walter
http://example.wang
http://example.wanggou
http://example.warman
http://example.watch
http://example.watches
http://example.weather
http://example.weatherchannel
http://example.webcam
http://example.weber
http://example.website
http://example.wed
http://example.wedding
http://example.weibo
http://example.weir
http://example.wf
http://example.whoswho
http://example.wien
http://example.wiki
http://example.williamhill
http://example.win
http://example.windows
http://example.wine
http://example.winners
http://example.wme
http://example.wolterskluwer
http://example.woodside
http://example.work
http://example.works
http://example.world
http://example.wow
http://example.ws
http://example.wtc
http://example.wtf
http://example.xbox
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http://example.xfinity
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http://example.yoga
http://example.yokohama
http://example.you
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http://example.za
http://example.zappos
http://example.zara
http://example.zero
http://example.zip
http://example.zippo
http://example.zm
http://example.zone
http://example.zuerich
http://example.zw

Server IP: jnj.apexmc.co
Our bungee cord network provides both Minecraft Survival and Skyblock.
Survival Features:

• Land claims
• mcMMO
• Silktouch spawners
• Plots
• Player shops
• Towns
• Jobs

Skyblock Features:

• Minions
• Lootable dungeon
• Co-op
• Island upgrades
• Auctions
• Spawners

Server Picture: https://imgur.com/qL5njrX

Server IP: jnj.apexmc.co
Our bungee cord network provides both Minecraft Survival and Skyblock.
Survival Features:

• Land claims
• mcMMO
• Silktouch spawners
• Plots
• Economy
• Towns
• Jobs

Skyblock Features:

• Minions
• Dungeon
• Co-op
• Island Missions
• Auctions
• Spawners

Server Picture: https://imgur.com/qL5njrX

Server IP: jnj.apexmc.co
Our bungee cord network provides both Minecraft Survival and Skyblock.
Survival Features:

• Land claims
• mcMMO
• Silktouch spawners
• Plots
• Player shops
• Towns
• Jobs

Skyblock Features:

• Minions
• Lootable dungeon
• Co-op
• Island upgrades
• Auctions
• Spawners

Server Picture: https://imgur.com/qL5njrX