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UFC 296: Capitol Hill
A US senator challenged a union boss to a fight in a senate hearing, the FDIC went overboard cos-playing toxic banking culture, China’s property slump is getting worse, Glencore is preparing to divest from coal, and Ken Griffin thinks Miami could usurp NYC as a finance hub.
Apple Makes Bank on Google's Search Deal
Google is paying a high price to remain the default search browser on Safari, Walmart and Target earnings offer clues to crucial holiday season, Biden and Xi announced a deal for China to crack down on fentanyl, Pfizer wants in on the weight loss drug gold rush, and United will not resume flights to Israel.
Santa Rally Inbound
Investors are poising for an end-of-year stock market rally, Goldman and Morgan Stanley have divergent rate-cut predictions, Biden and Xi are gearing up for a high-stakes meeting, Boeing is closing in on a major deal with Emirates, and ‘The Marvels’ disappointed in the box office.
China's Business Executives Keep Disappearing
Chinese business leaders keep disappearing, markets are pricing in an end to interest-rate hikes, the IRS announced new income tax brackets, former Apple designers launched a $700 Humane AI pin, a German startup is racing Google to make a universal translator, and WeWork’s stock doubled as the latest bankruptcy meme stock.
Big Bonuses for Former Freight Pilots
Warner Bros. Discovery had a tough earnings report, banks are cautious about underwriting IPOs, Israeli bond purchases are popular in the US, Caesars reached a deal with Vegas union to avoid a strike, American Airlines is offering $250k bonuses to former FedEx and UPS pilots, and Eli Lilly won FDA approval for a new obesity drug.
Microsoft's Road to $3 Trillion
Microsoft stock closed at an all-time high on OpenAI optimism, BlackRock’s model makers are betting on megacaps, big banks are cooking up new ways to unload risk, EV makers are using discounts to combat waning demand, and credit card balances hit a $1.08T record.
A GPT for Everyone
OpenAI’s newest AI lets users create their own GPTs, Bumble shares fell on news that its CEO was stepping down, Google’s app store power is being challenged in court, millions of retired Americans are not re-entering the workforce, Citi is considering deep job cuts, and Nike sued New Balance and Skechers.
Berkshire's Record Cash Pile
Berkshire is sitting on a record $157B cash pile, Musk released his ‘Grok’ AI to combat ChatGPT, Jack Dorsey is taking a more hands-on approach at Block again, Washington Post is projected to lose $100M this year, Tesla is raising wages for German workers, and bankers are looking for legal cover after backing $1.5T of ESG debt.
Sam Bankrupt-Fried
SBF was found guilty on all seven charges against him, Goldman promoted 608 to MD, Apple warned of a sluggish holiday quarter, the CEO of the National Association of Realtors stepped down, Bezos is moving to Miami, Wall Street titans fueled an Ivy League donor revolt, and Roku led a media stock rally.
Interest Rates Holding Steady
The Fed is holding rates steady, JPMorgan is seeking out a private credit crunch partner, The US and European economies are diverging, China agreed to an arms-control talk with the US, top MBA programs are enrolling more women than men, and Toyota gave US auto-factory workers a pay bump.
We(NoLonger)Work
WeWork is filing for bankruptcy, a federal jury found realtors liable for $1.8B in damages after conspiring to keep commissions for home sales high, Alphabet and Match settled Google Play antitrust claims, Druckenmiller is betting big on 2-year notes, Musk says Tesla is planning to make 200,000 Cybertrucks per year, and orange juice futures hit an all-time high.
Wall Street Loves NYC Pensions
Wall Street made bank in fees from NYC pensions, the US cut its quarterly borrowing target to $776B, Meta paused ads for users under 18 in Europe, Google’s CEO defended their Apple search partnership, Biden is looking to cut AI risks with an executive order, and X claims that it’s worth $19B one year after Musk’s acquisition.