Twitter confirmed it is pausing most hiring as two executives have left the company ahead of Elon Musk’s announced takeover. “We can confirm that Kayvon Beykpour and Bruce Falck are leaving Twitter. Jay Sullivan is the new GM of Bluebird and interim GM of Goldbird. Effective this week, we are pausing most hiring and backfills,…
Asset Bubbles & Forward Returns
Commentary Asset bubbles have been prevalent throughout history. Whether it was the “Tulip bubble” in the 1600s, the South Sea bubble of the 1700s or the Dot.com bubble of 2000, they resulted from excessive investor speculation. Of course, the other side of the inflation was the long unwinding of those bubbles as valuations mean reverted…
Asset Bubbles and Forward Returns
Commentary Asset bubbles have been prevalent throughout history. Whether it was the “Tulip bubble” in the 1600s, the South Sea bubble of the 1700s or the Dot.com bubble of 2000, they resulted from excessive investor speculation. Of course, the other side of the inflation was the long unwinding of those bubbles as valuations mean reverted…
Spiraling Home Costs and Mounting Interest Rates Could Slam the Door on First-Time Buyers
A recent survey from the Federal Reserve Bank of New York indicates U.S. households expect home prices to continue to rise at a faster rate over the next year and that the value of their homes will appreciate at a slower rate over the next five years. In addition, the survey shows that most Americans also…
Retail Diesel Prices Surge to Fresh Record High Amid Tight Supplies
Retail diesel prices hit a fresh record high of $5.557 per gallon on Thursday, according to the American Automobile Association (AAA). The cost of a gallon of diesel has been up 1.5 percent over the last week. Retail diesel prices are also 10.5 percent higher than a month ago. Several states are seeing diesel prices…
Bank Chiefs Should Face Jail Time for Money Laundering, Say UK MPs
A cross-party group of MPs has urged the government to introduce legislation that would put bank executives behind bars if they allowed or encouraged money laundering. Parliament rushed through the Economic Crime (Transparency and Enforcement) Act in March in an attempt to deprive Russian oligarchs with ties to President Vladimir Putin of their UK-based wealth,…
Mercedes Tells Owners of 292,000 Vehicles to Stop Driving Them
DETROIT—Mercedes-Benz is telling the owners of more than 292,000 vehicles in the U.S. to stop driving them due to a problem that could cause the brakes to fail. The German automaker is recalling the vehicles and says it will offer free towing so the owners can get them to a dealership for service. The recall…
US Stocks Waver as Inflation Remains Stubbornly High
NEW YORK—Stocks wavered in morning trading on Wall Street as investors received another dire readout on inflation. The S&P 500 fell 0.4 percent as of 10:26 a.m. Eastern. The Dow Jones Industrial Average fell 142 points, or 0.5 percent, to 31,814 and the Nasdaq was little changed. Technology stocks were among the biggest weights pressing…
Russia Says Finnish Entry to NATO Poses Threat to Which It Will Respond
LONDON—Russia said on Thursday that Finland’s bid to join NATO was a hostile move that “definitely” posed a threat to its security. The Kremlin said it would respond but declined to spell out how, saying this would depend on how close NATO moves military assets towards the 1,300 kilometer (800-mile) Finnish-Russian frontier. The Russian Foreign…
Beyond Meat Shares Tumble on Disappointing Q1 Results, Barclays Downgrades Price Target
Barclays on Thursday cut the price target for shares of plant-based meat company Beyond Meat by nearly 70 percent following the company’s disappointing sales revenues in the first quarter. Barclays analyst Benjamin Theurer downgraded shares to equal weight from overweight, with a $25.00 per share price target, down from $80.00. “Given limited short-term visibility, mounting cost pressure,…
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