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☆ Stocks' bull run will end in a bubble or recession, says Bank of America strategist
▼ + stars: | 2024-05-03 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Stocks are in a "late secular bull market," BofA's Michael Hartnett said in a Friday research note. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe bull market that's pushed stock prices higher for the past year and a half will probably end in tears, Bank of America's Michael Hartnett warned. Equities are in a "late secular bull market" that likely "ends with [a] bubble and/or recession," the bank's chief investment strategist wrote in a Friday research note seen by Business Insider. Hartnett's bearish stance clashes with the view held by BofA's head of US equity and quantitative strategy, Savita Subramanian, who has predicted that stocks' bull market will last.

Persons: BofA's Michael Hartnett, —, of America's Michael Hartnett, Hartnett's, Hartnett, Marko Kolanovic, BofA's, Savita Subramanian, stagflation Organizations: Service, of America's, Business, JPMorgan

☆ Bank of America's top global strategist warns of growing bubble risk in the stock market as the economy heads for a no-landing scenario — and shares 3 charts showing the market could be headed for tro
▼ + stars: | 2024-04-20 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Read previewMichael Hartnett, Bank of America's top global strategist, thinks a no-landing scenario is the most-likely outcome for the US economy in the months ahead. That means the labor market would remain strong, but inflation would also stay above the Federal Reserve's long-term goal of 2%. While that's fine for now, Hartnett warns it's a path that eventually leads to trouble for the economy and stocks. "We say rising no landing risks = rising hard landing risks," Hartnett said in an April 11 note. The fund's price dipped below its 200-day moving average in 2020 and 2022, when the economy slowed and stocks underperformed.

Persons: —, Michael Hartnett, Hartnett, it's, Michael Landsberg Organizations: Service, Bank of America's, Business, Consumer, Bank of America, Landsberg Bennett, Wealth Management, Fed Locations: REITs, Ukraine

☆ They celebrated their 25th anniversary with a trip to Paris and ended up buying a stone house in the countryside for $100,000. Now, they're dreaming of retiring there.
▼ + stars: | 2024-04-02 | by ( Amanda Goh | ) www.businessinsider.com time to read: +9 min

Michael and April Meyer bought a stone house in France for about $108,000 in 2022. "It was like our Tour de France," Michael said. Michael and April Meyer/@FrenchStoneHouseLifeThey made the offer in July last year when they were only a third through their planned six-week trip, Michael said. Embracing French cultureThe couple is also committed to immersing themselves in the French way of life — they're even taking French language classes back in the US. Michael and April Meyer/@FrenchStoneHouseLifeTheir French stone house is a vacation home at the moment, but the couple is toying with the idea of possibly retiring there in the future.

Persons: Michael, Meyer, —, April Meyer, @FrenchStoneHouseLife, Michael said, — they're, They've, That's, it's, Bernice, it'd, you've Organizations: Service, de France, Social, Social Security Administration, YouTube Locations: France, California, Europe, Hawaii, Paris, Sacramento, Michael, zipping, Burgundy, Bordeaux, Loire, Limoge, America, agoh@businessinsider.com

☆ How the businessman who blew up MoviePass tried to create a 'TikTok killer' and cost investors millions
▼ + stars: | 2024-04-01 | by ( Ashley Rodriguez | Jason Guerrasio | ) www.businessinsider.com time to read: +22 min

At Vinco, Farnsworth employed several of the same tactics that he had at MoviePass and at his earlier ventures. "Ted took these press releases and really treated them like they were works of art for him," Matt Argall, a former advisor to Farnsworth, told BI. Hudson Bay has not been served the lawsuit as of the publication of this story. "Hudson Bay's investment in Vinco Ventures was a standard, fixed price convertible loan of which millions remain unpaid," Hudson Bay told BI in a statement. "If served, Hudson Bay will seek to have these baseless, factually flawed and frivolous claims, which have been repeatedly dismissed in other proceedings against other parties, dismissed expeditiously."

Persons: MoviePass, Ted Farnsworth, Maria Bartiromo, he'd, Farnsworth, Jaeson Ma, Ted Farnsworth playbook, Ted, Barnum, John Fichthorn, I've, Shadwrick Vick, Rudy, Vick, Roderick Vanderbilt, who's, hocking, La Toya Jackson, Helios, Matheson, Brian Quinn, Farnsworth's, Michael Hartstein, Vinco, Matt Argall, Mitch Lowe, Reuters Farnsworth, David, Goliath, TikTok, We're, Argall, Elton John, Jamie McCarthy, Lomotif, Lil Nas X, Snoop Dogg, Grimes, Zash, Allan Stern, Get2it, Stern, Robert N, Scola Jr, Scola, he's, —, Lowe, Getty, Dave Kotinsky, Stringer Vinco, expeditiously, Farnsworth —, Vanderbilt, Jesse Law, Katherine Long Organizations: Fox Business, Hollywood, Business, Zash Global Media, Entertainment, Vinco Ventures, Fox, Hudson Bay, BI, Helios, Matheson, Matheson Analytics, Boston College Law School, Palladium Capital Group, Vinco, BHP Capital, Armistice, CVI Investments, National Enquirer, Reuters, AMC Theatres, AMC, Gemini Valuation, Hudson, Eightco Holdings, Elton John AIDS Foundation, 91st, EDC, Tampa Marriott, SEC, Publishing, National Examiner, Globe, The New York Times, Southern, Southern District of, Bloomberg, Bay, Vanderbilt, Federal Bureau of Investigation Locations: Hudson, Vinco, Zash, Hudson Bay, China, Syracuse , New York, Lomotif, Syracuse, West Hollywood , California, Vegas, Tampa, Argall, Boston, India, The, Miami, MoviePass, Southern District, Southern District of Florida, New York

☆ A middle school PTA treasurer stole almost $30,000 from a student-led fundraiser to bet on DraftKings and FanDuel
▼ + stars: | 2024-03-17 | by ( Lauren Edmonds | Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

A Maryland man stole $29,000 in proceeds from a middle school fundraiser. AdvertisementA Maryland man stole $29,000 in proceeds from a middle school fundraiser. James Michael Harris, who was the treasurer for the parent-teacher-student association at Stemmers Run Middle School, pleaded guilty to theft in March 2024. BCPS and Stemmers Run Middle School are not responsible for its debts," the school said in a statement. Representatives for Baltimore County Public Schools, World's Finest Chocolates, DraftKings, FanDuel, The Baltimore County State Attorney's Office, and the Baltimore County Police Department did not immediately respond to a request for comment from BI.

Persons: —, James Michael Harris, Harris, FanDuel, Rosemary Roos, Roos, Whitney Organizations: Maryland, Baltimore Banner, Service, Middle, Police, Business, The National Council, University of Buffalo, Middle School, Baltimore County Public Schools, Baltimore County, Attorney's Office, Baltimore County Police Department, Whitney, Baltimore Locations: Baltimore

☆ David Rosenberg, Jeremy Grantham, and 4 other market gurus just rang the alarm on a stock market bubble
▼ + stars: | 2024-03-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Here are six recent bubble warnings from experts this week:Advertisement1. "We are nonetheless in a market bubble." Paul Dietrich"The Stock Market Bubble Is About to Burst — Look Out!" AdvertisementGrantham also suggested the AI craze would end and bring the stock market down with it. Michael GayedGayed flagged the recent surge in gold, utility stocks, and long-term Treasury bonds as evidence of mounting market jitters in an InvestorPlace op-ed this week.

Persons: —, David Rosenberg, Merrill Lynch, Rosenberg, Paul Dietrich, Riley Wealth, Jeremy Grantham Stocks, Grantham, Michael Hartnett, Hartnett, Larry Summers, Summers, Michael Gayed Gayed Organizations: Service, Nvidia, Business, Rosenberg Research, North, Bloomberg, Bank of America, Tidal Locations: North American

☆ 'We are still in a market bubble': A famed economist who called the 2008 recession warns the S&P 500 is as vulnerable as it was before its 25% fall in 2022 — and shares 3 signs of hidden weakness
▼ + stars: | 2024-03-16 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Just because the current valuation backdrop isn't as extreme as 1999-2000, we are still in a market bubble, and valuations are even more stretched today than they were at the market peaks in 2007, 1990, and 1980." Rosenberg ResearchSecond, the S&P 500 is outperforming the HYG/TLT Ratio. AdvertisementRosenberg ResearchAnd third, even tech stocks, which have been overwhelmingly supporting the S&P 500, appear to be running out of gas, Rosenberg said. The same goes for Paul Dietrich, the chief strategist at B. Riley Wealth, who says the S&P 500 could fall 49% when the current bubble pops. The bull market has thrown egg onto their faces again and again: since the October 2022 lows, the S&P 500 is up a whopping 42%.

Persons: —, David Rosenberg isn't, Merrill Lynch, Rosenberg, he's, manias, HYG, Michael Hartnett, Jeremy Grantham, Paul Dietrich, Riley Wealth, Dietrich, Grantham, Carol Schleif Organizations: Service, Rosenberg Research, Business, Equity Model, Dow Jones, Dow Transports Index, Bank of America's, Bank, America, BMO Family Office

☆ U.S. could be facing stagflation as jobs market cracks, inflation remains sticky, warns BofA's Hartnett
▼ + stars: | 2024-03-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Stubbornly high inflation and a wobbly jobs market are combining to pose an ominous threat to the U.S. economy, Bank of America chief market strategist Michael Hartnett warned. The result is a narrative of "macro shifting from Q4/Q1 'Goldilocks' to Q1/Q2 'Stagflation,'" Hartnett said in his weekly "Flow Show" note to clients dated Thursday. As Hartnett indicated, the U.S. closed 2023 with the labor market looking strong and GDP posting a solid 3.2% gain. On the jobs market, while nonfarm payrolls have risen strongly , household employment actually is down by about 900,000 since November and full-time jobs have declined by nearly 1.8 million. The Fed is "implicitly ... tolerating higher inflation" as way to inflate the debt away, a condition that means "weaker policy credibility = weaker currency … why crypto & gold [are] at all-time highs."

Persons: Michael Hartnett, Hartnett, Stagflation, nonfarm, specter, That's Organizations: Bank of America, Federal Reserve, New, Fed, U.S ., Atlanta Fed, Nasdaq Locations: U.S

☆ A California man charged with smuggling greenhouse gases hints at the revival of a decades-long black market
▼ + stars: | 2024-03-09 | by ( Morgan Mcfall-Johnsen | Jenny Mcgrath | ) www.businessinsider.com time to read: +8 min

But there's also a blooming black market in greenhouse gases. HFCs are commonly used in refrigerators and air conditioners, but they're also potent greenhouse gases. There's been a thriving black market for climate-altering refrigerant chemicals since the 1990s, at times as lucrative as selling cocaine. KAMIL KRZACZYNSKI/AFP via Getty ImagesThe black market "comes with the territory" of regulation, Doniger said. At the height of the CFC black market, many cars still used those refrigerants for their air conditioners.

Persons: there's, hydrofluorocarbons, they're, Adrees Latif, Michael Hart, Tara McGrath, There's, Hart, Carlo Allegri, David Doniger, HFCs, Avipsa, Victor Molina, KAMIL KRZACZYNSKI, Mahapatra, Doniger Organizations: Service, Department of, Business, Facebook, Department of Justice, Reuters, Natural Resources Defense Council, NASA, Environmental Investigation Agency, Getty, EPA, Department of Homeland Security, Department of Defense, DOJ, US Attorney's, Southern, of, New York Times, CFC Locations: San Diego, Mexico, Port of Miami, Montreal, Elk Grove Village , Illinois, AFP, United States, of California, HFCs, Europe

☆ Bank of America's top global strategist shares 4 signs that a bubble continues to grow in US stocks — and 4 indicators to know when to get out of the market
▼ + stars: | 2024-03-09 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Bank of AmericaIn the note, Hartnett laid out more evidence that a bubble could be developing in stocks. The current real 10-year rate is 1.6%, according to Fed data. Hartnett said a falling number of job quitters shows a weakening labor market, hence the Fed's apparent willingness to cut rates soon. February's inflation data will be released next week, but January's data showed that prices are still rising at a pesky pace of 3.1%, above the Fed's stated goal of 2%. Whether a Fed pivot is a good thing for investors depends on just how cool labor market data becomes.

Persons: —, Michael Hartnett, Hartnett, quitters, Alejandra Grindal, Ned Davis, it's, Grindal Organizations: Service, Bank of America, Business, PHLX Semiconductor, Nasdaq, Semiconductor, Apple, Microsoft, Nvidia, Tesla, Meta, Bank of America's, Bureau of Labor Statistics, Ned, Ned Davis Research

Republican presidential candidate and former U.S. Haley will announce she's ending her campaign in remarks at 10 a.m., the source said. The "ball is in his court," a source close to the Haley campaign said, referring to the former president. Her campaign had a slow start, but she gained momentum after multiple strong debate performances last summer and fall. That criticism grew more strident as the race narrowed and Haley moved into one-on-one combat with Trump on the campaign trail.

Persons: Nikki Haley, Michael Haley, Haley's, Haley, Donald Trump, Joe Biden, Trump, Trump's, —, Haley's Trump Organizations: U.S, United, South Carolina National Guard, Clemson University, Greenville ONE, Republican, Former South Carolina Gov, Vermont, NBC News, Trump, NBC, GOP, Trump Republicans Locations: Greenville , South Carolina, U.S, Vermont, New Hampshire

Chip Somodevilla/Getty Images Haley and her family walk back into the South Carolina State House after her inauguration in 2011. Justin Sullivan/Getty Images Haley waves to the crowd during the Conservative Political Action Conference in 2013. Alex Wong/Getty Images Haley hugs her husband after his Army National Guard unit returned in 2013. Haiyun Jiang/Bloomberg/Getty Images Haley takes the stage at her election night watch party in Charleston, South Carolina, in February 2024. Haley “won’t just go away,” said Katon Dawson, a longtime Haley ally and former chair of the South Carolina Republican Party.

Persons: Nikki Haley, Donald Trump, Haley, Trump, eked, “, ” Haley, Travis Dove, Michael, Nalin, Rena, Twitter Haley, Gerry Melendez, AP Haley, Chip Somodevilla, Tim Dominick, Getty Images Haley, Mitt Romney, Justin Sullivan, Alex Wong, Michael Haley, Rainier Ehrhardt, Jaswinder Singh, Narinder Nanu, Bobby Jindal, Jindal, Win McNamee, Sean Rayford, Saul Loeb, Mike Pence, Drew Angerer, State Rex Tillerson, Matthew Rycroft, Boris Johnson, Bryan R, Smith, Raad Adayleh, Brendan Smialowski, Spencer Platt, Evan Vucci, Kevin Lamarque, Don Bolduc, Brian Snyder, Jonathan Ernst, Jake Tapper, Will Lanzoni, Demetrius Freeman, Rachel Mummey, Jonathan Newton, Haiyun Jiang, Nicole Craine, Anna Moneymaker, Kimberly Rice, ”, Haley’s, Ron DeSantis, Charles Koch, ‘ Won’t, “ I’m, Koch, Haley “ won’t, Katon Dawson, Ebony Davis, David Wright, Jennifer Agiesta Organizations: CNN, New, GOP, Trump, Republican Party, State House, New York Times, Twitter, South, AP, Capitol, South Carolina State House, Getty Images, Conservative Political, Conference, Army National Guard, Getty, Louisiana Gov, National Governors Association, Emanuel African Methodist Episcopal Church, United Nations, United Nations Security Council, UN, State, British, Norwegian Refugee Council, Gali Tibbon, UN Security, West Bank, The United States, Anadolu Agency, Republican National Convention, Republican, Washington Post, Bloomberg, Former South Carolina Gov, Granite State, Super, Florida Gov, Prosperity, New Hampshire, South Carolina, SFA Fund, South Carolina Republican Party Locations: New Hampshire, South Carolina, California, Texas, Vermont, Virginia, North Carolina, Columbia , South Carolina, Afghanistan, Amritsar, India, AFP, Charleston , South Carolina, Columbia, State, New York, Syrian, United States, Jerusalem, Gali, Kuwait, Gaza, Londonderry , New Hampshire, Des Moines , Iowa, Iowa, Grand Mound , Iowa, Miami, Concord , New Hampshire, Granite, MAGA, Utah, Super, Costa Mesa , California, Texas , Massachusetts, North Carolina , Virginia , Texas

☆ He’s Accused of Smuggling, but Not Drugs or Guns: It’s Greenhouse Gases
▼ + stars: | 2024-03-05 | by ( Hiroko Tabuchi | ) www.nytimes.com time to read: +1 min

On Monday, a California man became the first in the nation to be arrested and charged with smuggling the powerful gases into the United States, a felony offense, according to the United States Attorney’s Office for the Southern District of California. Mr. Hart then posted the refrigerants for sale on OfferUp, Facebook Marketplace and other sites, and sold them for a profit, federal agents say. Mr. Hart pleaded not guilty. He faces charges of conspiracy, importation contrary to law and sale of merchandise imported contrary to law. Attempts to reach lawyers for Mr. Hart were unsuccessful.

Persons: Michael Hart, Hart Organizations: Craigslist, United States Attorney’s Office, Southern, Southern District of, Facebook Locations: California, United States, United, Southern District, Southern District of California, San Diego, coolants, Mexico

☆ Man charged with smuggling greenhouse gases from Mexico into US in first-of-a-kind prosecution
▼ + stars: | 2024-03-05 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —A California man was arrested and charged Monday with allegedly smuggling potent, planet-heating greenhouse gases from Mexico, marking the first such prosecution in the US, according to a statement from the US Attorney’s Office for the Southern District of California. He is then alleged to have sold them for a profit on sites including Facebook Marketplace and OfferUp. These greenhouse gases are short-lived in the atmosphere, but powerful — some are thousands of times more potent than carbon dioxide in the near-term. “The illegal smuggling of hydrofluorocarbons, a highly potent greenhouse gas, undermines international efforts to combat climate change,” said David M. Uhlmann, the assistant administrator for the EPA’s Office of Enforcement and Compliance Assurance. In 2016, nearly 200 nations including the US agreed to the Kigali Amendment to reduce planet-heating pollution from these greenhouse gases.

Persons: Michael Hart, Hart, Todd Kim, HFCs, ”, David M, Tara McGrath, ” Hart Organizations: CNN, US, Office, Southern, Southern District of, Facebook, Justice Department’s, Natural Resources, Environmental Protection Agency, EPA’s, UN Environment, AC, Department of Justice Locations: California, Mexico, Southern District, Southern District of California, San Diego, United States, Kigali

☆ Ahead of Super Tuesday, Nikki Haley says she will stay in the 2024 presidential race as long as she is 'competitive'
▼ + stars: | 2024-03-03 | by ( Melina Khan | ) www.cnbc.com time to read: +2 min

Republican presidential candidate and former U.S. Days ahead of the Super Tuesday presidential primaries, former South Carolina governor and Republican candidate Nikki Haley said in an interview Sunday she will continue in the race for the GOP nomination as long as she remains competitive. "As long as we are competitive, as long as we are showing that there is a place for us, I'm going to continue to fight," Haley said. After primary losses in Iowa, South Carolina and New Hampshire, Haley trails Trump in delegates with just 27 to his 247 so far. However, Haley said those primaries only partially represent who Americans will vote for on Super Tuesday.

Persons: Nikki Haley, Michael Haley, NBC's, Haley, Donald Trump, Alaska Sen, Lisa Murkowski, Murkowski, Trump, Biden Organizations: U.S, United, South Carolina National Guard, Clemson University, Greenville ONE, Republican, Super, Press, Trump, NBC, Republican National Committee, GOP Locations: Greenville , South Carolina, U.S, Carolina, Iowa , South Carolina, New Hampshire, Alaska

☆ China calls on foreign businesses to share their problems as investment slumps
▼ + stars: | 2024-03-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

While the Commerce Ministry meeting did not reveal much new progress on the 24 measures to support foreign business that were announced last summer, attendees said they were able to share specific challenges about doing business in China. The ministry said representatives from more than 60 foreign businesses and 9 associations attended Wednesday's roundtable. Foreign direct investment into China has fallen to its lowest level in three years, according to official data, amid geopolitical tensions and slowing growth in the country. Hart said that it's hard for companies not yet in China to complete due diligence and approve new investments. Biden, who faces re-election this fall, has emphasized the need to compete with China while finding areas of cooperation.

Persons: Aly Song, MofCom, Jens Eskelund, Eskelund, Michael Hart, Hart, Joe Biden, Xi Jinping, Biden Organizations: Chinese Communist Party, Reuters, Reuters BEIJING — China's Ministry of Commerce, Commerce Ministry, EU Chamber of Commerce, Cyberspace Administration of, China's Ministry of Commerce, American Chamber of Commerce, U.S, U.S . Transportation Department Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Beijing, Cyberspace Administration of China, San Francisco

☆ The U.S. national debt is rising by $1 trillion about every 100 days
▼ + stars: | 2024-03-01 | by ( Michelle Fox | ) www.cnbc.com time to read: 1 min

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days. The nation's debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.

Persons: Michael Hartnett Organizations: U.S . Department of, Treasury, . Bank of America Locations: U.S

☆ Fed Chair Powell and jobs data take center stage next week as Wall Street weighs interest rate outlook
▼ + stars: | 2024-03-01 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

Next week, the first full trading week of March, macroeconomic concerns will take center stage for investors. Next week, the Fed chief is largely anticipated to stick to the same talking points in testifying before Congress. In fact, the February jobs report, due out next Friday, is expected to show a moderation in payroll gains. Hourly Earnings preliminary (February) 8:30 a.m. Average Workweek preliminary (February) 8:30 a.m. Manufacturing Payrolls (February) 8:30 a.m. Nonfarm Payrolls (February) 8:30 a.m. Private Nonfarm Payrolls (February) 8:30 a.m. Unemployment Rate (February) — CNBC's Michael Bloom, Jeff Cox and Yun Li contributed to this report.

Persons: Jerome Powell, Powell, Shannon Saccocia, Kim Forrest, Webull, Michael Hartnett, CNBC's Yun Li, Melissa Brown, Brown, Wealth's Saccocia, Saccocia, Nonfarm Payrolls, —, Michael Bloom, Jeff Cox, Yun Li Organizations: Federal, Fed, Capitol, Nasdaq, Dow Jones, FactSet, Barclays, Bokeh Capital Partners, Labor Department, Bitcoin, BofA Global Research, Apple, Nvidia, Ross Stores, Costco Wholesale, Kroger, . Semiconductor, Broadcom, PMI, PMI Services, Services PMI, Ross, Target, ADP, Labor, Consumer Credit Locations: U.S, REITs, Japan

☆ Animal spirits are back in the market, fueling 2021-like speculative activity
▼ + stars: | 2024-03-01 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Federal Reserve's rate-cut signal in December triggered a furious rally to record highs, unleashing animal spirits that are fueling similar speculative activities from the depths of the pandemic. "The animal spirits are reviving," Michael Hartnett, chief investment strategist at BofA Global Research, said in a phone interview. "Animal spirits, they don't necessarily start with the biggest animals in the jungle," Quincy Krosby, chief global strategist at LPL Financial, said by phone. To be sure, others believe the market rally has been justified by the enthusiasm for artificial intelligence, and the contribution it's likely to make to future corporate profits. Billionaire investor Ray Dalio said the U.S. stock market is not in a speculative bubble based on his criteria.

Persons: Bitcoin, Michael Hartnett, Hartnett, Cryptocurrency, Scott Rubner, Goldman Sachs, Quincy Krosby, Ray Dalio Organizations: BofA Global Research, Nasdaq, GameStop, Palo Alto Networks, Research, LPL Locations: Nigeria, Argentina, Snowflake, YOLO, . U.S, U.S

☆ Billionaire-backed Koch network halts Nikki Haley campaign funding after South Carolina loss
▼ + stars: | 2024-02-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Republican presidential candidate and former U.S. Americans for Prosperity Action, the network backed by billionaire Charles Koch, is pausing its financial support of GOP presidential candidate Nikki Haley's campaign a day after she lost to former President Donald Trump in her home-state primary in South Carolina. Along with AFP Action, billionaire Reid Hoffman has also stopped funding Haley's presidential bid. We thank them for their tremendous help in this race," Haley's campaign said in a statement on Sunday. "With the South Carolina presidential primary this weekend and the Senate engagement really heating up," Seidel wrote in the email.

Persons: Nikki Haley, Michael Haley, Charles Koch, Nikki Haley's, Donald Trump, Haley, Emily Seidel, Reid Hoffman, Seidel Organizations: U.S, United, South Carolina National Guard, Clemson University, Greenville ONE, Republican, Prosperity, AFP, Politico, South, South Carolina, Senate Locations: Greenville , South Carolina, U.S, South Carolina, AFP

☆ The era of the Magnificent 7 is over, says the analyst who invented the term
▼ + stars: | 2024-02-24 | by ( Aruni Soni | ) www.businessinsider.com time to read: +5 min

It was a good run, but the era of the Magnificent Seven is over for the stock market. "I don't see these seven names rising together," said the analyst who coined the nickname for the group. AdvertisementThe Magnificent Seven are looking a little less magnificent, and aren't really even a band of seven anymore. In a note titled "R.I.P the Magnificent Seven Era," Mike O'Rourke, chief market strategist from Jones Trading, said the group's dominance over the stock market is coming to a close. Back in April 2023, when O'Rourke invented the moniker (although some say it was BofA's Michael Hartnett who coined the term), the Magnificent Seven contributed to a stunning 88% of year-to-date gains.

Persons: —, aren't, Mike O'Rourke, O'Rourke, BofA's Michael Hartnett, Michael Hartnett, That's, it's, " O'Rourke, Tesla, Dan Niles, Satori, Niles Organizations: Service, Jones, Apple, Nvidia, Tesla, Microsoft, Meta, Companies, Satori Fund, Google, CNBC Locations: China

☆ What to watch in South Carolina’s Republican primary
▼ + stars: | 2024-02-24 | by ( Gregory Krieg | ) edition.cnn.com time to read: +8 min

CNN —Nikki Haley’s presidential campaign has for weeks been looking ahead to the Republican primary in South Carolina, her home state where she was twice elected governor. The primary in South Carolina is open, meaning Democrats and independents can cast ballots in the GOP race. The former president does not need to open a larger tent in order to win in South Carolina. It’s obviously not insurmountable, and with 50 at stake in South Carolina, Haley could theoretically jump into the lead. South Carolina awards 29 of its delegates to the statewide winner and three apiece to the leader in each of its seven congressional districts.

Persons: Nikki Haley’s, Donald Trump, Trump, Haley, –, Betsy Ankney, ” Haley, I’ll, “ I’m, Nikki Haley, ”, Nancy Mace, That’s, Mace, Michael Haley, Jake Tapper, South Carolina –, Harry Enten, It’s, it’s, CNN’s Ethan Cohen Organizations: CNN, Republican, Virgin Islands, Palmetto State, Trump, South Carolina National Guard, Confederate, statehouse, GOP, Granite, White, South Carolina Locations: South Carolina, Iowa, New Hampshire, Nevada, Virgin, Palmetto, “ South Carolina, Carolina, Coast, Michigan, Texas, Virginia, Super, Charleston, Richland, California

☆ Fact-Checking Trump and Haley’s War of Words
▼ + stars: | 2024-02-24 | by ( Angelo Fichera | ) www.nytimes.com time to read: 1 min

As voters in South Carolina prepare to take to the polls on Saturday, Nikki Haley has vowed to continue challenging former President Donald J. Trump for the Republican nomination — to the dismay of her onetime boss. In recent weeks, Mr. Trump and Ms. Haley, former governor of South Carolina and U.N. ambassador in the Trump administration, have dialed up their attacks on each other. Mr. Trump has mocked the absence of Ms. Haley’s husband, Maj. Michael Haley, a National Guardsman who is deployed to Africa. His campaign suggested that her staying in the race, despite being well behind Mr. Trump in delegates, was “like any wailing loser hellbent on an alternative reality.” Ms. Haley has said that her rival has “gotten more unstable and unhinged” and that he has “mental deficiencies.”But while attacking each other’s record and policies, both have turned to false and misleading claims.

Persons: Nikki Haley, Donald J, Trump, —, Haley, Haley’s, Michael Haley, Ms, ” Organizations: Republican, National Locations: South Carolina, Africa

☆ A fund manager beating 98% of his peers over the last 10 years breaks down why the stock market resembles the 'Nifty 50' bubble of the 1970s, when the market's biggest names got crushed as inflation s
▼ + stars: | 2024-02-22 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Disco is backOthers have also started to compare today's market and the 1970s' "Nifty Fifty." AdvertisementJPMorgan's Chief Global Strategist Marko Kolanovic also said in a note on Wednesday that fiscal spending and inflation could resemble the 1970s landscape. Similar to the 1970s, there are currently 3 active geopolitical conflict zones – eastern Europe, Middle East, and South China Sea," Kolanovic said. Kolanovic included in his note the chart below, which shows the correlation between inflation and the performance of the S&P 500.

Persons: —, Albert Edwards, Bank of America's Michael Hartnett, Jeffrey Gundlach, Cole Smead, Smead, Sears Roebuck, Alphabet's, Nvidia's, Microsoft's, Jeremy Siegel, David Rosenberg, Merrill Lynch, " Rosenberg, Marko Kolanovic, Kolanovic Organizations: Service, Societe Generale, Bank of America's, Treasury, Nasdaq, DoubleLine, Investments, Business, Morningstar, Microsoft, Nvidia, Xerox Locations: Europe, Middle East, South China

☆ AbbVie taps longtime executive Robert Michael as new CEO, succeeding Richard Gonzalez
▼ + stars: | 2024-02-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Test tubes are seen in front of a displayed AbbVie logo in this illustration taken on May 21, 2021. AbbVie on Tuesday said longtime executive Robert Michael will become the company's new CEO, replacing Richard Gonzalez. Michael, who is AbbVie's president and chief operating officer, will become the company's second-ever CEO on July 1. Gonzalez, who has led the company since it spun out from Abbott Laboratories in 2013, will retire and become AbbVie's executive chairman. Now is the opportune time to hand the CEO role over to Rob," Gonzalez said in a release.

Persons: AbbVie, Robert Michael, Richard Gonzalez, Michael, Gonzalez, Rob Organizations: Abbott Laboratories, AbbVie, CNBC PRO Locations: Humira

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