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☆ Snap stock trading at highest price in over a year on Wells Fargo upgrade
▼ + stars: | 2023-12-11 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Shares of Snap notched their highest price in over a year on Monday after analysts at Wells Fargo released a bullish report on the stock. The analysts upgraded the shares from equal weight to overweight and raised their price target from $8 to $22. Snap was trading around $15.75 as of market close Monday, the highest it has been since July 2022. Snap shares closed up more than 4% Monday. The Wells Fargo analysts added that Snap's recent changes to its products and leadership have been key to the company's revenue reacceleration and innovation.

Persons: Evan Spiegel, Spiegel, — CNBC's Michael Bloom Organizations: Wells, Google, Meta, CNBC PRO

☆ Economy to face slowdown in early 2024 so stay in defensive stocks, Wells Fargo's CIO says
▼ + stars: | 2023-12-06 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Investors should focus on defensive stocks ahead of an expected economic slowdown in 2024, according to the Wells Fargo Investment Institute. Against this forecast, Cronk added that investors may have to wait until the second half of 2024 before visibility improves and markets meaningfully recover. Wednesday saw stocks climb after two back to back losing sessions for both the Dow Jones Industrial Average and S & P 500 . "The lack of market breadth (along with our expectation for an economic slowdown) suggests late-cycle dynamics are at play, leading us to maintain our defensive positioning entering 2024," he said. Cronk highlighted health care, industrials and materials as three key market segments that fit his suggested defensive investor focus.

Persons: Darrell Cronk, Cronk, Michael Bloom Organizations: Wells, Investment Institute, Wells Fargo Investment Institute, Dow Jones Industrial Locations: Wells Fargo

☆ Wall St Week Ahead Tax-loss selling, 'Santa rally' could sway U.S. stocks after November melt-up
▼ + stars: | 2023-12-02 | by ( David Randall | ) www.reuters.com time to read: +5 min

The key catalyst for stocks will likely continue to be the expected trajectory of the Federal Reserve's monetary policy. In September, historically the weakest month for stocks, the S&P 500 fell nearly 5%. The S&P 500 gained nearly 9% gain in November, historically a strong month for the index. Overall, December has been the second-best month for the S&P 500, with the index up an average of 1.54% for the month since 1945, according to CFRA. Many other names have languished: The equal-weighted S&P 500, whose performance is not skewed by big tech and growth stocks, is up around 6% in 2023.

Persons: Mike Segar, Santa Claus, Stocks, We've, Sam Stovall, Claus, Kraft Heinz, BofA, Sameer Samana, Dow, Michael Hartnett, David Randall, Ira Iosebashvili, Richard Chang Organizations: New York Stock Exchange, REUTERS, Federal, Research, Investors, LPL, BofA Global Research, PayPal Holdings, CVS Health, Kraft, Wells, Investment Institute, Nvidia, Dow Jones, Coinbase Global, Innovation, Thomson Locations: Manhattan, New York City , New York, U.S, Santa, New York

The Wells Fargo Autograph Journey will be a new Visa product available to consumers sometime next year, according to a direct confirmation from the credit card issuer. Furthermore, Wells Fargo will not be announcing Autograph card transfer partners for hotels and airlines in 2023. If you're interested in expanding your wallet to include a Wells Fargo product, you can always turn to the Wells Fargo Autograph℠ Card. Wells Fargo Autograph℠ Card Apply now lock icon An icon in the shape of lock. Wells Fargo Autograph Card review External link Arrow An arrow icon, indicating this redirects the user."

Persons: Wells, Wells Fargo, you've, Nicole Dye, You'll, Insider’s Organizations: Finance, Anderson, of Media Relations, Wells, PayPal Locations: Wells Fargo, Wells

Thoughts and prayers for the players who only kept full PGA Tour cards without guaranteed access to the signature events. And now the signature events will have $20 million purses (same as LIV) with $4 million to the winner (same as LIV). “How many golf fans actually know what the PIP on the PGA Tour is?” he wrote on Instagram, posting the results for all to see. “There’s 150-200 members of the PGA Tour and they just spent $100 million on 20 players. Lashley wasn’t criticizing the PGA Tour on behalf of everyone, but he’s not a lone voice.

Persons: won’t, Jay Monahan, LIV Golf, LIV, Barbara Nicklaus, Nate Lashley, Rory McIlroy, Tiger Woods, pipping, Woods, McIlroy, Jon Rahm, Jordan Spieth, Scottie Scheffler, “, ”, Wyndham Clark, Clark, Lashley, Scheffler, Cameron Smith, Lashley wasn’t, he’s, Emiliano Grillo, ” Grillo, you’re, We’ve, Lanto Griffin, ” Griffin, Golfweek, I’ve, It’s, it's, ___ Organizations: Players, FedEx, Saudi, Sports Business, Lashley, PGA, PGA Tour, Wells, U.S ., Ryder, He's, Colonial, Torrey Pines Locations: Rome, Bahamas

☆ As Groundwater Dwindles, Powerful Players Block Change
▼ + stars: | 2023-11-24 | by ( Christopher Flavelle | Mira Rojanasakul | ) www.nytimes.com time to read: +19 min

They serve on the board of Groundwater Management District 3, which since 1996 has overseen the pumping of 16.2 trillion gallons of groundwater — enough to fill Lake Mead, the country’s largest reservoir, twice over. From Maryland to Hawaii groundwater levels are falling, often the result of overpumping and underregulation, made worse by climate change. Groundwater Levels at Goldstrike Mine Observation wells at Goldstrike show a pattern of immense groundwater withdrawals. “And money talks.”Kansas City Groundwater Management District 3 KANSAS Wichita KANSAS Groundwater Management District 3 Kansas City Groundwater Management District 3 KANSAS WichitaGrowing corn in the Kansas drylandsIn Kansas, the power of the men who run Groundwater Management District 3 is enormous. Groups like Groundwater Management District 3 have until 2026 to come up with plans to sustain groundwater.

Persons: Lake Mead, —, Catherine Hospital —, we’re, ”, Lindsay Vaughn, David Robert Elliott, Joe Newland, Nevada Adam Sullivan, Christina Erling, Erling, Adam Sullivan, Emily Najera, Kim Raff, Julie Pazina, ” Barrick, Michael McCarthy, Barrick, ” Mr, McCarthy, Michael H, Taylor, Patrick Donnelly, don’t, Helena Billings, it’s, Galt, Wylie Galt, Bill Galt, Dutton, Wylie, Errol Galt, Galt’s, Matthew Hamon, The New York Times Eugene Graf, Montana homebuilders, The New York Times Montana, Brad Dundas, Dundas, Mr, John Tubbs, Tubbs, The New York Times Errol Galt, Eugene Graf, Graf, Guy Alsentzer, “, Lucas Bessire, Vaughn, Newland, Mark Rude, Kan, The New York Times Mark Rude, Ms, Lall, Ali Zaidi, Biden, Jared Huffman, Huffman Organizations: Groundwater Management, Walmart, State, The New York Times, Kansas Farm Bureau, New York Times, NEVADA Carson City Las, Barrick, Carson City Las, NEVADA Carson City, North, Barrick Gold Corporation, Nevada Gold Mines, Nevada, of Water, University of Nevada, Center for Biological Diversity, Republican, Representatives, The Times, Galt, state’s Department of Natural Resources, The New York, Montana Fish, Montana Building Industry Association, KANSAS, KANSAS Wichita KANSAS Groundwater Management, KANSAS Wichita, Kansas drylands, Management, Kansas City Topeka, Kansas City, Topeka Wichita, Survey, University of Oklahoma, Groundwater, Kansas, Columbia Water Center, Columbia University, Natural Resources Defense Council, Marin Municipal Water District, Fisheries Locations: United States, Garden City, Kan, America, Lake, Kansas, Maryland, Hawaii, Barrick, NEVADA Carson, Carson, Nevada, Canada, Goldstrike, North America, Barrick’s, ” MONTANA, Helena, Bozeman MONTANA, Helena Billings Bozeman, Montana, Galt, ”, Broadwater County, Elk, Confederate, Sulphur Springs, Mont, Upper Missouri, Townsend, ” Kansas, Groundwater Management District, KANSAS Wichita KANSAS, KANSAS Wichita KANSAS Groundwater Management District, KANSAS, Kansas drylands In Kansas, District, Wichita, Kansas City Topeka, Management District, Topeka, Kansas City, Arkansas, Washington, California, Marin

☆ Where are they now: The many fascinating Bridgewater employees from the book on Ray Dalio 'The Fund'
▼ + stars: | 2023-11-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +17 min

The new book, "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" — which Dalio and his lawyers have pushed back against — describes everything from Bridgewater's investment process to internal grudges and backstabbing to allegations of sexual harassment. Here are the places where the dozens of Bridgewater employees and consultants named in the book ended up. Dalio, the book said, wrote into the firm's bylaws that he could never hold that title again. Before that, she was the head of investment research and a co-chief investment officer for sustainability. He's worked at different funds since leaving in 2006, including Larch Lane Advisors and Bonaccord Capital as an investor and business-development professional.

Persons: Rob Copeland's, Ray Dalio, Dalio, —, Bridgewater, Greg Jensen, YouTube Dalio, nixed, Copeland, He's, Jensen, Eileen Murray, Morgan Stanley, David McCormick, Dina Powell, McCormick, Dave McCormick, Michael M, Nir Bar Dea, Stefanova, Dalio's, Paul McDowell, Bob Eichinger, McDowell, Eichinger, Jen Healy, Osman Nalbantoglu, Matthew Granade, Steve Cohen, Steve Cohen's Point72, Bob Prince, politicking, Karen Karniol, Bridgewater Associates Karen Karniol, Vladimir Putin, Bob Elliott, Elliott, James Comey, Winn McNamee, Barack Obama, Donald Trump, Hillary, Britt Harris, Bridgewater's, Julian Mack, L, Michael Partington, Spencer Stuart, Niko Canner, Jon Rubinstein, Beck Diefenbach Jon Rubinstein, Steve Jobs, Tom Adams, Rosetta Stone, J, Michael Cline, Cline, Kevin Campbell, Campbell, Craig Mundie, Bill Gates, Gates, Mundie, Bill Clinton, George W, Bush, David Ferrucci, IBM's Watson, Ferrucci, Keith Alexander, Alexander, Larry Culp, Culp, Jamie Gorelick, conscientiously, Clinton, Jared Kushner, Jesse Horwitz, Comey, Horwitz, Samantha Holland, Perry Poulos, Murray, Joe Sweet, Tara Arnold, Arnold —, Leah Guggenheimer, She's, Charles Korchinski, Harris, Kent Kuran Organizations: New York Times, Bridgewater Associates, Business, Bridgewater, YouTube, HSBC, Broadridge, Life Insurance, Wells, Treasury Department, Republican, Getty, GOP, Israel Defense Forces, Marto, Princeton University, McKinsey, Point72, Bridgewater didn't, Domino Data, CircleUp, FBI, Trump, of, University of Texas Investment Management Co, Apple, Dalio, Health, Cognition, Mundie, National Security Agency, Amazon, General Electric, Boston Globe, Electric, Trump White House, Harvard Law School, —, Hubble, Stefanova's Marto, HBR Consulting, MIO Partners, Burford, Larch Lane Advisors, Bonaccord, Eaton Partners, Stanford, NextEra Energy Resources Locations: Bridgewater, Connecticut, Pennsylvania, China, San Francisco, of Texas, Atlanta, WilmerHale, Asia, India, Shanghai, Singapore, Israel, Africa

☆ Israelis are arming up in the aftermath of Hamas’ attack. Some are worried it is playing to the far right’s vision for the country
▼ + stars: | 2023-11-14 | by ( Tara John | Adi Koplewitz | ) edition.cnn.com time to read: +10 min

“We saw this in the first days of the war, wherever there were weapons, the scale of the disaster was smaller,” Ben Gvir said in a press release. Critics see it as part of a far-right vision to inflame Israeli-Palestinian relations in the country, especially in the Israeli-occupied West Bank. Some in Prime Minister Benjamin Netanyahu’s cabinet, such as Ben Gvir and far-right Finance Minister Bezalel Smotrich, support annexing the West Bank. When CNN asked Ben Gvir at the Caesarea event last week whether his actions were inciting violence against Palestinians, CNN was kicked out of the ceremony. He adds that arming people like that “is only showing what he (Ben Gvir) is trying to cause, which is chaos.”CNN has reached out to Eliasi for comment.

Persons: Itamar Ben Gvir, ’, “, Ben Gvir, ” Ben Gvir’s, Mariam Barghouti, Ben Gvir’s, , ”, Israel, Benjamin Netanyahu’s, Bezalel Smotrich, we’re, we’ll, Itamar Ben, Gvir, William Bonnett, Amichay Eliyahu, Ben, Eliyahu, Roy Malkan, ” Malkan, Yoav Eliasi, Ori Givati, Guy Ben, Israel’s Ben, ” Ben, Porat, Liat Eisner, We’re, Eisner, she’s, Netanyahu’s, I’m Organizations: Jerusalem CNN, Ministry of National Security, West Bank, Power, New York Times, “, Jewish Power, CNN, Palestinian Ministry of Health, The United Nations, Israeli National Security, Israel Defense Forces, Heritage, ”, ” CNN, Reuters, Survey, Israel’s, Gurion University, ” Protesters, Ben, ” Security Locations: Caesarea, Jerusalem, Israel, Judea, Samaria, Palestinian, East Jerusalem, Abdelathim, Qusra, Nablus, Judaea, ”, Ben Gvir’s, Gaza, Tel Aviv, Swiss

☆ Falling Treasury yields could turn Fed hawkish if financial conditions ease
▼ + stars: | 2023-11-09 | by ( David Randall | ) www.reuters.com time to read: +5 min

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsNEW YORK, Nov 9 (Reuters) - Falling Treasury yields helped launch an explosive rebound in stocks and lifted U.S. government bonds from 16-year lows. Evidence of the dynamic between yields and financial conditions could be seen in last week’s 0.5% decline in the Goldman Sachs Financial Conditions Index, its sixth biggest weekly drop since 1990. Policymakers have largely refrained from verbally pushing back on the easing in financial conditions during a flurry of appearances by policymakers this week. Analysts at TD Securities, however, believe further easing in Treasury yields will eventually become a "double-edged sword." To be sure, not every scenario sees the Fed in a higher-for-longer posture if Treasury yields continue falling.

Persons: Jerome Powell, Kevin Lamarque, Brian Jacobsen, Jacobsen, CME's, Sameer Samana, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Andrea Ricci Organizations: Federal Reserve, Federal, Committee, REUTERS, Goldman, Treasury, Annex Wealth Management, Reuters Graphics, International Monetary Fund, TD Securities, Fed, Wells, Investment Institute, Thomson Locations: Washington , U.S, United States, China, Samana, U.S

☆ Moms and remote jobs are helping to prop up the economy
▼ + stars: | 2023-11-06 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

More remote work opportunities are credited for helping women with young children get jobs. AdvertisementAdvertisementAdditionally, the Wells Fargo economists also identified women with young children as a new strength for the job market. This surge in employment, particularly among mothers with young children, has played a significant role in boosting the economy. To be sure, this level of workforce participation could drop in the coming months as childcare opportunities become harder to find. Drew Angerer/Getty ImagesThe robust labor market has helped boost the economy despite inflation still above the Federal Reserve's 2.0% target.

Persons: —, Wells Fargo, Jobs, Janet Yellen, Drew Angerer, Daniel Greenhaus, Greenhaus, Paul McCulley, McCulley Organizations: Service, Wells, Brookings, US, U.S . Treasury, Federal, payrolls, Bloomberg, Georgetown's School of Business Locations: Wells, Wells Fargo, U.S

PHILADELPHIA (AP) — Joel Embiid envisioned winning an NBA championship with James Harden at his side. The 76ers traded Harden this week to the Clippers for a package of players and draft picks, ending the promise of two NBA MVPs chasing a championship in Philly. As it is, the 76ers are 3-1 with Embiid putting up numbers like a player intent on defending his MVP crown. While Nurse publicly said all the right things ahead of the trade about welcoming Harden back, he admitted Thursday that he never truly believed he would coach Harden. “I think he did a lot of great things for us,” Embiid said.

Persons: — Joel Embiid, James Harden, “ He's, ” Embiid, We're, Harden, “, Ben Simmons, Tyrese Maxey, Tobias Harris, Kelly Oubre Jr, didn't, Doc Rivers, “ I’m, ” Harden, scoffed, Harden —, Boston —, Embiid, Harris, Oubre, Maxey, you've, Nick Nurse, Daryl Morey, Nurse, ” Nurse, we're, —, ”, ___ Organizations: PHILADELPHIA, 76ers, Los Angeles Clippers, NBA, The 76ers, Clippers, Sixers, Philly, Boston, Toronto, Wells, ” Sixers Locations: Embiid, Philly, Los Angeles, Harden

☆ An Orange Cake From a Revolutionary Chef
▼ + stars: | 2023-11-01 | by ( Lisa Donovan | ) www.nytimes.com time to read: +4 min

I was a baking-and-pastry devotee and did not yet have the experience of working among ornery savory chefs with their own idols and heroes. Ms. Lewis was as savory a chef as I had studied at that point, but I mostly focused on her pies, cakes and breads. Back then, I regretted when savory chefs commandeered the dessert menu. This is the trademark of pastry chefs of my generation. We have been brought up in both worlds, learning the rules and then adjusting to our moment and materials, as savory chefs do.

Persons: Sal, Aaron, Jesse, Pierre Hermé —, Hermé’s, Dorie Greenspan —, Claudia Fleming, Gina DePalma, Lindsey Shere, Elisabeth Prueitt, Edna Lewis, Lewis, Paul Bertolli’s, Panisse Organizations: Big Locations: Oakland, Calif

☆ Brace for 8% mortgage rates to drag the US housing market into a 1980s-style recession, Wells Fargo warns
▼ + stars: | 2023-10-31 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The US housing market looks like it's headed for a recession, Wells Fargo has warned. AdvertisementAdvertisementThe Federal Reserve's aggressive interest-rate hikes could be about to trigger a housing-market recession that echoes the slowdown of the 1980s, Wells Fargo has warned. "Although mortgage rates may gradually descend once the Federal Reserve begins to ease monetary policy, financing costs are likely to remain elevated relative to recent norms," they added. Please Lower Interest Rates." AdvertisementAdvertisement"The plea for assistance from housing industry participants, both in the early 1980s and more recently, illustrates the severe impact higher interest rates can have on the residential sector," Dougherty and Barley wrote.

Persons: Wells Fargo, —, Charlie Dougherty, Patrick Barley, Freddie Mac, Jackson, Paul Volcker, National Association of Homebuilders, Jerome Powell, Dougherty, Barley Organizations: Service, Federal, Fed, Wells, National Association of Realtors, Mortgage Bankers Association, National Association of Locations: Redfin

☆ Relentless climb in Treasury yields may have further to run after surging to 5%
▼ + stars: | 2023-10-20 | by ( David Randall | Davide Barbuscia | ) www.reuters.com time to read: +5 min

Still, some traders interpreted his comments as an endorsement of keeping rates around current levels through most of next year. Yields on the benchmark 10-year Treasury, which move inversely to bond prices, rose briefly to 5% late on Thursday, a closely watched level not seen since 2007. “That gives people the go ahead to take rates above 5%.”Whiteley said that he sees 10-year yields moving as high as 5.5% before peaking. An extended climb in Treasury yields risks exacerbating the pressures that have dogged a broad array of assets in recent months. Still, even if the Fed cuts rates over the next few years, yields could stay above 5% if inflation and growth remain high, he said.

Persons: Jerome Powell, Brendan McDermid, Stocks, ’ ”, Greg Whiteley, ” Whiteley, ”, Gennadiy Goldberg, ” Goldberg, Powell, Sameer Samana, Alan Rechtschaffen, Rechtschaffen, Robert Tipp, “ Organizations: YORK, Treasury, Federal Reserve, Federal, Economic, of New, REUTERS, New York Economic, Fed, TD Securities, Wells, Investment Institute, UBS Global Wealth Management, Tipp Locations: of New York, New York City, U.S, DoubleLine

Still, some traders interpreted his comments as an endorsement of keeping rates around current levels through most of next year. Yields on the benchmark 10-year Treasury, which move inversely to bond prices, rose briefly to 5% late on Thursday, a closely watched level not seen since 2007. "That gives people the go ahead to take rates above 5%.”Whiteley said that he sees 10-year yields moving as high as 5.5% before peaking. An extended climb in Treasury yields risks exacerbating the pressures that have dogged a broad array of assets in recent months. Still, even if the Fed cuts rates over the next few years, yields could stay above 5% if inflation and growth remain high, he said.

Persons: Jerome Powell, Brendan McDermid, Stocks, ”, Greg Whiteley, ” Whiteley, Gennadiy Goldberg, Goldberg, Powell, Sameer Samana, Alan Rechtschaffen, Rechtschaffen, Robert Tipp, Davide Barbuscia, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Megan Davies Organizations: Economic, of New, REUTERS, Treasury, Federal Reserve, New York Economic, Fed, TD Securities, Wells, Investment Institute, UBS Global Wealth Management, Tipp, Thomson Locations: of New York, New York City, U.S, DoubleLine

PHILADELPHIA (AP) — James Harden vowed he would never play for a franchise run by 76ers team president Daryl Morey. Coach Nick Nurse, in his first season after five years with Toronto, is preparing for games without Harden. Harden even declined in June 2022 his $47.4 million option, saying he wanted to give the 76ers flexibility to improve their roster and compete for a championship. He signed a deal worth slightly over $68 million, paying him about $33 million last season with a $35 million player option for this season. The player known as The Beard instead picked up his $35.6 million option with the 76ers for this season, with the desire to force a trade.

Persons: — James Harden, Daryl Morey, Harden, Harden —, Nick Nurse, “, ” Nurse, We’ve, Morey, Kevin Durant, Kyrie Irving, Joel Embiid, Tucker, Beard, —, “ Daryl Morey, ” Harden, ”, “ It’s Organizations: PHILADELPHIA, 76ers, Sixers, Wells, Center, Atlanta, Milwaukee, Toronto, Portland, Los Angeles Clippers, Morey, NBA, Clippers Locations: Toronto, Houston, Brooklyn, yup, Philly, China, New Jersey, Embiid

☆ Treasury selloff will end in Q4 as oil prices spike -Goldman Sachs
▼ + stars: | 2023-10-19 | by ( David Randall | ) www.reuters.com time to read: +2 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. Treasury yields, which move inversely to prices, hovered near their highest levels since 2007 on Thursday, continuing a bond market selloff that has pushed yields up by more than 40 basis points since the start of October. At close to 5%, 10-year Treasury yields are significantly above their fair value of 4.2% to 4.3%, Goldman Sachs noted. Treasuries will likely rally as the economy hits a "pothole" in the fourth quarter, Goldman Sachs said. "The key risk to this trade is that U.S. data is stronger than expected leading yields to fall less than our strategist expects," Goldman Sachs wrote.

Persons: Kevin Lamarque, Goldman Sachs, Treasuries, Scott Wren, Wren, David Randall, Will Dunham Organizations: Department of, U.S . Treasury, REUTERS, Treasury Bond ETF, Treasury, Wells, Investment Institute, Thomson Locations: Washington , U.S, U.S, Wells Fargo

☆ Analysis: Wall Street's 'Magnificent Seven' face moment of truth as earnings season arrives
▼ + stars: | 2023-10-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Valuations have swelled, with the Magnificent Seven trading at an average forward price-to-earnings ratio of 33.5, compared with the S&P 500's P/E of 18.3. “Everybody knows these guys are going to make money," said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute (WFII), referring to the Magnificent Seven. "The reallocation of funds going forward is going to suggest lower returns and more difficulty for the Magnificent Seven to maintain their leadership." The seven companies' combined market capitalization topped 30% of the S&P 500's overall market value earlier this month, according to LSEG Datastream. Some investors are also drawing distinctions among the seven stocks.

Persons: Aly, Tesla, Sameer Samana, Tajinder Dhillon, Tim Pagliara, CapWealth, Pagliara, Elon Musk, LSEG Datastream, Torsten Slok, Patrick Kaser, Kaser, Lewis Krauskopf, Ira Iosebashvili, Jonathan Oatis Organizations: Apple, REUTERS, Microsoft, Nvidia, U.S, Tesla, Wells, Investment Institute, Google, Facebook, Federal, Treasury, “, Global, Apollo Global Management, Brandywine Global, Thomson Locations: Shanghai, China, Apple

☆ US oil is back, and ExxonMobil's $60 billion deal isn't even the biggest signal
▼ + stars: | 2023-10-15 | by ( Tim Mullaney | ) www.cnbc.com time to read: +8 min

The news came a day after a $60 billion deal between Exxon Mobil and independent oil producer Pioneer Natural Resources . Monthly production topped out at 13 million barrels per day in November 2019 and hit 9.9 million by February 2021. And offshore oil drilling in the Gulf of Mexico recovered to 2 million barrels a day, but hasn't grown. Where oil companies have been spending their money U.S. oil companies cut capital spending to $106.6 billion last year from $199.7 billion in 2014, according to Statista, contributing to the decline in oil production and arguably delaying the recovery. According to Energy Department data, oil and gas companies paid out about $75 billion per quarter in the last year.

Persons: Brittany Sowacke, Rob Thummel, hasn't, what's, Thummel, Alexandre Ramos, Jay Hatfield, doesn't, Baker, Hughes, Darren Woods, Woods, Hatfield, Ramos, Peon, aren't Organizations: Bloomberg, Getty, Energy, U.S . Department of Energy, Exxon Mobil, Natural Resources, Wall, Exxon, Big Oil, America, Rystad Energy, Oil, Infrastructure Capital Advisors, Energy Department, Pioneer, CNBC, Chevron, PDC Energy, Noble Energy, Independent, Global, ExxonMobil, OPEC, Iran Locations: Midland , Texas, Brittany, Kansas City, Mo, U.S, Oklahoma, North Dakota, Alaska, Gulf, Mexico, Texas, New Mexico, Colorado, New York, American, Hatfield, Israel, Iran

☆ How Many Credit Cards Should I Have?
▼ + stars: | 2023-10-10 | by ( Gerri Detweiler | ) www.wsj.com time to read: +17 min

Use this guide to identify what kind of credit card user you are—and how many credit cards you should have. A secured credit card can be a smart option if you don’t have a very good credit score. Most small business credit cards require a good personal credit score and sufficient income from all sources, not just the business. However, many business credit cards don’t appear on consumer credit reports, which means they don’t impact your credit scores as long as you pay on time. Similar to choosing a personal credit card, pick your business credit cards based on your spending habits.

Persons: I’ve, you’ll, you’re, ”, Jeff Richardson, FICO, You’ll, You’re, airfare, — Organizations: VantageScore Solutions, Wells, U.S, Walmart, Amazon.com, Foods, Chase Travel, Amazon Prime, Visa, Amazon, Capital, Hertz, American Express, Card, Chase Locations: U.S, superstores

☆ ‘Monster Fracks’ Are Getting Far Bigger. And Far Thirstier.
▼ + stars: | 2023-09-25 | by ( Hiroko Tabuchi | Blacki Migliozzi | ) www.nytimes.com time to read: +23 min

Dallas TEXAS Austin Houston San Antonio Dallas TEXAS Austin Houston San Antonio TEXAS TEXAS Amarillo Lubbock Dallas El Paso TEXAS Austin Houston San Antonio Corpus Christi UNCHARTED WATERS ‘Monster Fracks’ Are Getting Far Bigger. Water wells that supply fracking Nationwide, fracking has used up nearly 1.5 trillion gallons of water since 2011. Now they account for almost two out of every three fracking wells in Texas, the Times analysis found. ‘Monster fracks’ take off in Texas Proportion of fracks Source: FracFocus chemical disclosure database as of Aug. 1, 2023. In 2020, New Mexico halted sales of water supplies to oil and gas companies fracking on state land.

Lawmakers have sent him bills aiming to reduce greenhouse gas emissions from buildings, help schools adapt to the changing climate and ease the cost to taxpayers for the cleanup of orphan oil and gas wells. Newsom said he would sign a bill requiring companies making more than $1 billion in annual revenue to disclose a wide range of greenhouse gas emissions. BUILDING EMISSIONSLawmakers sent a bill to Newsom’s desk requiring state regulators to find an approach to reduce planet-warming emissions from buildings. The sector makes up about a quarter of California's greenhouse gas emissions, the state estimates. Another bill requiring the California Energy Commission to create a plan to help schools adapt to climate change effects reached Newsom's desk this year.

Persons: Gavin Newsom, Newsom, ”, Ann Alexander, Alexander, Sen, Lena A, Gonzalez, didn't, ___ Sophie Austin, @sophieadanna Organizations: —, Lawmakers, United, Natural Resources Defense Council, California Department of Conservation, Western States Petroleum Association, U.S . Energy Information Administration, California Energy Commission, Assembly, Associated Press, America Statehouse News Initiative, America Locations: SACRAMENTO, Calif, — California, United Nations, New York, In California, California, Los Angeles County

☆ US debt rises to $33 trillion as government shutdown looms
▼ + stars: | 2023-09-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —As the US national debt passes $33 trillion and a government shutdown looms, Wall Street feels defensive. What’s happening: The gross national debt has grown at an alarming pace since then — by $1 trillion in the last three months alone. Political finger pointing around what caused the accelerated debt accrual, meanwhile, has left the government at an impasse around the budget. The recent increase in interest rates has already made it much more expensive for the government to pay back what it owes. That would leave the door open for another rate increase, which could come when the following meeting concludes, on November 1.

Persons: Fitch, ”, Michael Peterson, Peter G, Peterson, Biden, Gary Schlossberg, Jennifer Timmerman, Gregory Daco, Bryan Mena, Jerome Powell, Instacart, Jordan Valinsky Organizations: CNN Business, Bell, New York CNN, AAA, AA, GOP, UAW, Wells, Investment Institute, Fed, Federal, Financial, Walmart Locations: New York, —, Amazon

David Minkin, an attorney for Maui County, told Reuters that only a small portion, if any, of its land was involved in the blaze. Wildfire victims have struggled over the years to hold landowners liable, even for fires ignited on their property. Rick Linkert, a California attorney who specializes in defending wildfire cases, said it may not be easy for Wells' legal team to show negligence. They would have to demonstrate there was an accepted standard for managing grasslands and that the landowners ignored it, he said. Maui County has filed its own lawsuit against Hawaiian Electric, which it blames for the fire.

Persons: Joe Biden, Jill Biden, Kevin Lamarque, Harold Wells, Rebecca Rans, Wells, Bishop, David Minkin, Rans, Jim Bickerton, Bickerton, Rick Linkert, Linkert, Pauahi Paki, Kamehameha, Tom Hals, Amy Stevens, Noeleen Walder, Josie Kao Organizations: REUTERS, Rights, Kamehameha Schools, Reuters, Honolulu Star, U.S . Forest Service, Hawaiian Electric, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Rights WILMINGTON , Delaware, Harold Wells of Arizona, Maui County, Wailuku, Guinea, California, Hawaiian, Wilmington , Delaware

[1/5] People walk amidst the wreckage, in the aftermath of the floods in Derna, Libya September 15, 2023. "Bodies are littering the streets, washing back on shore and are buried under collapsed buildings and debris. Mohammad al-Qabisi, head of Derna's Wahda Hospital, said a field hospital was treating people with chronic illnesses needing regular attention. Thursday's U.N. report said more than 1,000 bodies in Derna and over 100 bodies in Al Bayda, another coastal city which was hit by flooding, had been buried in mass graves. The ICRC sent a cargo flight to Benghazi, eastern Libya's largest city, on Friday with 5,000 body bags.

Persons: Omran, DERNA, Bilal Sablouh, Ibrahim al, Mohammad al, Nouri Mohamed, Derna's, Kazunobu Kojima, Derna, Thursday's U.N, Al Bayda, I've, Ahmed Bayram, Saad Rajab Mohamed al, Martin Griffiths, Ahmed Elumami, Ayman al, Laila Bassam, Emma Farge, Gabrielle Tetrault, Farber, Nayera Abdallah, Mark Heinrich, William Maclean, Edmund Blair Organizations: REUTERS, WHO, World Health Organization, Reuters, Derna's, Organization for, International Committee, Cross, International Federation of, Red Crescent Societies, ICRC, Norwegian Refugee Council, Danish Refugee, Thomson Locations: Derna, Libya, U.N, GENEVA, Libyan, Africa, Geneva, Libya's Tripoli, Libya's, WHO's, Al, Benghazi, Susah, Beirut

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