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☆ Beyond Meat launches new steak product
▼ + stars: | 2022-10-24 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN Business —Beyond Meat, the company known for plant-based burgers designed to look, taste and cook like meat, is getting into plant-based steak. But the new product, meant to mimic an expensive cut of beef, arrives as interest in the plant-based sector appears to be ebbing. Each 10-ounce package contains seared plant-based “steak tips” in bite-sized pieces, and is priced at $7.99. “Beyond Steak is a highly anticipated expansion of our popular beef platform,” said Dariush Ajami, chief innovation officer at Beyond Meat, in a statement announcing the new product Monday. The product “delivers the taste and texture of sliced steak.”Beyond Meat launched a new steak product, Beyond Steak.

☆ Stock market continues to sizzle this month
▼ + stars: | 2022-10-24 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN Business —October may be famous for historically horrifying stock market crashes like the ones in 1929, 1987 and 2008. Stocks enjoyed another solid rally Monday, continuing a hot streak for the markets this month. The S&P and Nasdaq are each still down more than 20% in 2022, though, which means they are in a bear market. American companies with significant exposure to the Chinese market were also hit hard and sat out the broader market rally. Brands (YUM) was down 2% while Yum China (YUMC), which franchises the KFC, Pizza Hut and Taco Bell brands in China, plunged 14%.

☆ Forget Big Banks. It pays to be smaller
▼ + stars: | 2022-10-24 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

That’s compared to a nearly 20% drop for the Financial Select Sector SPDR, which holds most of the big banks. So can regional banks continue to hold up well even as the Fed is expected to jack up interest rates even further? More big rate hikes are likely to lead to an even bigger jump in mortgage rates, which could put a major dent in the rapidly slowing housing market. Businesses more cautious and inflation not going away yetThat said, there are big risks that Steinour is monitoring. So we’re likely to see higher rates for a longer period of time.”Steinour said that big rate hikes may not feel great for consumers or small businesses.

☆ The economy may be in better shape than you think...for now
▼ + stars: | 2022-10-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

The consensus forecast from economists surveyed by Reuters is that GDP grew at an annualized pace of 2.1% in the third quarter. (This will be the first estimate for third-quarter GDP, and there will be several revisions in the coming weeks.) That also means the Fed will likely continue to sharply raise interest rates to finally choke off inflation once and for all. Those rate hikes helped cause a so-called double-dip recession, where the economy suffered two downturns between 1980 and 1982. In other words, the much-hoped-for “soft landing” for the economy could turn out to be a pipe dream.

☆ Stocks soar on hopes that Fed will slow rate hikes
▼ + stars: | 2022-10-21 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

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☆ New Guidelines Could Signal Tougher Approach From Foreign Investment Review Body
▼ + stars: | 2022-10-20 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

The enforcement guidelines issued Thursday are a first for the Committee on Foreign Investment in the U.S., or Cfius, which previously had no written guidelines on the topic. The new guidelines provide more specifics on how Cfius might use that enforcement power and came with a caution for businesses. The guidelines said Cfius would also look at the harm the conduct caused and whether it was negligent or deliberate. In deciding on penalties, Cfius would take into account violators’ compliance resources—legal counsel, consultants, auditors and monitors—as well as its compliance culture. The Foreign Investment Risk Review Modernization Act, passed in 2018 with an eye on China, gave Cfius more resources and a broader purview.

☆ Fewer Venezuelans caught at U.S.-Mexico border after Biden expulsions
▼ + stars: | 2022-10-20 | by ( Ted Hesson | ) www.reuters.com time to read: +2 min

U.S. Customs and Border Protection Commissioner Chris Magnus told Bloomberg News on Thursday that U.S. border agents had encountered just 155 Venezuelans on Wednesday, down from a daily average of 1,200 earlier this month. More than 4,500 Venezuelans have been returned to Mexico since the new U.S. expulsion policy began on Oct. 12, the Mexican government said, straining shelters there. The new effort comes as Republicans have criticized Biden's handling of the border and seek to gain control of the U.S. Congress in Nov. 8 midterm elections. At a shelter in the U.S. border city of Deming, New Mexico, Venezuelans went from being the most common nationality to absent, according to Ariana Saludares, executive director of Colores United, which runs the center. A spokesperson for Texas Governor Greg Abbott said the busing could continue until Biden "does his job."

☆ Key US bond yield hits highest level since June 2008
▼ + stars: | 2022-10-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

☆ Beware of fad stocks. Truly owner, Snap & Zoom have plunged
▼ + stars: | 2022-10-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

The Sam Adams brewer, which also owns the hard seltzer brand Truly, is struggling as the popularity of alcoholic seltzer appears to be fading fast. “The continuing decline of the hard seltzer segment … is deeper than previously expected,” said Boston Beer founder and chairman Jim Koch on the company’s earnings call in July. Sam Adams owner Boston Beer made a big bet on Truly Hard Seltzer. Sales have slowed, the company is still losing money, its founders have left, and the stock has plunged nearly 80% this year. E-signature software company DocuSign (DOCU) and virtual health company Teladoc (TDOC) have also plunged this year after getting huge boosts from Covid in 2020.

☆ Venezuelan migrants expelled from U.S. and sent back to Mexico
▼ + stars: | 2022-10-19 | by ( Jeremy Schultz | ) www.reuters.com time to read: 1 min

Venezuelans Marilin de Los Angeles Medero Pina (R) and her 15-year-old son Hector Alejandro Medina Medero are pictured on the banks of the Rio Grande after they tried to cross into the United States, but were told by U.S. Border Patrol that they...moreVenezuelans Marilin de Los Angeles Medero Pina (R) and her 15-year-old son Hector Alejandro Medina Medero are pictured on the banks of the Rio Grande after they tried to cross into the United States, but were told by U.S. Border Patrol that they should go back because of new migration enforcement orders from the Biden Administration in Ciudad Juarez, Mexico, October 18. Hector suffers from a sickness which he need treatment for, and the family was detained multiple times in Mexico, forcing them to delay their arrival to the border. REUTERS/Paul RatjeClose

☆ Madrid exhibition shines a light on the scars of breast cancer
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

MADRID, Oct 19 (Reuters) - An art exhibition in Madrid seeks to shine a spotlight on breast cancer and the physical and psychological scars left by mastectomies. 1/5 A woman stands in front of a replica of Peter Paul Rubens' "Venus and Cupid" showing a mastectomized breast, as part of a project between the Cultura en Vena Foundation and Thyssen-Bornemisza Museum on International Breast Cancer Awareness Day in Madrid, Spain, October 19, 2022. REUTERS/Susana Vera Read More"With this intervention we're calling attention to the process of the illness," said Juan Alberto Garcia de Cubas, president of the Fundacion Cultura en Vena (Culture in Your Veins Foundation), which organised the exhibition. Gema Salas, a 44-year-old architect who underwent a mastectomy to treat breast cancer, said the exhibition had a profound effect on her. Register now for FREE unlimited access to Reuters.com RegisterReporting by Charlie Devereux Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ It’s been 35 years since the epic Black Monday crash. What have investors learned?
▼ + stars: | 2022-10-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

CNN Business spoke to Jon Hirtle, a broker at Goldman Sachs in 1987, to get his recollections about Black Monday. That’s led some Wall Street veterans to derisively refer to the NYSE as nothing more than a glorified TV studio. Goldman Sachs announced Tuesday that it is merging its trading and investment banking businesses into a single unit. CEO David Solomon said that the move is a “realignment” that will allow Goldman Sachs to better serve its customers. There are growing concerns on Wall Street (and Main Street) about an economic downturn.

☆ Stocks surge again as Corporate America’s earnings impress
▼ + stars: | 2022-10-18 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

☆ Premarket stocks: The strong dollar has an unexpected victim
▼ + stars: | 2022-10-18 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

New York CNN Business —The strong dollar has been a headwind for blue chip US companies in the Dow and S&P 500 this year. And the Russell 2000, another index of mostly smaller companies, is down 25%, too. Also, the dollar is so strong — the US Dollar Index, which tracks the greenback against the euro, pound, yen and several other currencies has soared 18% this year — it’s making foreign imports cheaper. But real estate stocks have been slammed by worries about a housing and office real estate slowdown. And multinational companies and foreign stocks will fare more poorly than smaller companies with little to no international exposure.

☆ Goldman Sachs overhauls banking and trading units
▼ + stars: | 2022-10-18 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

A Warriors team famous for its unity saw that tested when veteran forward Draymond Green punched Jordan Poole in the face at a practice earlier this month, an incident Green apologized for. Register now for FREE unlimited access to Reuters.com RegisterGreen, a four-time All-Star, was fined but not suspended over the incident. Former Knicks and Rockets head coach Jeff Van Gundy told Reuters he thought the team could move past the episode. "He has defied age as well as anybody who has played for this long," Van Gundy said. "The season is going to be difficult for everybody," said Van Gundy.

☆ Dow soars and moves back above 30,000
▼ + stars: | 2022-10-17 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

☆ Tesla investors try to ignore Musk's many distractions
▼ + stars: | 2022-10-16 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

While that’s good news for Twitter’s long-suffering shareholders, Tesla investors hope he still has some time for them. There are big challenges in China as well, with Tesla going up against homegrown EV rivals like Nio (NIO), Xpeng and Li Auto. Too many distractionsGary Black, managing partner at the Future Fund and a Tesla shareholder, has been tweeting for the past few weeks that concerns about Twitter are a headache for Tesla investors. In one tweet, Black said there are several problems for Tesla due to Twitter. The underwhelming deliveries and production numbers also underscore how a slowing global economy (and possible recession) could hurt Tesla.

☆ Trump won't be the Republican nominee in 2024, ex-GOP House Speaker Paul Ryan predicts
▼ + stars: | 2022-10-14 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Former President Donald Trump will not be the Republican Party's White House nominee in the 2024 election, former GOP House Speaker Paul Ryan predicted. Ryan had a tumultuous relationship with Trump before and after his one term in the White House. As a presidential candidate in 2016, Trump bombarded Ryan with insults, labeling him weak and disloyal. Trump has openly floated the possibility of launching another White House bid, though he has yet to make an official announcement. After Trump attacks that first person, "they can follow in behind," Ryan said, likening the situation to a "prisoner's dilemma."

☆ Paul Ryan says Donald Trump won't be the GOP presidential nominee in 2024: 'We all know that he will lose'
▼ + stars: | 2022-10-14 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +1 min

Former House Speaker Paul Ryan predicted Donald Trump will not be the 2024 GOP presidential nominee. Trump is "so much more likely to lose" than any other GOP presidential contender, Ryan said. "We all know that he will lose," Ryan said. Ryan, the GOP's former 2012 vice presidential nominee, said the only reason he stays relevant is because "everybody's afraid of him" going after them. He's not going to be the nominee," Ryan went on.

☆ A weed gummy theory for the Fed’s high-stakes interest rate gamble
▼ + stars: | 2022-10-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Here’s the thing: The Fed right now is wearing blinders, and it only cares about bringing down inflation, my colleague Paul R. La Monica writes. The Weed Gummy TheoryThere’s an analogy offered by investment analyst Peter Boockvar last month that I can’t stop thinking about. He compared the Fed to an eager but inexperienced consumer of weed gummies, which, notoriously, take longer than anyone expects to kick in. Bankruptcies: Rate hikes make it more expensive for companies to pay down debt, increasing the risk of corporate bankruptcies and defaults. The so-called PPI, which tracks what suppliers charge other businesses for goods and services, showed prices going up 8.5% from a year ago.

☆ Mexico says tackling migration, does not want to be in U.S. election debate
▼ + stars: | 2022-10-12 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

Asylum-seeking migrants cross the Rio Grande to El Paso, Texas, U.S., as seen from Ciudad Juarez, Mexico, October 3, 2022. Lopez Obrador said the country's immigration policies were not changing, but stressed that it was important for Mexico not to be swept up in the U.S. electoral rhetoric. Former U.S. President Donald Trump, a Republican, made illegal immigration a focal point of his 2015-16 election campaign, causing outrage in his country's southern neighbor by describing Mexican migrants as rapists and drug runners. In his remarks, Lopez Obrador pointed to legislative and governor elections scheduled for Nov. 8., including Texas Governor Greg Abbott's re-election race. Register now for FREE unlimited access to Reuters.com RegisterReporting by Brendan O'Boyle; Editing by Dave Graham and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ The Fed only cares about inflation. That's bad news
▼ + stars: | 2022-10-12 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

It seems that Powell wants to atone for his mistake of repeatedly calling inflation “transitory” for much of last year. Keep in mind that the Fed’s series of rate hikes are unprecedented in the “modern” era of central banking, i.e. after Alan Greenspan became Fed chair in 1987 and the Fed became far more transparent. Rate hikes raise the costs for companies to pay down their debt, increasing the possibility of corporate bankruptcies and defaults on commercial loans. As long as inflation remains the bigger issue for the economy, the Fed is going to focus more on getting prices under control.

☆ The Biden admin is enacting the wrong fiscal policy, says former House Speaker Paul Ryan
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Biden admin is enacting the wrong fiscal policy, says former House Speaker Paul RyanFormer House Speaker Paul Ryan, partner at Solamere Capital, joins CNBC's 'Squawk Box' to discuss the odds of a U.S. recession and more.

☆ Don’t worry, there’s still hope for the stock market
▼ + stars: | 2022-10-11 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

New York CNN Business —The back-to-back huge market rallies last week may seem like a distant memory to investors now that stocks have slid for the past four days. The S&P 500 and Nasdaq both hit new 52-week lows on Tuesday before turning higher, and the Dow is not far from a 52-week low either. That included three instances from late 2008 when market volatility was at a peak during the Global Financial Crisis. The S&P 500 was up nearly 15% one year following massive back-to-back rallies, compared to normal historical gains of just 9%. But it’s also worth noting that the S&P 500 is still slightly higher than where it closed on September 30, despite the recent losses.

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