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☆ Google Loses Bid to Escape DOJ’s Digital-Ad Antitrust Case
▼ + stars: | 2023-04-28 | by ( Jan Wolfe | ) www.wsj.com time to read: 1 min

The case is one of two Justice Department antitrust lawsuits against Google. Photo: David Paul Morris/Bloomberg NewsAlphabet Inc.’s Google lost an early bid to escape a Justice Department antitrust lawsuit that seeks to break up the company’s business brokering digital advertising across much of the internet. U.S. District Judge Leonie Brinkema denied Google’s request to dismiss the case, finding that the Justice Department’s complaint filed in January was sufficiently detailed to proceed.

☆ US Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +7 min

Many commentators linked the lessons learned from the earlier crisis to the ongoing concerns about First Republic Bank. INSTITUTE OF INTERNATIONAL BANKERS CEO BETH ZORC"The IIB commends the Federal Reserve's timeliness of producing its report on SVB. "There are similarities between SVB's situation and what is happening with First Republic Bank: both are affected by the rapid movement of very large sums of money." A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals." "It feels isolated, than the rest of the regional bank system, feels like it's in a different place than where FRC is."

☆ Tate Modern Finds Its New Director in Norway
▼ + stars: | 2023-04-28 | by ( Alex Marshall | ) www.nytimes.com time to read: +1 min

Karin Hindsbo, the director of Norway’s recently opened National Museum, was on Friday named the new director of Tate Modern in London, one of the world’s most popular museums. Hindsbo, a Danish-born art historian, will take on the role in September, replacing Frances Morris, who has led Tate Modern since 2016. Last October, Morris announced she was leaving to focus on curatorial projects, and to work on addressing the art world’s climate impacts. The directorship of Tate Modern is one of the European art world’s highest-profile roles, with the museum expected to regularly stage blockbuster exhibitions of contemporary and modern art. Under Morris’s leadership, it’s hosted acclaimed shows including a sold-out Cézanne retrospective, a career-spanning exhibition of the British artist Steve McQueen’s video pieces and an exploration of work by African American artists during the civil rights era.

☆ State Attorneys General Lose Bid to Revive Facebook Antitrust Case
▼ + stars: | 2023-04-27 | by ( Jan Wolfe | ) www.wsj.com time to read: 1 min

Meta Platforms praised the ruling and said it would fight the Federal Trade Commission’s pending litigation. Photo: David Paul Morris/Bloomberg NewsWASHINGTON—An appeals court said it wouldn’t revive a major antitrust case against Meta Platforms Inc., handing a defeat to dozens of state attorneys general who sought to undo the Facebook parent’s acquisition of messaging platform WhatsApp and photo-sharing app Instagram. In a 3-0 decision on Thursday, a panel of the U.S. Court of Appeals for the District of Columbia Circuit upheld a June 2021 ruling that dismissed the case.

Caterpillar shares turn around CAT YTD mountain Caterpillar YTD Dow component Caterpillar delivered a blowout first quarter. Caterpillar revenue in Q1 increased 16.7% year over year to $15.86 billion, exceeding estimates of $15.26 billion, according to Refinitiv. Better-than-expected operating margin of 17% was so strong, due mostly to manufacturing costs that were not as high as expected as well as higher prices. Bottom Line on CAT This was a very strong quarter from Caterpillar as business continues to benefit from pricing power that outweighs costs. Even with oil down in the quarter, Caterpillar continues to see a lot of activity and strength in new engine sales to customers.

☆ The live volcano sitting below Santorini
▼ + stars: | 2023-04-26 | by ( Elinda Labropoulou | ) edition.cnn.com time to read: +11 min

CNN —Everywhere you look on Santorini, you’re reminded that you’re on a volcano. Few realize that beneath the hypnotic kaleidoscope of colors lies an active volcano. The East Mediterranean’s most active underwater, and potentially dangerous, volcano, Kolumbo, is five miles northeast of Santorini and part of the same volcanic system. They include a visit to the volcano of Nea Kameni: one of five islands that form the Santorini volcanic complex, and a national geological park in itself. A simmering volcanoTourists can take boat trips to Nea Kameni, home to an active volcano.

☆ The Big Tech stock rally is over for now – but the equity market could still approach record highs this year, veteran investor says
▼ + stars: | 2023-04-26 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The Big Tech stock rally has run its course, but the broader equity market will still approach record highs this year, according to the chairman of Sanders Morris Harris. Tech stocks have surged this year, rebounding after a tough 2022. "We expect the broader markets to move back near record highs at some point in 2023, but it won't likely be because of Big Tech," George Ball told Fortune on Tuesday. Tech stocks have rallied this year, with the tech-heavy Nasdaq Composite up nearly 14% year to date, recovering after a tough 2022. But in order to rise toward record highs, further major increases in the key stock indexes would be required, Ball suggested.

☆ Sanction hit tars BAT’s US listing hopes
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 26 (Reuters Breakingviews) - British American Tobacco (BATS.L) could have trouble getting more American love. The $635 million settlement plus interest may be less of a financial spoil for the $82 billion giant. Still, investors including Rajiv Jain’s GQG Partners, had hoped BAT could move its listing to the United States to close a yawning valuation gap. The reputational stain from its fine, however, raises the risk that if it were to move stateside, U.S. investors may still apply a discount. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Meta's first-quarter win shows Zuckerberg is serious about cutting costs
▼ + stars: | 2023-04-26 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Meta Platforms (META) reported stellar first-quarter results on Wednesday, in the latest sign CEO Mark Zuckerberg's "year of efficiency" is translating into tangible financial progress for the Club name. Meta stock soared in afterhours trading by more than 11.5%, to around $233.70 a share. As a result, we are raising our price target on Meta stock to $250 per share, from $220. Outlook Meta said it expects second-quarter 2023 revenues to be in the range of $29.5 billion to $32 billion. First-quarter commentary Over 3 billion people now use one of the company's apps every day, Zuckerberg said at the start of Meta's post-earnings conference call Wednesday.

☆ Harry Belafonte, Folk Hero
▼ + stars: | 2023-04-25 | by ( Wesley Morris | ) www.nytimes.com time to read: +3 min

And rather than simply translate his hot-ticket cabaret act for American living rooms, Belafonte imagined something stranger and more alluring. “The bleaker my acting prospects looked,” Belafonte wrote, in “My Song,” his memoir from 2011, “the more I threw myself into political organizing.” That organizing took familiar forms — marches, protests, rallies. Dr. Martin Luther King Jr., with Coretta Scott King as the beneficiary, because Dr. King didn’t believe he could afford it. (“Martin began drafting his antiwar speech in my apartment.”) So, yes, Belafonte was near the psychic core and administrative center of the movement. But those bleak Hollywood prospects — some incalculable combination of racism and too-raw talent — kept Belafonte uniquely earthbound, doing a kind of cultural organizing.

☆ EPA Planning New Rules to Slash Emissions From Power Plants
▼ + stars: | 2023-04-23 | by ( Eric Niiler | Andrew Restuccia | ) www.wsj.com time to read: 1 min

Emissions from both new and existing natural-gas plants would be regulated under the new rules. Photo: David Paul Morris/Bloomberg NewsThe Environmental Protection Agency is preparing to issue new rules that would slash the amount of planet-warming greenhouse gases produced by U.S. power plants in the coming decades, according to people familiar with the matter. For the first time, emissions from both new and existing natural-gas plants, as well as existing coal-fired plants, would be regulated, the people said. Electric utilities would have various options for meeting the tougher standards by installing new carbon-capture systems or switching to cleaner fuels such as hydrogen, according to the people.

☆ Opinion: What happens when you knock on a door
▼ + stars: | 2023-04-23 | by ( Richard Galant | ) edition.cnn.com time to read: +18 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. In Kansas City, Andrew Lester, an 84-year-old White homeowner shot Ralph Yarl, a Black teenager who rang his doorbell. And, “with Trump as the front-runner for the 2024 Republican nomination, Fox has resumed coverage of him which often veers into the free-advertisement category. Neither Robert F. Kennedy Jr., who announced his candidacy last week, nor Marianne Williamson represents a serious threat, Axelrod noted. “The calendar reads 2023,” wrote the Republican former lieutenant governor of Georgia, Geoff Duncan, “but it feels like 2016 all over again.

☆ An idyllic California town, a celebrity landlord, and a rental from hell
▼ + stars: | 2023-04-22 | by ( Tatiana Walk-Morris | ) www.businessinsider.com time to read: +11 min

Sonaar Luthra and Sarah Szalavitz left Los Angeles for a rental in La Quinta, California, last March. The couple found a rental home online for $4,000 a month in La Quinta, California, a palm-tree-dotted hamlet about 2½ hours away, nestled between the resort-haven Palm Springs and festival-famous Coachella. They were relieved, they told Insider, because they believed someone in the public eye would be a reliable landlord. Luthra and Szalavitz thought moving to La Quinta would afford them the time and space to begin personal projects, including planning a wedding. The couple detailed how the celebrity-owned house in a desert paradise became a rental from hell.

☆ Americans Wary of Big Brother AI Watching in the Workplace
▼ + stars: | 2023-04-21 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

U.S. respondents to a Pew Research Center survey said they were largely opposed to using artificial intelligence to monitor them at work. Photo: David Paul Morris/Bloomberg NewsAmericans are largely leery of artificial intelligence peering over their shoulder at the workplace to watch for bad behavior, according to a survey by the Pew Research Center, though only a fraction think AI will have a major impact on them personally. AI has been used for years in technologies that can monitor what employees do at work, including surveillance systems that can try to see if retail employees are stealing, software that scrutinizes truck drivers for bad behavior, and plug-ins for email and chat applications that can flag foul language or fraud in offices.

☆ Stocks making the biggest moves premarket: Procter & Gamble, CSX, PPG Industries and more
▼ + stars: | 2023-04-21 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

In this photo illustration a Procter and Gamble logo seen displayed on a smartphone with stock market percentages in the background. Procter & Gamble also boosted its forecast for organic sales growth for fiscal 2023 to 6% from its earlier forecast of 4% to 5%. PPG Industries – Shares rose 0.8% in the premarket after PPG Industries posted better-than-expected second-quarter guidance. ContextLogic – ContextLogic shares advanced 16% in premarket trading after the online e-commerce platform announced a $50 million share repurchase program. The firm reported adjusted earnings of 63 cents per share on revenue of $7.74 billion.

☆ Buy this tobacco heavyweight on potential earnings growth, Goldman Sachs says
▼ + stars: | 2023-04-21 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Goldman Sachs is bullish on a heavyweight in the tobacco industry after a sharp sell-off. The firm reiterated a buy rating on Phillip Morris stock on Thursday, with a $120 per share price target. The company reported mixed earnings on Thursday , beating on adjusted earnings per share but coming up short on revenue. Philip Morris reported $8 billion in revenue against a Wall Street consensus of $8.1 billion. PM YTD mountain Shares of tobacco giant Philip Morris are heading higher in pre-market trading a day after a sharp sell-off.

☆ Here are Friday's biggest analyst calls: Amazon, Tesla, CVS, Microsoft, XPO, AT&T, Spotify & more
▼ + stars: | 2023-04-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Alphabet as buy Bank of America says it's bullish heading into Alphabet earnings next week. JPMorgan reiterates Amazon as a best idea JPMorgan says it's bullish heading into the e-commerce giant's earnings report next week. "We continue to see streaming music & audio as an attractive growth market and remain OW WMG and SPOT." Stephens initiates SentinelOne as overweight Stephens initiated the cyber security company with an overweight and says it has "best-in-class growth." JPMorgan reiterates Charles Schwab as overweight JPMorgan says Charles Schwab could be worth more if it were to "de-bank."

☆ Philip Morris International CEO on mixed Q1 earnings
▼ + stars: | 2023-04-20 | 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 EmailPhilip Morris International CEO on mixed Q1 earningsPhilip Morris International CEO Jacek Olczak joins 'Squawk on the Street' to discuss where the company's earnings disappointment comes from, whether the company can get to 50% smoke-free products soon, and more.

☆ Morning Bid: Oil price relapse
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

Although oil prices have not yet reversed all their gains from OPEC move, Brent is down more than 5% over the past week and the year-on-year deflation in oil prices is running at 24%. And there's also signs oil loading from Russia's western ports this month is rising to the highest since 2019 -= despite Moscow's pledge to cut output. Tesla (TSLA.O) shares dropped 2% after the electric-vehicle maker's sixth U.S. price cut this year. Helped by the oil price retreat, 2-year U.S. Treasury yields fell back almost 10 basis points to 4.19%. VIX and bear marketsShare price performance, earnings and sales for TeslaReuters GraphicsReuters GraphicsBy Mike Dolan, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

China's refined copper imports and exportsIMPORT SLUMPChina imported 408,174 tonnes of copper in March, down by 19% year-on-year and the lowest monthly intake since October. The preliminary customs report aggregates arrivals of refined metal, anode, alloy and semi-manufactured products. The country also imported 1.8 million tonnes of recyclable materials, the largest amount since 2018, and a record 25.3 million tonnes of mined concentrates. National refined copper output rose by 11% year-on-year in January-February, according to the country's official statistics body. So far this year it seems to have lost its appetite for more refined copper.

☆ The US still waits for its high-speed rail revolution
▼ + stars: | 2023-04-18 | by ( Ben Jones | ) edition.cnn.com time to read: +15 min

So why doesn’t the United States have a high-speed rail network like those? Many Americans have no concept of high-speed rail and fail to see its value. William C. Vantuono, editor-in-chief of Railway Age“Many Americans have no concept of high-speed rail and fail to see its value. Corridors for the greatest potentialBrightline West and CHSR offer templates for the future expansion of high-speed rail in North America. “Where those conditions apply in Europe and Asia, high-speed rail reduces air’s share of the market from 100% to near zero.

☆ China resorts to extraordinary measures to soothe entrepreneurs amid deep retreat of private business
▼ + stars: | 2023-04-17 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —After years of regulatory crackdowns and draconian Covid curbs, private entrepreneurs in China are low on enthusiasm. If anything, the private sector seems to be retreating even more so far this year. State-led investment surged 10.5%, while private investment increased a mere 0.8%. In 2022, state investment rose 10.1%, while private investment ticked up 0.9%. “We always regard private enterprises and private entrepreneurs as people on our own side,” Xi said.

☆ Earnings from Club consumer, health and bank stocks will be our main focus in the week ahead
▼ + stars: | 2023-04-15 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Corporate earnings won't have to share the spotlight with major inflation data in the week ahead as they did during this past week's up-and-down market. From Morgan Stanley, we suspect Friday's bank earnings foreshadow a good release. This past week, we spoke about the importance of listening to what industry players aside from those you're invested in as a way to analyze the competitive landscape. Here are some of those other earnings reports and the economic numbers out in the week ahead. Club trades of the week We made just one trade this past week, in a market that was overbought , purchasing 25 shares of Palo Alto Networks (PANW).

☆ Succession's huge plot twist is more realistic than you'd think – the departure of a powerful CEO like Logan Roy really can cause wild share price swings
▼ + stars: | 2023-04-15 | by ( Ryan Hogg | George Glover | ) www.businessinsider.com time to read: +5 min

There's real-life precedent that shows why a CEO can cause huge share price swings when they depart. He was portrayed as an omnipotent boss of the group, reflected in a cratering share price upon his death in the episode that aired April 9. But there is real-life precedent for a company's share price collapsing on news of a powerful CEO's ill-health. The power of Logan RoyThere are downsides to a stock being so closely linked to a powerful CEO like Jobs, Musk, or Roy. Indeed, there have been examples of a share price rally following the death of a CEO, because investors see it as a company decoupling from a deadweight boss.

☆ Old planes get stripped for parts while airlines wait on new jets
▼ + stars: | 2023-04-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

COOLIDGE, Arizona – From engines to landing gear, the hunt is on for aircraft parts as airlines prepare their jets for swarms of summer travelers, with new planes from Boeing and Airbus still in short supply. The search for parts leads some aircraft owners here, where older, retired planes are stripped for parts that will be prepared to fly on other planes or repurposed altogether. The current demand for aircraft parts is the result of the industry's deep demand swings resulting from the Covid pandemic. With deliveries of new jets behind schedule, airlines are holding onto planes longer, repairing or overhauling them, adding to demand for parts and labor. Airbus A320 landing gear in a repair shop in Marana, Arizona.

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