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☆ Jamie Dimon sounds off on the economy, Fed, and crypto
▼ + stars: | 2022-12-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

There are few top executives who draw as much attention and speak as freely as Jamie Dimon, the CEO of JPMorgan. "Inflation is eroding everything…and that $1.5 trillion will run out sometime mid-year next year," Dimon said. Never one to mince words, Dimon then blasted the cryptocurrency sector when asked what he thought of the FTX collapse. Meanwhile, days after the EU's $60 per barrel price cap kicked in, oil prices slumped to levels not seen since before the invasion of Ukraine. There's been much debate about how the measure will alter oil prices moving forward — but PIMCO commodities strategist Greg Sharenow said it's going to come down to three factors.

☆ I tried to cut a deal with Jeff Bezos to save my hometown's paper mill and failed. Here's what I learned from it.
▼ + stars: | 2022-12-06 | by ( Justin Vandehey | ) www.businessinsider.com time to read: +8 min

Justin Vandehey wanted to save the paper mill in his hometown of Wisconsin Rapids. He presented a proposal to Jeff Bezos on how the paper industry could reinvent itself. Is the paper industry really dead? It takes paper to make paperThe two machines in the Wisconsin Rapids mill are currently set up to produce 570,000 tons of coated paper each year. The CEO of BillerudKorsnäs, Christoph Michalski, hasn't committed to any plans regarding the Wisconsin Rapids Mill; however, it does appear that there's interest from the local Timber Professionals Cooperative to acquire and keep the Wisconsin Rapids Mill operating in Wisconsin Rapids.

☆ PHOTOS: New York City lights the 50,000 bulbs of the Rockefeller Center Christmas tree
▼ + stars: | 2022-12-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

The famous Rockefeller Center Christmas tree arrived in NYC from an upstate farm 200 miles away. The Rockefeller Center sees about 500,000 tourists during the holiday season. The 82-foot tree arrived in Manhattan from upstate New York in November and it's illumination is the unofficial indication that it's Christmas time in New York City. Onlookers waited patiently Wednesday night to see its estimated 50,000 multi-colored lights and giant Swarovski crystal star light up the Rockefeller Center, but the tree attracted local attention before it was decorated. NBC's "Christmas at Rockefeller Center" special aired on Wednesday night with many celebrity appearances – including a performance by Alicia Keys.

☆ A battle over paid leave is threatening to grind the US economy to a halt
▼ + stars: | 2022-11-30 | by ( Juliana Kaplan | Hannah Towey | ) www.businessinsider.com time to read: +7 min

US rail workers are preparing to strike over their latest negotiations with management. Three years of rail workers' negotiations with management over this issue could soon culminate in an economy-disrupting strike, after the latest tentative agreement included just one paid personal day off a year. That's too far from the 15 days of paid sick leave that rail workers pushed for, and which railroads argue would cost them $688 million a year. While praise for essential workers has faded, rail workers still hold a lot of power in the economy. "The stockholders would go absolutely crazy if we were able to strike for one day."

☆ Rail workers are 'enraged' and feel 'mistreated,' says a union president. It could end in a holiday season strike that would send shockwaves through the US economy.
▼ + stars: | 2022-11-22 | by ( Hannah Towey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Rail workers might go on strike in December, potentially rattling the supply chain and the whole economy. BLET narrowly voted to ratify an agreement with management, but another major union voted to reject. Ultimately, if any union goes on strike, other rail unions likely will not cross the picket line. Rail workers voted in record numbers after feeling "alienated," "enraged," and "mistreated, all for the sake of profit"The Transportation Division of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD), which has over 28,000 eligible voting members, narrowly voted down the proposal. If any union does strike, Pierce said, "no other union is going to cross that picket line in the railroad biz."

☆ Investor Kari Firestone: Here's why this comeback rally feels different
▼ + stars: | 2022-11-21 | by ( Karen Firestone | ) www.cnbc.com time to read: +4 min

While the S & P 500 rose 11% during two weeks in March and 18% from mid-June to mid-August, investors bailed out and tripped the prior lows for the year. It wasn't obvious that Americans still had huge amounts of buying power that would continue to drive price levels higher. One definition might be when there is a fundamental shift in some critical measurements of the most negative weights pressuring stock prices. The S & P soared 5.5% that day, and the Nasdaq vaulted over 7%. This rally is different, even if it moves sideways or falters for a while because its genesis is based on real facts and figures.

☆ A crypto exec shares details of his phone calls with Sam Bankman-Fried days before FTX imploded
▼ + stars: | 2022-11-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today, we're zooming in on the revealing calls that took place just before the fall of FTX, between Sam Bankman-Fried and a rival exec. Sam Bankman-Fried, the recently dethroned king of crypto, had been making a lot of calls seeking a lifeline before his firm crumbled. Bankman-Fried, Lai added, sounded calm and admitted the liquidity crunch was his own fault. "We think prices need to drop by about 20% from their spring peaks in order to reach a sustainable level." Coinbase stock Markets Insider10.

☆ Here's when to buy stocks as Wall Street warnings suggest a recession is imminent, according to Bank of America
▼ + stars: | 2022-11-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Signs are growing that an economic recession is imminent, according to Bank of America. BofA recommends investors focus on bond investing in the first half of 2023 and shift to stocks in the second half of next year. Instead, investors should focus on buying bonds between now and the first half of 2023, and shift to stocks in the second half of 2023, according to the note. "Rates shock so damaging to Wall Street asset values in 2022, but there's been no rates shock on Main Street," BofA's Michael Hartnett said. "There's your credible big bull trade; we say bonds first half of 2023, stocks second half of 2023," Hartnett said.

☆ Home Depot gives 'mixed signals' with quarterly beat, dim holiday view
▼ + stars: | 2022-11-15 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Home Depot Inc (HD.N) tapped higher prices to override a drop in customer transactions for the third quarter and left its annual forecasts unchanged, signaling a weak holiday season amid a housing market slowdown. The fourth quarter will be the weakest of the year for comparable sales, it said, amid mounting uncertainties around the housing market. Home Depot saw customer transactions fall 4.3%, but higher prices of lumber, copper and other building materials helped drive average ticket - or the average amount of sales per customer - 8.8% higher, offsetting some pressure. Net earnings increased to $4.34 billion, or $4.24 per share, while analysts on average expected a profit of $4.12 per share. Shares of the company reversed course to gain about 2%, after Walmart Inc (WMT.N) raised its annual sales and profit forecasts, sending retail stocks higher.

☆ Stocks making the biggest moves midday: Walmart, Taiwan Semiconductor, Netflix, Carnival and more
▼ + stars: | 2022-11-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Walmart — Shares of retailer Walmart jumped more than 7% after reporting quarterly earnings that beat Wall Street's expectations and raising its forward guidance. Retail stocks — Retail stocks rose following Walmart and Home Depot 's stronger-than-expected financial reports for the third quarter. Signature Bank — Shares of the crypto bank jumped more than 10% after Signature reported minimal exposure to FTX and any potential destruction that could come from its collapse. Sunnova Energy — Shares of solar company rose 7.5% after Deutsche Bank initiated coverage of Sunnova Energy, First Solar and Enphase Energy with buy ratings. First Solar was up 3.2%, and Enphase Energy rose 2%.

☆ Home Depot posts better-than-expected quarter despite inflation
▼ + stars: | 2022-11-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

A customer wearing a protective mask loads lumber onto a cart at a Home Depot store in Pleasanton, California, on Monday, Feb. 22, 2021. Home Depot reported Tuesday its third-quarter revenue increased nearly 6% to $38.9 billion, beating analyst expectations, as the retailer continued to beckon customers despite rising costs and macroeconomic pressures. The company posted a profit of $4.3 billion, or $4.24 per diluted share, up from $4.1 billion, or $3.92 billion, from the same quarter last year. The company also expects comparable store sales to grow about 3% and an operating margin of approximately 15%. Home Depot said that while its customer transactions were down slightly more than 4%, its average ticket prices rose about 9% to $89.67.

☆ Warren Buffett's Berkshire Hathaway discloses $4 billion stake in Taiwan Semiconductor
▼ + stars: | 2022-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway built a sizable new stake in Taiwan Semiconductor in the third quarter, according to a quarterly regulatory filing. Berkshire increased its holding in Paramount Global to $1.7 billion at the end of the third quarter. As expected, the filing showed that Buffett continued to accumulate Occidental Petroleum in the third quarter. Berkshire's stake in the Houston-based oil-and-gas driller has reached 21.4% of the shares outstanding, worth $11.9 billion at the end of September. Apple remained Berkshire's biggest stock holding by far, with a position worth more than $123 billion.

☆ PHOTOS: 82-foot Christmas tree arrives at Rockefeller Center in New York City
▼ + stars: | 2022-11-12 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

The famous Rockefeller Center Christmas tree arrived in NYC from an upstate farm 200 miles away. The Rockefeller Center sees about 500,000 tourists during the holiday season. Anadolu Agency/Getty ImagesAlthough the New York City staple has yet to be decorated with its estimated 50,000 multi-colored lights and its Swarovski crystal star, onlookers still gathered to take pictures and admire the massive tree. According to the ABC7NY report, the approximately 90-year-old tree was cut down on Thursday and will have its ceremonial lighting November 30. The tree may only be around for less than two months, but it still attracts around 500,000 visitors during its time lighting up the Rockefeller Center, according to a report from Habitat for Humanity.

☆ Housing Outlook: Low Supply Is Making Home Prices Unaffordable
▼ + stars: | 2022-11-03 | by ( Alcynna Lloyd | Phil Rosen | ) www.businessinsider.com time to read: +5 min

Mortgage rates have climbed above 7% for the first time since 2001, but that's only half the story of the affordability crisis. The deeper issue is that there aren't enough homes to fulfill every would-be buyer's dream, which means people are competing with their wallets and driving prices higher and higher. Mortgage rates are above 7% for the first time in over two decades for the most popular type of mortgage, and are only expected to keep rising. So far in 2022, US housing construction has fallen in four out of nine months. It's a decision that Dietz said could result in housing supply dwindling further.

☆ Suspect accused of politically motivated attack on Paul Pelosi was 'completely caught up in the fantasy, in the MAGA fantasy,' his boss says
▼ + stars: | 2022-11-02 | by ( Isabella Zavarise | ) www.businessinsider.com time to read: +3 min

The suspect who attacked Paul Pelosi was consumed by conspiracy theories, The NYT reported. Frank Ciccarelli, a carpenter, worked with the suspect, David DePape, for about six years. Frank Ciccarelli, a carpenter in Berkeley, California, told the Times he worked with the suspect, David DePape, for about six years. Ciccarelli said DePape began to spend more time online over the last few years, engulfed in right-wing conspiracy theories, as per the news outlet. "He was completely caught up in the fantasy, in the MAGA fantasy," the carpenter told The Times.

☆ We're preparing for home prices to fall, says Raymond James' Buck Horne
▼ + stars: | 2022-10-31 | 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 EmailWe're preparing for home prices to fall, says Raymond James' Buck HorneBuck Horne, director of equity research, homebuilding, and residential REITS at Raymond James, joins 'Power Lunch' to discuss opportunity in the home building space, cost-to-own and cost-to-buy spread differentials and dramatic drops in lumber prices.

☆ A 20% crash in the housing market is possible as mortgage rates continue to surge higher
▼ + stars: | 2022-10-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +7 min

There's a flashing red warning sign hitting one of the biggest segments of the US economy: the housing market. This is all a recipe for disaster, and it could ultimately lead to a 20% decline in housing prices, according to Pantheon Macro's chief economist Ian Shepherdson. The housing market is in free fall with "no floor in sight." Pantheon Macroeconomics' chief economist Ian Shepherdson is sounding the alarm on the housing market, warning that home prices could fall as much as 20%. The price movement has some scratching their heads, given that demand for lumber is largely tied to the housing market, which can't get out of its own way due to soaring mortgage rates.

☆ Lumber prices have defied a cooling housing market to climb 26% in October, but surging mortgage rates will keep a lid on further upside
▼ + stars: | 2022-10-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Lumber prices have rallied 26% so far in October, but further gains may be limited as the housing market slows down. "At 7% interest rates, I wouldn't expect lumber to do much for a while," MaterialsXChange's Ashley Boeckholt said. In tandem with the Federal Reserve's aggressive interest rate hikes that started in March of this year, mortgage rates have soared. That's good news for homebuilders, as long as demand returns to the housing market, but one economist is skeptical. And that plays right into Boeckholt's view of a lumber market that is likely to flatline from here.

☆ Demand for Prefabricated Apartments Climbs as Costs Balloon for Multifamily Development
▼ + stars: | 2022-10-18 | by ( Rebecca Picciotto | ) www.wsj.com time to read: 1 min

A rendering of a dark, glass building from Assembly OSM that would be built in parts in off-site factories and later pieced together. Construction of prefabricated homes is ramping up and providing an alternative to traditional multifamily, where the construction process has slowed because of rising costs and supply-chain delays. Prefabricated construction, which includes modular, manufactured and mobile homes, has for years been used in lower-budget housing development. But with rising interest rates and higher prices for materials such as lumber, the process is starting to get more of a toehold in the mainstream apartment market.

☆ A 25-year-old built a 'tiny hotel' in Texas that's generated $500,000 in bookings this year. Check out the $3.1 million property.
▼ + stars: | 2022-10-18 | by ( Kiera Fields | ) www.businessinsider.com time to read: +9 min

French bought a small plot of land and built a "tiny hotel" made up of seven cabins. In March 2021, he bought a 5-acre plot that would become Live Oak Lake. Live Oak Lake has generated more than $500,000 in bookings since its opening, as indicated by screenshots of Airbnb and Stripe dashboards reviewed by Insider. At the time, he projected that the construction costs of building his tiny hotel would come to about $1.6 million. Isaac FrenchIn addition to the seven identical cabins, Live Oak Lake has a common area with a small dock, picnic tables, paddleboards, and kayaks.

☆ Restoring a rat-infested 1948 school bus
▼ + stars: | 2022-10-17 | by ( Melissa Estrada | ) www.businessinsider.com time to read: +5 min

Jason Kellogg from Country Boy Gas Garage restored an abandoned 1948 Ford F5 bus found in a forest. The old church bus was covered in moss and ferns and was infested with rats. Jason Kellogg: Today, we're gonna be talking about the 1948 Ford F5 school bus that I found abandoned in the forest that had been there for over 25 years. My favorite part of the entire restoration would probably be the fact that this used to be a church bus. So I decided that I was going to make a reunion trip with the bus back to the church.

☆ Wall Street is debating whether the bear market still has legs
▼ + stars: | 2022-10-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

So far, results from the big Wall Street banks have been mixed, with JPMorgan and Citigroup beating but Morgan Stanley falling short of forecasts. He told CNBC on Friday that Thursday's wild reversal wasn't just a bear market rally and could be the start of a new upswing. "We are, in my opinion, coming to the end of this bear market," Scaramucci told CNBC on Friday. Is the stock market poised for a sustainable uptrend or still teasing with bear market rallies? But the stock market isn't out of the woods yet as there could be more pain in the short-term.

☆ Supply chain snarls loosen for U.S. companies, but plenty of problems remain
▼ + stars: | 2022-10-13 | by ( Timothy Aeppel | ) www.reuters.com time to read: +5 min

Some parts of his supply chain have clearly improved, said the vice president of global supply for Graco Inc (GGG.N), the Minneapolis-based maker of fluid handling equipment such as paint sprayers. But the complex nature of global supply chains means that companies like Graco are still struggling, since the shortage of just one part can hobble them. The COVID-19 pandemic set off a crisis in global supply chains, which is showing signs of healing. This suggests falling prices for some goods and services are still far from working their way fully through the economy. The regional bank’s Global Supply Pressure Index tracks data on shipping costs, delivery times, backlogs and other statistics into a single measure compared to historic norms.

☆ ARK's Cathie Wood issues open letter to the Fed, saying it is risking an economic 'bust'
▼ + stars: | 2022-10-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Cathie Wood, Founder, CEO, and CIO of ARK Invest, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, May 2, 2022. The Federal Reserve likely is making a mistake in its hardline stance against inflation Ark Investment Management's Cathie Wood said Monday in an open letter to the central bank. Instead of looking at employment and price indexes from previous months, Wood said the Fed should be taking lessons from commodity prices that indicate the biggest economic risk going forward is deflation, not inflation. Specifically, the consumer price and personal consumption expenditures price indexes both showed inflation running high. Headline CPI rose 0.1% in August and was up 8.3% year over year, while headline PCE accelerated 0.3% and 6.2% respectively.

☆ Stocks week ahead: Get ready for earnings season
▼ + stars: | 2022-10-09 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

We’ll get a better sense this week when several top financial firms and consumer companies report third-quarter earnings. The robust greenback will hurt sales and profits for these firm’s international operations. “Bank balance sheets and capital positions both remain in solid shape,” said KBW analyst David Konrad in a bank earnings preview report. The US government will report the latest monthly reads on consumer prices and wholesale prices next week. The consumer price index, or CPI, is the one investors will be watching most closely.

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