In March, the proportion of payments on car loans, personal loans, and credit cards that were at least 60 days late rose for the eighth consecutive month, according to Equifax, one of three U.S. credit bureaus. For the month, 11.1 percent of credit cards issued to people with credit scores below 620 fell into that...
Tag: may 24 2022
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INVESTORS TURN THEIR BACKS ON SPACs
Investors have lost interest in special-purpose acquisition companies (SPACs) just when SPACs need them most. A SPAC or “blank-check company” is a special category of company that goes public, typically at $10 a share, even though it has no assets. When it has stockpiled enough capital, the SPAC buys and merges with a promising company...
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DOLLAR EDGES TOWARD PARITY WITH EURO
With the dollar continuing to surge in value against other currencies and the euro down 7 percent so far this year, some analysts are beginning to speculate that this might be the year when the two reach a one-to-one value. That happened last in 2002. The euro sank toward the dollar in 2016 but bounced...
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FUND MANAGERS DUMP INVESTMENTS, CASH IS KING
Around the world, cash holdings among investment fund managers has reached their greatest volume since the terrorist attacks in the U.S. in September 2001, the Financial Times reported. Last Monday and Tuesday, $5.2 billion was withdrawn from the world’s mutual funds holding equities, running up the four-week outflow to $16 billion, according to Bank of...
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ISRAEL HOLDS MILITARY EXERCISE TO STRIKE IRAN
The Israeli Air Force plans to hold a massive military exercise in late May over the Mediterranean called “Chariots of Fire,” that will simulate a large-scale attack on Iran as nuclear talks seem to be stalled between Tehran and the West. The Times of Israel reported that the three-week exercise will include nearly all Israel Defense...
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MAJOR RETAILERS TAKE A DRUBBING
In last week’s stock market rout, Target’s share price suffered its worst single-day plunge since the Black Monday crash on 19 October, 1987, after the company cut its profit outlook from 8 percent of sales to 6 percent. Also, the company’s first-quarter profit fell below the lowest estimate among 23 analysts Bloomberg has surveyed. CEO...
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SELL-OFF BROADENS BEYOND TECH AS MARKETS BRACE FOR RECESSION
Ten of the 11 sectors comprising the Standard & Poor’s 500 index have lost value this year. Only energy has been spared. The contagion spread more widely last Wednesday when Target and Walmart reported surprisingly poor first-quarter results. Kohl’s also missed its profit target and is actively seeking a buyer. With consumer spending supporting as...
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TECH STOCKS CONTINUE TO LEAD THE MARKETS’ FALL
The NASDAQ, home to most U.S.-listed tech stocks, slumped 3.8 percent last week, its seventh consecutive week closing down and its longest losing streak since 2001 after the dot-com euphoria came to an end. Cisco’s share price tossed 13 percent last week after the company projected poor profits for this quarter. Dell was off 11...
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MASTERCARD: SPEND WITH A SMILE ON YOUR FACE
Mastercard has begun a test of its new biometric payment technology that lets customers in stores add purchases to their cards by showing their faces to a screen. Payments also can be made with a wave of the hand. By pioneering the technology, Mastercard could become “the enabler of the ecosystem,” setting standards of privacy...
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THIS WEEK IN SURVEILLANCE
BOURLA DOES DAVOS, SELLS MICROCHIPS IN PILLS. No figure in the COVID War that has ravaged world economies and human medical freedoms, has been more cold blooded in appetite for power and money than Pfizer CEO Albert Bourla. He just upped his game again. Bourla graduated yet another “conspiracy theory” to fact, using the largest...
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