Financial Markets and Economy
'They do not see value in their own companies!' — Corporate executives are selling stocks in droves (Business Insider)
As the investing public has continued to devour stocks, sending all three major indexes to record highs in the last few months, corporate insiders have been offloading shares to an extent not seen in seven years.
10 things you need to know in markets today (Business Insider)
The EU has raised its opening demand for Britain’s Brexitbill to an upfront gross payment of up to €100bn.According to an analysis by the Financial Times, the Brussels has bumped up its payment demands from an earlier €60 billion, and wants to make the UK give post-Brexit farm payments and EU administration fees in 2019 and 2020.
Euro-Region Economy Receives First-Quarter Report Card: Chart (Bloomberg)
Economic growth in the 19-nation euro area probably clocked in at 0.5 percent in the first quarter, underpinning European Central Bank President Mario Draghi’s assessment that the recovery has become “solid and broad.” Data from France and Spain, the only major nations to report so far, sent mixed messages last week, with growth in the former slightly weaker than anticipated and the latter beating forecasts.
Wall Street cool to Mnuchin’s idea of ultralong bonds (Market Watch)
Wall Street executives deeply involved in the U.S. government bond market were decidedly cool Wednesday to Treasury Secretary Steven Mnuchin’s idea to issue bonds with maturities of longer than 30-years.
Trump Preparing to Replace Top Banking Regulator (The Wall Street Journal)
The Trump administration, looking to make its first major imprint on U.S. banking regulators, is preparing to replace Comptroller of the Currency Thomas Curry as chief overseer of federally chartered banks, according to people familiar with the matter.
Theranos Settles Lawsuit With Partner Fund (The Wall Street Journal)
Theranos Inc. settled a lawsuit alleging the company and its founder, Elizabeth Holmes, defrauded a San Francisco hedge fund into making a $96.1 million investment through “a series of lies,” the company said Monday.
U.S. Auto Boom Seems to Be History, Just as Trump Counted on Jobs (NY Times)
For seven years, the steadily expanding auto industry has helped drive the American economy forward, racking up billions in profit and paying workers hefty bonuses, all while consumers flocked to dealerships and drove sales to record heights.
Since the 1970s, coastal US cities have implemented laws that make it impossible for housing supply to equal demand. Proponents of these laws argue they are important for historic preservation, environment protection, and the livability of cities.
Auto sales fall 4.7 pct.; 7-year win streak may come to end (Miami Herald)
U.S. auto sales fell 4.7 percent last month, the most pronounced slowdown of the year and a strong indication that 2017 will put an end to seven straight years of growth.
Here's why Russia is opening the door to cryptocurrencies (Mauldin Economics)
Russia has announced that it will legalize the use of cryptocurrencies. The government confirmed last week that a draft bill would create the legal framework for trading in bitcoin, dash, ether, and other digital currencies.
Coal Country Is Back, Along With Signing Bonuses and Pay Raises (Bloomberg)
Before dawn, a coal miner named Cameron Justice stopped at a gas station in Mingo County, West Virginia, grabbing two cans of Monster Energy drink before heading into the pits.
Goldman Sachs Embraces Banking’s Bland Side: Lending Money (The Wall Street Journal)
Goldman Sachs Group Inc. earned its elite reputation by dominating the glamorous end of finance—investment banking, trading and managing money for the wealthy.
I never knew how screwed up global banking was until I started my own bank (Sovereign Man)
After so many run-ins with the bitter incompetence and bureaucratic indignity of the banking system, I decided once and for all that I would start my own bank.
AMD: Mr. Market Isn't Irrational, Just Slow On The Uptake (Mark Hibben, Seeking Alpha)
As I've criticized Advanced Micro Devices (NASDAQ:AMD) management, its products, and especially the thesis of a "low-risk turnaround", the most persistent response from AMD fans has been an invocation of "market efficiency".
Companies
American Airlines is cutting more legroom in economy class (CNN)
American Airlines (AAL) is planning to decrease the front-to-back space between some of its economy class seats by another two inches.
General Electric: Who Ya Callin’ Lumpy? (Barron's)
General Electric (GE) reported earnings on April 21–and the folks at Oppenheimer are just now getting out a final note on its results, which either says something about the complexity of General Electrics earnings or the pace of the work at Oppenheimer.
Apple now pays the biggest dividend in the world, surpassing Exxon's payout (CNBC)
Apple announced after the bell Tuesday a 10.5 percent increase in its dividend to $13.22 billion annually, surpassing Exxon Mobil's $12.77 billion payout and making it the biggest-paying dividend stock in the world.
Infosys to Hire 10,000 American Workers After Trump Criticism (Bloomberg)
India’s Infosys Ltd. said it plans to hire 10,000 Americans in the next two years, following criticism from the Trump administration that the company and other outsourcing firms are unfairly taking jobs away from U.S. workers.
A Pool Table in Philadelphia Shows Nasdaq’s Thirst for Talent (Bloomberg)
Nasdaq Inc. has traded places in Philadelphia, moving to a new skyscraper with a view and a pool table from an older office as it tries to lure recruits in part from local universities to double its staff in the city.
AllianceBernstein Ousts C.E.O. and Shakes Up Board (DealBook)
In a move that highlights the increasing pressures faced by stock pickers on Wall Street, Peter S. Kraus, the chief executive of AllianceBernstein Holding, was ousted by the money manager’s controlling shareholder on Monday.
Airbnb, HomeAway Settle Lawsuit With San Francisco (The Wall Street Journal)
Home-sharing sites Airbnb Inc. and Expedia Inc.’s HomeAway have reached a settlement with San Francisco that makes it easier for rental hosts to register with the city and helps the companies avoid costly fines.
Technology
Microsoft's new version of Windows 10 doesn't let you make Google your default search engine (Business Insider)
In an FAQ page for Windows 10 S, as the just-announced variant is called, Microsoft notes that its Edge web browser will be the default in the new operating system.
Customers Waiting on New iPhones Crimp Apple’s Profits (NY Times)
The company said Tuesday that the number of iPhones sold globally fell 1 percent in the first calendar quarter, compared with the same period a year ago, although revenue rose to $52.9 billion as more customers bought the supersized, more expensive iPhone 7 Plus.
DARPA Is Planning to Hack the Human Brain to Let Us “Upload” Skills (Futurism)
In March 2016, DARPA — the U.S. military’s “mad science” branch — announced their Targeted Neuroplasticity Training (TNT) program.
Meet the People Who Train the Robots (to Do Their Own Jobs) (NY Times)
What if part of your job became teaching a computer everything you know about doing someone’s job — perhaps your own?
Microsoft launches a slew of IoT-related offerings (Computer World)
Microsoft this week announced the launch of Microsoft IoT Central, a software as a service (SaaS) designed to reduce the complexity of deploying internet of things (IoT) solutions.
United, Other Airlines Warned by Lawmakers to Fix Customer Service (The Wall Street Journal)
Lawmakers on Tuesday warned U.S. airlines they faced more regulation if they didn’t follow through with pledges to improve customer service following the widespread outcry over the treatment of a United Continental Holdings Inc. passenger last month.
Politics
House Republicans just voted to change overtime rules for workers (The Washington Post)
On Tuesday afternoon, the House voted to pass a bill that Republicans have promoted since the Newt Gingrich era, one that would allow private-sector employees to exchange overtime pay for "compensatory time" off, electing to accrue extra hours off rather than extra pay in their wallets.
GOP changing health bill as Trump leans in hard (Politico)
House Republicans worked late into the night Tuesday on last-minute changes to their Obamacare repeal bill, as President Donald Trump began rallying support to muscle the stalled legislation across the finish line.
Brexit: UK and EU at odds over size of 'divorce bill' (BBC News)
The UK won't pay a 100bn-euro (£84bn) "divorce bill" to leave the EU, Brexit Secretary David Davis has said, as the two sides clashed over the issue.
Democrats dig in, delay against Dodd-Frank overhaul (Reuters)
Democrats in the U.S. House of Representatives opposed to Republican legislation that would repeal major sections of the Dodd-Frank financial reform law on Tuesday made multiple efforts to delay the bill.
Clinton, Denouncing Trump, Calls Herself ‘Part of the Resistance’ (NY Times)
Hillary Clinton on Tuesday sharply questioned President Trump’s conduct in office, criticizing his foreign policy pronouncements and penchant for posting on Twitter, and described herself as “part of the resistance.”
Former Acting AG Yates to contradict administration about Flynn at hearing (CNN)
Former Acting Attorney General Sally Yates is prepared to testify before a Senate panel next week that she gave a forceful warning to the White House regarding then-National Security Advisor Michael Flynn nearly three weeks before he was fired, contradicting the administration's version of events, sources familiar with her account tell CNN.
Senate confirms Wall Street attorney Jay Clayton to head SEC (Associated Press)
The Senate on Tuesday confirmed Jay Clayton, the Wall Street attorney chosen by President Donald Trump to lead the Securities and Exchange Commission.
Pro-Trump farmers now worry he was serious about NAFTA repeal (CNN)
Bob Hemseath, whose corn-farming business hinges on the whims of mother nature, is comfortable with uncertainty.
GOP senators reject Trump's call to end the filibuster (Politico)
President Donald Trump on Tuesday seemingly called for an end to the legislative filibuster in the Senate, frustrated that Republicans were unable to include his policy goals in a must-pass spending bill.
G.O.P. Eyes $8 Billion Addition to Win a Crucial Vote to the Latest Health Bill (NY Times)
With two days left before an 11-day recess and no vote scheduled, House Republican leaders considered last-minute changes to their latest bill to repeal the Affordable Care Act on Wednesday, including at least $8 billion in extra spending to answer the concerns of an influential Republican who had come out against the measure.
Donald Trump Gambles on Big Health-Care Victory (The Wall Street Journal)
The White House is pursuing a twisting path in Congress this week, yielding to Democratic demands on a major spending bill while aggressively pushing a partisan health-care measure, gambling on a big win on health but risking setbacks on both fronts.
Provocateur-in-Chief Trump Pokes His Own Party’s Power Centers (Bloomberg)
The Republican president of the United States said he’d be “honored” to meet with North Korea’s leader under the right conditions. That he thinks the country may need an economic “stimulus” package.
Erdogan says to discuss Syria operations with Russia's Putin, Trump (Reuters)
Turkish President Tayyip Erdogan said he would discuss possible operations in Syria's Manbij and Raqqa with Russian President Vladimir Putin during an official visit to Russia on Wednesday, and with U.S. President Donald Trump later this month.
Reign of Idiots (Common Dreams)
The idiots take over in the final days of crumbling civilizations. Idiot generals wage endless, unwinnable wars that bankrupt the nation. Idiot economists call for reducing taxes for the rich and cutting social service programs for the poor, and project economic growth on the basis of myth.
Life on the Home Planet
The Crazy Scale of Human Carbon Emission (Scientific American)
A major question in astrobiology is how we'll measure and interpret the atmospheric composition of any Earth-analog worlds we find out among the exoplanets.
Portland Police Arrest 25, Saying A May Day Rally Devolved Into 'Riot' (NPR The Two Way)
A May Day march in Portland, Ore., "devolved into a full-scale riot with random acts of vandalism" by anarchists late Monday, police say. Attacks on police and emergency personnel resulted in 25 arrests.
Thaad Missile-Defense System Is Up and Running in South Korea (The Wall Street Journal)
A missile-defense system that the U.S. military is installing in South Korea is “operational and has the ability to intercept North Korean missiles,” the U.S. military said Tuesday, just one week before a South Korean election that is expected to vote into office a presidential candidate who has called for an immediate halt to the missile battery’s deployment.
Hollywood writers' strike averted after last-minute deal (Reuters)
Hollywood breathed a sigh of relief on Tuesday after movie and TV writers struck a tentative, 11th hour contract deal with major networks and studios, averting a second strike in 10 years.
