Financial Markets and Economy
GOLDMAN SACHS: Hedge funds are betting billions that these 18 stocks are doomed (Business Insider)
Hedge funds have had a great year picking stocks. But there's a dark underbelly to their investment activity that involves betting on companies to falter.
Moody's downgrades Hong Kong credit rating after China cut (Fox News World)
Moody's decision to cut its credit rating for Hong Kong soon after downgrading its China rating on worries about rising debt levels drew an objection Thursday from the business hub's financial chief.
Fracking, Now The Dominant Technology, Will Keep Oil Price Around $55: Goldman Sachs (Forbes)
Oil prices may rise or fall in the short-term, but they will return to a range of $55 to $65 in the long term because that's the price of oil from fracking shale wells, the Goldman Sachs head of research said in Chicago Wednesday.
Oil Prices Drop After OPEC Meeting Concludes (Forbes)
The OPEC and non-OPEC oil ministers concluded their meeting, as expected, with an agreement to extend current production cuts for an additional 9 months. Khalid al-Falih explained that the ministers considered extending the cuts for 6, 9 or 12 months and concluded that 9 months was the most appropriate at this time.
Inflation Isn't Evenly Distributed: The Protected Are Fine, the Unprotected Are Impoverished Debt-Serfs (Of Two Minds)
The Consumer Price Index (CPI) measure of inflation is bogus on a number of fronts, a reality I've covered a number of times: though the heavily gamed official CPI is under 2% for the past four years, the real rate is 7% to 12%, depending on whether you happen to live in locales with soaring rents/housing and healthcare costs.
Tourism in the US has drastically declined since Trump was elected (Business Insider)
The US tourism business is in trouble — and President Trump may be to blame.
America's share of international tourism has dropped 16% in March, compared to the same month in 2016, according to Foursquare data released Wednesday.
Dividend payouts more than double as firms find little use of cash (Daily News and Analysis)
Dividend payouts in India Inc more than doubled in the last fiscal as companies faced with few investment opportunities and a tax preferred to reward shareholders.
Make No Mistake: The Banks Are Manipulating Oil Prices Right Now (Money Morning)
One day, they'll be talking about OPEC abandoning its oil deal and letting oil prices fall.
Could the Price of Bitcoin Go to $1 Million? (The Motley Fool)
As I write this, digital currency bitcoin has hit yet another all-time high above $2,400, and is currently around $2,360. Bitcoin has experienced breathtaking gains so far this decade, and many experts are wondering — could Bitcoin potentially rise to $1 million?
Bitcoin Explodes, Trades Above $4,000 In South Korea (Zero Hedge)
In recent weeks it has been Japanese demand (and notable premia) that has driven the exponential rise in Bitcoin, but recently, as CoinTelegraph reports, it has been South Korea.
Gartman Turns Bullish On Tech: "Every Time We Think The Market Is Overbought, It Moves Higher" (Zero Hedge)
First, it was Warren Buffett turning bullish on tech, and now none other than Dennis Gartman has thrown in the towel on "things that if dropped on your foot shall hurt” and will instead focus on "buying the things that are either replacing these simple things or are making these simple things better."
Weekly Natural Gas Storage Report (US EIA)
Working gas in storage was 2,444 Bcf as of Friday, May 19, 2017, according to EIA estimates. This represents a net increase of 75 Bcf from the previous week.
"Sell The News" – WTI Tumbles Below $50 After OPEC Disappointment (Zero Hedge)
Confident anchors across the media have been proudly proclaiming the rise above $50 as proof that the oil market is heading toward equilibrium again and OPEC's production cut deal extension will be awesome… except the market seems to be disappointed as it's clear no other non-OPEC nations will join the agreement (cough US shale cough) and "sell the news" has sent crude back below $50.
The Highest-Paid CEOs By State (Associated Press)
Here are the top-paid CEOs by state for 2016, as calculated by The Associated Press and Equilar, an executive data firm.
Companies
This is how Best Buy gets so many of its customers to come into its stores (Market Watch)
About one-third of the consumer electronics retailer’s online sales are picked up in stores, according to David Silverman, senior director of corporates at Fitch Ratings, owing to the qualities of many of the items the company is selling.
Disney made more money in a single year than any other movie studio—ever (Quartz)
Despite rewrites and reshoots, and an ensuing boycott, Disney’s standalone Stars Wars film Rogue One: A Star Wars Story had a stellar opening weekend. And it’s $290 million global debut was enough to propel Disney to a new Hollywood record.
In Four Years Bitcoins Return as Much as S&P 500 1943-Present (Value Walk)
Bitcoins are the newest form of currency, and they’re also the most misunderstood. What exactly is a bitcoin? It’s a digital currency that’s only been around for four years and that was developed by an anonymous hacker.
Sears Holdings Corp. on Thursday reported its first quarterly profit in nearly two years, thanks to the sale of its Craftsman tool business.
Excluding the sale, it would have reported a loss for the quarter.
Technology
Experts suggest electric vehicles could be cheaper than gas-powered ones by 2030 (Futurism)
Battery wars power change.
Between now and 2021, battery production all over the world will more than double, Bloomberg reports. With more companies getting into the game, expansion and competition are up, and prices are down.
How the tech world would change if net neutrality is abolished (TNW)
The FCC recently posted a notice about a proposed piece of legislation that would, essentially, roll back the Open Internet Order of 2015, which established the concept of net neutrality.
Dubai deploys first robotic police officer (CNet)
Though it's not quite Paul Verhoeven's satirical vision of robotic police, Dubai's first Robocop has started its duties as part of a new police program.
Morgan Stanley's latest prediction about the future of self-driving cars should terrify automakers (Business Insider)
A team of analysts from Morgan Stanley on Thursday published an updated list of the bank's "Shared Autonomous 30" — a group of companies that the team thinks will influence a big transition from a world in which vehicles are sold to a world in which more emphasis is placed in how much vehicles are driven.
Westworld-style robots will 'be in our homes' within ten years (Fox News Tech)
Robots that think and feel emotions like humans will enter our homes in as little as ten years.
That’s according to Dr Mark Sagar, who is the chief executive of Soul Machines, a New Zealand-based company that develops intelligent and responsive avatars.
Politics
A Terrifying View From the President of the United States (Washington Monthly)
Last month Donald Trump took the initiative to call Philippine President Rodrigo Duterte. The reporting at the time was that it was a friendly conversation that ended with the US President extending an invitation for an Oval Office meeting.
Manafort advised Trump team on Russia scandal (Politico)
Months after the FBI began examining Paul Manafort as part of a probe into ties between President Donald Trump’s team and Russia, Manafort called Trump’s chief of staff, Reince Priebus, to push back against the mounting controversy, according to four people familiar with the call.
Who is Greg Gianforte? (NY Times)
Greg Gianforte, a wealthy former software executive who is running for Congress in Montana, was charged with misdemeanor assault and accused of attacking a news reporter on the eve of the election.
New Immigration Crackdowns Creating 'Chilling Effect' On Crime Reporting (NPR)
Jason Cisneroz, a community service officer in Houston, is troubled. His job in the nation's fourth largest city is to forge good relations between the police and Hispanic immigrants, a population typically wary of blue uniforms.
Ben Carson Calls Poverty a ‘State of Mind,’ Igniting a Backlash (NY Times)
Ben Carson, the head of the Department of Housing and Urban Development, faced an intense backlash on Wednesday for calling poverty “a state of mind.”
Trump Shames NATO Leaders on Defense Spending (Bloomberg)
U.S. President Donald Trump hectored NATO leaders to pay their “fair share” on defense to help counter the terrorist threat, in a public shaming that risked souring a ceremony intended to mark the alliance’s unity.
Embattled Michel Temer deploys troops to streets (Aljazeera)
Brazil's president ordered federal troops to restore order in the country's capital, Brasilia, after some ministries were evacuated during clashes between police and protesters seeking Michel Temer's ouster.
GOP leaders play it safe as Trump scandals grow (Politico)
The controversy over Donald Trump’s relationship with Russia is mushrooming into an all-consuming Washington melodrama and full-fledged criminal investigation. But don’t look to GOP congressional leaders to ditch the president.
Nothing Can Save New York City Commuters From a ‘Summer of Hell’ (Bloomberg)
Braving the rush-hour New York bus is one option, driving oneself — a 21st century odyssey — is another. So is swapping the suburban house for a four-subway-stops-and-you’re-there Jersey City rental.
Fox News ignores eyewitness account from its own reporter, buries GOP candidate’s assault charge (Think Progress)
Fox News journalists were key witnesses to the violent incident that occurred on Wednesday in Montana involving Greg Gianforte, Republican House candidate in Thursday’s special election, and Guardian reporter Ben Jacobs. But you wouldn’t know it from watching Fox and Friends.
Jeff Sessions says he was advised not to mention Russia meetings (Salon)
Attorney General Jeff Sessions is again under fire for concealing his contacts with Russian Ambassador Sergey Kislyak. The former Alabama senator failed to disclose at least two occasions in which he met with high-ranking Russian officials when he applied for his security clearance, according to a CNN report.
Stephen Colbert unleashes on Trump's $2 trillion budget mistake (Business Insider)
Of course Stephen Colbert didn't give President Donald Trump a pass on the $2 trillion math error in his proposed federal budget.
Comey’s handling of Clinton probe was influenced by a strange Russian document (Salon)
In 2016, the Federal Bureau of Investigation (FBI) obtained a Russian intelligence document of uncertain origin and authenticity that cited email correspondence in which former Attorney General Loretta Lynch told a DNC staffer that the investigation into Hillary Clinton’s email server would not go very far, according to the Washington Post.
Scientists just published a study calling out the head of the EPA by name (Think Progress)
A new study appeared in the journal Nature on Wednesday, directly refuting the claim that satellite data shows global warming has leveled off, a claim made by Environmental Protection Agency Administrator Scott Pruitt earlier this year.
Trump’s Budget Is Designed to Impress, Not to Pass (Bloomberg)
The most common reaction to the austere budget released by the Trump administration on May 23 is that it can’t possibly get past Congress. President Donald Trump himself may be fine with that.
Let's deconstruct Greg Gianforte's unbelievable defense of assaulting a reporter (Vox)
Shortly after he was publicly accused of assaulting a reporter Wednesday night, House candidate Greg Gianforte (R-MT) put out a statement that portrayed himself as the victim of the altercation.
GOP lawmaker chokes back tears after finding out the impact of the health care bill he helped write (Think Progress)
Weeks after House Republicans advanced the American Health Care Act (AHCA), the Congressional Budget Office (CBO) finally issued its scoring of the bill and found exactly what most experts had already projected: higher costs and less coverage, particularly for those who need health care the most, like those with pre-existing conditions.
Comey's Tell-All Testimony Runs Risk of White House Roadblocks (Bloomberg)
While former FBI Director James Comey is preparing to testify before the Senate Intelligence Committee, the White House or the Justice Department’s special counsel may press him to cancel the appearance or curtail any inclination to tell all.
After leaking intelligence to Russia, Trump insults allies in a speech to NATO (Think Progress)
President Donald Trump capped off his administration’s first trip abroad by scolding other members of NATO for failing to “meet their financial obligations” in a speech delivered at the alliance’s headquarters in Brussels, Belgium.
Foursquare: US tourism is down sharply in the age of Trump (Kottke.org)
Over the past couple of years, Foursquare has used their location data to accurately predict iPhone sales and Chipotle’s sales figures following an E. coli outbreak. Their latest report suggests that leisure tourism to the United States was way down year-over-year over the past 6 months (relative to tourism to other countries).
Life on the Home Planet
TSA may ask you to unpack tablets and cluttered carry-on bags (Engadget)
While it looks like the airline industry has successfully held off the US Department of Homeland Security's proposed laptop ban for now, the government will soon be giving carry-on bags an extra thorough inspection at airports around the country anyway.
The World Is Running Out Of Sand (The New Yorker)
The final event of last year’s beach-volleyball world tour was held in Toronto, in September, in a parking lot at the edge of Lake Ontario. There’s a broad public beach nearby, but few actual beaches meet the Fédération Internationale de Volleyball’s strict standards for sand, so the tournament’s sponsor had erected a temporary stadium and imported thirteen hundred and sixty tons from a quarry two and a half hours to the north. The shipment arrived in thirty-five tractor-trailer loads.
The Remarkable Death and Life of John Shields (NY Times)
Two days before he was scheduled to die, John Shields roused in his hospice bed with an unusual idea. He wanted to organize an Irish wake for himself. It would be old-fashioned with music and booze, except for one notable detail — he would be present.
How Simple Math Shows Us That Manchester-Style Terror Attacks Shouldn't Be Feared (Forbes)
The dread that fills your stomach when you hear that “twenty-two people, including children” have been murdered by a suicide bomber is indescribable, regardless of where it happens.
The 18 most expensive cities in the world to eat dinner out at a restaurant (Business Insider)
That's especially true in major, cosmopolitan cities like Tokyo, Oslo, and Zurich, where dinner for two at a regular neighborhood restaurant — not even a fancy establishment — will run you over $60. In 15 other cities around the world it will cost at least $40.
Deadly Blasts Rocks Jakarta (Euro News)
Police in Jakarta say twin blasts have killed at least three of their officers and injured ten people. National Police spokesman Setyo Wasisto said: “The police officers were on duty to guard a group of people who were holding a parade.
Attorney accused of offering rape victim $3,000 not to testify, saying she could be deported (CNN)
A Baltimore defense attorney is facing charges of his own after allegedly trying to convince a rape victim not to testify against his client and saying she could face deportation for doing so, according to city and state officials.
Harvard Poll Shows Majority Now Believe Mainstream Media Publishes Fake News (The Free Though Project)
"Fake News” has become the buzzword that the dying mainstream media has been using to dismiss alternative viewpoints that may appear on the internet or in alternative media.
Dining halls at Harvard and Stanford are using their kitchens as 'living laboratories' to change the eating habits of students (Business Insider)
Known as the Menus of Change University Research Collaborative, cofounded last year by Stanford University and the Culinary Institute of America, the alliance aims to ditch the unhealthy, unsustainable foods commonly served in dining halls in favor of tasty, more plant-based offerings.
Rising Seas May Wipe Out These Jersey Towns, but They're Still Rated AAA (Bloomberg)
Few parts of the U.S. are as exposed to the threats from climate change as Ocean County, New Jersey. It was here in Seaside Heights that Hurricane Sandy flooded an oceanfront amusement park, leaving an inundated roller coaster as an iconic image of rising sea levels.
